- Thailand’s Kasikorn Bank, also known as K-Bank, has announced its successful acquisition of 97% of the parent company of Satang Corporation Co. Ltd., a company offering digital asset exchange services.
- The newly formed entity will include three significant subsidiary companies, Orbix Invest (a digital asset fund manager), Orbix Custodian, and Orbix Technology.
- Earlier this year, Thailand announced plans to revamp income tax laws related to earnings from abroad by 2024.
Kasikorn Bank, a major bank in Thailand, has acquired the parent company of Satang Corporation Co. Ltd., which provides Bitcoin and crypto services.
Kasikorn Acquires Crypto Exchange in the Country
Reports suggest that Kasikorn Bank, or K-Bank, recently announced its successful acquisition of 97% of the parent company of Satang Corporation Co. Ltd., a company offering digital asset exchange services. The deal amounted to a substantial 3.705 billion Thai baht (approximately $102.8 million) and became effective on October 27th. Additionally, this deal led to the establishment of a new K-Bank subsidiary named Unita Capital, which is one of the pioneers in the Asian acquisition market for digital asset firms.
Upon completion of the deal, Satang plans to rebrand itself as Orbix. The newly formed entity will include three significant subsidiary companies: Orbix Invest (a digital asset fund manager), Orbix Custodian, and Orbix Technology. Orbix Technology is a blockchain technology developer and custodian.
Earlier this year, K-Bank revealed its plans to secure $100 million in funding while emphasizing the need to target Web3, fintech, and artificial intelligence development. Udomsak Rakwongwan, a professor at Kasetsart University and a co-founder of FWX.finance, stated that K-Bank has upped its game in the cryptocurrency industry and stands on par with one of its major competitors, Siam Commercial Bank (SCB).
K-Bank’s primary objective is to provide a comprehensive range of authorized crypto-related services in Thailand. FWX is a decentralized derivatives platform built on EVM-based chains, and K-Bank is one of the project’s key investors. Furthermore, K-Bank has already obtained a cryptocurrency exchange license and aims to acquire the remaining licenses.
Thailand Transforms Crypto Nationally
Earlier this year, Thailand announced its plans to revamp income tax laws related to earnings from abroad by 2024. With new tax reforms and law implementation plans scheduled for 2025, the country is demonstrating a welcoming and favorable stance towards crypto.
Additionally, the world’s largest cryptocurrency exchange, Binance, successfully obtained a Digital Asset Operator license in Thailand. Binance established a company named Gulf Binance in partnership with Gulf Innova Co. Ltd. in May of this year.
