Thai SEC Adopts Blockchain to Enhance Business Efficiency

Asia Blockchain Review
September 3, 2019
Thai SEC Adopts Blockchain to Enhance Business Efficiency

The Securities and Exchange Commission (SEC) in Thailand announced that it will be working with the private sector to use blockchain to enhance the capabilities of businesses.

Using Blockchain to Develop Capital Markets

SEC Secretary-General Ruenvadee Suwanmongkol revealed that the SEC will be entering a strategic partnership with Association of Thai Securities Companies to develop and uplift the securities industry to operate with more efficiency. 

Through this initiative, both agencies will invest in developing the “Digital Infrastructure for Thailand Capital Market” by using blockchain technology to facilitate users and lower management costs for businesses. 

More Fundraising Opportunities for Thai Startups

The Secretary-General also revealed at the Thailand Focus 2019 event on August 28th that the agency will be proposing regulatory reforms regarding the criteria for companies that may enter the process of initial public offerings (IPOs) ,which will let Thai startups and SMEs raise funds in the market. 

Ruenvadee said the private and public sector cannot underestimated the importance of startups and SMEs, which are accountable for over 14 million jobs in the country.  

“The role of the SEC is not limited to regulating the market, but to also promote businesses to raise capital. We are set to propose reforms that will help startups and SMEs access capital with more ease,” she said, adding that these small businesses are “a key driving force” of Thailand’s economy.

Ruenvadee further noted that the SEC will be joining the Federation Thai SME at one of the largest conferences in the world, namely the Fintech Festival in Singapore from November 11 to 15 to raise awareness about the potential of Thai SMEs for foreign investors.

Source: https://www.ryt9.com


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