- Kasikornbank is set to launch orbix Custodian, Thailand’s first licensed digital asset manager.
- Orbix Custodian’s operations are expected to begin in early 2025 following licensing.
- K Bank also focuses on AI development through partnership with Project SEALD
Kasikornbank (KBank), Thailand’s second-largest bank by assets, is set to launch Orbix Custodian, Thailand’s first licensed digital asset manager. It is regulated by the Securities and Exchange Commission (SEC).
Notably, this announcement comes two weeks after the permit was issued on September 13, with operations expected to begin in early 2025. The permit was issued by the Ministry of Finance.
KBank President Pipit Aneaknithi emphasized in a statement released by the bank that the introduction of custody services is a pivotal moment for Thailand’s digital financial infrastructure.
“This will lay a strong foundation for further development of digital financial infrastructure, promote Thailand as a digital economy hub and advance the country’s digital industries, in line with the government’s policy to accommodate future changes in the financial sector,” he said.
The launch of Orbix Custodian follows a series of strategic moves by KBank to strengthen its position in the digital asset sector. The custodian is owned through Unita Capital, a digitally focused subsidiary that includes orbix Invest and orbix Technology.
Notably, Orbix Trade, a cryptocurrency exchange previously known as Satan, was acquired by Unita Capital in October 2023.
In early September, Orbix Technology introduced the Q-Bond project, issuing 500 million baht ($15.4 million) worth of bonds on the Quarix blockchain. The bond is offered in partnership with state-owned oil and gas company PTT, with a maturity of one year and a fixed interest rate of 2.38%.
In addition to its digital asset initiatives, KBank is also making progress in the field of artificial intelligence. Its subsidiary Kasikorn Business Technology Group (KBTC) has partnered with AI Singapore and Google Research on Project SEALD (Southeast Asia Language One Network Data).
The project, which launched last March, aims to develop large-scale language models (LLMs) in several Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino and Burmese, further highlighting KBank’s commitment to technological advancement in the region. do.