Thailand-based Kasikornbank (KBank) has launched a THB1bn ($30m) venture capital fund to invest in local and foreign fintech startups that align with its strategic plans.
Dubbed Beacon Venture Capital, the fund will invest make direct investments and via leading VC funds. It will be led by Thanapong Na Ranong as managing director.
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The bank plans to invest directly in around 3-5 fintech startups and a few venture capital funds in 2017.
KBank president Kattiya Indaravijaya said: “Amid the constant rise in consumer demand for digital banking services and technological advancements that will lead to new pattern of banking services, KBank’s key strategy is to apply digital technology in business operations. In addition, cooperation has been forged with various partners to create long-term competitiveness toward sustainable business growth.
Ranong said: “The symbol of Beacon VC is a lighthouse that emits light directing our partner FinTech firms and startups – once they have utilized KBTG’s digital technologies and KBank’s database of more than 14.2 million customers under our digital partnership cooperation – to develop cutting-edge products and services that meet the needs of customers in a rapid speed.”
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