Thailand: Kasikornbank unit KVision sets aside $245m to fund startups

KASIKORN Vision (KVision), an investment holding company of KASIKORNBANK (KBank), has set aside a budget of $245 million to invest in tech startups in ASEAN, China, Japan and Korea that can help the bank expand regionally.

KVision chairman Pattarapong Kanhasuwan told DEALSTREETASIA that about $190 million of the total budget will be directly invested by KVision and the remaining $55 million will be routed through Beacon, the corporate venture capital arm of KBank.

KVision will prioritise investments in fintech and e-commerce startups, he said.

Earlier this week, KVision announced that it had signed a cooperation agreement with the Vietnam government’s Business Startup Support Centre (BSSC) to support Thai startups’ entry into the Vietnamese market.

“To invest in Thai startups that will penetrate the Vietnamese market, we are not expecting investment returns. We would rather consider it in the long-term [perspective] for future business partners as we plan to eventually become a regional bank in Asean,” said Pattarapong.

Hang Nyugen, deputy director of BSSC, told local media that she expects 20 Thai startups to have presence in Vietnam in the coming year.

Founded in August 2018 with a total investment from KBank worth 8 billion baht ($253.41 million), KVision aims to engage in forging joint ventures with technology and financial firms globally to enhance its digital technology capabilities and strengthen its resources.

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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.