The Thai Stock Exchange (SET) is planning on rolling out a cryptocurrency platform sometime in 2020. According to SET’s official press release yesterday, the country is “ready for digital transformation.”
Thai Stock Exchange Expands into Crypto
SET President Pakorn Peetathawatchai said that the exchange’s three-year plan would focus on developing a “digital infrastructure platform.” The Thai president feels that this will open up new investment opportunities for investors and will provide more speed and convenience for trade.
The Thai Stock Exchange seeks its new structure to be a “one-stop” digital capital market and will work “closely and collectively” with all stakeholders to build it out. This new transformation for the Thai capital market is said to happen in two stages.
The first stage will be the complete digitization of the current capital market. This includes paperless account opening process with electronic identification verification, direct-debit registration, and electronic payment of stamp duty.
The second stage in the Thai Stock Exchange revamp is building a brand new ecosystem that will support digital assets. The FundConnext mutual fund platform—currently connected to 19 asset management firms in Thailand—will eventually be linked with Vestima. Vestima is a global fund processing platform operated by Clearstream. The new FundConnext will connect investors in 56 different countries to the Thai Investment Fund.
“SET stands ready to build and operate the capital market that is underpinned by trust,” added Pakorn.
SET’s moto in the press release is “SET… Make it ‘Work’ for Everyone.”
News of the new venture with the Thai Stock Exchange was released in mid-January 2019 by the Bankok Post. Yesterday was the first time that SET officially commented on the matter.
While interest in cryptocurrencies may be down from its peak in late 2017 and early 2018, it seems that exchanges still see demand for digital currencies.
Featured Image: Pixabay
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