Crypto News– Kasikornbank (KBank), a prominent bank in Southeast Asia with digital services spanning Thailand, China, and Vietnam, has embarked on a new venture with a $100 million fund, as announced on Thursday. The fund’s primary targets are artificial intelligence (AI), Web3 technologies, and fintech startups worldwide, with the approval of Thailand’s central Bank (Bank of Thailand), as detailed in an official document seen by CoinDesk.
KBank in Thailand Initiates a 100 Million Dollar Fund Focused on AI and Web3
The initiative, known as the KXVC (Kasikorn X Venture Capital) fund, aspires to serve as a regional gateway facilitating global founders in the space to pioneer financial innovations within the Asia-Pacific (APAC) region. Oversight of the KXVC fund falls under the purview of another KBank subsidiary, KX, which specializes in venture capital.
Jom Vimolnoht, Managing Director of KXVC, emphasized the relevance of AI, Web3, and Deep Tech in the context of previous tech-disruption waves, noting that they demand genuine market adoption, with the APAC region being well-positioned to offer substantial opportunities.
This fund, created from KBank’s investment budget, intends to cater to traditional financial stakeholders encompassing consumers, corporations, and small and medium-sized enterprises (SMEs). It places particular emphasis on consumer-oriented AI solutions, cybersecurity, node validators, Zero-Knowledge Proofs (ZKP), wallets, and the consumerization of Non-Fungible Tokens (NFTs). Moreover, the fund has set its sights on investments in over 30 startups and funds, with a focus spanning the United States, European Union, Israel, and the Asia-Pacific region.
The fund’s backers boast prior collaborations with notable AI and Web3 firms such as MagicLink, Transak, Hashkey Capital, and aifund.ai.
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