Siam Commercial Bank’s Venture Arm Launches $50 Million Fund for Blockchain Startupsby Fintech News Singapore February 10, 2021
SCB 10X, a subsidiary of Siam Commercial Bank, has set up a new $50 million venture capital fund will invest in both early and growth stage startups globally that are dedicated to blockchain, decentralised finance (DeFi), and digital assets.
This latest move by SCB 10X is to spur its Moonshot Mission even further, which seeks to push forward a new growth engine for the development of digital technology capabilities.
SCB 10X said that it has its eyes set upon strong potential tech companies and startups worldwide to create new capabilities embracing novel technology through investment to generate exponential growth.
Speaking about the new investment project, Mukaya (Tai) Panich, Chief Venture and Investment Officer of SCB 10X said that,
“Blockchain technology can reduce transaction costs, facilitate distributed trust, enhance security, and potentially become the new foundation for centralised and decentralised business models and platforms. In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation.
We see strong parallels between traditional finance and blockchain-enabled financial services businesses. Blockchain technology can make financial services more innovative, interoperable, traceable, borderless, and transparent.”
Featured image credit: Edited from Unsplash