Kasikornbank Launches $100 Million Fund to Boost AI, Web3, and Fintech Startups

A $100 million fund aimed at international entrepreneurs in the fields of artificial intelligence (AI), Web3, and fintech has just been launched by Thailand’s most renowned bank, Kasikornbank (KBank). By making this change, KBank is demonstrating its dedication to innovation and its ambition to lead the way in cutting-edge technology.

KBank, a significant participant in Southeast Asia’s banking industry, has increased its reach by providing digital services in China, Vietnam, and Thailand in addition to other countries in the region. It is a big step towards supporting technical developments that the Bank of Thailand has given KBank permission to establish this fund.

The KXVC (Kasikorn X Venture Capital) fund aims to act as a regional gateway for international entrepreneurs in these industries to develop cutting-edge financial solutions in the Asia-Pacific (APAC) region. KXVC is governed by KX, a venture capital organization that is a subsidiary of KBank.

In today’s technologically disruptive society, Jom Vimolnoht, Managing Director of KXVC, emphasized the significance of AI, Web3, and Deep Tech. “Resonating with the previous Tech-Disruption waves, AI, Web3, and Deep Tech demand real market adoption, and APAC has much to offer,” Vimolnoht said.

The goal of this fund, which was founded using money from KBank’s sizable investment budget, is to serve a variety of financial sector stakeholders, including consumers, businesses, and small and medium-sized companies (SMEs). It places a special emphasis on the creation of AI products geared at consumers, cybersecurity precautions, node validators, Zero-Knowledge Proofs (ZKP), wallets, and the spread of Non-Fungible Tokens (NFTs).

Additionally, KXVC plans to invest in more than 30 businesses and funds mostly based in countries including the US, EU, Israel, and APAC. The ambition of KBank to play a significant role in the global innovation ecosystem is emphasized by this approach.

Supporters of the fund have previously worked with AI and Web3 firms including MagicLink, Transak, Hashkey Capital, and aifund.ai. Due to its experience, KXVC is positioned to provide the resources and network needed to support the development of entrepreneurs in these ground-breaking industries.

The focus of Kasikornbank to supporting AI, Web3, and fintech businesses exemplifies the bank’s forward-thinking philosophy and desire to continuing to be a leading force in the rapidly changing field of financial technology.