In a significant advancement for Thailand’s financial technology landscape, Kasikorn Bank (KBank) has unveiled Orbix CUSTODIAN, positioning itself as the country’s first licensed digital asset custodian. Scheduled to commence operations in early 2025, this initiative underscores KBank’s commitment to delivering secure and reliable financial services amid the rapidly evolving digital asset sector.
A Pivotal Moment for Thailand’s Digital Asset Industry
On September 13, 2024, Orbix CUSTODIAN was granted its Digital Asset Custodian license by the Ministry of Finance, with oversight from the Securities and Exchange Commission (SEC). This regulatory endorsement marks a crucial turning point for Thailand’s digital asset industry.
KBankPresident, Mr. Pipit Aneaknithi, remarked, “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.” This sentiment reflects KBank’s strategic vision to support the digital asset ecosystem and bolster investor confidence.
Comprehensive Service Offerings
KBank’s digital asset strategy encompasses a variety of services, all launched through its subsidiary, Unita Capital. These offerings include Orbix TRADE, a digital asset exchange; Orbix INVEST, a digital asset fund manager; and Orbix TECHNOLOGY, which focuses on blockchain infrastructure. Each component is designed to create a cohesive and robust ecosystem for domestic digital asset businesses.
Mr Pipit further emphasised, “Orbix CUSTODIAN will play a crucial role in supporting digital asset businesses, enhancing the security of assets held by the licensed digital asset custodian in Thailand.” This initiative aims to cultivate trust in the market while providing comprehensive care for investors.
Driving Digital Innovation
The launch of Orbix CUSTODIAN is part of KBank’s broader strategy to enhance its presence in both the digital asset and AI sectors. Recent innovations include the Q-Bond project, a collaboration with state-owned PTT, illustrating KBank’s commitment to expanding its financial product offerings.
In addition, KBank is partnering with AI Singapore and Google Research on Project SEALD, which focuses on developing large language models tailored for Southeast Asia. This multi-faceted approach to innovation reinforces KBank’s ambition to lead in both traditional and digital financial services.
Conclusion
In conclusion, the launch of Orbix CUSTODIAN signifies a transformative milestone for Thailand’s financial landscape. As the first licensed custodian in the nation, it is set to enhance investor confidence and foster the development of a secure digital economy. With a clear dedication to innovation and regulatory compliance, KBank is well-positioned to shape the future of digital finance in Thailand.
