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Kasikornbank (KBank) to launch compliance digital asset Orbix Custodian, the first in Thailand, a step change for the nation’s digital economy scheduled to commence operation in the first quarter of 2025. This milestone service enables investors and businesses to invest in compliance with an appropriate level of security and regulatory standards amid Thailand’s swiftly developing digital asset landscape.
Pioneering Digital Asset Custody
In September 2024, Kasikornbank (KBANK) became the second-largest bank in Thailand by assets to receive the Digital Asset Custodian license from the Ministry of Finance. This authorized custodian entity, “Orbix Custodian”, will operate under the oversight of the Thai Securities and Exchange Commission (SEC) and guarantee a high level of security in accordance with Thailand’s financial regulations. ZenLedger: The move underscores our commitment to protecting the interests of those principal users and investors, answering the unmet need for more secure and transparent digital asset custody.
Orbix Custodian is an investment for the future that will be of significant long-term importance, as KBank President Pipit Aneaknithi emphasized because Orbix Custodian will create a digital asset infrastructure in Thailand. Aneaknithi made the announcement, adding, “This will enhance Thailand’s image as a digital economy hub and promote growth in the digital industry, which aligns with government policy to drive future trends in the financial sector.”
Building Trust Through Innovation
In its larger strategy to be digitally developed and become a stronghold in the digital asset sector, Orbix Custodian is only one piece of the puzzle for KBank. KBank has also launched Orbix Invest (a digital asset fund manager) and the real-time trading platform Orbix Trade (previously Satang), via its new subsidiary, Unita Capital.
KBank entering the digital asset market is part of a bold series that also included the announcement of the Q-Bond project. Orbix Technology and Quarix partnered to issue 500 million worth of Q-Bonds on the Quarix blockchain in September 2024. The one-year bonds, which come with a fixed coupon of 2.38%, emphasized KBank’s determination to fuse blockchain with the conventional financial arena.
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Moreover, KBank has actively ventured into artificial intelligence (AI), collaborating with AI Singapore and Google Research to develop large language models (LLMs) in Southeast Asian languages. This project, known as SEALD (Southeast Asian Languages in One Network Data), reinforces KBank’s position at the intersection of finance, technology, and innovation.
Strengthening the Digital Economy
The Orbix Custodian release marks a key milestone for the Thai digital asset market, cementing Thailand as a new base within Southeast Asia. With an increased number of businesses and individual investors leveraging digital assets for the settlement mechanism, KBank anticipates taking custody service will appeal to both a domestic as well as global audience due to its security and regulated nature.
Orbix Custodian initiative is another layer to approach some of the potential issues residing within digital assets around security, regulatory concerns and market volatility, thus heading towards a new chapter for KBank. Through a licensed and transparent platform, KBank aims to build trust and confidence with investors in hopes of stabilizing the chaos as Thailand progresses towards a digital economy.
The Final Thoughts
The launch of Kasikornbank’s Orbix Custodian marks a landmark in security and compliance for digital assets in Thailand as the field of financial institutions supporting this novel asset class grows ever wider. Not only is KBank improving the landscape of the digital asset ecosystem with cutting-edge services in a way that has not been done prior, but it is also participating in shaping what very well may be the future of finance in Southeast Asia. With the official debut scheduled for early 2025, much attention surrounds Orbix Custodian and its capacity to help facilitate Thailand’s digital transformation.
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