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Siam Commercial Bank, Thailand’s oldest bank, is cementing its reputation as a strong funder of innovative financial technologies and Defi projects. This was made known in recent comments to fund blockchain startups.
The institution’s venture capital subsidiary, SCB 10X, yesterday announced a new $50 million fund dedicated to investments in global blockchain. This investment also extends to decentralized finance and digital asset startups in their early and growing ventures. The fund is just the latest in Siam Commercial Bank’s forays into blockchain and fintech space.
The institution has experience working with blockchain firms having partnered with Ripple on a blockchain-based mobile application. It also worked with Azimo to use RippleNet for cross-border payments.
The institution seems well aware of the potential benefits that blockchain and other fintech developments can offer the country. Mukaya Panich, Chief Investment Officer at SCB 10X, alluded to these benefits in his official statement for the launch of the new fund
In the financial sector, blockchain based financial services have the potential to expand financial inclusion. It will also facilitate open access and encourage innovation. With our new $50 million venture capital fund, we will invest the entire capital pile in innovative and promising startups in blockchain infrastructure. We will also invest in innovative blockchain applications and global decentralized finance
In a recent discussion at a DeFi and Blockchain global virtual summit, Panich spoke with industry members about the future of DeFi’s integration. As a result, Panich links this integration with traditional finance and the importance of decentralized governance, among other opportunities.
SCB 10X is the digital technology investment arm of SCB with a mission to create long-term value. This is through investment in exponential technologies, championing passionate entrepreneurs, and building successful partnerships. SCB 10X is also an investor in U.S. cryptocurrency lender BlockFi. The company also recently partnered with ecosystem developer DeFi Alpha Finance Lab.