Thai bourse joins SEC and mutual fund participants to launch new fund service platform

Stocks and Financial Services Press Releases Tuesday March 15, 2016 19:29
Bangkok--15 Mar--SET

The Stock Exchange of Thailand (SET) has signed a memorandum of understanding (MOU) with The Securities and Exchange Commission (SEC) and alliances in Thailand's mutual fund industry. The MOU is aimed at establishing standards across end-to-end processes for mutual fund distribution. SET will implement a centralized platform, expected to be launched in early 2017.

SET Chairman Chaiyawat Wibulswasdi stated, "SET has long been supporting the Thai mutual fund industry. With the centralized platform Investors will be able to access a wide variety of mutual funds more conveniently to meet their wealth management needs. SET, the SEC, and alliances in the mutual fund industry consisting of 10 asset management companies, 19 selling agents and an investment research provider have signed the MOU to establish operational standards to help broaden distribution of mutual fund products. This initiative will facilitate investor access to financial services that match their needs while enhancing the capital market's competitiveness. SET is committed and plans to develop a centralized system according to the standards to be agreed by the stakeholders participating in the initiative."

SEC Secretary-General Rapee Sucharitakul said, "SET's fund service platform is in line with the SEC's strategic policy to promote efficient access and benefits from the capital market for the general public. This back office enhancement project is a promising first step for establishing a one-stop service platform for mutual fund investment. Given that an average growth rate of the mutual fund business is as high as one percent per year, the platform would boost the efficiency of fund management operators in terms of economy of scale, cost effectiveness and opportunities for business expansion, including provident fund service."

Vorawan Tarapoom, Chairman of Association of Investment Management Companies and President of The Federation of Thai Capital Market Organizations, said, "There are currently about 4.83 million mutual fund accounts in Thailand. However, a majority of the Thai workforce of 34 million people have not utilized mutual fund products. This would pose challenges for Thailand as the country ages. This cooperation will not only facilitate access to mutual fund products but also promote the country's financial sustainability, one of the capital market development plan's objectives."

SET "Towards the 5th Decade of Sustainable Wealth for Thais"

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