Thailands 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 banks position in the digital asset market.
In the aftermath of the purchase, 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.
Kasikorn Bank‘s Vision for Digital Asset Domination
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 Thailands 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 the year 2024, marking its commitment notable at a time when many global banks remain on the sectors 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.