Digital Access Platform Company Limited (DAP), under The Stock Exchange of Thailand (SET) Group, has launched three new digital services in a move to integrate the Thai capital market ecosystem and respond to the new normal way of investment amid dynamic environment: (1) “NDID Proxy”, a proxy service connected to the National Digital Identification (NDID) system, going live on July 21, 2020 with a group of 19 pilot securities firms, asset management firms and life insurance firms. (2) “Citizen ID card verification with Thailand’s Department of Provincial Administration” service and (3) “Electronic Stamp Duty” service with the Revenue Department of Thailand. All these services are available on the digital platform to all business sectors aiming to not only simplify procedures and enhance efficiency for businesses but also widening investment opportunities for the public.
SET President Pakorn Peetathawatchai said DAP, a company under SET Group, with its main mission to develop the capital market infrastructure as a public utility, offers infrastructures that facilitate end-to-end digital investment journey in the capital market through its services known as “Digital Gateway”. The first of these new services is the NDID Proxy pilot project, launched on July 21, 2020 for 19 brokerage firms, asset management firms, and life insurance firms.
NDID Proxy, served by DAP, is a platform linking NDID to business operators, enabling investors to open securities trading accounts, mutual fund accounts, life insurance policy and other types of account by simply confirming their identity with their existing account where their identification has already been verified. Participants can participate in the blockchain-based NDID system without having to establish own nodes. With secured identification technology, the paperless and timely service will help reduce operational cost and provide business operators. To enhance the effectiveness of end-to-end identification and verification process, the “Citizen ID card with Thailand’s Department of Provincial Administration” service has also been added to make this a complete one-stop service.
DAP has also launched the “e-Stamp Duty” service for five categories of electronic financial contracts according to the Revenue Department (RD)’s announcement, making it convenient and safe in line with international standards. Business operators can make multiple purchases and payments of duty stamp via DAP’s digital platform. With this service, it is no longer necessary for business operators to buy physical stamp duty in a paper format in advance. This paperless system will not only be eco-friendly but also help reduce cost, save time to be spent on filing documents and improve workflow efficiency. Some business operators have already started using this service earlier this month. DAP will further work with the RD to expand this payment service to a further 28 paper-based categories by the end of this year.
In addition, DAP also plans to work with other governments and regulatory agencies for digital services for the benefits of the intermediary institutes and the capital market industry. In addition, it is continuously developing existing infrastructure services such as FundConnext, etc. Designed with an open architecture approach, FundConnext allows investors to invest in various mutual funds from different asset managers with a single account. Over the past 3 years since the service has been available, the volume and value of trading transactions has been growing exponentially.
“It is required that the capital market develop the infrastructure and platform to support the growth of the industry, minimize cost, expand business and enhance competitiveness. In addition, these will make investment more accessible for all investors. This digitalization approach is in response to the new normal, where online or digital tools compliment face-to-face interactions. DAP is a key mechanism which is part of SET’s strategy to grow with stakeholders and sustainable society inclusively,” added Pakorn.
“SET…Make it Work for Everyone”
Members of the media please contact the Corporate Communications Dept.: Anyarat Anyawutikrai tel: +66 (0) 2009 9486 / Arada Therdthammakun tel: +66 (0) 2009 9483 / Kanokwan Khemmalai tel: +66 (0) 2009 9478.