The Thai Bond Market Association (TBMA) is studying the use of blockchain technology in a bond registration service platform for corporate bond transactions, with the aim of creating a "Bond Coin" for a fast clearing and settlement system.
The Securities and Exchange Commission of Thailand has agreed to this approach in principle and is expected to be fully operational next month.
TBMA Chairman Tada Phutthitada said:
The bond registration service platform will be the first platform for bond transactions and information transactions based on blockchain technology.
Tada Phutthitada said that the services on the bond registration platform include bond settlement information system, bond subscription system and bond transaction verification system. The platform will be developed on a smart contract platform, allowing only registered members such as issuers, regulators, registered companies and investors to use it. The platform will also contain a table for information on interest rates, interest payments and other conditions.
The second development stage involves providing services for bond deposits, and it will take 9 months to develop the project. The third phase will build bond currency, a clearing and settlement system that will be developed in the next 12 months.
Once all three stages are completed, bond clearing and settlement will happen in real time, without the existing two-day settlement period.
Chaitat Prachuabdee, executive vice chairman of TBMA, said that the system will shorten the existing operation process from 7-10 days to 1-3 days, making it more convenient and easier to obtain bond information.
Chaitat Prachuabdee stated that TSD will provide bond deposits in the second development phase. The final stage includes the creation of bond currency for the clearing and settlement of the bond trading system.
The bond issuance portal is a system through which bond issuers can check the holders of listed bonds in real time, and at the same time check the demand for bonds in real time. Through the bond investment portal, both investors and users can check the total investment amount and bond conditions deposited in the registrar.
The registrar portal allows bond issuers to check bondholder information in real time, such as interest payment plans.
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