A delayed deal between Thailand’s oldest bank and its largest cryptocurrency exchange is raising doubts about the 115-year-old financial group’s ambition to become a regional fintech powerhouse.
Bangkok-listed SCB X Pcl agreed to acquire a majority stake in Bitkub Online Co. for 17.9 billion baht ($490 million) at the peak of crypto craze in November, with a target to wrap up the deal earlier this year. But SCB last week said there’s still due diligence to be carried out amid discussions with regulators.
Thailand’s cryptocurrency industry is facing heightened regulatory scrutiny just as SCB attempts a push to become a market leader in digital assets. Falling fees and rising competition within traditional banking businesses are forcing lenders to develop new markets within Southeast Asia’s second-biggest economy and further afield.
“Bitkub is a key step for SCB to achieve its expansion into digital asset and fintech businesses,” said Therdsak Thaveeteeratham, an analyst at Asia Plus...
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