H2: Kasikornbank Launches $100 Million Fund to Invest in AI and Web3 Startups in Asia-Pacific Region
Kasikornbank, one of Thailand’s biggest private banks, is making big moves in the world of artificial intelligence (AI) and Web3. The bank has launched a flagship fund called KXVC, with a whopping $100 million investment budget. This fund will target AI, Web3, and deep tech startups, specifically focusing on the Asia-Pacific (APAC) region.
The man in charge of this ambitious endeavor is Krating Poonpol, chairman of KBank Business Technology Group. According to Poonpol, KXVC will be a “stepping stone” for global founders looking to expand their businesses in APAC. The aim is to create strong synergy between KBank and its partners to drive growth and innovation.
So, what exactly will KXVC invest in? Well, the fund will be looking at consumer-focused AI, cybersecurity, AI and machine learning tools, and problem-specific AI startups. When it comes to Web3, the focus will be on Web3 infrastructures, node validators, remote procedure call providers, modularity technologies, privacy, zero-knowledge proofs, and more. The goal is to invest in startups that offer tangible benefits to regular users, even if they don’t fully understand the underlying technology.
KXVC plans to invest in over 30 startups and funds globally, with a particular focus on the United States, the European Union, Israel, and of course, the APAC region. This move is not surprising considering that KBank has been exploring the digital economy for some time now. In fact, earlier this year, the bank started experimenting with decentralized finance (DeFi) services as part of its expansion plan.
KBank is the second-largest bank in Thailand in terms of assets, holding a whopping 3.6 trillion Thai baht (approximately $100 billion) in 2023. With its new fund, the bank is positioned to play a significant role in advancing AI and Web3 technologies in the APAC region and beyond.
So, what do you think of KBank’s ambitions in AI and Web3? Will this fund help propel these technologies to new heights? Share your thoughts and join the conversation below!
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