News Detail

Date/Time
18 Jul 2019 18:43:00
Headline
SET News : SET unveils Digital Gateway to access the National Digital ID Platform
Symbol
SET
Source
SET
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    SET News 51/ 2019
                                                                                
   July 18, 2019

SET unveils Digital Gateway to access the National Digital ID Platform

BANGKOK, July 18, 2019 -The Stock Exchange of Thailand (SET) is poised to 
introduce its Digital Gateway to enable an efficient, secure and cost-effective
means to access the National Digital ID Platform (NDID).  The NDID Platform is
Thailand's financial market infrastructure initiated by the Thai Government to
enable non-face-to-face authentication and verification.

SET President Pakorn Peetathawatchai said that SET's subsidiary, FinNet 
Innovation Network Co., Ltd., has recently completed the development of its
Digital Gateway connecting to the National Digital ID Platform, Thailand's first
and only blockchain-based system that facilitates authentication of customers
and exchange of personal information.  All participating financial institutions
in NDID would need to invest in the setup of IT infrastructure.  Alternatively,
they could adopt FinNet's Digital Gateway.  The Digital Gateway minimizes
duplication of back-office investment, shortens time-to-market for market
participants, and speeds up the adoption of NDID.  Securities, asset management,
insurance and FinTech firms would be able to fully digitize their customer
onboarding processes.  To date, over 50 companies have signed up.

This implementation is part of SET's digitalization strategy, aligned with SET's
vision "To Make the Capital Market Work for Everyone".  This common capital
market infrastructure promotes back-end collaboration and front-end innovation.
By the end of this year, the customer onboarding process in the Thai capital
market would be fully digitized.

"SET has engaged stakeholders for the digital transformation in the capital 
market. Various digital services have been gradually introduced over the past
few years, including FundConnext that streamlines mutual fund distribution and
Payment System for the Capital Market that optimizes cash management.
Investment will become more and more accessible for every Thai," added Pakorn.

National Digital ID Co., Ltd. (NDID) Chief Executive Officer Boonsun 
Prasitsumrit said that it is an honor for NDID to take part in this project in
line with SET's strategy and vision in developing a one-stop infrastructure for
the capital market. NDID has developed the solution to verify identity to
facilitate online account opening and other upcoming services such as direct
debit registration.  The developments will meet stakeholder' demands for
end-to-end capital market services.

To support the country's Thailand 4.0 policy, SET has been very closely working 
with NDID and market participants to implement the Digital Gateway.  SET has
also recently become a shareholder of NDID, one of the country's critical
infrastructures.

                               "SET... Make it Work for Everyone"
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