Satang Pro renamed Orbix after purchase
Kasikornbank (KBank) Group plans to launch a digital asset exchange in November after acquiring a 97% share of Satang Pro, a former local cryptocurrency trading board.
KBank Group completed the acquisition with Satang Corp by purchasing Satang Pro and renaming it Orbix.
The new cryptocurrency exchange platform will offer secure digital asset trading with world-class data security standards, including ISO 27001 and ISO 27701 certification, as of November 2023, KBank co-president Pipit Aneaknithi said in a statement.
The digital asset trading service will be operated by KBank’s new subsidiary, Unita Capital Co Ltd, through the company’s business unit Orbix, he said.
Orbix provides digital asset trading services, including both digital tokens issued and offered via Kubix, also a subsidiary of KBank Group, and other types of digital assets.
Mr Pipit said Orbix is focused on ensuring its customers can access appropriate investment products, as well as the development of technological capabilities and operations.
The new operation aligns with the regulatory criteria of the Bank of Thailand, the Office of the Securities and Exchange Commission and international best practices for information security management, particularly ISO 27001 and ISO 27701, he said.
“Following the technology upgrade, Orbix offers digital asset exchange services with enhanced security supported by an identity authentication system, equivalent to opening a deposit account via facial recognition technology,” said Mr Pipit.
Customers can apply for the digital asset exchange service easily through several service channels, he said.
Orbix also offers an efficient process for selecting quality digital coins through a committee that has conducted studies and analysed data to screening digital assets.
Orbix’s features allow customers to make investment decisions more efficiently, Mr Pipit said.
The research unit of Asia Plus Securities said the acquisition amid market volatility would provide KBank with greater business opportunities in a new cycle of digital asset businesses.
Given KBank’s investment strategy, the acquisition should not affect the bank’s financial condition, as Satang Pro was valued at 1.4 billion baht, while KBank’s total assets are 4.3 trillion baht as of September, said Mr Pipit.
He said the acquisition allows KBank Group to enhance its potential in offering comprehensive services throughout the digital asset ecosystem.
Kubix serves as an initial coin offering portal, facilitating the sales of digital tokens in the primary market through blockchain technology.
Orbix provides digital asset trading services in the secondary market, including digital tokens issued and offered through Kubix, as well as other digital assets.
