SCB 10X, the digital technology investment arm of Thailand’s Siam Commercial Bank (SCB), has set up a new $50-million venture capital fund focused on global early and growth-stage blockchain, decentralised finance (DeFi), and digital asset startups.
The corporate venture capital (CVC) firm will use the new fund to invest in the next generation of financial services as the bank prepares for the digital financial systems of the future, according to an announcement.
“In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. With our new $50-million VC fund, we will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralised finance globally, to better prepare the bank for future disruption,” said SCB 10X chief venture and investment officer Mukaya (Tai) Panich.
In an interview with DealStreetAsia last year, Panich had said the investment firm was looking to ramp up investments in sectors that are poised to benefit from the new normal. This includes five themes: digital payments, remote work, digital lifestyle, healthtech, and AI and robotics.
She also emphasized that going forward, blockchain and digital asset areas would be interesting themes.
Currently, SCB 10X has controlling stakes in three Thai tech firms: Digital Ventures, an early-stage blockchain for supply chain financing; Abacus, an AI and datatech venture; and Monix, a new fintech company jointly established by Chinese unicorn Wecash and SCB.
The CVC firm has also invested in international payments giant Ripple and cryptocurrency lending platforms, BlockFi and Alpha Finance.
SCB 10X, which started three years ago under the name Digital Venture VC, describes itself as the first venture builder in Thailand.