Thailand-based financial services firm Siam Commercial Bank (SCB) doubled the size of its strategic investment fund, SCB Digital Ventures, to $100m yesterday.
The move made SCB Digital Ventures the largest venture capital vehicle in Thailand, according to the bank, and was made as part of a wider strategy away from contributions to VC funds toward more direct investments in startups.
Founded in 2016, SCB Digital Ventures targets subsectors such as data analytics, artificial intelligence, cybersecurity and blockchain technology with the a view to improving SCB services such as insurance, loans and risk management.
The unit has provided capital to financial technology developers including blockchain Ripple, Pulse ID and PayKey as well as venture funds such as Golden Gate Ventures, Nyca Partners and Dymon Asia Ventures.
Polapat Arkkrapridi, managing director of corporate venture capital for SCB Digital Ventures, said: “The increased capital base will allow us to continue sourcing and investing in technologies vital to SCB’s transformation strategy and innovation initiatives.
“Such innovations will address new business challenges and open up new opportunities for us to introduce groundbreaking products and services to the bank’s retail and corporate customers.”