Thailand’s Siam Commercial Bank Announces $50 Million Fund To Invest In Blockchain
Thailand’s Siam Commercial Bank Announces $50 Million Fund To Invest In Blockchain
February 11, 2021
Thailand’s Siam Commercial Bank Announces $50 Million Fund To Invest In Blockchain
Thailand’s Siam Commercial Bank Announces $50 Million Fund To Invest In Blockchain
February 11, 2021

Siam Commercial Bank (SCB), the oldest bank in Thailand, has announced a new $50 million fund to invest in global blockchain, decentralized finance (DeFi), and digital asset startups in their early and growth stages.

It has been reported that the fund is just the latest of Siam Commercial Bank’s forays into the blockchain and fintech space. The institution has previously partnered with Ripple on a blockchain-powered mobile app and worked with Azimo to use RippleNet for cross-border payments.

However, given that Thailand is a major remittance destination, the SCB appears to be well aware of the potential benefits blockchain and other fintech developments stand to offer the country.

Thus, Mukaya Panich, the Chief Venture and Investment Officer at SCB 10X, said:

“In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. With our new $50m VC fund, we will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralized finance globally.”

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.