Thailand-based financial services firm Kasikorn Bank will establish a strategic investment fund during the fourth quarter of 2016 to invest in fintech services and products, DealStreetAsia reported on Monday.
The bank is currently seeking approval from its board of directors and the country’s central bank, Bank of Thailand. Kasikorn has not yet revealed the size of the fund, which will make direct investments and back funds-of-funds.
Kasikorn previously established the K-SME Venture Capital Fund in 2006 with $5.7m in capital to co-invest in local small and medium-sized enterprises. The vehicle predated the rise of fintech startups, which Kasikorn is also targeting through its Kasikorn Business Technology Group (KBTG).
KBTG was launched in April 2016 and will work with fintech companies and technology startups to foster innovation in the financial sector. The division has an annual budget of $143m.