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Thai SEC announces DLT pilot project for corporate bond business

Tue, 26 Nov 2019, 04:37 am UTC

The Thai Securities and Exchange Commission (SEC) has announced a distributed ledger technology (DLT) pilot project targeted at the corporate bond business.

The project has been announced as part of the Master Blueprint for the Thai capital market unveiled this month. The blueprint includes the launch of a DLT-based digital platform for capital market transactions in order to increase efficiency, reduce costs and facilitate market accessibility.

According to a press release, the project, launched on Sept. 03, is being spearheaded by the Digital Infrastructure for Capital Market Steering Committee, which is chaired by the SEC, and also involves participation from the Fiscal Policy Office, the Stock Exchange of Thailand, the Association of Securities Companies, the Association of Investment Management Companies, the Thai Bond Market Association, the Thai Bankers Association and the Association of International Banks, and others. Accenture and Baker Mckenzie are the project advisors.

Ruenvadee Suwanmongkol, SEC Secretary-General and chair of the Digital Infrastructure for Capital Market Steering Committee established by the SEC, pointed out the regulator’s plan to implement DLT in various processes.

“The Master Blueprint contains the overview of how the Thai capital market can apply DLT to various processes, from issuance and offering for sale in the primary and secondary markets to post-offering processes related to corporate bonds, SME shares, mutual funds and derivatives. The new digital platform also covers clearing and settlement, register of instrument holders, custody of instruments, and payment of interest or dividends,” Suwanmongkol said.

She explained that the DLT pilot project will be conducted on corporate bond business which currently faces a number of issues such as high costs and time-consuming, complicated processes.

“The DLT platform can reduce costs and increase efficiency, transparency and competitiveness of business operators. Meanwhile, it can also help issuers and investors in terms of cost-effectiveness and market accessibility,” Suwanmongkol added.

Meanwhile, the SEC is also planning to amend the royal decree on digital asset business next year. It is currently looking if there are any areas in the royal decree that act as an impediment for digital asset businesses.

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