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SCB 10X, a subsidiary of Thailand’s
Siam Commercial Bank or SCB (BKK: SCB), has launched a $50 million VC fund that will make strategic investments in early and growth stage startups globally. SCB is looking for initiatives that are focused on blockchain, decentralized finance (DeFi), and digital assets.
This recent announcement from SCB 10X is meant to support its Moonshot Mission, which aims to push forward a new growth engine for the development of digital technologies.
SCB 10X stated that it will be closely watching the high-potential tech firms and other startups worldwide in order to develop new capabilities. These initiatives and investments are mainly focused on integrating emerging technologies (Emtech) in order to support SCB’s growth and expansion efforts.
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Siam Commercial Bank launches $50m blockchain, DeFi and digital assets VC fund 09 February 2021
1 SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, has launched a new US$50m VC fund dedicated to investing in global early and growth stage blockchain, decentralized finance (DeFi), and digital asset startups. The venture arm of Thailand’s oldest bank investing such a large sum in digital assets shows the growing institutional interest in DeFi and emerging financial technologies.