Major Thai bank’s venture arm sets up $50M fund to invest in blockchain, DeFi

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Siam Industrial Financial institution — Thailand’s oldest financial institution, established by royal constitution again in 1907 — is cementing its status as a powerful backer of progressive monetary applied sciences. The establishment’s enterprise arm, SCB 10X, has right now announced a brand new $50 million fund that will probably be devoted to investments in world blockchain, decentralized finance and digital asset startups of their early and progress phases.

The fund is simply the most recent of Siam Industrial Financial institution’s forays into the blockchain and fintech area. The establishment has beforehand partnered with Ripple on a blockchain-powered cell app and worked with Azimo to use RippleNet for cross-border funds. On condition that Thailand is a major remittances destination, the SCB seems to be nicely conscious of the potential advantages blockchain and different fintech developments stand to supply the nation.

Mukaya Panich, chief enterprise and funding officer at SCB 10X, has hinted at these advantages in his official assertion for the launch of the brand new fund: 

“Within the monetary business, blockchain-enabled monetary companies have the potential to broaden monetary inclusion, facilitate open entry, and encourage innovation. With our new $50m VC fund, we’ll make investments throughout the capital stack in progressive and promising startups in blockchain infrastructure, blockchain progressive functions, and decentralized finance globally.”

In a latest dialogue at REDeFiNE TOMORROW, a world DeFi and Blockchain Digital Summit held in Bangkok in Dec. 2020, Panich engaged with business members about the way forward for DeFi’s integration with conventional finance and the importance of decentralized governance, amongst different alternatives.

SCB 10X can be an investor in American cryptocurrency lender BlockFi and recently joined forces with with DeFi ecosystem developer Alpha Finance Lab.