Thai firms Siam Commercial Bank, CP Group form venture fund seeking $800m

Photo: Reuters

Thailand’s third-largest lender Siam Commercial Bank Pcl has set up a venture capital fund with top agro-industrial conglomerate, Charoen Pokphand Group, SCB said on Wednesday, as it announces major restructuring.

The companies will co-manage the fund and each contribute $100 million, SCB chief executive Arthid Nanthawithaya told a virtual briefing.

The fund will raise money from outside investors with a target of $600 to $800 million, he said, adding that it will invest in digital assets and emerging technologies.

“Blockchain technology will change the face of multiple industries … we are in the early days of the promising technology and its impact to various sectors,” said CP Group chairman, Soopakij Chearavanont.

The announcement comes a day after SCB formed a joint venture with Thailand’s top mobile operator, Advanced Info Service Pcl in an online lending platform.

The lender will also reorganise and form a new company, SCBX, which will be the “mothership”, Arthid said.

SCBX will swap shares with SCB and then later be traded on the stock exchange pending shareholder approval, he added.

The new entity will give it more flexibility in new growth areas in technology and markets like Indonesia, Vietnam and the Philippines, targeting 200 million customers by 2025, he added.

The bank’s credit card, auto and data businesses will become individual companies with a view listings in the next 3-5 years.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.