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Agricultural Development Bank of China
InfoQuest

SET to offer capital market payment system service from November 11, aiming to enhance Thailand's national competitiveness

November 13, 2019


Abstract : To streamline the payment process between capital markets and commercial banks, the Stock Exchange of Thailand (SET) upgraded the capital market payment system.

InfoQuest (November 11, 2019) - To streamline the payment process between capital markets and commercial banks, the Stock Exchange of Thailand (SET) upgraded the capital market payment system. The upgrade will support payment and collection services for securities transactions between source and target accounts opened by investors and securities firms in different banks, and reduce the systematic risks to which payment may be subject. According to the National e-Payment Master Plan, these services will be available on November 11, and investors can choose the service bank accounts they used before.

Mr. Pakorn Petthawatchai, director and manager of SET, revealed that FinNet. Innovation Network Co., Ltd., a subsidiary of SET, has offered payment services for capital markets in accordance with the comprehensive development plan for digital capital market infrastructure since 2018, and at the same time, it has also made constant efforts on system development to meet the needs of a mixed clientele. Starting from November 11, the payment and collection services for securities transactions between source and target accounts opened in different banks will be available across the board, with a current upper limit on the daily transfer amount of about 8 billion Thai baht. This system was developed in response to the national "To Make the Capital Market 'Work' for Everyone" and the National e-Payment Master Plan.

"SET always appreciates the strong support of the Ministry of Finance, the Bank of Thailand, the Securities and Exchange Commission, the securities firms, the commercial banks, the Association of Thai Securities Companies (ASCO), the Thai Bankers' Association, the Association of Investment Management Companies, and the Custodian Club. In addition to streamlining the payment process, the capital market payment system can also reduce the burden of intermediaries on cash management and the payment risk in the banking system, and investors can choose the service bank accounts they used before."

Currently, the capital market payment system provides services to 31 securities firms and 12 commercial banks. Next, SET plans to discuss with operators to expand the service to all other businesses, such as the payment of dividends by listed companies to their shareholders and the transaction fees of mutual funds.

Mr. Pichet Sithi-amnuai, president of ASCO, revealed that the capital market payment system is a payment infrastructure developed by all relevant departments to help reduce problems and obstacles and improve capital market payment efficiency, especially as both the transaction items and amounts in the securities market have seen a remarkable rise compared with previous years. The development of the system will benefit the management of funds from all parties including investors, securities firms and commercial banks, and more importantly, reduce the risks of payment systems, in particular when the transaction volume of securities is increasingly growing.

Source: InfoQuest, by Saowalak Ouypron/ Sasithorn, translated by Xinhua Silk Road

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Keyword: Thailand capital market

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