Kasikornbank to launch Thailand’s first licensed digital asset custodian

• Kasikornbank is set to launch orbix Custodian, Thailand’s first licensed digital asset custodian.
• Operations for orbix Custodian are set to begin in early 2025 after licensing.
• KBank also focuses on AI development through its partnership on Project SEALD.

Thailand’s second-largest bank by assets, Kasikornbank (KBank), is set to launch orbix Custodian, the country’s inaugural licensed digital asset custodian, which will be supervised by the Securities and Exchange Commission (SEC).

Notably, the announcement comes two weeks after the license was issued on September 13, with operations expected to commence in early 2025. The license was issued by the Ministry of Finance.

KBank’s President, Pipit Aneaknithi, in a statement issued by the bank emphasized that the introduction of the custody service marks a pivotal moment for the digital financial infrastructure in Thailand. “This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country’s digital industry, in response to government policy to accommodate future changes in the financial sector,” he stated.

The launch of orbix Custodian follows a series of strategic moves by KBank to enhance its presence in the digital asset sector. The custodian is owned through its digital-focused subsidiary, Unita Capital, which also encompasses orbix Invest and orbix Technology.

Notably, orbix Trade, a cryptocurrency exchange previously known as Satang, was acquired by Unita Capital in October 2023.

In early September, orbix Technology introduced the Q-Bond project, issuing bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. These bonds come with a one-year maturity and a fixed interest rate of 2.38%, in partnership with the state-owned oil and gas company PTT.

In addition to its digital asset initiatives, KBank is making strides in artificial intelligence. Its subsidiary, Kasikorn Business Technology Group (KBTC), has partnered with AI Singapore and Google Research on Project SEALD (Southeast Asian Languages in One Network Data).

Launched in March, this project aims to develop large 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.