Siam Commercial Bank (SCB), Thailand’s second largest bank, is creating a $600-800m fund, the Global Disruptive Technology Venture Capital Fund. It’s a joint venture with major Thai conglomerate Charoen Pokphand Group (CP Group), and its focus is blockchain, digital assets, FinTech, and “other emerging technology innovations”.
The joint venture has a 50:50 ownership structure and will be co-managed by CP Group and SCB 10X, the division set up in early 2020, which announced a $50 million blockchain, digital asset and DeFi fund in February.
In even bigger news, the entire bank is restructuring with a new holding company SCBX, transforming into a technology group. The move is in response to the changing role of banks in the face of decentralized finance, global platforms, post-Covid changes and new regulations.
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