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Thailand's KBank Starts $100M Fund Targeting AI and Web3
The KXVC fund hopes to become a regional gateway to help global founders in the APAC region.
Updated Sep 14, 2023, 8:37 a.m. Published Sep 14, 2023, 6:56 a.m.
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Thailand-based Kasikornbank (KBank) has started a $100 million fund which will target artificial intelligence (AI), Web3, and fintech startups globally, an announcement said on Thursday.
KBank is one of the major banks in South East Asia and also provides digital services. The bank operates in Thailand, China and Vietnam.
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Thailand's central Bank (Bank of Thailand) gave the approval to KBank for setting up the fund, according to a document seen by CoinDesk.
The KXVC (Kasikorn X Venture Capital) fund hopes to become a regional gateway to help global founders in the space to create financial innovations in the APAC region, the entity said. The KXVC fund will fall under the guidance of another KBank subsidiary KX, a VC.
"Resonating with the previous Tech-Disruption waves, AI, Web3, and Deep Tech, demand real market adoption, and APAC has much to offer," said Jom Vimolnoht, Managing Director, KXVC.
The fund that was created out of KBank's investment budget will aim to serve traditional financial stakeholders in the consumer, corporate and small and medium-sized enterprises (SMEs), with a special focus on consumer and problem-specific AI, cybersecurity, nodes validators, ZKP, wallets and consumerization of NFTs. It is also targeting investments in over 30 startups and funds focusing on the U.S., EU, Israel and APAC.
The backers of the fund have previously collaborated with AI and Web3 firms such as MagicLink, Transak, Hashkey Capital and aifund.ai.
Read More: Thailand’s New Pro-Crypto Prime Minister Was an Active Crypto Investor
CORRECTION (Sept. 14, 8:35 UTC): Removes "company limited" from second paragraph.
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