[Digital Today reporter Chi-gyu Hwang] SBI Holdings acquired a controlling stake in Holdbuild, the parent of Singapore cryptocurrency platform Coinhako, after receiving approval from the Monetary Authority of Singapore (MAS).
On July 17 local time, Cointelegraph reported SBI bought shares held by existing shareholders through a capital injection, bringing Coinhako into its group as a consolidated subsidiary.
Coinhako holds an MAS major payment institution licence through its unit Hakko Technology Pte. Ltd. SBI disclosed its plan in February to acquire a controlling stake in Coinhako.
SBI plans to combine Coinhako's customer base and regional network with its own financial services and digital asset businesses. This includes its yen-linked stablecoin business, JPYSC. SBI said it sees Singapore as a key base in its digital asset strategy and will strengthen its foothold in Southeast Asia through the acquisition.
The deal value was not disclosed. SBI plans to hold its first overseas branch managers' meeting in Singapore this summer to strengthen its local business base.
Chi-gyu Hwang
delight@d-today.co.kr