Kasikornbank is set to launch Thailand’s first licensed digital asset custodian.

Kasikornbank is set to launch Thailand's first licensed digital asset custodian, Orbix Custodian. Orbix Guard operations are scheduled to begin in early 2025 after licensing. KBank focuses on AI development through its partnership on Project SEALD.

Thailand's second-largest bank by assets, Kasikornbank (KBank), is set to launch Orbix Custodian, the country's first licensed digital asset custodian regulated by the Securities and Exchange Commission (SEC).

In particular, this announcement is two weeks after the license was issued on September 13, and it is expected to start work in early 2025. The license was given by the Ministry of Finance.

In a statement issued by the bank, KBank President Pipit Aneknity emphasized that the launch of the security service is a critical moment for the digital financial infrastructure in Thailand. “This lays a solid foundation for the further development of digital financial infrastructure, promoting Thailand as a digital economic hub and accommodating changes in the financial sector in line with government policy to advance the country's digital industry,” he said.

The launch of Orbix Guardian follows a series of strategic moves by KBank to increase its presence in the digital asset sector. The tutor is owned by its digital-focused subsidiary Unita Capital, which includes Orbix Invest and Orbix Technology.

Specifically, OrbxTrade, a cryptocurrency exchange formerly known as Satang, was acquired by Unita Capital in October 2023.

In early September, Orbix Technology introduced the Q-Bond project, issuing a 500 million baht ($15.4 million) bond on the Quarix blockchain. These bonds come with a one-year maturity and a fixed interest rate of 2.38%, in partnership with state-owned oil and gas company PTT.

In addition to its digital asset initiatives, KBank is making progress in artificial intelligence. Its subsidiary Kasikorn Business Technology Group (KBTC) has partnered with AI Singapore and Google Research in Project SEALD (Southeast Asian Languages ​​in One Network Data).

Launched in March, the project aims to develop large language models (LLMs) in several Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino and Burmese, demonstrating KBank's commitment to technology development in the region.