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SBI gains MAS approval to buy majority stake in Coinhako
The Monetary Authority of Singapore approval lets SBI consolidate Coinhako after injecting capital to acquire shares, expanding its digital asset footprint in Southeast Asia.
SBI Holdings has received regulatory approval from Singapore’s central bank, the Monetary Authority of Singapore, to acquire a majority stake in Coinhako’s parent company, Holdbuild, according to Cointelegraph.
MAS approval enabled SBI to acquire shares from existing shareholders through a capital injection, which makes Coinhako a consolidated subsidiary of SBI, the outlet reported. Coinhako’s operating setup includes a Major Payment Institution license held under MAS through its subsidiary, Hako Technology Pte. Ltd.
SBI said it intended to buy the majority stake in February and plans to combine Coinhako’s customer base and regional network with its own financial services and digital asset businesses, including its JPYSC stablecoin initiative, Cointelegraph added.
Cointelegraph also noted the acquisition is part of SBI’s broader digital asset expansion. Earlier, SBI led a $76 million Series C funding round for institutional crypto exchange EDX Markets, and it has also shared plans to buy Bitbank for $289 million.