Japanese financial services group SBI Holdings has acquired a majority stake in Holdbuild, the parent company of Singaporean cryptocurrency platform Coinhako, after receiving regulatory approval from Singapore’s central bank.
The approval of the Monetary Authority of Singapore (MAS) allowed SBI to acquire the company’s shares from existing shareholders through a capital injection, making Coinhako a consolidated subsidiary of SBI, the company announced on Thursday.
Coinhako is licensed as a major payment institution under MAS through its subsidiary Hako Technology Pte. Ltd. SBI announced in February its intention to acquire a majority stake in the Singapore cryptocurrency exchange.
SBI said it plans to connect Coinhako’s customer base and regional network with its own financial services and digital assets, including its JPYSC stablecoin initiative.
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The financial terms of the transaction were not disclosed. SBI did not immediately respond to Cointelegraph’s request for details of the transaction.
The acquisition is part of SBI’s broader expansion into digital assets. Earlier this month, the company led a $76 million Series C funding round for institutional cryptocurrency exchange EDX Markets. She also shared plans to acquire Bitbank for $289 million, with the goal of creating one of Japan’s largest cryptocurrency exchanges.
SBI deepens crypto industry engagement in Asia
SBI identified Singapore as a key hub for its digital assets strategy and said the acquisition would strengthen its presence in Southeast Asia. SBI said it plans to hold its first overseas branch managers’ meeting in Singapore this summer to strengthen its local business foundation.
In recent months, SBI has accelerated its expansion of digital assets through acquisitions, investments and tokenization initiatives. This week’s company cooperated with Ondo Finance to introduce tokenized Japanese equities and integrate the JPYSC stablecoin for settlement and collateral.
In February, SBI and Startale Group unveiled Strium, a layer 1 blockchain focused on tokenized securities and real-world assets. The network is designed to support 24/7 trading, tokenized stock settlement and institutional financial applications as digital asset infrastructure expands in Japan and overseas markets.
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