Siam Commercial’s VC arm launches $50m fund for blockchain startups

SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, has set up a new US$50 million fund to invest in blockchain, decentralized finance, and digital assets.

Chief venture and investment officer Mukaya (Tai) Panich / Photo credit: SCB 10X

The VC firm was launched in January 2020 to invest in technology startups across the worldunder three branches: venture builder, venture capital, and strategic investment and partnership. It has backed companies that specialize in data analytics, blockchain, machine learning, location positioning, and quantum computing, among others.

The new fund will invest globally in startups focused on blockchain infrastructure and innovative applications as well as decentralized finance.

“We see strong parallels between traditional finance and blockchain-enabled financial services businesses,” said chief venture and investment officer Mukaya (Tai) Panich, adding that the latter has the potential to broaden financial inclusion, facilitate open access, and encourage innovation.

Earlier in November 2020, SCB 10X also poured a seven-figure amount into parenting communication platform TheAsianparent in an attempt to improve the financial literacy of young families in Thailand.

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Thai insurtech startup Sunday also raised US$9 million in a pre-series B bridge round led by SCB 10X.

The company’s latest fund will be established in Thailand’s fast-growing fintech market. In 2021, the industry’s biggest segment will be digital payments, which is expected to log a total transaction value of US$15.9 billion according to Statista.