The digital technology investment wing of Thailand’s Siam Commercial Bank (SCB), SCB 10X, has rolled out a $50 million venture capital fund dedicated to blockchain, DeFi (decentralized finance), and digital assets startup projects.
SCB 10X was established in January 2020 with a “Moonshot Mission” that aims to achieve exponential growth through novel technology innovation and investment via its three major arms: Venture Capital, Venture Builder, and Strategic Investment & Partnership. With this new project to boost up DeFi in Thailand, SCB calls itself the first venture builder in Thailand after having worked three years under the name “Digital Venture VC”.
This new investment project with a $50 million VC is a move to support the “Moonshot Mission” that aims to revamp the investment in important tech sectors like digital payments, digital lifestyle, remote work, health-tech, AI (artificial intelligence), and robotics. The new $50 million venture capital towards Blockchain, DeFi (Decentralized Finance), and Digital Assets will be invested in early-stage startups and established businesses worldwide.
It would help the startup companies to adapt to blockchain infrastructure for digital assets and DeFi. The corporate venture capital fund will also be invested in the next generation financial services to help the Bank prepare for the future digital financial systems. The blockchain-powered financial services will also broaden the scope of financial inclusion of the novel technology, thereby facilitating open access to financial sectors.