CGH MAKES MOVE INTO THE CRYPTOCURRENCY INDUSTRY

Country Group Holdings Public Company Limited (CGH) announced that it has agreed to invest into ‘Cryptomind Group’, a digital asset platform for digital asset management and advisory services. CGH disclosed that the 25% investment into the group will allow the Cryptomind to scale up operations in digital asset services for the future.

Mr. Tommy Taechaubol, Chief Executive Officer of Country Group Holdings Public Company Limited or CGH revealed that the company recently has agreed to acquire 25% in Cryptomind Group, the first digital asset management in Thailand, who is currently in the process in obtaining SEC license approval. Cryptomind has a strong management team with expertise in investment, advising, and management of digital assets. They are highly active in the digital community working, on several projects with international exchanges, and have network community with more than 500,000 followers. Cryptomind is targets AUM of 500m baht in the first year of operations with focused products such as the DeFi Yield fund, which aims to generate low risk superior returns from decentralized finance technologies.

CGH is an investment firm which operates a brokerage business under Country Group Securities (CGS) and has invested in asset management business under MFC Asset Management (MFC). Mr Tommy stated that “the investment is a natural first for CGH to pivot its traditional business towards the realm of digital assets. We are focused on improving the clients experience which will inevitably mean we will need to provide digital asset services”.

CGS, the securities business of CGH, has grown quickly over the past years. Its broker ranking in equities improved from 32nd to 15th out of 38 securities companies, while its derivatives business improved from 23rd place to 2nd place. The company is growing its equity brokerage revenues at 77% year on year, and derivatives brokerage revenues at 62% year on year, making it the winner of the “TFEX Agent of The Year 2020” award from the Stock Exchange of Thailand for two consecutive years. The company expects revenue growth to be strong going forward with number of new customers growing at approximately 20% per year.

Mr Tommy further revealed that later this year, CGS is moving towards positioning itself as a low cost and user-friendly super application for investments, and will be launching an advanced mobile trading application to allow clients to trade across a multitude of asset classes from one place. The 1st phase of Mobile Trading Application is expected to be launched in the second quarter to allow clients to trade local equities, derivatives, bonds, all mutual funds seamlessly. The 2nd phase which will add international trading and cryptocurrency trading is also under development and will be available shortly.

Source: Bangkok Autumn

Symbol: CGH