Y.S.S.P. Aggregate, a water resources development company, is raising funds for industrial expansion via an initial coin offering (ICO) with Token X Company Ltd, an ICO portal under SCB X.
Yuttachai Phukanthasom, chief executive of Y.S.S.P. Aggregate, said the company is issuing digital tokens through Token X to raise funds for its water management project and stone, clay, and sand mining businesses in the Eastern Economic Corridor (EEC) located in Rayong and Chon Buri.
Aside from financial growth, Y.S.S.P. Aggregate said the issuance is to experiment and learn more about the viability of digital tokens as a fundraising option.
"As our ICO portal, Token X will help advise the company on organising the business structure and review project plans to ensure regulatory compliance with the Securities and Exchange Commission's requirements," Mr Yuttachai said.
Jittinun Chatsiharach, chief executive of Token X, said the company would help create an efficient fundraising journey for Y.S.S.P. Aggregate by providing expertise and experience in blockchain technology.
"The ICO portal business will play a major role in realising SCB X's aim to create the foundation and infrastructure for the future financial world," Ms Jittinun said.
As an ICO portal service provider, she said Token X hopes to enhance Thai companies' access to alternative fundraising sources to achieve exponential growth.
Token X is an ICO portal under SCB X, a holding company of Siam Commercial Bank.