According to Cointelegraph, Kasikornbank, the second largest bank in Thailand, announced that it will launch the country’s first licensed digital asset custody service, orbix Custodian. Orbix Custodian has obtained a digital asset custody license issued by the Ministry of Finance and will be regulated by the Securities and Exchange Commission (SEC).

Orbix Custodian’s license was issued on September 13 but announced two weeks later. The business is expected to begin operations in early 2025.

Kasikornbank owns orbix Custodian through its digital subsidiary Unita Capital and has launched orbix Invest and orbix Technology. orbix Trade is a cryptocurrency trading platform formerly known as Satang.

In early September, Orbix Technology launched its Q-Bond project, issuing 500 million baht ($15.4 million) worth of Q Bonds with a one-year term and a fixed interest rate of 2.38%. Kasikornbank and state oil company PTT are partners in the project.

In addition, Kasikorn Business Technology Group (KBTG), a subsidiary of Kasikorn Bank, has joined AI Singapore and Google Research to jointly develop Southeast Asian language large models (LLMs), a project called SEALD.