Thailand’s Securities and Exchange Commission (SEC) has made an official announcement stating that it intends to work with private companies to use blockchain to enhance the capabilities of businesses. The SEC said that it would enter into a strategic partnership with The Association of Thai Securities Companies to develop technology solutions and protocols that will the securities industry to operate with greater efficiency.
Through this initiative, both the SEC and the Association of Thai Securities Companies will invest in the “Digital Infrastructure for Thailand Capital Market” project, which will use blockchain technology that will facilitate customer interactions while also lower management and operations expenses.
The SEC also announced that it will be proposing regulatory reforms regarding the criteria for companies that may enter the process of initial public offerings (IPOs), and that this will allow Thai startups and SME’s to raise funds.
Ruenvadee Suwanmongkol, the Secretary-General of the SEC said the private and public sector should not underestimate the importance of startups and SMEs, which are estimated to account for 14+ million jobs in the country.
Suwanmongkol said that, “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, since these small businesses are “a key driving force” of Thailand’s economy.”