TL;DR
- The KXVC fund hopes to become a regional gateway to help global founders in the APAC region.
- The fund will possess a $100M investment budget with Krating Poonpol, a KBank Business Technology Group Chairman, in charge of the enterprise.
Second-Largest Thai Bank Creates $100M Web3 Fund
Kasikornbank, headquartered in Thailand, has initiated a $100 million fund to invest in global startups. As revealed on Thursday, the money will go to companies specializing in artificial intelligence, Web3, and fintech.
As a prominent bank in Southeast Asia, KBank also offers digital services and operates all over Thailand, China, and Vietnam. The Bank of Thailand, the nation’s central bank, has approved KBank’s move to establish the fund.
KXVC (Kasikorn X Venture Capital) aspires to be a regional platform supporting worldwide entrepreneurs in developing financial solutions within the APAC region. The KXVC fund will operate under the supervision of KBank’s subsidiary, KX, a venture capital entity.
“As we’ve seen with prior Tech-Disruption trends, the adoption of AI, Web3, and Deep Tech in real-world scenarios is crucial, and APAC presents numerous opportunities.”
Jom Vimolnoht, the Managing Director of KXVC.
The fund, derived from KBank’s investment reserves, seeks to assist traditional financial stakeholders, spanning consumers, corporates, and SMEs. It will particularly focus on consumer and specific challenges in AI, cybersecurity, node validators, ZKP, and digital wallets.
Furthermore, it aims for investment in over 30 startups and funds across regions, including the US, EU, Israel, and APAC.
KBank and Crypto: A Brief History
KBank has a history of diving into the digital economy. In 2021, they ventured into decentralized finance services, aligning with their broader business growth strategies.
Additionally, in 2018, KBank collaborated with Visa on their blockchain-driven B2B solution, enhancing cross-border payment processes.
Ranked as Thaildan’s second-largest bank in terms of asset valuation by 2023, KBank managed assets worth 3.6 trillion Thai Baht, approximately equivalent to $100 billion.
Thailand Is On the Track of Crypto Adoption
On August 22, the nation’s parliament chose Srettha Thavisin, a notable real estate magnate, as Thailand’s upcoming prime minister. Thavisin emerged as the sole nominee from the Pheu Thai Party, securing 482 votes from 747 available in the parliament.
Considering Sansiri’s active involvement in Thailand’s digital asset market, it’s likely that Thavisin’s election could significantly influence the nation’s cryptocurrency landscape.
Amidst rumors of his potential prime ministerial appointment, Thavision resigned from his CEO position at Sansiri in April 2023 and divested his 4.4% stake in the company.
In 2021, Sansiri contributed to a substantial $225 million funding round for the crypto-affiliated investment manager, XSpring Capital. Following this, in 2022, XSpring rolled out a comprehensive crypto trading platform.
So, can Thailand become the next Asian crypto hub? With such funding and political power, it can…
Suchet Salvesen
Suchet is a Norwegian economist, entrepreneur, and investor, serving as the CFO and COO of Brainfund. With over a decade of experience in global expansion, venture capital, and emerging technologies, he earned his MBA from the NMBU School of Business & Economics. He held dual bachelor's degrees from the University of South-Eastern Norway. His career spans roles at NextToMe, Get, and Conax before joining Everipedia, now Brainfund, in 2017.
