Kasikorn Bank, one of Thailand’s largest banks, has bought a majority stake in Satang Corporation, a digital asset exchange and service provider, for $102.8 million.
Thailand’s fourth-largest bank, Kasikorn Bank, has made a substantial move in the cryptocurrency realm, acquiring a 97% stake in Satang Corporation Company Limited for 3.705 billion Thai baht ($102.8 million) through its subsidiary Unita Capital.
The acquisition aims to fortify the bank’s position in the digital asset market and to tap into the growing demand for crypto-related services in the country.
Satang Corporation is one of the leading crypto platforms in Thailand, operating since 2014. It offers crypto trading, custody, and fund management services to both retail and institutional investors.
It also operates Satang Pro, a licensed digital asset exchange that supports four cryptocurrencies: Bitcoin, Ethereum, Ripple, and Stellar.
Following the acquisition, Satang Corporation is set to be rebranded as Orbix Trade Company Limited.
This strategic transformation is accompanied by the establishment of three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, dedicated to blockchain development.
According to Kasikorn Bank’s president, Patchara Samalapa, the acquisition will enable the bank to tap into the growing demand for crypto-related services in Thailand and beyond.
He said that the bank aims to capture 20% of the cryptocurrency market share in Thailand by 2024.
While Kasikorn’s stance on Bitcoin remains ambiguous, the institution recently introduced a $100 million fund to target investments in web3, fintech, and AI.
In a parallel pursuit, Siam Commercial Bank (SCB) is also making significant headway in the web3 and cryptocurrency space, aligning with Thailand’s evolving regulatory landscape.
SCB had earlier this year attempted a similar acquisition of a regional rival, though it was notably stalled over regulatory issues.
Kasikorn Bank has set an ambitious goal to capture 20% of the cryptocurrency market share in Thailand by 2024, marking its commitment notable at a time when many global banks remain on the sector’s sidelines.
Despite challenges faced earlier in the year regarding regulatory hurdles in a similar acquisition attempt, Kasikorn Bank remains resolute in its mission to secure 20% of Thailand’s cryptocurrency market share by 2024.
The bank’s assertive approach underscores its commitment to an industry that many global financial institutions are yet to fully embrace.
