SBI Holdings takes control of Singapore's Coinhako with MAS approval

SBI Holdings has closed a majority acquisition of Singapore-based crypto platform Coinhako through its subsidiary SBI Ventures Asset, following approval from the Monetary Authority of Singapore (MAS). The deal gives Japan's largest publicly listed financial conglomerate a controlling position in one of the longest-running locally licensed crypto venues in Singapore.

Coinhako has operated in Singapore since 2014, holding a Major Payment Institution licence under MAS's payment services regime. That licence gives it legal standing to offer digital payment token services to retail and institutional clients in the city-state. The MAS sign-off, rather than the headline stake, is the regulatory milestone the broader Asian crypto sector will read.

Why it matters

SBI has been stitching together a regional crypto franchise for several years, with operations in Japan (SBI VC Trade), Vietnam (SBI Crypto Vietnam), and the Middle East. Coinhako fills the Southeast Asian gap, and the MAS approval suggests Singapore remains open to established foreign financial groups consolidating licensed local venues, a more accommodating posture than some peer regulators in the region.

Market impact

For Coinhako users, nothing changes immediately; the platform continues to operate under its MAS licence. The read for the wider sector is that licensed crypto M&A can clear Singapore's regulator when the acquirer is an established, supervised financial group. Look for further consolidation of mid-sized Asian licensed venues as larger players scale their regional footprint through acquisition rather than greenfield licensing.