The Stock Exchange of Thailand (SET) has announced the launch of the first crowdfunding platform for startups and SMEs in the country.

Called “LiVE”, the new blockchain-based platform has been developed by SET with support from the public and private sectors. According to the official release, eight businesses have already joined the platform, and over 50 companies are expected to join going forward.

SET President Kesara Manchusree said that the exchange has established Live Fin Corp Co., Ltd to operate a crowdfunding platform which provides the Over-the-Counter (OTC) trading service for startups and SMEs to access capital funding.

""LiVE" platform will be a key mechanism to help drive forward Thailand's growth especially enabling startups and SMEs to have more financial accesses through crowdfunding. Businesses can utilize LiVE to promote to a wider target group while using partnership to expand customer base,” added Kesara.

“In addition, this platform also offers opportunities for investors, both individual and corporate, who are qualified by the Securities and Exchange Commission (SEC) regulations, to select to invest in their preferred business with growth potential.”

In early 2017, reports suggested that SET was planning a blockchain-based marketplace by the third quarter of 2017, for trading in startups.