Thailand-based financial services group Kasikorn Bank has launched a ฿1bn ($29.3m) strategic investment fund on Wednesday that will target financial technology developers.
The unit, dubbed Beacon Venture Capital, will be run by Thanapong Na Ranong, who founded and headed telecommunications firm Intouch Group’s corporate venturing unit, InVent. Kasikorn is providing 100% of its capital.
Beacon will target between three and five deals each year, investing from seed-plus to series A stage. It will lead or co-lead investments between $500,000 and $3m.
The bank will make direct investments in startups and plans to also participate in two or three external venture capital funds as a limited partner. Beacon’s initial funding is expected to last between four and six years.
Kaiskorn also runs a technology division known as Kasikorn Bank Technology Group (KBGT), which it believes could provide additional support to portfolio companies. KBGT has already been responsible for the formation of Beacon Interface, a mobile banking application for visually impaired customers.