SET president Kesara Manchusree (3rd from right) signs renewal of MoU with KRX chairman and chief executive Jiwon Jung to foster regional collaboration.
The Stock Exchange of Thailand (SET) has signed a renewal of its memorandum of understanding (MoU) with the Korea Exchange (KRX) to continue synergy efforts on capital market development and business opportunities between the two exchanges.
A mutual collaboration between the two stock exchanges includes products and services development, IT infrastructure cooperation and information exchange.
"The MoU between SET and KRX, spanning another five years from today to Feb 4, 2023, underscores the SET`s strategic plan to enhance fundraising and investment to create business opportunities for long-term growth in the region," said SET president Kesara Manchusree.
"The agreement also embraces cooperation for improving IT infrastructure, investment activities to expand investor opportunities, seeking possible collaborative investment as well as information sharing to further strengthen the development of the two capital markets."
The MoU between the two stock exchanges started in 2006. Apart from the MoU, cooperation between the two bourses also includes implementing new technology for the clearing and settlement system of equity and derivative products.
"Today`s MoU renewal continues our collaboration during the last five years on IT business and knowledge sharing," said Jiwon Jung, KRX chairman and chief executive.
"The Korea Exchange has ceaselessly explored innovation in the regional exchange industry, best exemplified by its information business and the new ecosystem for startup companies, while the SET has showed its unprecedented growth in terms of market quality and quantity, positioning itself as a regional pioneer."
KRX is equipped with the leading innovation and trading technology in Asia, while the SET applies certain trading and technological platforms to its operations, said Prapan Charoenprawat, SET senior vice-president.
The KRX had total market capitalisation of US$1.7 trillion (53.6 trillion baht), with average trade of $8.04 billion per day in 2017, comprising of 2,134 listed companies.
As of Nov 1, 2017, there were 75 startups trading on the KRX Startup Market, a fundraising platform for startups, of which 41 companies were developed from crowdfunding.
By Bangkok Post(Published: 06/02/2018) https://www.bangkokpost.com/business/finance/1408102/set-renews-pact-with-korea-exchange-to-2023
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