MAS Greenlights SBI's Majority Stake Purchase in Crypto Exchange Coinhako
Japanese financial giant SBI Holdings has obtained regulatory clearance from Singapore's central bank to take a controlling interest in Coinhako, a Singapore-based cryptocurrency exchange, as part of its strategic push into tokenized assets, stablecoins and blockchain-based finance.
Following regulatory clearance from Singapore's central banking authority, Japanese financial conglomerate SBI Holdings has successfully taken a controlling ownership position in Holdbuild, which operates as the holding entity for Singapore-based cryptocurrency trading platform Coinhako.
Singapore's Monetary Authority of Singapore (MAS) granted the necessary approval, allowing SBI to purchase equity shares from current stakeholders via a capital infusion, resulting in Coinhako becoming a fully consolidated subsidiary under SBI's corporate umbrella, according to Thursday's company statement.
Through its operating subsidiary Hako Technology Pte. Ltd., Coinhako maintains a Major Payment Institution license granted by MAS. The Japanese financial services firm first publicly disclosed its intention to take a controlling stake in the Singapore-based digital currency exchange platform back in February.
According to SBI, the strategic plan involves merging Coinhako's established client portfolio and regional business network with SBI's own comprehensive financial services operations and digital asset ventures, which includes its JPYSC stablecoin project.
The parties involved did not make public the monetary details of the acquisition. SBI had not provided a response to Cointelegraph's inquiry requesting information about the transaction's financial terms at the time of publication.
This takeover represents a component of SBI's more comprehensive push into the digital asset sector. Earlier within the current month, SBI spearheaded a $76 million Series C investment round for EDX Markets, a cryptocurrency exchange serving institutional clients. The company has also revealed intentions to purchase Bitbank for $289 million, with the objective of establishing one of the largest cryptocurrency trading platforms operating in Japan.
SBI deepens crypto industry involvement in Asia
According to SBI's statements, Singapore represents a critical strategic center in its digital asset roadmap, and the company indicated that this acquisition will bolster its operational footprint throughout the Southeast Asian region. The financial services group announced plans to convene its inaugural overseas branch managers' conference in Singapore during the upcoming summer season to reinforce its regional business infrastructure.
Throughout recent months, SBI has intensified its digital asset sector expansion through a combination of corporate acquisitions, strategic investments and tokenization programs. Just this week, SBI formed a collaborative partnership with Ondo Finance aimed at introducing tokenized Japanese equities and incorporating its JPYSC stablecoin for both settlement operations and collateral purposes.
During February, SBI together with Startale Group introduced Strium, a layer-1 blockchain platform concentrating on tokenized securities and physical world assets. This blockchain network has been engineered to facilitate continuous 24/7 trading capabilities, settlement of tokenized equity instruments and institutional-grade financial applications, supporting SBI's ongoing expansion of its digital asset infrastructure spanning both Japanese domestic and international markets.