Kasikornbank Launches $100m Fund Focused on AI and Web3 Ventures

NNicholas September 14, 2023 10:12 AM

Thailand's Kasikornbank (KBank) is launching a $100 million fund aimed at AI, Web3, and fintech startups across the globe. The fund, approved by the Bank of Thailand, is set to fuel financial innovations in the Asia-Pacific region.

KBank's $100m fund for AI, Web3, fintech

KBank, one of the key financial institutions in South East Asia, has launched a $100 million fund. This fund is looking to invest in startups that are making strides in the fields of artificial intelligence (AI), Web3, and fintech. The move is part of the bank's strategy to support innovative companies that are shaping the future of the tech and finance industries.

Bank of Thailand approves KBank's fund

The Bank of Thailand has provided its approval for the establishment of this substantial fund by KBank, as per a document obtained by CoinDesk. This signifies the bank's commitment to bolster the innovative tech and finance sectors, and it also underscores the increasing support of the Thai government for such initiatives.

Fund to boost financial innovation in APAC

The ambition of the fund extends beyond simply providing financial support - it aims to become a regional gateway for international founders. With its help, these founders can generate financial innovations in the Asia-Pacific (APAC) region. This initiative thereby promotes the APAC region as a hub for technological and financial advancements.

The fund is not just for startups - it will also cater to traditional financial stakeholders in the consumer, corporate, and SME sectors. Its focus areas include consumer and problem-specific AI, cybersecurity, nodes validators, ZKP, wallets, and the consumerization of NFTs. Thus, the fund serves as a bridge between traditional financial systems and the nascent world of AI and Web3.

Investments planned across multiple regions

The fund has set its sights high, planning to invest in over 30 startups and funds. These potential investments span a range of regions, including the US, EU, Israel, and the APAC. This global focus aims to cultivate a diverse portfolio of investments that can drive growth and innovation in the AI, Web3, and fintech sectors.

The fund's backers are no strangers to the AI and Web3 landscape. They have previously joined hands with firms like MagicLink, Transak, Hashkey Capital, and aifund.ai. These past collaborations demonstrate a deep understanding of the industry and highlight the backers' commitment to supporting technological innovation.

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