Krungsri sets to tap into digital token business
Krungsri Finnovate, the corporate venture capital (CVC) arm of Krungsri, has recently signed a cooperation agreement with XSpring Capital PCL (XPG) (“XSpring”) to offer the solutions for issuance and offering of digital tokens through XSpring Digital Co., Ltd, a subsidiary of XSpring. The move aims to provide a new alternative mechanism of fundraising for Krungsri’s corporate customers which is in alignment with Krungsri’s 2022 business direction that places key focus on digital and innovation in order to create beyond tech customer experience through advanced financial solutions.
Mr. Sam Tanskul, Managing Director, Krungsri Finnovate Co., Ltd. of Krungsri Group, said, “One of Krungsri Finnovate’s missions is to forge strategic partnerships in digital and technology in order to support the drive forces of Krungsri’s digital transformation and innovation. After joining as a
co-investor of Zipmex, a regional digital asset exchange platform, which brought Krungsri into the world of digital asset business, this signing of cooperation agreement between Krungsri Finnovate and XSpring, which has a subsidiary that is knowledgeable and specializes in the offering of digital tokens, is certainly regarded as an extension of the Bank’s business strategy in building a stronger digital asset ecosystem.”
“Krungsri always places focus on and is pushing forwards the development of digital technologies in various aspects. This includes the efforts in developing financial products and services related to digital assets and expanding the potential of asset tokenization, among other things. In pursuing such strategy, Krungsri forms strategic partnerships with businesses that have high growth potential and corresponding business goals. XSpring Digital Co., Ltd, which is the subsidiary of XSpring, is exactly the right partner that fulfills our objective of providing the ICO portal service to our corporate customers who are interested in raising funds through the issuance of digital tokens, which has been gaining increasing popularity recently.”
Ms. Varangkana Artkarasatapon, President of XSpring Capital Public Company Limited, said, “Currently, the market of digital assets, both globally and locally, has grown tremendously. As a result, the size of investment in digital assets of institutional and individual investors has been rising continuously. XSpring Digital Co., Ltd, an ICO portal , has made a success as Thailand’s first provider of newly issued digital token system which stimulated great interest in this new type of fundraising among the general public and the investors, both retail and high net worth. This time, we are very pleased to synergize with leading strategic partner like Krungsri Finnovate in an effort to offer a new investment alternative for the Bank’s corporate customers which are interested in investing in digital assets by leveraging the strength of XSpring Digital Co., Ltd. As the provider of “One-Stop Financial Solutions” that is approved by the Securities and Exchange Commission (SEC) to undertake the business as an ICO portal, we are ready to support our strategic partner in all aspects to the extent permissible by law in order to deliver the best customer experience and satisfaction. XSpring is fully confident that this collaboration will foster, drive and build upon the business of Krungsri Finnovate to create a stronger and more secure digital asset ecosystem.”
