Cointelegraph reports that Kasikornbank, Thailand’s second-largest bank by assets, is preparing to unveil orbix Custodian, the country’s inaugural licensed digital asset custodian. The custodian has been granted a Digital Asset Custodian license by the Ministry of Finance and will be overseen by the Securities and Exchange Commission (SEC). This license was issued on September 13, with operations anticipated to begin in early 2025.

This initiative is part of Kasikornbank’s broader strategy to strengthen its foothold in the digital asset landscape. President Pipit Aneaknithi emphasized that this effort aims to create a solid foundation for digital financial infrastructure, helping to establish Thailand as a digital economy hub and fostering the nation’s digital industry in alignment with government policies.

Kasikornbank’s orbix Custodian is operated through its subsidiary, Unita Capital, which also manages orbix Invest and orbix Technology. In October 2023, Unita Capital acquired the orbix Trade platform, formerly known as Satang, which is a cryptocurrency exchange. Additionally, orbix Technology provides blockchain infrastructure services, continuing the legacy of Satang.

Earlier in September, orbix Technology launched the Q-Bond project, issuing Q Bonds valued at 500 million baht (approximately $15.4 million) on the Quarix blockchain. These bonds come with a one-year maturity and a fixed interest rate of 2.38%. KBank collaborated with the state-owned oil and gas firm PTT for this issuance. Furthermore, orbix Invest, a digital asset fund management service, was introduced in July, while orbix Reward, a loyalty program for orbix Trade users, debuted in early September.

In addition to its digital asset initiatives, KBank’s subsidiary, Kasikorn Business Technology Group (KBTG), has partnered with AI Singapore and Google Research to develop large language models (LLMs) for Southeast Asia through Project SEALD (Southeast Asian Languages in One Network Data). Launched in March, this project aims to create LLMs in languages such as Thai, Indonesian, Tamil, Filipino, and Burmese, with KBTG’s involvement announced on September 24.