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Thailand’s second-largest bank embraces crypto fundraising

thailands-second-largest-bank-embraces-crypto-fundraising
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Thailand’s second-largest bank embraces crypto fundraising

Thailand’s second-largest bank, Kasikornbank Pcl, is charting a course to develop a digital-asset ecosystem, providing a unique funding avenue for companies.

With the recent acquisition of Thai licensed crypto exchange, Satang Corp., Kasikornbank is now encouraging some clients to explore token issuance for fundraising purposes, the bank’s co-president Pipit Aneaknithi told Bloomberg in an interview.

Aneaknithi emphasized the potential cost-effectiveness of issuing tokens, adding that developments in the crypto space will be “cost-efficient” compared with existing markets.

“We’re advising some clients to issue tokens for fundraising. We see potential in this market. We’re serious about developing a digital-asset ecosystem that will be very cost-efficient compared with existing, traditional platforms.”

Pipit Aneaknithi

Despite Kasikornbank’s efforts, Thais remain cautious in the aftermath of the 2017 boom and subsequent market crash. According to Bloomberg, in November, Thailand recorded approximately 116,000 active crypto trading accounts, significantly lower than the peak of around 700,000 in 2021, as indicated by official data.

Nevertheless, Aneaknithi emphasized Kasikornbank’s commitment to navigating the crypto landscape with caution, stating that “with the proper supervision being put in place in many countries, the time is ripe for healthy expansion.”

In October, Kasikornbank acquired 97% of Satang’s shares through Unita Capital, a subsidiary with a registered capital of nearly $103 million, as per regulatory filings. As part of the acquisition, Kasikornbank intends to rename Satang as Orbix Trade Co. Ltd.

Established in 2017, Satang stands out as one of the few crypto exchanges in Thailand that is regulated by the Securities and Exchange Commission. In 2022, Thailand’s financial watchdog imposed civil sanctions on Satang and four other crypto exchanges for falsifying trading volumes.