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KBank's $100 Million Initiative for Advancing AI and Web3 Technologies in Thailand

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Sep 14, 2023 at 03:19 pm

Kasikornbank (KBank), a prominent bank in Southeast Asia with a strong digital presence, has initiated a $100 million fund dedicated to supporting startups in artificial intelligence (AI), Web3, and fintech on a global scale. The Bank of Thailand granted approval for KBank to establish this fund, according to disclosed documents.

Operational in Thailand, China, and Vietnam, KBank aims to leverage the KXVC (Kasikorn X Venture Capital) fund to serve as a regional hub for entrepreneurs worldwide, facilitating the development of financial innovations within the APAC region. Oversight of the KXVC fund will fall under KBank's subsidiary, KX, which specializes in venture capital.

Managing Director of KXVC, Jom Vimolnoht, noted, "AI, Web3, and Deep Tech are in resonance with prior waves of technological disruption, demanding tangible market adoption, and APAC is well-positioned to meet this demand."

Established from KBank's investment allocation, the fund intends to cater to conventional financial stakeholders, including consumers, corporations, and small and medium-sized enterprises (SMEs). It will particularly focus on consumer-oriented AI, cybersecurity, nodes validators, ZKP, wallets, and the mainstreaming of NFTs. The fund is also eyeing investments in more than 30 startups and funds with emphasis on the U.S., EU, Israel, and APAC regions.

This initiative has garnered support from backers with prior collaborations with AI and Web3 enterprises like MagicLink, Transak, Hashkey Capital, and aifund.ai.

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