Thailand: Krungsri launches $30m VC fund to invest in fintech firms

Mr. Thakorn Piyapan

Thailand’s fifth largest financial group Krungsri has launched a $30-million venture capital fund to invest in financial tech startups in 2017-19.

The venture capital fund, managed under its newly-formed subsidiary Krungsri Finnovate, targets to invest in fintech startups that have potential to become fintech unicorns with over $1-billion valuation and to adopt those innovation with the bank’s products and services in the future.

“In 2017, we expect that Krungsri Finnovate will reach collaboration agreements with startups to develop more than 20 financial solutions, which match Krungsri’s requirements,” Thakorn Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division, said.

Meanwhile, it is considering the best options for both direct investment in Thai potential startups and investment in fintech startup funds in Thailand and overseas with a $30-million capital budget. “Negotiations are ongoing with certain startups for the time being,” he added.

Krungsri has appointed Sam Tanskul as managing director of Krungsri Finnovate which focuses on three core activities: Accelerator & Academic Collaboration, Startup Project Management and Venture Capital.

Siam Commercial Bank is the first Thai commercial bank kicking off a fintech-focussed venture capital fund managed by its subsidiary Digital Ventures in 2016, followed by the launch of fintech-focussed fund of funds by KBank later in the same year.

Digital Ventures, which seems to be the most active, has so far invested in three VC funds including Golden Gate Ventures, Nyca II and Dymon Asia as well as a few startup firms such as the US-based blockchain firm Ripple.

Also read:

Dymon Asia hits first close for maiden fund at $20m, Thailand’s SCB among LPs

Bangkok Bank partners Nest to launch InnoHub FinTech Accelerator

Thai lender KBANK to launch fintech-focussed fund of funds

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.