{"id":52340,"date":"2021-11-04T17:08:38","date_gmt":"2021-11-04T15:08:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52340"},"modified":"2025-09-03T09:45:39","modified_gmt":"2025-09-03T06:45:39","slug":"thailands-oldest-and-third-largest-bank-siam-commercial-bank-scb-buys-51-stake-in-bitkub-for-536-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/thailands-oldest-and-third-largest-bank-siam-commercial-bank-scb-buys-51-stake-in-bitkub-for-536-million\/","title":{"rendered":"Thailand&#8217;s oldest and third-largest bank, Siam Commercial Bank (SCB), buys 51% stake in Bitkub for $536 million"},"content":{"rendered":"<p>The oldest and third-largest bank in Thailand, Siam Commercial Bank (SCB) <a href=\"https:\/\/www.bitkub.com\/blog\/bitkub-scb-3a659e7c80a4\">invested<\/a> about 17.85 billion Thai baht (~$536 million) in the cryptocurrency exchange Bitkub by acquiring 51% of its shares.<\/p>\n<p>The deal is expected to close in the first quarter of 2022, subject to regulatory approvals.<\/p>\n<p>CEO of SCB, Artit Nantavitaya, stressed that over the past two years the digital-asset-related business has grown rapidly, becoming one of the foundations of the financial world of the future.<\/p>\n<p>According to him, the acquisition will help the bank enter a new competitive arena that will take shape over the next three to five years.<\/p>\n<p>The founder and CEO of Bitkub, Jirayut Srupsrisopa, said the exchange had outgrown the startup phase and it was time to go global.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We need a strong partner to help achieve faster and more sustainable growth. That is why we are partnering with SCB,&#8221; he emphasized.<\/p>\n<\/blockquote>\n<p>As a reminder, SCB is a partner of fintech company Ripple. The bank <a href=\"https:\/\/u1f987.com\/en\/news\/ripple-and-gme-remittance-to-accelerate-remittance-transfers-between-south-korea-and-thailand\">uses the RippleNet<\/a> payment network for transfers between South Korea and Thailand, in collaboration with GME Remittance.<\/p>\n<p>In February, SCB <a href=\"https:\/\/u1f987.com\/en\/news\/thailands-biggest-bank-launches-50-million-blockchain-fund\">set up a fund of $50 million<\/a> to invest in startups aimed at \u201cthe next generation of financial services and digital systems.\u201d<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The oldest and third-largest bank in Thailand, Siam Commercial Bank (SCB), invested about 17.85 billion Thai baht (~$536 million) in the cryptocurrency exchange Bitkub by purchasing 51% of its shares.<\/p>\n","protected":false},"author":1,"featured_media":52341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1266,1133],"class_list":["post-52340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-thailand","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=52340"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52340\/revisions"}],"predecessor-version":[{"id":52342,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52340\/revisions\/52342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/52341"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=52340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=52340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=52340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}