Thai lender SCB buys 51% stake in digital asset exchange Bitkub for $537m

REUTERS/Athit Perawongmetha

Thailand’s oldest lender, Siam Commercial Bank Pcl (SCBX) on Tuesday said it acquired a 51% stake in local digital asset exchange Bitkub for 17.85 billion baht ($537.17 million)

The acquisition will “help the SCBX Group create new growth value in the long term amid a new financial world,” chief executive Arthid Nanthawithaya said in a statement.

The deal is expected to be completed by the first quarter of 2022, pending regulatory approval.

“We needed to elevate Bitkub to the global level, so we turned to a strong partner like SCB to help us achieve our target faster and more sustainably,” said Bitkub founder and CEO, Jirayut Srupsrisopa.

SCBX, the country’s fourth-largest lender by assets, plans to restructure and grow its new business and financial technologies.

The move comes as other Thai banks and companies make inroads into digital assets.

In August, Bank of Ayudhya Pcl was part of a $41 million investment round in Thai-based exchange, Zipmex, which counts Facebook, co-founder Eduardo Saverin’s venture capital firm, B Capital Group as an investor.

Kasikornbank Pcl earlier this year rolled out a service for digital token offerings.

Other companies like financial consultant, the Brooker Group Pcl, have made cryptocurrencies like Bitcoin a part of their investment strategy.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.