News Detail

Date/Time
15 Mar 2016 18:54:00
Headline
SET News :Thai bourse joins SEC and mutual fund participants to launch new fund service platform
Symbol
SET
Source
SET
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                SET News 17/2016
March 15, 2016

Thai bourse joins SEC and mutual fund participants to launch new fund service 
platform

BANGKOK, March 15, 2016 - The Stock Exchange of Thailand (SET) has signed a 
memorandum of understanding (MOU) with The Securities and Exchange Commission
(SEC) and alliances in Thailand's mutual fund industry. The MOU is aimed at
establishing standards across end-to-end processes for mutual fund distribution.
SET will implement a centralized platform, expected to be launched in early
2017.

SET Chairman Chaiyawat Wibulswasdi stated, "SET has long been supporting the 
Thai mutual fund industry.  With the centralized platform Investors will be able
to access a wide variety of mutual funds more conveniently to meet their wealth
management needs.  SET, the SEC, and alliances in the mutual fund industry
consisting of 10 asset management companies, 19 selling agents and an investment
research provider have signed the MOU to establish operational standards to
help broaden distribution of mutual fund products.  This initiative will
facilitate investor access to financial services that match their needs while
enhancing the capital market's competitiveness. SET is committed and plans to
develop a centralized system according to the standards to be agreed by the
stakeholders participating in the initiative."

SEC Secretary-General Rapee Sucharitakul said, "SET's fund service platform is 
in line with the SEC's strategic policy to promote efficient access and benefits
from the capital market for the general public. This back office enhancement
project is a promising first step for establishing a one-stop service platform
for mutual fund investment. Given that an average growth rate of the mutual fund
business is as high as one percent per year, the platform would boost the
efficiency of fund management operators in terms of economy of scale, cost
effectiveness and opportunities for business expansion, including provident fund
 service."

Vorawan Tarapoom, Chairman of Association of Investment Management Companies and
President of The Federation of Thai Capital Market Organizations, said, "There
are currently about 4.83 million mutual fund accounts in Thailand.  However, a
majority of the Thai workforce of 34 million people have not utilized mutual
fund products.  This would pose challenges for Thailand as the country ages.
This cooperation will not only facilitate access to mutual fund products but
also promote the country's financial sustainability, one of the capital market
development plan's objectives."

SET "Towards the 5th Decade of Sustainable Wealth for Thais"
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