Thailand-based financial services group Siam Commercial Bank (SCB) and conglomerate Charoen Pokphand Group (CP Group) launched a venture capital fund on Wednesday with an $800m target for its close.
The vehicle, dubbed Global Disruptive Technology Venture Capital Fund, is targeting between $600m and $800m in commitments and will focus on investments in emerging technology areas such as digital assets, the blockchain and general fintech.
CP Group and SCB will own the fund on a 50-50 basis and will each contribute $100m of initial capital. It could make investments in over 16 companies related to areas like food delivery, artificial intelligence-based lending, credit cards or auto loans.
SCB will co-manage the fund through its digital technology investment arm, SCB 10X, which was set up in 2020 to invest in disruptive technologies and which is active in blockchain and digital asset investments across Asia.
Arthid Nanthawithaya, CEO of Siam Commercial Bank, said “Financial services in the future will be very different from today. Blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access and encourage innovation.
“CP Group and SCB Group bring together unique value-add propositions to both startups and investors. This is great opportunity to expand SCB Group’s core business through financial-related innovation.”
