Sunday , 15 December 2024
Home Kripto Kasikornbank Introduces Thailand’s First Licensed Digital Asset Custodian
Kripto

Kasikornbank Introduces Thailand’s First Licensed Digital Asset Custodian

Kasikornbank Introduces Thailand’s First Licensed Digital Asset Custodian

Thailand’s Kasikornbank (KBank), the second-largest bank in the country by assets, has announced the launch of orbix Custodian, marking the establishment of Thailand’s first licensed digital asset custodian. The orbix Custodian has successfully obtained a Digital Asset Custodian license from the Ministry of Finance and will operate under the supervision of the Securities and Exchange Commission (SEC).

The license for orbix Custodian was granted on September 13, but the announcement of this significant milestone was made two weeks later. The custodian service is expected to commence operations in early 2025, positioning KBank at the forefront of digital asset management in Thailand.

KBank’s Role in the Digital Asset Sector

The launch of orbix Custodian is the latest in a series of strategic moves by Kasikornbank to expand its footprint in the cryptocurrency and digital asset sector. According to KBank President Pipit Aneaknithi, the establishment of orbix Custodian is part of a broader initiative:

“This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country’s digital industry, in response to government policy to accommodate future changes in the financial sector.”

Kasikornbank owns orbix Custodian through its digital-focused subsidiary, Unita Capital. This subsidiary is part of a broader suite of services that includes:

  • orbix Invest: A digital asset fund manager launched in July 2024.
  • orbix Technology: This division provides blockchain infrastructure services and was inherited from Satang, a previously known cryptocurrency exchange acquired by Unita Capital in October 2023.
  • orbix Trade: A cryptocurrency exchange that transitioned from its former identity, Satang, following the acquisition.

The establishment of orbix Custodian complements these offerings, enabling KBank to provide comprehensive digital asset services under a unified brand.

Q-Bond Project

In early September, orbix Technology announced the launch of the Q-Bond project, issuing Q Bonds worth 500 million baht (approximately $15.4 million) on the Quarix blockchain. These bonds feature a one-year maturity with a fixed interest rate of 2.38%. Notably, KBank partnered with state-owned oil and gas company PTT for this issuance, reflecting KBank’s commitment to fostering innovation within Thailand’s financial landscape.

Additionally, KBank has introduced the orbix Reward program, designed to enhance customer loyalty for users of orbix Trade. Customers can start earning orbix Rewards after completing their Know Your Customer (KYC) verification, further incentivizing engagement within the platform.

Embracing AI Technology

Beyond its digital asset initiatives, KBank’s subsidiary, Kasikorn Business Technology Group (KBTC), has joined forces with AI Singapore and Google Research to develop large language models (LLMs) as part of Project SEALD (Southeast Asian Languages in One Network Data). This project, launched in March 2024, aims to create LLMs that cater to multiple Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino, and Burmese. KBTG’s participation in this initiative was announced on September 24.

As KBank continues to innovate in the digital asset space, the introduction of orbix Custodian represents a significant step toward establishing a regulated and secure environment for digital asset management in Thailand. With the country aiming to position itself as a digital economy hub, this move aligns with government efforts to accommodate advancements in the financial sector.

Aspect Details
Bank Kasikornbank (KBank)
New Service orbix Custodian
License Granted September 13, 2024
Expected Start of Operations Early 2025
Bond Issuance 500 million baht ($15.4 million)
Partnership for Bond Project PTT (state-owned oil and gas company)
Subsidiaries orbix Invest, orbix Technology, orbix Trade
Customer Program orbix Reward
AI Project Participation Project SEALD

Kasikornbank’s launch of orbix Custodian marks a pivotal moment in the evolution of Thailand’s digital asset landscape. By establishing a licensed custodian, KBank not only enhances its digital asset services but also contributes to building a robust financial infrastructure in the country. As the demand for digital assets continues to grow, KBank’s proactive approach positions it well to meet the evolving needs of investors and consumers alike.

Related Articles

RMIT Reconfigures Blockchain Hub, Citing Resource Optimization
Kripto

RMIT Reconfigures Blockchain Hub, Citing Resource Optimization

The Royal Melbourne Institute of Technology (RMIT) is set to downscale its...

Amazon Joins Online Car Sales with Hyundai Partnership
Kripto

Amazon Joins Online Car Sales with Hyundai Partnership

Amazon has officially entered the online car sales market, launching Amazon Autos,...

China Faces Pressure to Innovate Semiconductor Design Amid US Restrictions
Kripto

China Faces Pressure to Innovate Semiconductor Design Amid US Restrictions

China faces an urgent need to innovate in semiconductor design to stay...

Democrats Wrestle with Strategic Response to Trump’s Unpredictable Tactics
Kripto

Democrats Wrestle with Strategic Response to Trump’s Unpredictable Tactics

In the wake of Donald Trump‘s recent electoral success, Democratic leaders are...