In an impressive leap of faith, Thailand’s Kasikornbank (KBank) has launched a whopping $100 million fund. The fund’s main focus? Artificial Intelligence (AI), Web3, and global fintech startups, according to a recent announcement. KBank is a considerable tech powerhouse in the South East Asia region, and has a firm foothold not just in Thailand, but also in China and Vietnam.
The bank has received a green light from Thailand’s central bank, the Bank of Thailand, to set up this mammoth fund. Not your average investment platform, the KXVC (Kasikorn X Venture Capital Company Limited) fund aims to be a regional springboard, driving global innovators to create financial advancements in the APAC part of the world.
The idea is as grand as its potential implications – AI, Web3, and Deep Tech are not merely futuristic buzzwords. They are part of an ongoing wave of technological disruption ripe for adoption in the APAC market. This sentiment reflects the perspective of Jom Vimolnoht, the Managing Director at KXVC.
The fund, carved out of KBank’s own investment budget, is targeting titans in the traditional financial domain. The potential beneficiaries are corporates, consumers, and most interestingly, small-to-medium-sized enterprises (SMEs). There’s a distinctive emphasis on AI catered to consumers and problem-specific issues, cybersecurity, node validators, Zero-knowledge Proof (ZKP), wallets, and the popularization of Non-Fungible Tokens (NFTs).
Forays into over 30 startups and funds dotted across the U.S., EU, Israel, and APAC are on the bank’s agenda. Previously, KBank has had successful partnerships with AI and Web3 enterprises like MagicLink, Transak, Hashkey Capital, and aifund.ai.
But where there are rewards, there are risks. Can such a fund really infuse a breath of fresh life into these technology sectors in APAC or is it a high-stake gamble? While AI and Web3 hold immense potential, their wide adoption is not guaranteed. As for the consumerization of NFTs, well, the regulations around digital assets are far from being concrete, and hurdles may very well appear on the road ahead. On the flip side, the quantum of funding and collaboration with global startups can help push the APAC region towards becoming a solid tech hub, positioning them strongly on the technology-centric global stage.
So, is this a momentous stride into the future or a precarious leap into the unknown? Only time will reveal what’s in store for KBank’s ambitious endeavour.
Source: Coindesk
