KBank tries blockchain option Kubix

Kasikornbank (KBank) is exploring an innovative form of services called decentralised finance (DeFi) using blockchain and independent of central financial intermediaries as it tries to grow its business regionally via the digital platform.

According to Ruangroj Poonpol, chairman of Kasikorn Business Technology Group (KBTG), a tech arm of KBank, KBTG recently established a subsidiary called Kubix to operate as an initial coin offering portal for digital tokens in a collaboration with the Stock Exchange of Thailand.

DeFi is a blockchain-based form of finance that does not rely on brokerages, exchanges or banks to offer traditional financial instruments. Instead, it utilises smart contracts on blockchains.

DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies,…