• Published on 25 November 2021
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Siam Commercial Bank’s investment in digital asset exchange sparks potential M&As

25 November 2021 – The SCBx Group announced on 2 November investment in Thailand’s digital asset exchange Bitkub Online Company Limited by acquiring 51% of Bitkub’s total shares from Bitkub Capital Group Holdings worth approximately THB 17.85 billion ($537 million). Under the deal, SCB Securities (SCBS), the division that manages investment products, will become Bitkub’s major shareholder and will be responsible for driving and engaging closely with the company as a business partner in building a business and digital asset ecosystem whereby digital asset exchange will become one of the country’s key infrastructure segments to achieve further strength and growth. The move is in line with SCBx Group’s strategy to upgrade to a financial technology group, meeting new consumer needs and entering a new competitive arena. 

A bank acquiring an exchange could prove seminal for other countries in the world. Following its $41 million investment in Singapore-headquartered Zipmex, Finnovate’s Tanskul has hinted at potential partnerships and opportunities in the future with parent Krungsri Bank. Kasikorn is reportedly in communication with Binance over a potential investment in its Thailand or Southeast Asia business. 

Re-disseminated by The Asian Banker from Siam Commercial Bank with additional reporting from The Ken