According to a news statement issued on September 13, Krating Poonpol, the Chairman of KBank Business Technology Group, would be in control of the fund, which will have a $100 million investment budget.
One of Thailand’s biggest private banks, Kasikornbank, or KBank, has introduced a flagship AI investment fund. With an emphasis on the Asia-Pacific (APAC) region, the KXVC fund will target entrepreneurs in the fields of AI, Web3, and deep technology.
“KXVC will be a stepping stone for global founders to drive their business expansion in APAC with strong synergy with KBank and our partners.”
Krating Poonpol, the Chairman of KBank Business Technology Group
More specifically, KXVC will finance firms that focus on consumer-oriented AI, cybersecurity, and AI/ML tools, including deployment platforms, data annotation, and model optimization. Web3 infrastructures, node validators, RPC providers, middlewares, modularity technologies, privacy, ZKP, wallets, alternative L1/L2s, shared securities, LsdFi, and consumerization of NFTs are all targets for investment by the company.
The fund intends to invest in more than 30 businesses and funds worldwide, with geographic concentrations in the US, EU, Israel, and APAC.
When referring to the electronic economy, Kbank is hardly a new player. As part of its strategy for company growth, it started experimenting with decentralized finance (DeFi) services in 2021. And in 2018, the bank signed up for Visa’s blockchain-based B2B solution for international payments.
In terms of assets, Kbank is the second-biggest bank in Thailand. It had 3.6 trillion Thai baht, or nearly $100 billion, by 2023.
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