Kasikornbank (KBank) announced plans to launch Thailand’s first licensed digital asset custodian, Orbix Custodian.
Kasikornbank, popularly known as KBank, has announced that it plans to launch Orbix Custodian as the first licensed digital asset custodian in Thailand. Kasikornbank is the second-largest bank in Thailand in terms of assets. The Ministry of Finance has granted Orbix Custodian a license to act as a Digital Asset Custodian.
The Securities and Exchange Commission (SEC) will be in charge of overseeing the cryptocurrency exchange. Although we obtained the license for the Orbix Custodian on September 13, we did not announce it until November 2. We anticipate that the company will commence its operations at the start of 2025.
Kasikornbank has taken many actions in the cryptocurrency area, but the launch of the custody service is the most recent. President Pipit Aneaknithi released a statement revealing that Kasikornbank owns Orbix Custodian through its digital technology-focused subsidiary Unita Capital.
“This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country’s digital industry, in response to government policy to accommodate future changes in the financial sector.”
It now includes both orbix Invest and orbix Technology. Prior to its acquisition by Unita Capital in October 2023, the cryptocurrency exchange that is currently known as the Orbix Trade platform was once known as Satang Trading Platform. Orbix Technology offers infrastructure services for blockchain technology.
Satan was the one who passed on that division to us. Orbix Technology launched the Q-Bond project at the start of September 2013. The Quarix blockchain distributed 500 million baht ($15.4 million) worth of Q Bonds. The bonds have a one-year maturity and a fixed interest percentage of 2.38 percent.
The issue stemmed from a partnership between KBank and PTT, a state-owned oil and gas corporation. KBank established Orbix Invest, a fund manager specializing in digital assets, in July. KBank first introduced Orbix Reward as a customer loyalty program for Orbix Trade at the beginning of September.
Once the customer has successfully completed the Know Your Customer verification process, they will have their first opportunity to receive an Orbix reward.
In addition to its operations involving digital assets, the subsidiary of KBank known as Kasikorn Business Technology Group (KBTC) has collaborated with AI Singapore and Google Research to construct large language models (LLMs) in Southeast Asia as part of Project SEALD, which stands for Southeast Asian Languages in One Network Data.
KBTG initiated the initiative in March and announced its participation on September 24.Among the languages that the partners are interested in developing LLMs are Thai, Indonesian, Tamil, Filipino, and Burmese.
