WorldBridge Group Partners Thailand’s Bitkub Capital For Digital Asset Solutions In Cambodia
As part of its regional expansion into ASEAN markets, Bitkub, a Thailand-based company, signed an agreement with Cambodian conglomerate, WorldBridge Group, for a joint venture to bring digital asset services to Cambodia.
The joint venture was signed between Neak Oknha Sear Daniel, Executive Director of WorldBridge Group, and Sakolkorn Sakavee, Chairman of Bitkub Capital Group Holdings, on August 28, 2024.
The signing ceremony was also attended by H.E. Sou Socheat, Director-General of the Securities and Exchange Regulator of Cambodia (SERC), Neak Oknha Sear Rithy, Chairman of the Board of Directors of WorldBridge Group, and Jirayut Srupsrisopa, Founder and CEO of Bitkub Capital Group Holdings.
According to multiple press reports, the newly formed joint venture aims to introduce the benefits of Web3 and blockchain technology to improve financial inclusion and digital asset solutions in Cambodia.
This follows Bitkub's expressed interest in 2022 in expanding into Cambodia and other CLMV (Cambodia, Laos, Myanmar, and Vietnam) markets, due to an increasing interest in crypto.
Licensed by the Thai Securities and Exchange Commission (SEC), Bitkub Online is owned by Bitkub Capital, which is the largest cryptocurrency exchange in Thailand, holding 77 percent of the market share. In 2022, Bitkub Online's asset value was 32 billion baht (roughly over USD 940 million).
Bitkub Capital is also gearing for an initial public offering (IPO) on the Stock Exchange of Thailand in 2025.
WorldBridge Group – Bitkub Joint Venture in Cambodia
Jirayut Srupsrisopa, Bitkub's founder and CEO, expressed excitement about entering Cambodia, which he described as a country with great potential for expansion in the region.
Neak Oknha Sear Daniel also stated during the event, “We understand that blockchain and digital assets might be new to many Cambodians, but we aim to educate the public and ensure that people have financial awareness. We are very keen on this partnership with one of Thailand’s most promising digital asset companies.”
“Bitkub’s market-leading position as the largest player in Thailand, along with WorldBridge Group’s deep understanding of the local Cambodian business landscape, places this venture in a unique position to accelerate the adoption of various technological advances across the nation,” he added.
WorldBridge has stated that it believes its diverse business portfolio and successful track record in various sectors makes it an ideal partner for Bitkub’s expansion into the Cambodian digital asset space.
Cambodia's Crypto Asset Exchange 2024
In early 2024, Cambodia inaugurated the Royal Group Exchange (RGX), the nation’s first digital asset exchange, regulated under the SERC’s FinTech Regulatory Sandbox. RGX is part of another major Cambodian conglomerate, the Royal Group of Companies.
According to statistics shared by a RGX representative, Cambodia has a high adoption rate of blockchain technology despite lacking a full legal framework. Several surveys have reportedly shown that about 10.6 per cent of Cambodians use digital assets, and 65 per cent currently use the homegrown blockchain-based payment system called 'Bakong.'