Kasikornbank’s bold crypto move signals shift in Thai financial sector

Thailand’s Kasikornbank Pcl, diverging from global scepticism towards cryptocurrency, is creating a digital-asset ecosystem to facilitate company funding. The bank’s purchase of the crypto trading platform Satang Corp in October signifies a rare move for an established lender. Kasikornbank, with divisions dedicated to blockchain and virtual token custodial services, is advising clients on token issuance for fundraising, viewing it as a cost-effective alternative to traditional methods. This development coincides with Thai firms’ renewed interest in digital assets and the government’s openness to blockchain technology, including a USD14bn digital ledger-based cash handout plan. Despite global concerns over cryptocurrency risks, Kasikornbank is proceeding with caution and regulatory compliance, reflecting a growing trend among financial institutions to cautiously integrate blockchain technology.