Kasikornbank launches $100m fund to boost AI, Web3 startups, eyeing Asia Pacific expansion
In a move to foster technological innovation, Kasikornbank, the second-largest commercial bank in Thailand, announced the launch of a $100 million fund named KXVC on Wednesday. The fund aims to invest in startups specializing in artificial intelligence (AI) and Web3 projects, with an objective to expand their operations into the Asia-Pacific region.
The bank plans to finance up to 30 startups from various regions including the European Union, the United States, Israel, and the Asia-Pacific. These investments will focus on AI and Web3 verticals that align with Kasikornbank's strategic objectives.
In terms of AI, KXVC is particularly interested in startups developing consumer-centric AI tools, cybersecurity solutions, and other specialized AI applications. As for Web3 investments, the fund will target projects involving node validators, middlewares, digital wallets, non-fungible tokens (NFTs), and privacy-centric initiatives. Layer-1 or Layer-2 blockchains, shared securities, and modularity technologies may also be considered for investment by KXVC.
Despite recent emphasis on AI, Kasikornbank continues to support Web3 technologies. The bank sees potential for novel consumer engagement methods through Web3 offerings like NFTs while simultaneously exploring new possibilities for digital ownership.
Kasikornbank executives believe Southeast Asia has the potential to become a leading hub for Web3 due to its comprehensive regulations. They suggest that regulatory uniformity between countries like Thailand and Indonesia could facilitate cross-border collaborations among Web3 service providers in the region. The bank also noted that foreign Web3 firms looking to establish themselves in the region would not face a talent shortage due to the depth of local expertise available.
This announcement comes as Thailand prepares for several government-led initiatives aimed at bolstering its Web3 industry. One such initiative includes a plan by newly appointed Prime Minister Srettha Thavisin to distribute THB 10,000 (approximately $300) to each Thai citizen aged 18 and above through digital wallets. Despite inflation concerns, the central bank predicts that the initiative could contribute up to 2.5% to Thailand's GDP.
In parallel, Thai regulators continue to combat cryptocurrency fraud. Actions have been taken against platforms like Facebook (NASDAQ:META) for failing to address deceptive advertisers. Cryptocurrency service providers operating in Thailand are now required to make regular disclosures and maintain a clear distinction of funds following a ban on lending and staking activities.
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