Kasikornbank To Launch Thailand's First Licensed Digital Asset Custodian

According to Cointelegraph, Thailand’s Kasikornbank, the country's second-largest bank by assets, plans to introduce orbix Custodian as the nation’s first licensed digital asset custodian. The custodian has received a Digital Asset Custodian license from the Ministry of Finance and will be regulated by the Securities and Exchange Commission (SEC). The license was granted on September 13, with operations expected to commence in early 2025. This initiative is part of a broader strategy by Kasikornbank to expand its presence in the digital asset sector. President Pipit Aneaknithi stated that this move aims to establish a robust foundation for the development of digital financial infrastructure, positioning Thailand as a digital economy hub and advancing the country's digital industry in line with government policies. Kasikornbank owns orbix Custodian through its digital-focused subsidiary, Unita Capital, which also oversees orbix Invest and orbix Technology. The orbix Trade platform, a cryptocurrency exchange previously known as Satang, was acquired by Unita Capital in October 2023. orbix Technology provides blockchain infrastructure services, a division inherited from Satang. In early September, orbix Technology launched the Q-Bond project, issuing Q Bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. These bonds have a one-year maturity and a fixed interest rate of 2.38%. KBank partnered with state-owned oil and gas company PTT for this issuance. Additionally, orbix Invest, a digital asset fund manager, was launched in July, and orbix Reward, a customer loyalty program for orbix Trade, was introduced at the beginning of September. Beyond its digital asset ventures, KBank's subsidiary, Kasikorn Business Technology Group (KBTG), has joined AI Singapore and Google Research in developing large language models (LLMs) for Southeast Asia through Project SEALD (Southeast Asian Languages in One Network Data). This project, launched in March, aims to create LLMs in Thai, Indonesian, Tamil, Filipino, and Burmese, with KBTG's participation announced on September 24.