SET Senior Executive Vice President Pakorn Peetathawatchai, said that after signing the memorandum of understanding (MOU) with over 40 mutual fund firms on March 15, 2016, SET has organized a series of collaborative workshops to establish operational standards for distribution of mutual funds. During this period, SET has sought input from businesses involved in the mutual fund industry, in order to develop the platform so as to facilitate the public's investment in mutual funds, making such investments convenient anytime and anywhere, while expecting to run the operational test called industry-wide test by the end of this year.
Tipsuda Thavaramara, Deputy Secretary-General, The Securities and Exchange Commission (SEC) said that this was an important milestone for establishing the national infrastructure investment platform, underscoring the strong collaboration among capital market stakeholders. This platform would help reduce operational burdens for investment management companies and unit investment trusts, enhancing services to meet customers' needs including investment consultation services. In addition, this initiative would build standards for mutual fund distribution, responding to stakeholders' needs.
Vorawan Tarapoom, Chairman of the Federation of Thai Capital Market Organizations (FETCO), and President of the Association of Investment Management Companies (AIMC) said that this fund service platform developed by SET in collaboration with the mutual fund industry would greatly facilitate the public's access to quality mutual funds which meet their needs, while creating long-term financial stability. In addition, this system would streamline operations within the mutual fund business as well as increase the competitiveness of the Thai capital market. The mutual fund industry has thus been very willing to support this new platform as benefits would accrue to the public and all those involved in the many facets of this sector. Nevertheless, investors who have been accessing mutual funds through their banks, securities companies, or insurance companies would be able to continue to use these traditional channels as well.
Currently, many asset management companies, securities companies, unit investment trusts, life insurance companies, and commercial banks have committed to using the new fund service platform developed to provide the public widespread access to mutual funds. The system is expected to be launched in the first quarter of 2017.