{"id":583831,"date":"2024-10-04T16:16:31","date_gmt":"2024-10-04T16:16:31","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=583831"},"modified":"2024-10-04T16:16:31","modified_gmt":"2024-10-04T16:16:31","slug":"kasikornbank-obtains-approval-to-launch-thailands-first-regulated-digital-asset-custody-service","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/kasikornbank-obtains-approval-to-launch-thailands-first-regulated-digital-asset-custody-service","title":{"rendered":"KASIKORNBANK Obtains Approval to Launch Thailand\u2019s First Regulated Digital Asset Custody Service"},"content":{"rendered":"

Thailand’s second-largest financial institution, KASIKORNBANK (KBank), has received a license from the Ministry of Finance to launch a regulated digital asset custody service under the orbix CUSTODIAN brand. This new venture will operate under the guidance of the country’s Securities and Exchange Commission (SEC)<\/a> and aims to serve Thai digital asset businesses. With the licensing approval secured, the bank is preparing its systems to begin operations by early 2025.<\/p>\n

Expanding Digital Asset Services Through orbix CUSTODIAN<\/h2>\n

KASIKORNBANK’s entry into the digital asset space is part of its broader strategy to strengthen its presence in the sector. The orbix CUSTODIAN service is being developed by Unita Capital, a subsidiary fully owned by the KBank conglomerate. In October of last year, KBank acquired a local cryptocurrency exchange<\/a> and rebranded it as orbix TRADE. The bank also established separate orbix subsidiaries for other functions, including custody and investment management.<\/p>\n

The orbix group encompasses various divisions, such as orbix INVEST, which officially started its fund management operations in July, and orbix TECHNOLOGY, which focuses on building blockchain infrastructure. These entities support the bank’s comprehensive approach to providing a range of digital asset services and solutions.<\/p>\n

Strategic Investments and Venture Building in the Digital Financial Sector<\/h2>\n

According to Mr. Pipit Aneaknithi, President of KBank, the launch of orbix CUSTODIAN<\/a> is a significant step toward boosting the security of digital assets in Thailand. He emphasized that the new custodian service will play a critical role in supporting the country’s digital asset businesses. “This will lay a strong foundation for the further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country’s digital industry,” Mr. Pipit added.<\/p>\n

Beyond digital assets, KASIKORNBANK has been active in the tokenization of traditional financial products and services. The Thai bank joined forces with Citi in a funding round for BondbloX, a Singapore-based platform offering fractional bond trading. In addition, KBank launched KXVC, a $100 million venture capital fund in September, targeting investments in web3, decentralized finance (DeFi)<\/a>, and artificial intelligence (AI) ventures.<\/p>\n

Apart from these investments, KBank is also involved in venture-building activities. One of its latest projects includes Ainu, a digital identity verification platform aimed at improving security and compliance in the digital space. With these initiatives, KBank aims to become a key player in the emerging digital financial ecosystem of Thailand, supporting both traditional and digital financial innovations.<\/p>\n

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🇹🇭#KASIKORNBANK<\/a> to launch first #Thai<\/a> regulated digital asset custodian:<\/p>\n

Using the Orbix custodian brand,
Kbank will provide #DigitalAssets<\/a> services under the supervision of the Securities and Exchange Commission (SEC). With the obtained license, the bank is now readying its… pic.twitter.com\/aSrJHUCeQA<\/a><\/p>\n

— Urs Bolt 🇨🇭🇵🇭 (@UrsBolt) October 3, 2024<\/a><\/p><\/blockquote>\n