SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, has launched a new US$50m VC fund dedicated to investing in global early and growth stage blockchain, decentralized finance (DeFi), and digital asset startups, in order „to ready the Bank for the digital financial systems of the future”.
Speaking about the new investment project, SCB 10X Chief Venture and Investment Officer Mukaya (Tai) Panich said that, “Blockchain technology can reduce transaction costs, facilitate distributed trust, enhance security, and potentially become the new foundation for centralized and decentralized business models and platforms. In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. We see strong parallels between traditional finance and blockchain-enabled financial services businesses. Blockchain technology can make financial services more innovative, interoperable, traceable, borderless, and transparent.”
Mukaya added that, “With our new $50m Blockchain, DeFi, and Digital Assets dedicated VC fund, we will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralized finance globally, to better prepare the bank for future disruption.”
SCB 10X has an impressive record of early investment in top companies already operating across the new frontier of finance, including Ripple and cryptocurrency lending platforms BlockFi and Alpha Finance.