Thailand Fintech Festival Prompts Investigation by SEC and Office of State Administrative Organization
The recent Thailand Fintech Festival, held at Siam Paragon on 27-28 September, has come under scrutiny following an incident that led to an investigation by the Securities and Exchange Commission (SEC) and the Office of the State Administrative Organization. Nares Laopannarai, the founder of Ricco Wealth, an online financial and investment media platform, posted a comment on his personal Facebook page that has raised concerns.
The comment, which suggested that instead of blocking foreign investment products, there should be an openness to trading them, has sparked a debate about the regulation of unlicensed business operators in the event. The SEC has subsequently issued a notice cautioning against soliciting investment from these unlicensed operators and the organizers of the Thailand Fintech Festival are now expected to respond accordingly.
Exploring a Different Perspective
Looking beyond the surface, it is worth considering some lesser-known information about the trading habits of Thai individuals. It has come to light that many Thai people are trading with some of the best Forex brokers in the world, operating outside the regulated system. While the number of legal foreign investment products has increased in recent years, it remains limited when compared to the offerings of Forex brokers. This begs the question of why there aren’t more legitimate foreign investment products available in Thailand for easy access.
A Solution to the Forex Broker Predicament
If Thailand were to introduce a broader range of legitimate foreign investment products, denominated in Thai Baht and easily accessible to investors, the problem of falling prey to dishonest groups claiming to be Forex Brokers could disappear. Furthermore, the introduction of such products would likely boost investment capital in the Thai capital market, eliminating the need for investors to resort to foreign platforms that contribute little economic value and growth to Thailand.
Expanding Investment Opportunities
With immense investment opportunities abroad, it is crucial for investors to have options beyond the Thai market. Many reputable brokers in Thailand enable easy investment using Thai Baht, making it the right approach to cater to investors’ diverse needs. A prime example is Singapore’s financial market, which lists numerous stocks with global operations on the SGX exchange. Additionally, foreign ETFs traded in Singapore dollars are also available, and legal authorization can be obtained to trade futures such as Forex Options and Commodities.
The Importance of Financial Literacy
Simultaneously, there remains a pressing need to improve financial literacy among the population. Singapore, known for its high level of financial literacy, includes financial education in its primary school curriculum. The technologically savvy Singaporeans, regardless of age, make use of digital wallets effortlessly.
Embracing Change for Mutual Benefit
In situations where resistance proves futile, it is often wiser to adapt and reap the benefits of legalization. By allowing an open and regulated environment for trading foreign investment products, all parties involved can potentially thrive. It is a pragmatic approach towards fostering a progressive investment landscape.
#Fintech #Tanhun – from the case where the SEC and the Office of the State Administrative Organization searched the incident. Thailand Fintech Festival 27-28 September at Siam Paragon Nares Laopannarai (Gap editor) Mr.Founder Ricco Wealth, online financial and investment media Posted a comment on his personal Facebook page stating…
instead of blocking Looking at it from the other side, it is open to being able to trade foreign investment products.
Latest update: The SEC has issued a notice to be careful of soliciting investment from unlicensed business operators in the event. Thailand Fintech Festival in the middle of a famous department store in the city center. Today let’s see what the organizers will do next.
But let’s look at another angle. Information that the public may not know is:Thai people trade with one of the best Forex brokers in the world and all of them are outside the system. If we look back at foreign investment products that are legal now. Although the number has increased from several years ago, it is still limited and overwhelming compared to what Forex brokers offer.
If we encourage that there are more legitimate foreign investment products that are baht based in Thailand and are easily accessible. The problem of being tricked into investing by groups claiming to be Forex Brokers will disappear. and investment capital in the Thai capital market will also increase. There is no need to invest through foreign platforms that hardly create economic value and growth in the Thai capital market.
As you know, investment opportunities abroad are huge. There are many good stocks that are still on the uptrend even though there are many problems around the world this year. If stocks in the Thai market still do not meet the needs Investors should also have options for investing abroad. The fact that many brokers in Thailand allow easy investment with baht is considered the right way.
Example in Singapore If we talk about companies that have business in their own country, they are considered to have limited resources. But many stocks with global operations are also listed on SGX, and it also lists foreign ETFs that trade in Singapore dollars. It also allows foreign brokers to legally request a license to trade Futures such as Forex Options, Commodities, etc.
When it comes to Financial Literacy, it is a mission that must be accomplished at the same time. Singaporeans told me that financial literacy is taught from primary school. And Singaporeans themselves are very technologically savvy and use Wallet easily even if they are elderly.
When you can’t stop it, don’t go against the flow. It is better to let in and benefit from its legalization. It is an encouragement to all parties.
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