Thai Bourse joins SCB to enhance e-dividend

Thai Bourse joins SCB to enhance e-dividend

17/02/2012

The Thailand Securities Depository Co., Ltd. (TSD), under The Stock Exchange of Thailand (SET) group, joins hands with The Siam Commercial Bank pcl (SCB) to launch Thailand’s first e-dividend service application via ATM to facilitate securities holders who are customers of the bank, enabling them to get faster service and reduce the documentation process.

SET aims to increase the number of e-dividend users by 100,000 persons this year and expects at least another two banks to join this project. Currently, there are 900,000 securities holders using e-dividend service, or 64 percent of the total 1.4 million securities holders.

The e-dividend service helps securities holders because securities issuers make dividend or interest payments directly into the bank accounts of the securities holders. Securities holders who use e-dividend service will get payments promptly on the payment date, without postal delays/losses and without having to take checks to deposit at their bank.

 “This cooperation is another crucial step for post-trade service development to meet customers’ demands for quality of service and modernization, enabling them to have more convenience and low-cost service, benefiting both securities holders and service providers. SET will expand this service to cover securities holders who are customers of other banks,” said SET President Charamporn Jotikasthira.

Kannikar Chalitaporn, SCB President, said: “SCB is committed to building financial innovations to facilitate all customer segments. This cooperation with SET is an important step to innovate financial transactions. We are proud to be the first bank in Thailand which our customers can apply for e-dividend service via ATM. This service is important because we have 8,000 ATMs nationwide, with 24/7 services. This project will boost convenience for customers, as it will reduce application process and the paperwork in applying for e-dividend service.”

From now on, SCB customers can apply for e-dividend service at any SCB ATMs, and don’t have to send in a request form or travel to TSD, saving time and travel costs. They also can know the result of the application via SMS within three working days.