Thailand's stock exchange ready for digital transformation, building digital asset platform

Source: Xinhua| 2019-03-14 10:59:05|Editor: WX
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BANGKOK, March 14 (Xinhua) -- The Stock Exchange of Thailand (SET) has said that it will continue to collaborate with all stakeholders to digitize the capital market infrastructure to transform customer experiences.

In a statement released on Wednesday, the SET said it will build the digital asset platform, which is expected to be rolled out in 2020.

SET President Pakorn Peetathawatchai, quoted by the statement, said that SET's three-year strategic plan (2019-2021) will focus on the development of digital infrastructure platform, building one-stop digital capital market, opening up new investment opportunities and leveling up investment experiences for more convenience and higher speed. This will strengthen the "SET...Make it Work' for Everyone" vision.

In 2019, the Thai capital market will experience a real transformation into the digital age in two areas. The first one is a complete digitization of the capital market infrastructure covering such enhancements as the paperless account opening process through electronic identification verification, electronic payment of stamp duty and direct-debit registration processes.

In addition, SET's FundConnext mutual fund platform which is currently connected with 19 asset management firms in Thailand will be linked with Vestima, a global fund processing platform operated by Clearstream.

FundConnext will connect the Thai investment fund market to global investors by serving as a gateway for investors in 56 countries to capture investment opportunities.

For the capital market's new payment service introduced last year, this year the services will be enhanced to process interbank payment, making it more effective operationally and financially for securities firms. These services will be rolled out in the third quarter of 2019.

On the second front, SET will work very closely and collectively with all stakeholders in the Thai capital market to build a new ecosystem for the Thai capital market.

The new ecosystem to support digital assets will create new opportunities and transform the investment landscape in the future.

"SET strongly believes that the collaboration with all stakeholders in enhancing the existing infrastructures that are a backbone of the current ecosystem and in building the new digital asset ecosystem will be a turning point that will take the Thai capital market to the next level.

SET stands ready to build and operate the capital market that is underpinned by trust," added Pakorn.