Thailand’s Banking Paramount Now Exploring the DeFi Space

Kasikornbank Exploring the DeFi with Kubix; Project in its 3-year long Second Phase
  • KBank Group has initiated experimentation with DeFi services, the project being overseen by its subsidiary, KBTG
  • KBTG’s chairman believes DeFi might be the answer to improve Thailand’s “financial exclusion”
  • In preparation for their plans to go digital, KBank has already set up a technology hub called K-Hub in Vietnam

One of Thailand’s largest banks with total assets worth $106.1 billion, i.e., around ฿3.34 trillion (baht, Thailand’s official currency), Kasikornbank, or KBank, is now testing DeFi waters. As part of their new business ventures and to grow its business regionally, the vast banking group has decided to explore the digital platform with Kubix.

KBank’s KBTG Leading the Project

KBank’s DeFi exploration is overseen by its tech arm Kasikorn Business Technology Group (KBTG). The Chairman of KBTG, Ruangroj Poonpol, confirmed it recently established a subsidiary called Kubix Digital Asset Co., Ltd., or Kubix, with a registered capital of $2.1 million to operate as an ICO portal. With its first phase spanning 2018-2020, the project is in its second phase, from 2021 to 2023. He believes, providing access to innovative financial services, DeFi might be the answer to improve Thailand’s “financial exclusion”.

Aims and Achievements

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With DeFi adoption in view, KBank aims to be a regional bank across South-East Asia, offering financial products and services via offline and online modes. The local bank has set up a technology hub called K-Hub in Vietnam, where about two-thirds of the population remains unbanked in preparation for business operations there.  

KBank already dominates the nation’s digital banking aspect and is now following it up with DeFi shows excellent development potential. As Thailand’s largest mobile banking platform with over 16 million app users, the second-largest Thai lender by assets makes up about 40% of the nation’s total digital banking transactions.

KBank’s Not-first Crypto Encounter

This DeFi project isn’t KBank’s first interaction with crypto and blockchain. In 2018 September, the public bank of Thailand partnered with Visa’s blockchain-based B2B solution to offer cross-border payment transactions. 

Established 8 June 1945, KBank has been listed on the Stock Exchange of Thailand since 1976; and in collaboration with the exchange, it also operates a digital trading platform.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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