Stock Exchange of Thailand (SET), the national stock exchange of Thailand that had 688 listed companies at the end of 2017, launched a crowdfunding marketplace which is made on blockchain technology in order to broaden the access to capital funds of new domestic companies.
SET on Friday announced that the new service which was entitled “LiVE” uses blockchain to allow peer-to-peer trading in an effort to enable new companies to access new capital from potential investors, including those got from the venture capital and institutional investor worlds. The LiVE platform has been formed with the use of blockchain technology as an infrastructure for participating ventures to grow and get connected with future unions.
It targeted businesses from different sectors including consumer products, mobile application and medical to join up while persuading another 50 companies to also join amongst increasing enthusiasm from investors.
Kesara Manchusree, SET president said that SET started planning to build a crowdfunding platform for startups in March 2017 and at the moment, over 600 companies had expressed the interest in joining the blockchain-powered marketplace in the country. Other Stock exchanges worldwide are also considering to use blockchain as one of the means to develop security markets for minor businesses.
However, in order for businesses to qualify in joining LiVE, their founders and executives should carry no criminal records with financial statement audit done by certified auditors and the companies should be fully registered to operate in Thailand.