SBI acquires Singaporean crypto platform Coinhako after MAS approval
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Japanese financial services company SBI Holdings has acquired a majority stake in Holdbuild, the parent company of Singapore-based crypto exchange Coinhako, following regulatory approval from the Monetary Authority of Singapore (MAS). This approval allowed SBI to purchase shares from existing shareholders through a capital injection, making Coinhako a consolidated subsidiary of SBI. Coinhako operates under a Major Payment Institution license granted by MAS via its subsidiary Hako Technology Pte. Ltd.
SBI had previously announced its intention to acquire Coinhako in February. The company intends to combine Coinhako’s regional network and customer base with its own financial services and digital asset businesses, including its JPYSC stablecoin initiative. While the financial terms of the transaction were not disclosed and SBI did not immediately respond to requests for further details, this acquisition aligns with SBI’s broader strategy to expand in the digital asset space.
Why it matters
This move is part of SBI’s expanding footprint in Asia’s crypto industry. SBI considers Singapore a crucial hub for its digital asset plans and intends to strengthen its Southeast Asia presence, including holding its first overseas branch managers’ meeting in Singapore. SBI has also been active recently in other digital asset activities, such as leading a $76 million Series C funding round for institutional crypto exchange EDX Markets, pursuing the acquisition of Japan’s Bitbank exchange, and launching tokenization initiatives involving Japanese stocks and stablecoins.
Additionally, SBI and Startale Group have introduced Strium, a layer-1 blockchain aiming to support tokenized securities, real-world assets, and institutional financial applications across Japan and overseas markets. Overall, SBI’s acquisition of Coinhako is a strategic step in deepening its engagement in the crypto industry in Asia and expanding its digital asset infrastructure globally.