Thailand’s first coin offering; S&P assists Vietnam FiinGroup

SPV77 plans to raise $ 76.48 million in the first initial coin offering (ICO); Vietnamese FiinGroup will receive technical assistance from S&P Global Ratings.

SPV77 plans first initial coin offering in Thailand

SPV77 Co Ltd has announced plans to raise 2.4 billion baht ($ 76.48 million) through the launch of 240 million real estate-backed digital tokens, as part of the first initial coin offering (ICO) from Thailand.

The SPV77 has filed for ICO approval with the country’s Securities and Exchange Commission (SEC), reported the Bangkok Post Saturday (May 22). “SPV77, a special purpose entity created to issue and offer Siri Hub (SIRIHUB) digital investment tokens with a four-year maturity to investors, will serve as the token issuer, while SE Digital Co will be the primary ICO portal ” , indicates the report. declared.

Digital tokens are priced at 10 baht ($ 0.318) each. SPV77 plans to funnel 1.568 billion baht ($ 49.96 million) into sales and revenue transfer agreements owned by real estate company Siripat Four Co, while 832 million baht ($ 26.51 million) are allocated to purchase a 100% stake in Siripat Four.

Siripat Four, 40% owned by Thai real estate group Sansiri Group, owns the rights to Siri Campus office buildings, the underlying assets used to support SIRIHUB tokens. After the ICO, all shares in Siripat Four are expected to be transferred to MFC Asset Management Plc, the potential trustee, to protect the rights of investors.

The tokens are expected to be listed on ERX Thailand, a digital asset exchange set up for trading digital assets and tokens excluding cryptocurrencies.

Vietnamese FiinGroup receives technical assistance from S&P

Vietnamese financial information and data analytics provider FiinGroup has announced that it has entered into an agreement with S&P Global Ratings to receive technical training for its credit rating business, FiinRatings.

The assistance is provided under an Asian Development Bank technical assistance project and funded by the Australian Department of Foreign Affairs and Trade.

Under this agreement, S&P Global Ratings is the provider of technical training services in various aspects of the practice and development of credit rating agencies (CRAs), including analysis, compliance best practices and elements commercial.

“FiinRatings is already working closely with a number of leading Vietnamese issuers. Technical support from ADB and S&P Global Ratings will ensure that our rating business is built with global best practices in mind from the start and is critical to improving our capacity with our local data and the Vietnamese business environment. We believe the program will strengthen our ability to bring high quality ratings to the Vietnamese market in a way that benefits both issuers and investors, ”said Mr. Nguyen Quang Thuan, CEO of FiinGroup.

FiinRatings, a brand owned by FiinGroup, has been authorized by the Ministry of Finance to operate as a credit rating agency for Vietnam. The license was granted on March 20, 2020 to FiinGroup.

FiinRatings is ARC’s second licensed company in Vietnam, with a focus on credit ratings of issuers and its instruments such as bonds.

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