SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, has announced the launch of a new fund worth USD 50 million. The fund will invest in early- and growth-stage startups worldwide, focusing on blockchain, digital asset, and decentralized finance (DeFi).
According to Mukaya Panich, Chief Venture and Investment Officer of SCB 10X, blockchain technology can reduce transaction costs, facilitate distributed trust, enhance security, and potentially become the new foundation for next-gen business models and platforms. SCB 10X has a record of early investment in top companies, including international payments giant Ripple and cryptocurrency lending platforms BlockFi and Alpha Finance Lab.
Fintech plays a key role in Siam Commercial Bank’s digital transformation. Another interesting initiative undertaken by the Thai bank is the partnership, announced in December 2020, is with Singapore-based fintech Lightnet Group to provide cross-border fund transfer services with lower fees.
(Sources: Crowdfund Insider; Deal Street Asia)
