Digital & Technology

SBI Digital Markets welcomes SCB 10X as a strategic investor to accelerate growth and strengthen the regional ecosystem

The strategic investment from SCB 10X helps catalyse SBI Digital Markets’ growth in Security Token Offerings (STO) and more broadly in the digital asset sector for Southeast Asia. This investment is the latest addition to a series of joint investments and collaborations between the SCB Group and the SBI Group in recent years.

SBI Digital Markets, the Singapore subsidiary of SBI Digital Asset Holdings has announced that it has onboarded SCB 10X, an affiliate company of the Siam Commercial Bank (SCB Group), as a minority shareholder. The strategic partnership with SCB 10X helps advance SBI Group’s growth in the digital asset sector with a Singapore based entity covering Southeast Asia.

SBI DM was created in late 2020 as a subsidiary of SBI Group’s digital asset arm, SBI Digital Asset Holdings, with the ambition to become a top tier Singapore based digital asset business for
financial institutions. SBI DM is set to directly target the growing demand for public and private institutional digital assets by providing institutional services, including issuance, corporate advisory, and custody of digital assets. The company is currently engaging with the Monetary Authority of Singapore (MAS) to obtain the required regulatory approvals to deploy its strategy.

As the demand for cryptocurrencies continues to grow, institutional investors are increasingly developing capabilities to invest and trade in digital securities, and benefit from the advantages offered by new technologies such as Distributed Ledger Technology (DLT).


“We believe institutional demand for security tokens is at an inflection point. The Singapore business environment for the sector is vibrant and the regulatory framework is at the highest standards. SBI DM is well positioned to take full advantage as we prepare our end-to-end product offering across a broad range of digital assets to serve institutional clients.” said Winston Quek, SBI Digital Markets CEO.


“For SBI Digital Asset Holdings, this is another important step in building a global digital asset ecosystem composed of trusted partners who understand the needs of institutional investors. We are delighted to join forces with SCB 10X on this initiative” said Fernando Vazquez Cao, SBI Digital Asset Holdings’ CEO and Representative Director.

The company will leverage the extensive network of the SBI group. It intends to collaborate with SBI’s portfolio companies on this initiative including B2C2, acquired by the group in 2020, Sygnum, and Boerse Stuttgart Digital Exchange among others. SBI DM also plans, upon its launch, to work closely with Asia Digital Exchange, a Singaporean based digital asset exchange and joint venture between SBI DAH and the Swiss SIX group.


“SCB 10X is excited to announce our participation in strategic investment in SBI Digital Markets to support its goal to become a leading digital asset business for institutions,” said Mr.Arak Sutivong, Chief Executive Officer, SCB 10X. “SCB 10X aims to play a meaningful role in building a strong foundation for blockchain-based technology and digital asset ecosystems, while empowering and accelerating growth opportunities for digital assets start-ups in Asia. As a strategic investor in SBI Digital Markets, we are looking forward to supporting the SBI Digital Markets team to make SBI Digital Markets a top tier Singapore-based digital asset business covering Southeast Asia and beyond.”