Stock Exchange Of Thailand Launches Blockchain Crowdfunding Marketplacebr>
The Stock Exchange of Thailand (SET) has created a blockchain-powered crowdfunding marketplace for domestic startups and small and medium-sized enterprises (SME).
The new crowdfunding platform, called “LiVE,” provides over-the-counter (OTC) trading service for startups and SMEs to access capital funding. It has officially launched with eight businesses from various sectors, such as mobile application, consumer products and medical equipment, with another 50 companies scheduled to join the platform.
The LiVE platform has four types of investors, consisting of institutional investors, venture capital, corporate venture capital and specific investors with annual income no less than THB 4 million ($125,000 USD) or with combined assets worth no less than THB 50 million ($1.5M USD), and at least one year of investment experience.
Qualified companies can raise up to THB 20 million ($627,000 USD), but they have to present a record of previous capital of at least THB 5 million ($156,000 USD), or be endorsed by a sponsor. For fundraising of over THB 100 million ($3.1M USD), the financial statements audited by Securities and Exchange Commission-certified auditors must be presented.
SET President Kesara Manchusree said they are determined to offer growth opportunities through the creation of a complete startup ecosystem, inclusively from the business management education for startup and SME entrepreneurs, to assistance in connecting with institutional and accredited investors.
“LiVE platform will be a key mechanism to help drive forward Thailand’s growth especially enabling startups and SMEs to have more financial accesses through crowdfunding,” Manchusree said. “Businesses can utilize LiVE to promote to a wider target group while using partnership to expand customer base. In addition, this platform also offers opportunities for investors, both individual and corporate, who are qualified by the SEC regulations, to select to invest in their preferred business with growth potential.”