Kasikornbank to Launch Thailand’s First Licensed Digital Asset Custodian
- Introduction of orbix Custodian, the first licensed digital asset custodian in Thailand.
- Operations expected to start in early 2025 following licensing approval.
- Kasikornbank is focusing on AI advancements through its collaboration on Project SEALD.
Kasikornbank (KBank), the second-largest bank in Thailand by assets, is poised to unveil orbix Custodian, marking the nation’s first officially sanctioned digital asset custodian, overseen by the Securities and Exchange Commission (SEC).
Timeline and Regulatory Approval
The bank’s announcement follows its receipt of the necessary license on September 13, with operations scheduled to begin in early 2025. This licensing was granted by the Ministry of Finance, signifying a major regulatory landmark for the digital asset landscape in Thailand.
Statements from KBank Leadership
KBank’s President, Pipit Aneaknithi, highlighted in a statement that the launch of the custody service symbolizes a transformative moment for Thailand’s digital financial system. He stated, “This initiative will establish a robust foundation for the evolution of digital financial infrastructure, positioning Thailand as a hub for digital economies and enhancing the country’s digital industry in alignment with government policies.”
Strategic Developments in Digital Assets
The inception of orbix Custodian is part of KBank’s broader strategy to reinforce its foothold in the digital asset space. This custodian will operate under its digitally oriented subsidiary, Unita Capital, which also includes orbix Invest and orbix Technology.
In a noteworthy development, orbix Trade, a cryptocurrency exchange previously named Satang, was acquired by Unita Capital in October 2023, further solidifying KBank’s position in the digital asset domain.
Recent Innovations and Projects
Moreover, earlier in September, orbix Technology launched the Q-Bond project, issuing bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. These one-year bonds feature a fixed interest rate of 2.38%, facilitated in collaboration with state-owned PTT.
Advancements in Artificial Intelligence
KBank is not only focusing on digital assets but is also advancing in the field of artificial intelligence. Its subsidiary, Kasikorn Business Technology Group (KBTC), has teamed up with AI Singapore and Google Research on Project SEALD (Southeast Asian Languages in One Network Data), launched in March. This project is focused on developing large language models (LLMs) for several Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino, and Burmese, underscoring KBank’s commitment to regional technological growth.
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