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The second-biggest bank in Thailand, Kasikornbank Pcl, is strategically navigating the digital world by working to create a strong ecosystem for digital assets. A significant move in this direction has been made by the bank’s recent acquisition of Satang Corp., a Thai-licensed cryptocurrency exchange, which creates creative new funding options for startups.
Pipit Aneaknithi, a co-president of Kasikornbank, disclosed to Bloomberg in an interview that the bank is aggressively pushing a limited number of its clients to investigate token issuing as a means of obtaining capital. Emphasizing the possible cost-effectiveness of this strategy, Aneaknithi said that the developing crypto sector provides a “cost-efficient” substitute for conventional fundraising platforms.
“We’re advising some clients to issue tokens for fundraising. We see potential in this market. We’re serious about developing a digital-asset ecosystem that will be very cost-efficient compared with existing, traditional platforms.” – Pipit Aneaknithi
Despite Kasikornbank’s ambitious foray into the crypto space, the Thai populace remains cautious, still mindful of the 2017 market boom and subsequent crash. Official data cited by Bloomberg indicates a decline in active crypto trading accounts from around 700,000 in 2021 to approximately 116,000 in November 2022.
Aneaknithi acknowledged the prevailing caution but expressed Kasikornbank’s commitment to navigating the crypto landscape prudently. He emphasized that, “with the proper supervision being put in place in many countries, the time is ripe for healthy expansion.”
With a registered capital of around $103 million, Kasikornbank purchased a significant 97% of Satang’s shares in October through its subsidiary Unita Capital. Through the acquisition, Kasikornbank hopes to demonstrate its commitment to the digital market by rebranding Satang as Orbix Trade Co. Ltd.
Being one of the few cryptocurrency exchanges in Thailand that is overseen by the Securities and Exchange Commission, Satang was founded in 2017. Notwithstanding legal obstacles in 2022, like as civil penalties levied for manipulating trade volumes, the acquisition sets Kasikornbank up for a measured and smart foray into the developing cryptocurrency market.