TMBA Leveraging Blockchain Tech To Expedite Registrar Procedures
BTC Wires: In an attempt to enable its registrar service platform, the Thai Bond Market Association is launching a Blockchain-powered solution to quicken up its underlying processes of the service procedures. As confirmed on July 28 by Bangkok’s trusted local news agency, Bangkok Post, this initiative has been taken to build a base for the upcoming launch of the new registrar service platform, which is scheduled for later this year.
The Thai Bond Market Association had been considering about such holistic solutions for long. According to the association’s president, Tada Phutthitada, the objective of this new platform would be to speed up the process of bond certificate issuance, which would obviously have positive cascading effects. One of those positive effects could be that it would burgeon the flow of assets for secondary markets. Although the condition of the market’s liquidity has seen better day off late, however when talking about the subject of issuance of bond certificate, things haven’t been too great.
Notwithstanding this, the platform will be designed upon a smart contract using a private blockchain. Users on the platform will also have access to digitised settlement database, a bond transaction verification, and a bond subscription system. TMBA’s chief also dawned light on how they are implementing the regulatory sandbox by the time of their platform launch. This will make them the world’s first Fintech service which will be applicable to the sandboxes of the Thai Securities and Exchange Commission(SEC) and the Bank of Thailand(BoT).
Advisories and officials within the association are speculating this lag to be cumbersome for future proceedings, and are even considering the limitations which they cause against the growth of the secondary market’s corporate bonds. In comparison with the current marshalling of affairs, the new platform is to cut down the total no. of days from 7-15 days to just 3-4, thus saving an exceptional amount of time and resources.
In addition to this, news about an exciting ’Bond Coin’ have also been surfacing. Vice president of the association, Chaitat Prachuabdee has disclosed the company’s intention on working towards its own “utility settlement coin” in supports of the digitised bond system.