Thailand’s Kasikorn Bank, also known as K-Bank, has successfully secured a majority 97% stake in the parent company of Satang, a prominent crypto exchange operating in the country since 2017. The acquisition, valued at 3.705 billion Thai baht ($102.8 million), was executed through K-Bank’s newly established subsidiary, Unita Capital, specializing in investments in digital assets companies, media reports said.
Upon the completion of the transaction, Satang is slated to undergo a rebranding as Orbix. This transformation will be accompanied by the establishment of three subsidiary entities: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, dedicated to blockchain technology development.
This strategic move follows K-Bank’s recent foray into the digital landscape with the launch of a $100 million fund targeting web3, fintech, and AI, signaling a proactive approach to staying competitive in the evolving financial landscape. Siam Commercial Bank (SCB), a key rival to K-Bank, is also making substantial strides in the web3 and crypto space.
K-Bank seems to be intensifying its efforts in the cryptocurrency sector, positioning itself alongside SCB. They are keen on offering a full spectrum of crypto services permitted in Thailand. K-Bank has recently obtained a crypto exchange license and is actively pursuing additional licenses for crypto operations in Thailand, emphasizing the unique high level of institutional support in the Thai market.
