- The Thai banking giant Kasikornbank, often referred to as KBank, has announced the introduction of orbix Custodian, the country’s first licensed digital asset custodian.
- orbix Custodian’s operations are set to commence in early 2025, following the acquisition of its license from the Ministry of Finance.
- President Pipit Aneaknithi highlighted that this move aims to bolster Thailand as a leading digital economy hub and advance its financial infrastructure.
KBank’s orbix Custodian leads Thailand’s digital asset revolution with licensed custody services, commencing in early 2025. Join us to explore the future of digital finance in Southeast Asia.
KBank Launches Thailand’s First Licensed Digital Asset Custodian
KBank, Thailand’s second-largest financial institution by assets, has taken a significant step in the digital finance sector with the unveiling of orbix Custodian. This pioneering service will operate as the country’s first licensed digital asset custodian, following its licensing by the Ministry of Finance. Expected to start functioning early in 2025, orbix Custodian will offer secure, regulated custody solutions for digital assets, including cryptocurrencies and tokenized securities.
Building a Robust Digital Financial Infrastructure
Pipit Aneaknithi, the President of KBank, explained that introducing orbix Custodian aligns with the bank’s strategic initiatives to strengthen Thailand’s digital finance ecosystem. He emphasized that this development would foster a solid foundation for future advancements in the country’s digital financial infrastructure, aligning with government policies aimed at transforming Thailand into a digital economy hub. This move is anticipated to attract both local and international investors, boosting the financial sector’s robustness.
A Busy Month for KBank’s Digital Ventures
The commencement of orbix Custodian is merely the latest in a series of proactive measures KBank has implemented in the digital assets space. Under its digital-focused subsidiary, Unita Capital, KBank also manages orbix Invest and orbix Technology, alongside the orbix Trade platform. Previously known as Satang, orbix Trade was rebranded following its acquisition by Unita Capital in October 2023. orbix Technology delivers blockchain infrastructure services, continuing the legacy of Satang’s technological advancements.
The Q-Bond Initiative and Blockchain Innovations
Earlier in September, orbix Technology launched the groundbreaking Q-Bond project, which saw the issuance of 500 million baht ($15.4 million) worth of bonds on the Quarix blockchain. These Q-Bonds, with a one-year maturity and a fixed interest rate of 2.38%, reflect KBank’s innovative approach to integrating blockchain technology into traditional financial instruments. The issuance was in collaboration with the state-owned oil and gas company PTT, highlighting strategic partnerships and confidence in blockchain solutions.
Artificial Intelligence and Regional Collaboration
In addition to its achievements in digital asset management, KBank is also investing in artificial intelligence (AI) initiatives. Kasikorn Business Technology Group (KBTG), a subsidiary of KBank, has partnered with AI Singapore and Google Research to work on Project SEALD (Southeast Asian Languages in One Network Data). This ambitious project, launched in March, focuses on developing large language models (LLMs) tailored to Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino, and Burmese. KBTG’s involvement, announced in late September, aims to enhance regional digital communication and AI capabilities.
Conclusion
KBank’s aggressive expansion into digital assets and AI reflects its commitment to innovation and leadership in Southeast Asia’s financial sector. With the launch of orbix Custodian set to solidify its position as a pioneer in digital asset custodianship and its collaborative efforts in AI research, KBank is poised to drive significant advancements in Thailand’s digital economy. These initiatives not only reinforce its competitive edge but also underline its contribution to shaping the future of financial services.
