According to a Bloomberg report, Thailand’s second-largest bank, Kasikornbank, is working on creating a digital currency system to help companies get funding.
In October, Kasikornbank bought Satang Corp., a licensed platform for trading digital assets. This was a surprising move because it’s rare for a big bank to buy a crypto trading platform.
The bank is also working on projects related to blockchain, the technology behind cryptocurrencies, and providing safe storage for digital coins.
Pipit Aneaknithi, one of Kasikornbank’s co-presidents, said they’re suggesting to some clients that they should use tokens to raise money.
The bank aims to create a digital asset system that’s more affordable and efficient than traditional ways of raising funds. In Thailand, companies are becoming more interested in digital currencies again as the markets are recovering from the market crash of 2022.
The country’s government, under Prime Minister Srettha Thavisin, is also supportive of blockchain technology. They even have a plan to use digital records for a large $14 billion cash giveaway.
Pipit mentioned that Kasikornbank will proceed cautiously, ensuring they follow all regulations. He also noted that, with the increasing oversight in many countries, it’s a good time for the bank to grow responsibly.