CMS Holborn Asia has recently advised SBI Ventures Asset Pte. Ltd., a wholly owned subsidiary of Tokyo-listed SBI Holdings, Inc. on its acquisition of a majority stake in Coinhako, a leading Singapore-based digital assets platform, following approval from the Monetary Authority of Singapore (MAS).
SBI Holdings, Inc. is a globally diversified financial services group with leading positions in securities brokerage, banking and insurance, together with rapidly growing asset management, digital asset and biotechnology/healthcare businesses. Through its subsidiary SBI SECURITIES Co.,Ltd., the group operates Japan’s largest online securities platform, with more than 16 million securities accounts and approximately USD 700bn of assets under custody.
The transaction makes Coinhako a consolidated subsidiary. Coinhako operates through Hako Technology Pte. Ltd., which holds a Major Payment Institution licence from MAS.
The acquisition allows the SBI Group to combine Coinhako's regional customer base and expertise with its own financial services and technology, as part of a strategy to build a digital asset corridor linking Japan and Southeast Asia.
Walkers and VILAF also advised on BVI and Vietnamese law matters respectively.
Commenting on the transaction, Masashi Okuyama, Board Member and General Counsel at SBI Holdings, Inc. said: “CMS provided invaluable support throughout this transaction guiding us through the regulatory approval application process with the MAS, structuring the deal and completing the sequence of steps necessary to bring Coinhako into our group. Their support was a key factor in helping us complete this transaction successfully.”
Toby Grainger, Managing Partner at CMS Singapore, said: “We’re delighted to have supported SBI on this landmark transaction, which reflects Singapore's growing role as a hub for regulated digital asset activity in Asia. We look forward to continuing to support SBI as it builds out its regional digital asset and financial services strategy.”
The CMS team was led by Toby Grainger and Ying Yi Liew, and included Sheena Jacob and Andre Choo (TMIC); Sam Ng, Sophie Tan and Tommi Barnes (Corporate); Yvonne Tan (Financial Services Regulatory); and Javier Yong and Chuen Kai Ong (Finance).
