(Bloomberg) -- Binance Holdings Ltd. reached an agreement with Thai billionaire Sarath Ratanavadi’s Gulf Energy Development PCL to study a digital asset exchange in the Southeast Asian nation.

The Bangkok-based firm said the memorandum of understanding with Binance, the world’s largest crypto exchange by trading volume, is driven by the likely “rapid growth” of Thailand’s digital infrastructure in the coming years, according to a letter to the Stock Exchange of Thailand seen by Bloomberg. 

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A Binance spokesperson said “it’s the first step” to exploring opportunities in Thailand. Gulf Energy Development and the Thai stock exchange didn’t immediately respond to requests for comment. 

The partnership marks the latest effort by Binance to institutionalize its global operations. Last month, the company received preliminary approval from Bahrain’s central bank to be a crypto-asset service provider and signed a deal with the Dubai World Trade Centre Authority on virtual asset regulation.

Binance’s founder Changpeng Zhao recently set down firmer roots in the United Arab Emirates, where the company is looking to expand its footprint.

Ratanavadi, an energy executive, has lately also become a more active player in the financial technology space. In September, Advanced Info Service PCL, the largest Thai phone-service operator, in which Gulf Energy holds an indirect stake, formed a joint venture with Siam Commercial Bank PCL to offer digital financial products.

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