With second-largest assets among banks in Thailand, Kasikornbank (KBank) is getting ready to launch Orbix Custodian, the first licensed digital asset custodian in the country Approved by the Securities and Exchange Commission (SEC) under license from the Ministry of Finance, this new service will formally start running early in 2025.
Orbix Custodian’s main objective is to guarantee investor protection by means of safe, transparent custody of digital assets for companies, thereby complying with strict legal criteria. This project fits nicely with KBank’s larger plan to help Thailand’s fast expanding digital economy flourish and strengthen its financial system.
Pipit Aneaknithi, President of KBank, claims that this action conforms with government policies aiming at showcasing Thailand as a top digital economy center. The bank wants to boost the digital sector of the nation and enable upcoming financial sector developments.
Through multiple initiatives, including Orbix, a cryptocurrency exchange; Orbix Invest, a digital asset fund manager; and Orbix Technology, which offers blockchain infrastructure services, KBank’s affiliate Unita Capital is supporting expansion of digital assets. In the changing digital banking scene of Thailand, these services have been progressively acquiring popularity.
Launching the Q-Bond initiative earlier in September, Orbix Technology issued bonds on the Quarix blockchain valued 500 million baht ($15.4 million). Together, KBank and the state-owned gas and oil behemoth PTT issued the bonds with a two-year maturity and a set interest rate of 2.38%.
Apart from that, KBank unveiled the Orbix Reward program, a consumer loyalty scheme connected to its digital asset offerings. Once Know Your Customer (KYC) authentication is completed, customers can get incentives, therefore improving their interaction with the digital products of the bank.
Apart from its participation in digital assets, KBank is also forward-looking with artificial intelligence projects. By means of its Kasikorn Business Technology Group (KBTG), the bank is working with Google Research and AI Singapore to create massive language models for Southeast Asian languages. Designed with an eye toward artificial intelligence, SEALD (Southeast Asian Languages in One Network Data) seeks to provide models for languages including Thai, Indonesian, Filipino, Tamil, and Burmese.
By means of these creative actions, KBank is establishing itself as a leader in the digital asset and artificial intelligence domains, therefore facilitating the financial future of Thailand.
