Major Thai bank experimenting with decentralized finance
Kasikornbank has identified asset-backed DeFi as having the potential to create economic value for Thailand. Kasikornbank, or KBank, one of Thailand’s largest banks has begun experimenting with DeFi services as part of its business expansion plan.According to a report by Bangkok Post, the bank’s DeFi exploration is being spearheaded by Kbank’s tech subsidiary Kasikorn Business Technology Group, or KBTG.Commenting on KBank’s DeFi plans, KBTG chairman Ruangroj Poonpol said:“DeFi is a key exploration for KBank Group this year […] The project is being explored through KBTG under the second....
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Siam Commercial Bank, one of the largest banks in Thailand, is acquiring a 51% stake in a cryptocurrency exchange. The acquisition will help the bank “create new growth value in the long term amid a new financial world,” said the CEO of the bank. Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange Thailand’s oldest lender, Siam Commercial Bank (SCB), announced Tuesday that its subsidiary, Siam Commercial Securities Company Ltd. (SCBS), is acquiring a 51% stake in local crypto exchange Bitkub for 17.85 billion baht ($536 million). SCB is the....
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The Bangkok Post today carries disturbing news out of Thailand: Deposit flight hits state-run bank. Panicked by rumours of rice scheme lending, GSB customers are pulling out their money in droves. The Government Savings Bank (GSB) is a bank under the management of the Thai government since 1929, when it was known as the Savings Office. It has 930 branches across Thailand. Customers outside Thailand's GSB. Bank Run in Progress. Accoding to the bank's president, GSB customers have withdrawn 30 billion Baht (around 1612903 BTC or 1 billion USD) in a single day. These mass withdrawals are due....
The Bank of Thailand has issued the world’s first blockchain-based government savings bond platform. The Bank of Thailand launched the world’s first blockchain-based government savings bond issuance platform using IBM’s blockchain technology.Within two weeks of the launch, the central bank sold more than $1.6 billion worth of savings bonds, as per IBM’s official announcement on Oct. 5, 2020.The use of blockchain technology is said to have reduced the bond issuance time from 15 days to just two days. The increased efficiency of the process has also reduced operational cost and redundant....
Thailand’s Kasikorn Bank (K-Bank) has made a significant move to strengthen its position in the digital asset space. According to recent reports, the bank acquired a 97 percent stake in Satang, a local cryptocurrency exchange. The deal, valued at 3.705 billion Thai baht ($102.8 million), marks K-Bank’s strategic entry into the rapidly growing Thai digital […]
Siam Commercial Bank, over a century old, doesn't fail to keep up with the times. Siam Commercial Bank — Thailand's oldest bank, established by royal charter back in 1907 — is cementing its reputation as a strong backer of innovative financial technologies. The institution's venture arm, SCB 10X, has today announced a new $50 million fund that will be dedicated to investments in global blockchain, decentralized finance and digital asset startups in their early and growth stages.The fund is just the latest of Siam Commercial Bank's forays into the blockchain and fintech space. The....