Thailand's Kasikorn Bank announced its inaugural tech fund which is 1 billion Thai Baht, in size.
Kasikorn, is calling the new fund «Beacon Venture Capital» (BVC), it is aimed at giving the firm first-mover advantage on global tech through startups based in Thailand and overseas.
Thanapong Na Ranong, formerly with InVent, a Venture Capital firm affiliated with mobile operator AIS, will lead BVC.
The capital, which is 100 percent from the bank, will go towards direct investments in startups and also contributions into regional fintech funds.
Swiss Connection
Going forward, it is targeting three to five deals per year ranging from seed to Series A stage with a target across all aspects of fintech. The firm aims to lead or co-lead investments with a typical size of $500,000 to $3 million.
Kasikorn established a strategic agreement Swiss private bank Lombard Odier in 2014, offering the Thai bank’s private clients access to top-tier global investment solutions and wealth management expertise.
Wealth And Technology
Thailand is steadily attracting financial technology entrepreneurs and innovators, becoming an important Southeast Asian financial technology hub.
Bangkok Bank partnered with Hong Kong-based Nest to offer an accelerator program, while Siam Commercial Bank (SCB) launched its Digital Ventures startup und investments and an accelerator program.
SCB also appointed the former Chief Executive of Microsoft Thailand, Orapong Thien-Ngerninto the role of Digital Ventures Head.
The country has also seen an increase in attention from global wealth managers such as Credit Suisse who opened a dedicated wealth unit in Bangkok last year.
