Siam Commercial Bank, the oldest bank in Thailand, which was founded by Royal Charter in 1907, strengthens its reputation as a staunch advocate of innovative financial technology. SCB 10X, the venture capital arm of the organization, today announced the creation of a new $ 50 million fund dedicated to investing in global blockchain, decentralized financing and early-stage digital asset launches and growth.
The fund is Siam Commercial Bank’s latest foray into blockchain and financial technology. The foundation previously partnered with Ripple on a blockchain-based mobile app and worked with Azimo to use RippleNet for cross-border payments. Given that Thailand is an important target for conversion, the Swedish Statistics Authority appears to be well aware of the potential benefits that blockchain and other financial technology developments can provide to the country.
Mukkaya Panesh, Chief Investment Officer and Investment Director of Statistics Sweden 10X, highlighted these benefits in his official announcement of the launch of the new fund:
In the financial industry, blockchain-based financial services can expand access to financial services, facilitate open access, and drive innovation. With our new $ 50 million venture capital fund, we will invest all of the capital in innovative and promising startups for blockchain infrastructure, innovative blockchain applications and decentralized financing around the world. ”
In a recent discussion at REDeFiNE TOMORROW, DeFi, and the Blockchain Global Virtual Summit in Bangkok in December 2020, Panitch spoke to industry representatives about the future of Divi integration with the traditional economy and the importance of decentralized governance, among other opportunities.
Statistics Sweden 10X is also an investor in US cryptocurrency lender BlockFi and recently teamed up with Alpha Finance Lab, developer of the DeFi ecosystem.