SET joins hands with SGX Group to move forward the Thailand-Singapore DR Linkage project

Published on 28/11/2023

BANGKOK, November 27, 2023 – The Stock Exchange of Thailand (SET) and Singapore Exchange Limited (SGX Group) have further strengthened investment links, expanding opportunities for investors to access securities of both countries via depositary receipt (DR), under the collaborative project called Thailand-Singapore DR Linkage.


SET President Pakorn Peetathawatchai said: “The Thailand-Singapore DR Linkage is the first exchange-level DR cooperation in ASEAN, facilitating Thai investors to access Singapore securities directly via Thai stock exchange in local currency using their existing trading accounts, and vice versa. This marks the first milestone in our journey towards a more integrated and accessible ASEAN exchange market, enabling investors to trade ASEAN stocks via DR seamlessly across the entire region. We will continue to foster bilateral relationships with other exchanges in ASEAN to support the development of DR linkage.”


SGX Group Chief Executive Officer Loh Boon Chye said: “We are delighted that our DR Link with SET has successfully seen three SET-listed underlying DRs and one SGX-listed underlying DR introduced on SGX and SET respectively, with more to come in the pipeline. Collaboration between ASEAN exchanges amplifies the competitiveness of the region which is essential for its sustained growth. The DR Link is a significant milestone that reflects the commitment between SGX Group and SET to enhance synergies between our markets. I look forward to deepening our relationship with SET and unveiling more products through this link so we can unlock more opportunities for investors.”


SET together with SGX Group commenced ASEAN’s first exchange-level DR cooperation in 2021. Under the collaboration, three DRs on Thai securities namely Airports of Thailand pcl (AOT), CP All pcl (CPALL), and PTT Exploration and Production pcl (PTTEP) have already been traded on SGX and, in turn, DR on Singapore Airlines Ltd. (SIA) debuted on the Thai stock market in September 2023. Moreover, the launch of additional DRs on Singaporean securities is on the pipeline.


Currently, SET has 18 DRs with underlying securities listed on SGX, Hong Kong Exchanges and Clearing Limited (HKEX), Ho Chi Minh Stock Exchange (HOSE) and the Euronext. Moreover, there are also five fractional depositary receipt (DRx). The total market capitalization of the DR and DRx at the end of the third quarter of 2023 amounted to THB 17 billion (approx. USD 484 million), an increase of a whopping 28 percent from the same period last year.


Investors can find more information on DR products at