Bangkok, 9 November 2020 – The Securities and Exchange Commission (SEC) supports intermediaries in capital market to offer investment account opening service through NDID system which currently operates under Regulatory Sandbox supervised by the Bank of Thailand (BOT), so that customer will be able to open investment account quickly without having to go through the process of identity verification at the office of financial service providers.
Ms. Ruenvadee Suwanmongkol, SEC Secretary-General,
stated that SEC encourages intermediaries in the capital market, both in securities
business and derivatives business, to fulfill the so-called know-your-customer
requirement or e-KYC via online methods. The use of authentication and
verification under the National Digital ID (NDID) system will make it
convenient, quick and reliable to open an investment account online. Starting
from 9 November 2020, 6 securities companies and 4 asset management companies
are ready to provide the online account opening service via NDID for customers
who want to trade in stocks, mutual funds or futures contracts. Investors who
open investment accounts through NDID do not need to re-authenticate.
Therefore, they can start their investment faster than those who open an
account under the normal process. The happening of this service derives from an
extension of commercial banks' service coverage in a sandbox project under the
Regulatory Sandbox of the Bank of Thailand (BOT). SEC would like to thank BOT
for fostering the development of NDID system to its practical use and allowing
the extension of its scope of services to intermediaries in capital market.
In order to open an investment account online through NDID system, investors
must have a deposit account with a commercial bank and apply the mobile banking
service for such account. Investors can
check the lists of commercial banks, securities companies and asset management
companies that join this project as well as study the usage and features of the
NDID system at www.ndid.co.th/publication.
NDID
is a project initiated by government to serve as an infrastructure of the
country and is available for both public and private service providers. SEC has
urged intermediaries in the capital market to join the NDID project. Today,
more than 80 percent of intermediaries in capital market are participating in
this project. More operators are in the process of testing and will gradually
start offering their investment account opening services online through the
NDID system in the future.
--------------------------------------