Siam Commercial Bank, over a century old, doesn't fail to keep up with the times.
Siam Commercial Bank — Thailand's oldest bank, established by royal charter back in 1907 — is cementing its reputation as a strong backer of innovative financial technologies. The institution's venture arm, SCB 10X, has today announced a new $50 million fund that will be dedicated to investments in global blockchain, decentralized finance and digital asset startups in their early and growth stages.
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. Given that Thailand is a major remittances destination, the SCB appears to be well aware of the potential benefits blockchain and other fintech developments stand to offer the country.
Mukaya Panich, chief venture and investment officer at SCB 10X, has hinted at these benefits in his official statement for the launch of the new fund:
“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."
In a recent discussion at REDeFiNE TOMORROW, a global DeFi and Blockchain Virtual Summit held in Bangkok in Dec. 2020, Panich engaged with industry members about the future of DeFi's integration with traditional finance and the importance of decentralized governance, among other opportunities.