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.


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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 will target AI, web3 and deep tech fintech startups globally with a potential focus on Asia Pacific, according to KBank.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.


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