Thai bond market Association (TBMA) has developed a system project based on the blockchain technology that will speed up and make more targeted bond settlements, it will also accelerate clearing in transactions with corporate securities. Only professional market participants, accredited at the TBMA, issuers, investors and depository organizations will be able to work within the system. The Association agreed on the project with the Securities and Exchange Commission of Thailand and received permission to start work on the creation of such platform in August this year. At the first stage they will create a decentralized blockchain platform with subscription, corporate bonds checking and calculation data placement systems. In addition, it will provide detailed information including interest rates and payments. At the second stage, they will add new features that will allow to make deposits on bonds. At the third stage they will issue a Bond Coin token, which will tokenize assets for later clearing and settlement. The whole project, according to the TBMA, will take about 2 years. Executive Vice President of the TBMA, Chairat Prachuabdee, believes that the new platform will improve the transparency of information on corporate bonds and will reduce the operational process of debt processing from the current 7-10 days to only 1-3 days. Earlier, in May of this year, the Stock Exchange of Thailand (SET) launched a trading crowdfunding platform based on blockchain technology in an attempt to expand access to fixed capital funds for local startups. In February of this year a ban on all operations with cryptocurrency was introduced in Thailand. To date, the financial authorities of the country have advanced far enough in the development of blockchain technology and in introduction of cryptocurrencies. Now, even crypto exchanges consider working here. |
