SBI Holdings has taken a majority stake in Singapore-based crypto exchange Coinhako, after clearing the necessary regulatory hurdles. The deal, announced this week, marks another step in the Japanese financial group's push deeper into digital assets, stablecoins, and tokenized markets across Asia. SBI is pairing the acquisition with separate moves involving Solana and Ondo Finance to broaden its tokenized finance footprint.
Singapore approval secured
The acquisition required a green light from Singapore's regulators — a process that SBI and Coinhako navigated before closing the deal. Coinhako, which has operated in the city-state since 2014, holds a Major Payment Institution license from the Monetary Authority of Singapore. That license lets it offer digital payment token services legally. For SBI, buying into a regulated exchange in a key Asian hub reduces some of the uncertainty that comes with cross-border crypto expansion.
SBI's Asia strategy
SBI has been methodically building out its digital asset presence in Asia. The group already runs its own crypto exchange in Japan, SBI VC Trade, and has invested in a range of blockchain projects. But Japan's regulatory environment, while clear, is also restrictive. Singapore offers a more open but still regulated market — a middle ground that lets SBI test stablecoin and tokenized products with a regional audience. The Coinhako deal gives it a ready-made user base and a compliant platform to build on.
Tokenized finance push
The Coinhako acquisition isn't happening in isolation. SBI is also working with Solana and Ondo Finance on separate initiatives aimed at tokenizing real-world assets. Ondo, which focuses on bringing traditional financial products like bonds and treasuries onto blockchains, fits neatly with SBI's ambition to bridge conventional finance and crypto. Solana's high-throughput chain provides the infrastructure. By tying Coinhako into these efforts, SBI can offer tokenized assets directly to retail and institutional users on the exchange.
Coinhako will continue operating under its own brand for now, but integration with SBI's broader ecosystem is expected in the coming months. The exchange's team will likely work on listing new tokenized products tied to the Solana and Ondo partnerships. SBI hasn't disclosed the exact size of its stake or the deal's financial terms. The next concrete milestone to watch: whether Coinhako starts offering stablecoin pairs or tokenized bond products before the end of the third quarter.
