Thai banking giant KBank acquires Satang exchange to grow crypto business

Quick Take

KBank said in a stock exchange filing that it acquired the local exchange through a subsidiary.

Kasikornbank, Thailand's second-largest bank by assets, today announced the acquisition of a local crypto exchange through a subsidiary.

In a letter filed today to the Stock Exchange of Thailand, Kasikornbank, also known as KBank, said it acquired 97% of the shares of Satang Corporation Co. Ltd, which operates a digital asset exchange, on Oct. 27. KBank plans to rename Satang as Orbix Trade Co. Ltd., the filing said.

The acquisition was made through Unita Capital, a wholly-owned subsidiary of KBank with registered capital of 3.7 billion Baht ($102.8 million), according to the filing.

Unita Capital has also set up three subsidiaries — Orbix Custodian, Orbix Invest and Orbix Technology & Innovation Co. Ltd. — for its digital asset custodian, fund management and blockchain infrastructure development businesses, the filing showed.

KBank’s Web3 ambition

Last month, KBank announced a $100 million fund to invest in web3 and artificial intelligence startups. The fund, dubbed KXVC, was set up by KBank's tech arm, Kasikorn Business Technology Group.

The fund willAI, web3 and deep tech fintech startups globally with a potential focus on Asia Pacific, according to KBank.