One of Korea’s top Web3 investors and one of Thailand’s biggest financial institutions have joined forces.
In a statement released on Wednesday, SCBX and Hashed said they had reached an agreement to collaborate on regional and international R&D projects and events to further the adoption of decentralised technology.
According to a press release, Simon Seojoon Kim, CEO & Managing Partner, Hashed, “This relationship amalgamates the experience of a respectable institution with the technological and philosophical basis of Web3.’ “This partnership will significantly foster the growth of the Web3 ecosystem, extending its influence not only across Southeast Asia but also on a global scale,” the author asserts.
Despite a warmer regulatory environment in the region, many of Asia’s biggest financial institutions are still wary about cryptocurrencies, although SCB has made significant investments in the field. The venture arm of SCB, SCB10X, stated in 2021 that it would launch a $50 million blockchain fund. Recently, Kasikornbank (KBank), SCB’s cross-town rival, created a $100 million web3 and AI fund.
Through its research hub, ShardLab, Hashed will lead experiments on Web3 technologies as part of this cooperation.
Hojin Kim, the Chief Strategy Officer of Hashed’s startup studio UNOPND, who will be in charge of managing this initiative, stated in an interview that the combined effort will test Web3 technologies that are specifically designed to help address pain points in the business environment of South East Asia.
“The present customers in Southeast Asia still experience certain difficulties in their day-to-day lives; their banks are still not as sophisticated, and e-commerce platforms are still developing. Therefore, retail customers in Southeast Asia have more opportunity for improvement when it comes to digital transformation than in industrialised nations, according to him.
The two companies have not yet disclosed any details about the specific projects they are engaged in, but that is anticipated to happen soon.