Thailand Bond Market Association to Issue Customs Token
The Thailand Bond Market Association (TBMA) said it plans to issue a customs token, which will be used to accelerate the process of settling corporate bonds in the country. It should be said that the association received permission from the Securities and Exchange Commission of Thailand to create a private broker, which will be available only to bond market participants who are registered as issuers, investors and depositary organizations.
TBMA noted that the development process will consist of three stages. The beginning of the first stage is scheduled for the next month. Initially, a platform based on blockchain will be created. It will allow you to post and share information.
As part of the implementation of the second stage, the platform will add new opportunities to secure bond deposits. According to experts, this stage will take about nine months to complete. Eventually, what TBMA calls a bonded coin will be developed. It will allow tokenize assets for quick clearing and settlement.
Executive vice-president of the Bond Market Association of Thailand, Chaitat Prachuabdee noted that the new infrastructure is expected to improve the transparency of information on corporate bonds and potentially reduce the time of transactions from the current 7-10 days to 1-3 days.
These news appeared almost immediately after the national stock exchange of Thailand created a blockchain platform that should expand access to capital funds for domestic start-ups and improve the efficiency of the stock market in the country.
It is worth mentioning that the technology of blockchain is increasingly being considered and implemented in the securities market, as a solution for improving the settlement system.