SCB 10X, a subsidiary of Thailand’s Siam Business Financial institution or SCB (BKK: SCB), has launched a $50 million VC fund that can make strategic investments in early and development stage startups globally. SCB is searching for initiatives which can be targeted on blockchain, decentralized finance (DeFi), and digital belongings.
This current announcement from SCB 10X is supposed to assist its Moonshot Mission, which goals to push ahead a brand new development engine for the event of digital applied sciences.
SCB 10X said that it will likely be intently watching the high-potential tech companies and different startups worldwide with the intention to develop new capabilities. These initiatives and investments are primarily targeted on integrating rising applied sciences (Emtech) with the intention to assist SCB’s development and growth efforts.
Mukaya (Tai) Panich, Chief Enterprise and Funding Officer of SCB 10X, said:
“Blockchain know-how can cut back transaction prices, facilitate distributed belief, improve safety, and probably grow to be the brand new basis for centralized and decentralized enterprise fashions and platforms. Within the monetary trade, blockchain-enabled monetary providers have the potential to broaden monetary inclusion, facilitate open entry, and encourage innovation.”
“We see sturdy parallels between conventional finance and blockchain-enabled monetary providers companies. Blockchain know-how could make monetary providers extra progressive, interoperable, traceable, borderless, and clear.”
As reported in December 2020, Siam Business Financial institution had partnered with Lightnet to supply cross-border fund switch providers from South Korea to Thailand.
As a digital banking service supplier, SCB is targeted on repeatedly updating its Fintech capabilities. SCB will now be working with the Lightnet Group, a Fintech startup providing monetary providers that leverage blockchain or distributed ledger know-how (DLT).
SCB will work with the Lightnet Group in order that they will settle for worldwide funds from South Korea to Thailand by way of Sentbe, which is a significant South Korean fee providers agency and in addition certainly one of Lightnet’s enterprise companions.
As coated in June 2020, Thailand-based Fintech agency SYNQA, the mother or father firm of OmiseGo (beforehand referred to as Omise Holdings), secured $80 million in capital by way of a Collection C funding spherical led by SCB 10x. Asia-based VC group SPARX additionally took half within the spherical.
SYNQA said that it will use the funds raised to supply numerous cashless options to companies based mostly in Asia. The Fintech firm mentioned it will provide a digital foreign money and a number of other different monetary merchandise.
Azimo, an internet funds switch service supplier, had additionally teamed up with SCB (in April 2020) with the intention to introduce an on the spot worldwide funds gateway from Europe to the Asian nation.