Thailand's Kbank plans to venture into Web3 & AI Startups
Kasikornbank (KBank), headquartered in Thailand, has embarked on a substantial venture by initiating a $100 million fund aimed squarely at global startups in the fields of artificial intelligence (AI), Web3, and fintech. This significant announcement was made recently.
KBank is a notable financial institution in South East Asia, with a notable presence in Thailand, China, and Vietnam. In a notable development, the Bank of Thailand, the country's central bank, has granted its approval to KBank for the establishment of this sizable fund, as substantiated by a document disclosed by CoinDesk.
This initiative, known as the KXVC (Kasikorn X Venture Capital) fund, harbors ambitions of serving as a regional conduit to empower visionary entrepreneurs worldwide who are shaping the landscape of financial innovation in the Asia-Pacific (APAC) region. The KXVC fund is positioned under the guidance and stewardship of another KBank subsidiary, KX, an established venture capital entity.
Jom Vimolnoht, the esteemed Managing Director of KXVC, underscored the surge in demand for real-world adoption of transformative technologies such as AI, Web3, and Deep Tech. This demand is especially pronounced in the APAC region.
Derived from KBank's substantial investment budget, this fund has a clear mandate to cater to the diverse needs of traditional financial stakeholders, including consumers, corporate entities, and small and medium-sized enterprises (SMEs). Of particular focus are areas such as consumer-oriented AI, cybersecurity, nodes validators, Zero-Knowledge Proofs (ZKP), wallets, and the popularization of Non-Fungible Tokens (NFTs). Furthermore, the fund is actively seeking opportunities for investment in more than 30 startups and funds, with a specific emphasis on regions encompassing the United States, the European Union, Israel, and the broader APAC landscape.
Notably, the fund's proponents and supporters have a history of fruitful collaborations with AI and Web3 enterprises such as MagicLink, Transak, Hashkey Capital, and aifund.ai, signifying a strategic alignment with these transformative technologies.
Reference:
Singh, A. (2023) Thailand’s KBank Starts $100M Fund Targeting AI and Web3, www.coindesk.com. Available at: https://www.coindesk.com/business/2023/09/14/thailands-kbank-starts-100m-fund-targeting-ai-and-web3(KBank),(Accessed: 14 September 2023).