Kasikornbank Pcl, the second-biggest bank in Thailand, is setting out to create a digital asset ecosystem that would give businesses a distinctive source of finance.
Pipit Aneaknithi, co-president of Kasikornbank, told Bloomberg in an interview that the bank is now encouraging some clients to investigate token issuance for fundraising purposes following the recent acquisition of Satang Corp., a legal cryptocurrency exchange in Thailand.
The possible cost-effectiveness of token issuance was highlighted by Aneaknithi, who also stated that advancements in the cryptocurrency industry would be “cost-efficient” in comparison to current markets. Pipit Aneaknithi stated:
“We’re advising some clients to issue tokens for fundraising. We see potential in this market. We’re serious about developing a digital-asset ecosystem that will be very cost-efficient compared with existing, traditional platforms.”
Thais are still wary in the wake of the 2017 surge and subsequent market fall, despite Kasikornbank’s best efforts. As reported by Bloomberg, official data for Thailand in November indicated that there were roughly 116,000 active cryptocurrency trading accounts, a considerable decrease from the peak of approximately 700,000 accounts in 2021.
However, Aneaknithi highlighted Kasikornbank’s dedication to treading carefully in cryptocurrency, saying that “the time is ripe for healthy expansion with the proper supervision being put in place in many countries.”
According to regulatory documents, Kasikornbank purchased 97% of Satang’s shares in October through Unita Capital, a subsidiary with around $103 million in registered capital. Kasikornbank plans to rename Satang as Orbix Trade Co. Ltd. as part of the transaction.
