Invest1 publisher2 min readPublished
Kolon Benit returns to rebuild the Philippine disclosure platform it helped build in 2014
Kolon Benit helped build the disclosure platform the Philippine Stock Exchange runs now, and it is developing the replacement under Korea Exchange oversight with staff from the 2013-14 build on the job.
The Investor · Invest desk
What happened
- Kolon Benit took part in building the disclosure system the Philippine exchange runs today, in 2013 and 2014, and staff who worked directly on that build are on the new project.
- PSE EDGE handles filings from listed companies, internal review and approval inside the exchange, and the delivery of disclosure data to investors.
- Phase one modernises filing, review, approval, inquiry and data distribution while the current platform keeps running; phase two builds an XBRL-based system and integrates it with the first.
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Why it matters
- constraint Because the existing platform has to stay stable through phase one, PSE buys the upgrade function by function instead of on one cutover date.
- capability Machine-readable filings for Philippine issuers arrive only with the second phase, so anyone building on that data waits behind the portal and distribution work.
- decision Whoever holds phase one holds the interface the XBRL layer must plug into, so the first award narrows PSE's freedom on the second.
The platform being replaced is about twelve years old. Kolon Benit worked on the disclosure system the Philippine Stock Exchange runs today in 2013 and 2014 [5]. The company said on 21 September 2026 that it had started building the replacement [1]. That is twelve years between the two builds [1]. What it says it is adding in the first phase is plumbing: responsive web design, real-time data processing, high-speed search and large-volume data handling [8]. Kolon Benit did not disclose the contract value or the schedule [13].
People who worked directly on the earlier PSE disclosure system are on this project [6]. In an exchange disclosure platform the difficult knowledge sits in the path a filing takes from a listed company's submission through internal review and approval to publication [2]. The engineers who implemented that path do not have to reverse-engineer it now [6].
KRX's contribution is oversight. The Korea Exchange is supervising the project on the strength of the market operation experience and disclosure expertise it has built up in Korea's capital markets [3]. Kolon Benit holds responsibility for the next-generation system as a whole, including disclosure filing, management and the investor portal [4].
If PSE awards the XBRL phase [9] to another vendor, then knowing the legacy system bought Kolon Benit one modernisation contract and no follow-on. And the phase-one instruction to keep the existing PSE EDGE stable while upgrading it [7] can equally describe a long stretch of maintenance work billed at maintenance margins. In my view the second phase stays in the same hands, because the integration burden falls on whoever did not build the first one.
Jung Joo-young, an executive director at Kolon Benit, said: "The understanding of the business, the system development and operation capabilities, and the data processing expertise we have accumulated through exchange and electronic disclosure system projects at home and abroad are an important foundation for this project" [11]. The firm has also begun a separate project in Vietnam to support the transfer of stocks listed on the Hanoi Stock Exchange to the Ho Chi Minh Stock Exchange [10].
What to watch
- Any statement from PSE or KRX putting a contract value and a completion date on the EDGE rebuild.
- Whether Kolon Benit's Vietnam work on moving HNX listings to HoSE widens into a full exchange system mandate.
- Whether KRX takes the same oversight role at another exchange in the region.