XSpring Capital Plc (XPG) is launching digital asset management and digital brokerage and dealership services this year with the expectation it will achieve 1 billion baht in revenue.
The company aims to become a one-stop financial solution provider by entering into both the capital and digital asset markets and launching two new digital asset businesses.
XPG applied for a digital asset fund management licence from the Securities and Exchange Commission and expects to receive it in the second quarter this year.
Capitalising on its strength in global liquidity, XPG is offering brokerage services for digital assets and connecting local investors with the global capital market via Coinbase, a leading US-based global digital asset exchange platform and digital asset custodian.
The services are slated to be available in the first quarter this year.
According to Varangkana Artkarasatapon, president of XPG, the company will focus on its subsidiary, XSpring Asset Management Co (AMC), this year as it is preparing to bid for distressed assets or non-performing loans (NPLs) with a total outlay of 1 billion baht through a joint venture with Sansiri Plc, its strategic partner.
As NPLs are on the rise, AMCs play a larger role in tackling distressed assets and improving market efficiency, said Ms Varangkana.
XPG's AMC will focus on the management of bad loans backed by collateral such as houses and residential condo units, she said.
The company also plans to embrace green investment trends and increase financial investment in SHARGE, a charging service provider for electric vehicles, and Cibus Enterprise Fund II.
Ms Varangkana said XPG acquired 17 business licences, including four last year for cryptocurrency brokerage, digital token brokerage, cryptocurrency dealer and digital token dealer, which should be drivers of the firm's business expansion at home and abroad.
XPG aims to deepen its dive into the digital asset business via XSpring Digital this year, operating an initial coin offering (ICO) portal.
XSpring Digital plans to be involved in the launches of 4-6 ICOs this year, she said.
The group's goal is one-third of the local market share this year, underpinned by its robust operation and cryptocurrency brokerage tapping into global liquidity, said Ms Varangkana.
It also plans to offer various investment funds to investors and engage in securities brokerage, securities dealing and underwriting of investment units, she said.
