Kasikornbank Develops Digital Asset Ecosystem and Acquires Satang Corp

According to Foresight News, Thailand's Kasikornbank is developing a digital asset ecosystem to provide financing channels for businesses. As part of this strategy, the bank acquired licensed digital asset exchange Satang Corp in October. Kasikornbank also has a department focused on blockchain technology and virtual token custody services. Foresight News previously reported that in October 2023, Kasikornbank (K-Bank) announced the acquisition of 97% of the shares of Satang's parent company, which will be renamed Orbix. According to a document, the transaction was valued at THB 37.05 billion (approximately USD 1.028 billion) and was completed through a new K-Bank subsidiary called Unita Capital, whose mission is to invest in digital asset companies. The new company will add three subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund management company), and Orbix Technology (a blockchain technology developer).