Thailand’s KBank Buys 97% Stake in Crypto Exchange Satang, Renames It Orbixby Fintech News Singapore October 31, 2023
Thailand’s KASIKORNBANK (KBank) has acquired a 97% stake in the parent firm of crypto exchange Satang for 3.705 billion Thai baht (US$102.8 million).
The bank intends to rename the crypto exchange to Orbix Trade Company, according to a filing to the Stock Exchange of Thailand.
The acquisition was done via KBank’s subsidiary Unita Capital, an entity that invests in companies operating digital asset businesses.
The investment comes just a month after KBank’s tech arm had launched a US$100 million fund targeting AI, Web3.0, and deep tech fintech startups globally
Additionally, KBank had also set up three subsidiaries to double down on digital assets. The three new subsidiaries are; a digital asset custodian – Orbix Custodian; digital asset fund manager Orbix Invest; and Orbix Technology & Innovation which will focus on blockchain infrastructure development.
The first two entities are in the process of applying for licenses to begin their operations.