SBI Moves to Take Over Singapore Crypto Exchange Coinhako

Japan’s financial conglomerate SBI has announced its plans to acquire a majority stake in Coinhako, a Singapore-based crypto exchange group.
According to the report, SBI Holdings will carry out the deal through its Singapore-based subsidiary, SBI Ventures Asset Pte. Ltd., by signing an agreement with Coinhako’s parent company, Holdbuild Pte. Ltd.

If the deal successfully goes through, Coinhako will become a subsidiary of the company’s holdings, pending the time the regulatory board approves final terms on how the investment and shares purchased will be structured. 

The company stated that all the specific details regarding the investment structure remain under discussion, but it has full intentions to secure a majority stake in the Singapore-based firm.

The Chairman and CEO of SBI Holdings, Yoshitaka Kitao, said the move forms a major part of its broader push to expand the company into the global digital assets place and give it a good standing in the marketplace. 
Coinhako Group had previously operated through Hako Technology Pte. Ltd., which is licensed as a Major Payment Institution by the Monetary Authority of Singapore, and also through Alpha Hako Ltd., a crypto asset services provider registered with the British Virgin Islands Financial Services Commission. 

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The group is regarded as one of Singapore’s early entrants into the digital asset market, and they have built a solid exchange infrastructure and compliance system over the past decade.

The company said the new acquisition would combine Coinhako’s exchange operations expertise and the digital asset infrastructure it already has to position it as a key digital asset hub in Asia.

SBI Strategic Push Into Digital Assets Market 

The transaction shows the company’s ambition to strengthen its role in next-generation financial services, particularly in areas related to tokenized assets and also stablecoins. In a statement, Kitao described the deal as more than just a platform investment, saying that with this new integration, 
Coinhako and SBI would expand their digital asset reach globally and also support the development of tokenized stocks and stablecoin infrastructure.

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