Kasikornbank launches orbix Custodian, Thailand's first licensed digital asset custodian, advancing the country's digital economy. Learn about their innovative move into crypto and AI.
Kasikornbank (KBank), Thailand’s second-largest bank by assets, has announced the launch of orbix Custodian, the country’s first licensed digital asset custodian. The license was granted by Thailand’s Ministry of Finance, and the company will be overseen by the Securities and Exchange Commission (SEC). This move marks a significant step forward in KBank’s digital asset initiatives.
The license for orbix Custodian was awarded on September 13, and the service is expected to begin operations by early 2025. This initiative highlights the bank’s strong commitment to digital assets and its ambition to position Thailand as a hub for digital financial services.
A Major Step in KBank’s Digital Asset Strategy
Kasikornbank’s decision to launch orbix Custodian is part of a broader strategy to expand its digital asset infrastructure. Pipit Aneaknithi, the bank’s president, emphasized the importance of this launch, stating, “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.”
The new service is owned by KBank’s digital-focused subsidiary, Unita Capital, and will complement other businesses under the orbix brand, such as orbix Invest and orbix Technology. This launch comes on the heels of a series of significant developments in KBank’s digital asset ventures.
orbix: The Backbone of KBank’s Digital Asset Offerings
Kasikornbank’s orbix brand includes several key entities that are leading the bank’s digital asset charge. orbix Trade, previously known as Satang before its acquisition by Unita Capital in October 2023, serves as a cryptocurrency exchange. Meanwhile, orbix Technology focuses on blockchain infrastructure and has been actively involved in projects like the Q-Bond issuance, a blockchain-based bond project that issued 500 million baht ($15.4 million) in bonds on the Quarix blockchain with a fixed interest rate of 2.38%.
Additionally, orbix Invest, which launched in July 2023, acts as a digital asset fund manager. orbix Reward, introduced in September, is a customer loyalty program linked to orbix Trade, allowing users to earn rewards upon completing their Know Your Customer (KYC) verification.
KBank’s AI Initiatives
Alongside its growing presence in the digital asset space, KBank is making strides in artificial intelligence (AI). Kasikorn Business Technology Group (KBTG), a subsidiary of KBank, has partnered with AI Singapore and Google Research in an initiative to develop large language models (LLMs) for Southeast Asian languages. The project, known as SEALD (Southeast Asian Languages in One Network Data), aims to create LLMs in Thai, Indonesian, Tamil, Filipino, and Burmese. KBTG’s involvement in SEALD was announced in late September, positioning the bank at the forefront of AI development in the region.
A Forward-Thinking Future
The launch of orbix Custodian is not just a significant milestone for Kasikornbank but also a transformative step for Thailand’s digital economy. By expanding its services in digital assets and AI, KBank is laying the groundwork for a future where the country is positioned as a leader in digital financial services. With government support and an eye on future financial trends, Kasikornbank’s innovations in this space are set to make a lasting impact.
