According to a recent announcement, Thailand-based Kasikornbank (KBank) has launched a $100 million fund that will target global entrepreneurs in artificial intelligence (AI), Web3, and fintech.
One of the largest banks in South East Asia, KBank also offers online services. The bank has operations in Vietnam, China, and Thailand. The Bank of Thailand, Thailand’s central bank, approved KBank’s establishment of the fund.
According to the organisation, the KXVC (Kasikorn X Venture Capital) fund is to serve as a regional hub for assisting international innovators in the sector to develop financial innovations in the APAC area.
The KXVC fund will be managed by KX, a VC that is a part of another KBank subsidiary.
According to Jom Vimolnoht, Managing Director, KXVC, “Resonating with the previous Tech-Disruption waves, AI, Web3, and Deep Tech, demand real market adoption, and APAC has much to offer.”
With a particular focus on consumer and problem-specific AI, cybersecurity, nodes validators, ZKP, wallets, and consumerization of NFTs, the fund that was established out of KBank’s investment budget will aim to serve traditional financial stakeholders in the consumer, corporate, and small and medium-sized enterprises (SMEs). Additionally, it is aiming to invest in over 30 businesses and funds with an emphasis on the US, EU, Israel, and APAC.
The fund’s backers have previously worked with companies that specialise in AI and Web3, including MagicLink, Transak, Hashkey Capital, and aifund.ai.