FinNet Innovation Network, a subsidiary of the Stock Exchange of Thailand (SET), has rolled out a new payments platform to comply with the government’s “National e-Payment Roadmap”.

The new infrastructure will centralise payment processes at the firm, and “set new standards” in connecting intermediary institutions with commercial banks. According to SET president, Kesara Manchusree, the switchover was made possible with the “tremendous support” of the Securities and Exchange Commission (SEC).

FinNet provides the central payment systems for securities trading at SET. The new service will be provided to 30 securities companies and 12 commercial banks, in the form of batch payments.

The next phase of the rollout will cover other payment types in the capital market such as mutual fund trading, dividend payment, share subscription, deposits and withdrawals of collaterals, among others.

Back in 2012, SET deployed its SET Connect platform, powered by Cinnober technology. Though there were a number of companies vying for selection, including MillenniumIT and Nasdaq OMX.

The exchange announced in March last year that it would be launching a new blockchain-based market for startups to raise funding. Local news outlets have reported that the Stock Exchange of Thailand (SET) is hoping to push the new market live by the end of 2017.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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