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Thailand’s Oldest Bank Is Investing Over $100 Million Into Decentralized Finance

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“We hope that we can create awareness and help educate on DeFi because we don’t want people to invest in DeFi without really understanding. They should understand the fundamentals and the outlook and the products that they use.”

– Mukaya “Tai” Panich, chief venture and investment officer at SCB 10X.

Whatever traditional finance has to offer, there is always a better parallel available in the world of decentralized finance (DeFi). DeFi projects have enjoyed massive growth over the past year – and some institutions do not want to be left behind.

Even banks are getting in on the action – the venture arm of the oldest bank in Thailand, Siam Commercial Bank, has been on a mission to prepare the country economically for disruptive innovation in the financial industry.

Products targeting institutional investors provide companies with access to DeFi applications, and as a result, harvesting yields much higher than the interest rates offered by traditional banks. Forward-thinking banks and institutions have decided to see this as an opportunity rather than a threat, choosing to embrace the technology wholeheartedly – with Thailand as the latest country taking the lead in mainstream crypto adoption.

Introducing SCB 10X

“SCB 10X recognizes the importance and the promise of Decentralized Finance (DeFi), and we hope the Summit will help stimulate awareness and growth of DeFi in Asia.”.

– Mukaya “Tai” Panich, chief venture and investment officer at SCB 10X

The Siam Commercial Bank Investment Arm, known as SCB 10X, was launched in 2020 and is already one of the most lucrative venture capital funds in Southeast Asia.

Starting with a $50 million blockchain, DeFi, and digital assets fund for investing in early growth stage start-ups, the war chest has since grown to top $110 million, with investments in four different DeFi projects to date with a fifth project TBA.

An engineer by background, SCB 10X chief venture investment officer Mukaya Panich graduated from the Massachusetts Institute of Technology and Harvard Business School and has over 20 years of experience with tech sectors in Silicon Valley, New York, and Singapore.

Panich managed a pan-Asia fund for Pictet Asset Management in Singapore, where she specialized in investing in publicly-listed technology companies globally before joining SCB 10X.

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