SET gears up towards collaborative digital asset platform for Thailands new opportunities

Stocks and Financial Services Press Releases Thursday March 28, 2019 09:22
Bangkok--28 Mar--SET

The Stock Exchange of Thailand (SET) is developing a "Collaborative Digital Asset Platform" for the Thai capital market. Today, SET engaged stakeholders by organizing a special forum gathering over 100 stakeholders to exchange ideas on the digital asset ecosystem development. The prototype of the platform will be ready later this year.

SET President Pakorn Peetathawatchai said the digital asset platform will be a key stepping stone for The Stock Exchange of Thailand to embrace new technological developments. SET will leverage the new technology to move the Thai capital market towards the next phase of the digitalization with the aim to (1) promote stakeholder collaboration (2) broaden access (3) increase security and (4) enhance efficiency. The forum brought together stakeholders from over 100 organizations, reflecting interests of all stakeholders to collaboratively create opportunities brought by digital assets and transform the investment landscape in the future.

"We will work with our stakeholders to create the new ecosystem with massive transformative purposes to support digital assetsand transform the Thai capital market for the new era of growth, reinforcing SET's vision 'To Make the Capital Market Work for Everyone," Pakorn said.

SET also showcased a recent achievement by its team winning one of the top awards at F10 FinTech Hackathon challenge in Zurich, Switzerland during March 22-24, 2019, under the blockchain and financial market infrastructure challenge. The team innovated the platform to solve issues of limited access to medicines in Thailand by transforming medical waste to life-saving resources. The platform tokenizes surplus medicine supplies, which would otherwise become waste upon their expiry, meanwhile the tokens are distributed or exchanged to the right people, right place and right time at reasonable costs. This all-inclusive platform improves efficiency in medicine distribution and health care access, especially for the underprivileged. Simultaneously, healthcare burden on the government budget would also be reduced.

The platform creates opportunities for stakeholders to take part in building a sustainable Thailand and demonstrates how the capital market mechanism can benefit all Thai people.

F10 is Switzerland's leading collaboration space for FinTech, focusing on innovation in the finances industry for a better future. It is sponsored by SIX, the operator of Switzerland's stock market and a powerful center of world-leading service providers in securities trading, securities transactions, financial information processing, and cashless payment transactions.

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