SE Digital, a subsidiary of Thailand's leading financial service provider Seamico Securities Plc (ZMICO), has received the approval of the SEC to operate as Thailand's first Initial Coin Offering (ICO) Portal, reported Bangkok Times
As an approved operator of ICO portal, the first ICO launch will be in the form of the country's first investment token as well. The ICO target cap for the investment token has been estimated between 2 billion baht to 3 billion baht ($65.8 million to 98.7 million).
The firm is planning to become a one-stop financial solution for digital currencies. It plans to provide a number of services along with it including strategic support, access to secondary markets, total management support for a token from issuance and compliance to investor communication. Jesadavat Priebjrivat, Chief Executive Officer of SE Digital said,
“We are glad to have obtained an approval to operate as the official ICO Portal and are excited to turn a new page on Thailand’s capital market history as the country will become one of the first nations in ASEAN to offer regulated digital token offerings.
Having obtained an approval from the SEC, SE Digital will be able to promote the tokenization of traditional assets providing investors with access to previously illiquid and difficult to access assets such as commercial real estate and investment products with global exposure, while offering issuers with a new fundraising alternative that allows access to a wider pool of capital providers with cost savings accrued from the digitization on the blockchain.”
SE Digital Aiming to Create An Ecosystem of Regulated Digital Currency Market in Thailand.
SE Digital with its ICO portal and country's first investment token is planning to create an ecosystem of the regulated digital currency market. In order to provide secondary market exposure to the ICOs launching through its portal, the firm is also looking forward to launching an exchange by next year.
Elevated Returns, the strategic investor of ZMICO has applied for a Digital Asset Exchange License before the SEC. The exchange would be known as ERX company limited and they plan to launch it by early next year.
The ICO portal and investment token will be available for retail investors, institutional investors, venture capital and private equity funds. This would open the gates for new investment opportunities for many in Thailand which were earlier unexplored. Stephen Ng, Chief Marketing Officer of SE Digital said,
“Thailand already has a strong foundation for digital transformation, such as its positioning as a regional financial hub, a growing and vibrant start-up community, and a progressive regulatory regime that promotes digital innovation. We look forward to contributing to this journey. Combining our partners’ global expertise with our local know-hows and a large customer base, we are well-positioned to become the leader in asset tokenisation, democratising financing for and access to traditional assets. We aim to work closely with our partners to launch investment tokens and we are excited to bring the concept of digital capital market to actual implementation.”
The firm is also planning to conduct several educational seminars for Thai investors and other market players who are new to the digital currency space.