Siam Commercial Bank Public: Venture Capital Fund

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CP Group and SCB Group jointly created a $ 600-800 million venture capital fund to invest in disruptive technologies globally

Charoen Pokphand Group (CP Group) and Siam Commercial Bank Group (SCB Group) Jointly Create $ 600-800 Million Global Disruptive Tech Venture Fund, Focusing on Blockchain Areas Investments , digital assets, FinTech and other emerging technological innovations. The CP Group and the SCB Group each bring a unique value proposition and together can create an unprecedented partnership. CP Group is Thailand’s largest conglomerate with global business operations and networks, with vast ecosystems in key verticals such as food, retail, telecommunications, healthcare and agriculture, providing opportunities unique market opportunities for target companies. SCB is Thailand’s oldest and largest financial institution. In 2020, SCB established SCB 10X, the digital technology investment arm that invests in disruptive technologies with global network access and VC transactions. SCB 10X has established a very solid investment history and is emerging as a leader in the blockchain and digital asset technology space in Asia. With this, SCB 10X will manage and operate this venture capital fund, together with the CP group.

For the $ 600 million to $ 800 million fund, CP Group and SCB Group will work together to set up this venture capital fund with a 50/50 stake, and each will bring $ 100 million of capital to the fund. The rest of the capital will be contributed by external Limited Partners (LPs). CP Group and SCB 10X are co-managing the fund, which will target early stage and growing startups globally.

Soopakij Chearavanont, The Chairman of the CP Group said, “Blockchain technology will change the face of several industries including financial services, agriculture, public sector, healthcare and manufacturing by bringing traceability, transparency, reliability and authenticity to business. ‘a reliable way. days of promising technology and its impact on various industries. ”

Arthid Nanthawithaya, CEO of Siam Commercial Bank, said: “The financial services of the future will be very different from today. Blockchain-enabled financial services have the potential to expand financial inclusion, facilitate open access, and encourage innovation. CP Group and SCB Group bring together unique value-added propositions for both startups and investors. This is an excellent opportunity to extend the core business of the SCB Group through financial innovation. ”

(This fund is in the process of seeking regulatory approval.)


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