The Stock Exchange of Thailand (SET) has awarded India-based IT solutions provider KGiSL a contract to provide a back-office platform for Thailand's brokers via its solution, Dolphin.
KGiSL's offering will be hosted by SET and made available to all capital market brokers in Thailand. The implementation is expected to be completed within 16 months.
The Dolphin platform, which currently facilitates 60 per cent of India’s back-office clearing and settlement operations, handles multiple asset classes including equities, bonds and offshore trading for both retail and institutional brokers.
Dolphin was chosen over other systems because it was a better fit for requirements as well as for its robustness, scalability and automation capabilities, SET says.
KGISL is a global IT services, consulting and business solutions organisation with offices in India, US, Malaysia, Singapore, Australia and Thailand.
Pakorn Peetathawatchai, president of SET (pictured left) comments: "This is one of our most ambitious and challenging projects to establish a common, streamlined infrastructure that will open up new possibilities for Thai brokers to revolutionise back-office business models.”
Prassadh Shanmugam, director and CEO of KGiSL (pictured right) says: "This is a huge win for KGiSL. Dolphin has been the undisputed market leader in India so far, but we have had limited successes in other markets.
