BANGKOK – KASIKORNBANK (KBank), a leading Thai financial institution, made a significant strategic move in the rapidly evolving digital finance landscape by officially launching its “Orbix Group” at the prestigious global fintech event, Money20/20 Asia. Held at Bangkok’s Queen Sirikit National Convention Center from April 22-24, 2025, the unveiling showcased KBank’s ambitious vision to establish Thailand’s most comprehensive, bank-backed digital asset ecosystem provider. Orbix Group, comprising five distinct entities covering the entire value chain, aims to capture a 10% market share for its exchange arm, Orbix Trade, while championing banking-level security standards and reinforcing Thailand’s position as a burgeoning regional fintech hub.
The vibrant atmosphere of Money20/20 Asia, hosted in Bangkok for the second time and solidifying the city’s reputation as a key fintech growth center in the region, served as the perfect backdrop for KASIKORNBANK FINANCIAL CONGLOMERATE’s major announcement. Amidst global and regional banks, payment giants, tech leaders, investors, startups, and regulators, KBank formally introduced Orbix Group, signaling its deep commitment to integrating digital assets into the mainstream financial system under stringent regulatory oversight. This move positions KBank as a frontrunner, holding the most comprehensive set of digital asset licenses for a financial business group in Thailand to date.
KBank executives took to the global stage, sharing insights and outlining the strategic direction shaping the future of finance in the digital age.
Forging the Future: KBank’s Vision of Innovation and Sustainability
Mr. Pipit Aneaknithi, President of KASIKORNBANK, participated in a high-level panel discussion titled “Legacy Banks in the New Economy: Innovation, Agility, and Customer-Centric Transformation.” He articulated KBank’s vision of shaping finance’s future through relentless innovation coupled with a strong commitment to sustainability. Mr. Pipit emphasized KBank’s proven ability to adapt and overcome crises, positioning the bank as a genuine “early adopter” of transformative technologies. A prime example cited was the phenomenal success of K PLUS, KBank’s mobile banking application, which boasts the largest user base in Thailand, demonstrating the bank’s digital prowess.
“KBank continues to embrace emerging technologies, foster strategic partnerships, and develop platforms tailored to evolving customer needs,” Mr. Pipit stated, highlighting the bank’s customer-centric approach. He stressed that this strategy not only enhances the customer experience across all dimensions but also aligns perfectly with the trajectory of the new economy. Furthermore, he underscored the bank’s exploration of financial innovation within the blockchain space, strategically linking its digital asset initiatives with Environmental, Social, and Governance (ESG) goals to contribute meaningfully to Thailand’s sustainable development.
The Hybrid Banking Strategy: Blending Trust with Digital Agility
Complementing this vision, Mr. Vasin Vanichvoranun, KBank’s Executive Vice President, provided critical insights during the panel discussion, “Digital Banks vs. Legacy Banks: Will 2025 Be the Tipping Point?”. He addressed the dynamic competition landscape, asserting that traditional banks can maintain relevance and compete effectively by evolving into “Hybrid Banks.” This model, he explained, strategically blends inherent strengths – such as deep-seated customer trust and long-established relationships – with the development of cutting-edge, seamless digital experiences.
Strategic partnerships are key to accessing new markets and expanding service offerings, Mr. Vasin noted. He emphasized the importance of continuous investment in innovation and fostering an agile organizational culture. Crucially, he pointed out the unique advantage legacy banks possess in their “human touchpoints,” which are vital for building confidence, particularly concerning security and complex financial products. “These strengths empower customers to live and do business anytime, anywhere, through comprehensive services tailored to evolving consumer behaviors in the digital era,” he remarked.
Expanding on the Orbix strategy specifically, Mr. Vasin elaborated on points derived from earlier discussions. “Currently, Orbix services are primarily focused on the Thai market,” he confirmed, citing the need to operate strictly within the regulatory framework established by Thailand’s Securities and Exchange Commission (SEC). However, he revealed that Orbix is actively engaged in discussions with several international partners for potential B2B (Business-to-Business) collaborations. “A key area of interest is providing custodian services to foreign exchanges or platforms seeking the robust security and regulatory oversight offered within Thailand,” he explained, while clarifying that immediate plans do not include establishing direct international retail operations.
Delving into the rationale behind Orbix Group’s comprehensive structure, Mr. Vasin offered a compelling analogy: “We established Orbix Group with a full suite of licenses – ICO Portal, Exchange, Custodian, Fund Manager, and Technology provider – because we believe each piece is integral to a complete ecosystem. Having just one component, like an ICO portal without our own exchange, is like building an incomplete ship. You become reliant on others. Similarly, an exchange without a strong, blockchain-enabled custody backbone isn’t fully realizing the technology’s potential. This reflects KBank’s philosophy: we don’t necessarily aim to be number one in every single business line, but for any customer who comes to us, we must offer a complete suite of services.”
Regarding market aspirations, Mr. Vasin stated that Orbix Trade, the group’s digital asset exchange, is targeting a market share of approximately 10% of Thailand’s total digital asset trading volume. He acknowledged the current market size is estimated to be around THB 2-3 billion (approximately USD 55-82 million) and that achieving this target requires competing effectively against established players dominating the market. The investment poured into Orbix Group, running into the “billions of Baht” (tens of millions of USD), underscores KBank’s serious commitment to this goal.
Official Launch and Vision for a Secure Ecosystem by Dr. Karin Boonlertvanich
The formal launch of Orbix Group was announced by Dr. Karin Boonlertvanich, KBank’s Executive Vice President, who presented a bold vision for the new entity. “Orbix Group is delivering services that encompass the entire digital asset ecosystem in Thailand,” he declared, framing the initiative as a “major leap forward in laying the foundation for the future of Thailand’s financial industry.”
Dr. Karin emphasized Orbix Group’s unwavering commitment to building secure, trustworthy infrastructure that fully complies with domestic regulations while remaining accessible to both retail and institutional investors. The ultimate goal, he stated, is to help position Thailand as a leading regional hub for fintech and digital assets.
“Providing services that span the entire digital asset ecosystem will be a driving force in raising the bar for the industry and fostering long-term investor confidence,” Dr. Karin added. “We place the highest priority on security and regulatory compliance as we lay the foundation for a robust and sustainable digital financial system in Thailand.”
Meet the Orbix Constellation: Five Pillars of the Ecosystem
Operating under the umbrella of Orbix Holdings Company Limited, the Orbix Group is structured around five specialized companies, each playing a critical role in the digital asset value chain:
- Kubix: Thailand’s first ICO (Initial Coin Offering) portal operating under a financial conglomerate, fully approved by the SEC. Kubix serves as the regulated gateway for businesses seeking to raise funds through the issuance of digital tokens.
- Orbix Trade: The digital asset exchange platform, offering a secure and user-friendly venue for investors to buy, sell, and trade a variety of cryptocurrencies and digital tokens.
- Orbix Invest: A licensed digital asset fund manager, approved by the Ministry of Finance and regulated by the SEC. Orbix Invest provides professional investment management services tailored to the digital asset class.
- Orbix Technology: The innovation engine developing and providing Quarix, a proprietary, regional-grade blockchain infrastructure designed to drive real-world use cases and applications beyond simple trading.
- Orbix Custodian: Thailand’s first licensed digital asset custodian under the new regulatory framework, approved by the Ministry of Finance and regulated by the SEC. Orbix Custodian offers institutional-grade security for safeguarding clients’ digital assets.
This integrated structure allows Orbix Group to offer a seamless, end-to-end digital investment experience, underpinned by robust data protection and advanced security technologies.
Banking-Grade Security and the Strategic Choice on Virtual Banking
A recurring theme emphasized by KBank executives is the paramount importance of security and compliance. Mr. Vasin explicitly confirmed that Orbix Group adheres to the same stringent standards as KASIKORNBANK itself. This includes rigorous Know Your Customer (KYC) procedures, robust Anti-Money Laundering (AML) protocols, and proactive measures like screening for mule accounts, mirroring the best practices within the traditional banking sector. Liability and dispute resolution processes also follow established legal and regulatory frameworks, such as Thailand’s Emergency Decree on Technology Crime Prevention and Suppression.
“We acknowledge that implementing full banking-level standards incurs significant costs,” Mr. Vasin stated candidly. “However, we firmly believe this is the right approach, a necessary trade-off for achieving transparency and building unwavering trust with our customers and regulators. We have consistently worked with regulatory bodies to help elevate industry standards to be on par with banking.”
In a notable strategic clarification, Mr. Vasin also addressed why KBank chose not to pursue a Virtual Bank license, despite the considerable buzz around this new category in Thailand. He explained that KBank’s existing digital offerings already provide comparable services. “We have K PLUS with nearly 24 million users, our K LINE Biz venture provides significant retail lending, and MAKE by KBank is a rapidly growing money management platform popular with the younger generation,” he outlined. Obtaining a separate Virtual Bank license would necessitate building entirely separate IT infrastructure and operational teams, a substantial investment. “After a thorough cost-benefit analysis,” Mr. Vasin concluded, “we determined that leveraging and enhancing our existing, successful digital platforms was a more efficient and strategically sound path for KBank than pursuing a separate Virtual Bank license at this time.”
Powering Orbix: KBTG Collaboration, Investment, and Talent
The technological backbone and innovative capabilities of Orbix Group are significantly supported by KASIKORN Business-Technology Group (KBTG), KBank’s dedicated technology powerhouse. KBTG plays a crucial role in providing foundational security infrastructure, such as group-wide firewalls. However, the operational model is collaborative; each entity within Orbix Group also maintains its own dedicated technology teams focused on specialized product development and platform management, working closely with KBTG’s central support and specialized units like K-Lab, which contributed to the Quarix blockchain development.
The creation of Orbix Group represents a substantial commitment of resources. Mr. Vasin revealed that the team consists of approximately 300 personnel, with around 80% being specifically recruited or built up for this new venture. The financial investment committed to establishing and scaling Orbix Group totals “billions of Baht,” clearly signaling KBank’s long-term strategic intent in the digital asset domain.
Towards the Future of Finance
KASIKORNBANK’s decisive entry into the digital asset space via the launch of Orbix Group at Money20/20 Asia is more than just a product unveiling. It represents a clear declaration of the bank’s vision to be a pivotal player in shaping the future of finance in Thailand and the wider region. By building a comprehensive, secure, and regulated ecosystem, KBank and Orbix Group are poised to drive innovation, enhance investor confidence, and make digital assets an accessible and integral part of the evolving financial landscape.
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