Last updated on November 2, 2023
In a significant move that demonstrates its commitment to the cryptocurrency sector, Kasikorn Bank of Thailand has acquired a 97% stake in Satang Corporation Company Limited, the parent company of the Satang cryptocurrency exchange. The value of the deal was worth 3.705 billion Thai baht ($102.8 million) and was carried out through a newly formed Kasikorn Bank subsidiary called Unita Capital, which focuses on investments in digital asset companies. Kasikorn Bank is the second-largest bank in Thailand in terms of assets under management. The acquisition will result in the rebranding of Satang Corporation as Orbix Trade Company Limited. Additionally, the new company will establish three subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer. Kasikorn Bank’s specific support for Bitcoin, as opposed to other cryptocurrencies, remains uncertain. This development comes shortly after Kasikorn Bank’s launch of a $100 million fund targeting investments in web3, fintech, and artificial intelligence. Siam Commercial Bank (SCB), a counterpart of Kasikorn Bank, is also reportedly making strides in the web3 and cryptocurrency space. Both banks aim to offer a comprehensive range of crypto services within Thailand’s regulatory framework. SCB’s previous attempt to acquire a regional rival was hindered by regulatory issues. Kasikorn Bank has set an ambitious target to capture 20% of Thailand’s cryptocurrency market share by 2024, demonstrating its strong commitment to the sector when many global banks remain hesitant.
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