The Stock Exchange of Thailand (SET) has announced that it will scale up its capital market payment service by allowing securities trading payment between accounts at different banks.
As of today, November 11, the new service will mitigate risks in the payment system and improve the efficiency of the process between the capital market and commercial banks, while aligning with the government’s National e-Payment Roadmap. Investors will now be able to choose their existing bank accounts for the service.
The interbank payment system is launched by SET subsidiary FinNet Innovation Network Co., Ltd. and will alleviate the cash management burden of intermediary institutions.
SET President Pakorn Peetathawatchai said daily interbank payments in the Thai capital market currently amount to around THB 8 billion (approx. USD 260 million).
At present, the payment service for the capital market services 31 securities companies and 12 commercial banks. SET, in the next stage, plans to discuss with operators about extending the service to cover the full range of securities payments including dividend payments and mutual fund trading,” he added.