SCB 10X, the corporate venturing unit of Thailand-based Siam Commercial Bank (SCB), has set up a $50m fund for early and growth-stage startups targeting blockchain, decentralised finance (DeFi) and digital assets.
SCB 10X’s recent deals include MyCloudFulfilment, insurance startup Sunday and Digital Asset. The CVC unit has also invested in international payments group Ripple and cryptocurrency lending platforms BlockFi and Alpha Finance.
Mukaya (Tai) Panich, pictured, chief venture and investment officer at SCB 10X, formerly known as Digital Ventures, said: “In the financial industry, blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. With our new $50m VC fund, we will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralised finance globally, to better prepare the bank for future disruption.”
