Thailand-based financial services firm Krungsri has established a $30m corporate venturing subsidiary dubbed Krungsri Finnovate, DealStreetAsia has reported.
The fund will focus on financial technology startups, with the capital expected to last until 2019. In addition to providing funding, Krungsri Finnovate will collaborate with accelerators and academic institutions, and will also offer startup project management.
Krungsri is particularly interested in identifying products and services that could eventually be integrated with its own offering. It has appointed Sam Tamskul as managing director of Krungsri Finnovate.
The firm’s decision to launch a strategic investment division follows that of its peer Siam Commercial Bank, which formed a $50m venture capital arm called Digital Ventures in July 2016.
Thakorn Piyapan, head of Krungsri Consumer Group and of the firm’s Digital Banking and Innovation Division, said: “In 2017, we expect that Krungsri Finnovate will reach collaboration agreements with startups to develop more than 20 financial solutions, which match Krungsri’s requirements.”