Siam Commercial Bank — Thailand'southward oldest bank, established by regal lease dorsum in 1907 — is cementing its reputation equally a potent backer of innovative fiscal technologies. The establishment's venture arm, SCB 10X, has today announced a new $50 million fund that will be dedicated to investments in global blockchain, decentralized finance and digital asset startups in their early and growth stages.

The fund is merely the latest of Siam Commercial Bank'south forays into the blockchain and fintech infinite. The establishment has previously partnered with Ripple on a blockchain-powered mobile app and worked with Azimo to use RippleNet for cross-border payments. Given that Thailand is a major remittances destination, the SCB appears to be well enlightened of the potential benefits blockchain and other fintech developments stand to offering the country.

Mukaya Panich, master venture and investment officer at SCB 10X, has hinted at these benefits in his official statement for the launch of the new fund:

"In the fiscal industry, blockchain-enabled financial services have the potential to broaden fiscal inclusion, facilitate open access, and encourage innovation. With our new $50m VC fund, we will invest beyond the upper-case letter stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralized finance globally."

In a recent give-and-take at REDeFiNE TOMORROW, a global DeFi and Blockchain Virtual Summit held in Bangkok in Dec. 2020, Panich engaged with manufacture members well-nigh the future of DeFi's integration with traditional finance and the importance of decentralized governance, amidst other opportunities.

SCB 10X is also an investor in American cryptocurrency lender BlockFi and recently joined forces with with DeFi ecosystem programmer Blastoff Finance Lab.