The Stock Exchange of Thailand (SET) has formulated a fully integrated distributed ledger technology-based digital asset investment service, linking various digital asset exchanges, digital wallets and initial coin offering (ICO) portals in Thailand under one platform via a collaboration with Kasikorn Business Technology Group (KBTG).
SET will apply for a licence to operate digital asset trading as a secondary market and would be the first token fundraising to commence on the platform in 2021.
KBTG, the technology arm of Kasikornbank, will apply for a licence to operate an ICO portal and would be the first ICO portal connecting to the SET-initiated platform.
SET president Pakorn Peethawatchai said the SET has set up Thai Digital Assets Exchange to drive the development of an end-to-end digital asset platform covering ICO portal connectivity to participants with products that match demands of both investors and issuers, a digital asset exchange as a secondary market and a digital wallet to securely store digital tokens.
"The future movement of capital markets will be digitally driven by four factors: personalisation, where one side does not fit all; globalisation, where we must connect and compete with the world; informationisation, or how to analyse and manage large amounts of information; and platformisation, which is creating end-to-end platforms to serve customers," he said.
Mr Pakorn said the prototype is an open digital asset platform, enabling all participants from capital markets as well as real and social sectors to use it in a transparent and fair manner.
He said the platform is one of the SET's strategic projects initiated in line with the government's policy to develop the country's digital economy. Eventually, it hopes to connect to the digital infrastructure for capital markets, aligning with the Securities and Exchange Commission's vision and policy.
"We are building the infrastructure of a major highway for everyone, both local and foreign, that has expertise in various areas to connect them," said Mr Pakorn.
He said with this concept businesses can save investment money on technology and focus on their core businesses.
Cryptocurrencies will not be traded on the platform.