- Kasikornbank to launch Orbix Custodian, Thailand’s first licensed digital asset custodian
- Orbix Custodian will begin operations in early 2025 after obtaining the license
- KBank is also focusing on AI development through its collaboration with the SEALD project
Kasikornbank (KBank), the second-largest bank in Thailand, is about to launch the country’s first licensed digital asset custodian, Orbix Custodian, which will be regulated by the Securities and Exchange Commission (SEC).
Notably, the announcement comes two weeks after the license was issued on September 9, with operations expected to begin in early 13. The license was issued by the Ministry of Finance.
In a statement released by the bank, Kasikornbank President Pipit Aneaknithi stressed that the launch of the custody service marks a critical moment for Thailand’s digital financial infrastructure.
"This will lay a solid foundation for further developing digital financial infrastructure, promote Thailand to become a digital economy hub, boost the country's digital industry, and respond to the government's policy of adapting to future changes in the financial industry," he said.
The launch of orbix Custodian is the result of a series of strategic moves by KBank to strengthen its position in the digital asset space. The custodian is owned by its digital asset-focused subsidiary Unita Capital, which also includes orbix Invest and orbix Technology.
Notably, cryptocurrency exchange Orbix Trade (formerly known as Satang) was acquired by Unita Capital in October 2023.
In early September, Orbix Technology launched its Q-Bond project, issuing 9 million baht ($5 million) worth of bonds on the Quarix blockchain. The bonds have a one-year maturity and a fixed interest rate of 1540%, in partnership with state-owned oil and gas company PTT.
In addition to its digital asset initiatives, Kasikornbank has also made strides in the field of artificial intelligence. Its subsidiary, Kasikorn Business Technology Group (KBTC), has partnered with AI Singapore and Google Research on the SEALD project (Southeast Asian Languages Web Data).
Launched in March, the project aims to develop Large Language Models (LLMs) for several Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino and Burmese, further highlighting KBank’s commitment to technological advancement in the region.