InfoQuest, (June 28, 2019) -- According to Wuttikrai Leeveeraphan, director general of the Department of Business Development (DBD) of the Ministry of Commerce (MOC) of Thailand, DBD has recently invited relevant cooperation departments and registration agencies, including the Office of the Public Sector Development Commission, Digital Government Development Agency (Public Organization), Fiscal Policy Office, Port Authority, Administration Department, Industrial Engineering Department and Land Transport Department, to jointly discuss the establishment of an electronic system for sharing mortgage asset information. The system aims to give the public and enterprise operators an access to searching for mortgage registration numbers to find relevant information on assets mortgaged for debt repayment and make the query process transparent, fast, complete and modernized.
At present, DBD has an e-secured system, a system for registering commercial mortgage contracts, to store the information on assets mortgaged for debt repayment, and a system for people to search for relevant asset information, such as asset types, asset registration numbers, commercial mortgage contract registration numbers, and the assets' legal status. Relevant information has been complete and can be connected with the systems of other registration agencies at any time.
"Through this discussion, we are aware that DBD, the Port Authority, and the Industrial Engineering Department have been prepared for sharing their information at once through the central data connection system of the Digital Government Development Agency (Public Organization). And the Administration Department and the Land Transport Department are improving and upgrading their current database systems to enable the interconnection of these systems in the next stage. To sum up, the electronic system for sharing mortgage asset information is expected to be put into operation around October 2019, "said Mr. Wuttikrai.
He also indicated that if this system can be successfully promoted, the office efficiency of government departments will be improved to facilitate the servicing process, enhance Thailand's overall competitiveness and lift its ranking in the Doing Business Report released by the World Bank.
In 2019, Thailand ranked 27th among 190 countries around the world in overall scoring and 44th in getting credit.
Registration agencies include: 1) DBD, with a system storing all kinds of commercial mortgage asset information; 2) the Port Authority, with a system storing ship information; 3) the Industrial Engineering Department, with a system storing machinery information. 4) the Land Transport Department, with a system storing auto information. 5) the Administration Department, with a system storing information on animals used as transportation tools (e.g. elephants, horses, cattle, mule and donkeys).
Currently, relevant statistical data on commercial mortgage contract registration (July 4, 2016-June 20, 2019) shows that 408,708 assets have been registered in commercial mortgage contracts, with a total value of 6,662.131[01] billion baht. The most common mortgaged asset is still the claim right, accounting for 78.07 percent (with a value of 5,201.39 billion baht); in the second place is the movable property in commercial operations, i.e. stock products, raw materials, machinery, automobiles, ships, planes, and animals used as transportation tools, accounting for 21.88 percent (with a value of 1,458.124 billion baht); intellectual property accounts for 0.03 percent (with a value of 1.975 billion baht); the operation right accounts for 0.01 percent (with a value of 375 million baht); the immovable property in commercial operations accounts for 0.002 percent (with a value of 138 million baht); perennial plants account for 0.002 percent (with a value of 129 million baht).
Source: InfoQuest, by Phana / Kasamarporn / Rachada, translated by Xinhua Silk Road
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