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business

SCBX spends Bt17.8 billion for majority shares of Bitkub Online


SCBX, the ‘Mothership’ company of SCB Group, to take over 51 per cent of ordinary shares of Bitkub Online Ltd., a leader in digital asset exchange, from Bitkub’s parent company Bitkub Capital Group Holdings Ltd. The value of shares to be obtained by SCBX is estimated at 17.85 billion baht.

The shares will be held by SCBX’s affiliate, SCB Securities (SCBS), who will work with Bitkub as business partner to build a digital asset ecosystem that has digital asset exchange as one of the infrastructures at national level.

“The transaction of shares will comply with the regulations of related agencies, such as the Bank of Thailand and the Securities and Exchange Commission,” said Arthid Nanthawithaya, CEO of SCBX Plc. “We expected the transaction will be complete within the first quarter of 2022.”

Arthid further added that the investment in Bitkub Online will enable SCBX to create new value that can expand in long term within the new world of digital asset exchange. “This investment aligns with SCBX’s strategy to become a regional financial technology group that fulfils customers’ needs and ready for the new forms of competition in the next 3-5 years,” he added.
 

Jirayut Srupsrisopa, founder and Group CEO of Bitkub Capital Group Holdings, said that the partnership also aims to develop new digital asset businesses to strengthen the country’s digital economy in the future. “From now on Bitkub is no longer just a startup, but we are becoming a key contributor to Thailand’s Finance 3.0 infrastructure,” he said. “SCBS will hold 51 per cent of Bitkub Online, a company with total value of 35 billion baht and is one of Thailand’s ‘Unicorn’ startups.”

Published : November 03, 2021

By : THE NATION