Seamico to Tokenize Real Estate Businesses in Thailand

March 28, 2019

Bangkok-based Seamico Securities is joining hands with New York-based financial firm Elevated Returns and blockchain service provider Tezos to introduce new real estate services in Thailand. The partnership intends to tokenize real estate businesses worth a total of 3.17 billion baht (US$100 million) in 2019.

Elevated Returns disclosed that it has invested in a 21% stake in Seamico, a deal worth more than 467 million baht, in preparation to tokenize the real estate market in Thailand. Elevated Returns will adapt the model previously used for St Regis Aspen Resort in Colorado, USA, the first international resort to be tokenized as a digital offering.    

Stephane De Baets, Founder and President of Elevated Returns, said, “Thailand has a good environment to conduct digital businesses, as the country has a high mobile banking penetration at 74% and the second-highest penetration in terms of the number of crypto-wallet holders at 9.9% of Thailand’s internet users.”

He added that contrary to cash, the property market is likely to increase in asset value in the long term. Though property is considered to have the lowest liquidity among different types of assets, tokenization can boost the liquidity of real estate thanks to blockchain technology that can “fractionalise and democratise” the concept of investment.

De Baets also said Elevate Returns will submit an application with Thailand’s Securities and Exchange Commission for a digital exchange license. SE Digital, a wholly owned subsidiary of Seamico, has also applied to become an initial coin offering (ICO) portal.

Source: www.bangkokpost.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Global Islamic FinTech 2020: A Digitalised Economy Growth To Look Out For
    If you are new in this sector, Asia Blockchain Review is ready to get you started on the whole missi...

    February 26, 2020

    pitchIN: Leading the Way for Crowdfunding in Malaysia
    When it comes to the crowdfunding space in SEA, a name which rings a bell with most industry players...

    February 18, 2020

    Singapore: Cementing its Position as SEA’s Blockchain and Crypto Hub
    Given the government’s pro-blockchain policy, coupled with the strong financial support of the marke...

    February 14, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us