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Kasikornbank (KBank), the second-largest bank in Thailand by assets, has announced its intention to introduce Orbix Custodian, making it the first licensed digital asset custodian in Thailand.
The Digital Asset Custodian license was granted by the Ministry of Finance on September 13. Orbix Custodian will be under the supervision of the Securities and Exchange Commission (SEC) with operations to commence in early 2025.
Perion Lim
“Orbix Custodian will play a crucial role in supporting digital asset businesses, enhancing the security of assets held by the licensed digital asset custodian in Thailand. 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," said the President of KBank, Mr. Pipit Aneaknithi.
Blockhead
Besides Orbix custodian, Kasikornbank Financial Conglomerate under Unita Capital also introduced several service providers such as Orbix, Orbix Invest and Orbix Technology.
Orbix is a digital asset exchange that was acquired in October 2023 while Orbix Invest is a digital asset fund manager that commenced operations in 2024. Lastly, Orbix Technology, a blockchain infrastructure service provider, was established to drive innovation and enhance various financial services for future growth.
In early September, Orbix Technology launched the Q-Bond project, issuing Q-Bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. The bonds have a one-year maturity and a fixed interest rate of 2.38%, with KBank and state-owned oil and gas company PTT as key partners in the issuance.
Also in early September, KBank launched a rewards program called Orbix reward, allowing customers to earn rewards after completing Know Your Customer verification.
