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.
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