In a strategic move to bolster its presence in the fast-evolving cryptocurrency market, Kasikornbank, commonly known as KBank and Thailand’s second-largest bank by assets, has announced the acquisition of Satang Corporation Co. Ltd, a local digital asset exchange. The acquisition, made through KBank’s subsidiary Unita Capital, signals a significant step into the world of digital currencies. The deal, revealed in a letter filed to the Stock Exchange of Thailand, outlines the purchase of 97% of the shares of Satang Corporation on October 27.
This acquisition represents a bold entry into the digital asset space for KBank, aiming to tap into the rapidly growing market of cryptocurrencies in Thailand. As part of the acquisition, KBank has disclosed plans to rename Satang Corporation as Orbix Trade Co. Ltd. This rebranding reflects the bank’s vision for the exchange as it seeks to integrate digital assets into its overall financial services ecosystem. Unita Capital, KBank’s wholly-owned subsidiary responsible for the acquisition, boasts a registered capital of 3.7 billion Baht, equivalent to approximately $102.8 million.
This substantial capital infusion underscores KBank’s commitment to its strategic foray into the crypto world. Moreover, as a sign of the bank’s forward-thinking approach, Unita Capital has also established three subsidiaries: Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation Co. Ltd. These entities are designed to support various aspects of the cryptocurrency ecosystem, including digital asset custodianship, fund management, and blockchain infrastructure development.
KBank’s Bold Move into Web3 and AI
This acquisition aligns with KBank’s broader strategy to embrace emerging technologies. Just last month, the bank announced the formation of a $100 million fund called KXVC, dedicated to investments in Web3 and artificial intelligence (AI) startups. This fund, created by KBank’s tech-focused arm, Kasikorn Business Technology Group, signifies the bank’s commitment to staying at the forefront of technology-driven financial services. KXVC is set to focus on AI, Web3, and deep tech fintech startups globally, with a particular emphasis on the Asia Pacific region.
The fund’s creation underscores KBank’s determination to explore innovative technologies and business models while solidifying its position as a leader in Thailand’s financial sector. The acquisition of Satang Corporation, now Orbix Trade, represents a significant milestone in KBank’s mission to transform its operations to align with the rapidly changing landscape of the financial industry. With the establishment of subsidiaries to support various aspects of the digital asset ecosystem, it is clear that KBank is committed to advancing the adoption of cryptocurrencies and blockchain technology in Thailand and beyond.
As the cryptocurrency space continues to evolve and gain traction globally, KBank’s strategic moves in this emerging arena position it as a prominent player ready to meet the needs of customers and institutions looking to explore the world of digital assets. It remains to be seen how this acquisition will further shape KBank’s role in the cryptocurrency and fintech space, but the bank’s commitment to innovation and growth is undeniable.
Source: https://blockchainreporter.net/thailands-kbank-unveils-satang-exchange-acquisition-to-expand-crypto-business/