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Thailand’s SCBX Joins Forces with Korean Web3 Firm Hashed for Research and Development

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Sep 28, 2023 at 02:28 pm

A major financial institution in Thailand has joined forces with a prominent Web3 investor based in Korea. SCBX and Hashed have announced a collaborative venture focused on joint research and development efforts, as well as organizing events aimed at driving the adoption of decentralized technology both regionally and globally.

Simon Seojoon Kim, the CEO & Managing Partner at Hashed, expressed strong confidence in the partnership's potential to foster the growth of the Web3 ecosystem. He emphasized its impact, not only in Southeast Asia but also on a global scale.

While some of Asia's significant financial players remain cautious about cryptocurrencies, SCB has shown a noteworthy commitment to the market. In 2021, SCB10X, the institution's venture arm, introduced a $50 million blockchain fund. Meanwhile, its competitor, Kasikornbank (KBank), recently launched a substantial $100 million fund dedicated to web3 and artificial intelligence.

As part of this collaboration, Hashed will take the lead in conducting trials involving Web3 technologies through its research center, ShardLab. Hojin Kim, the Chief Strategy Officer at UNOPND, Hashed's startup studio overseeing the effort, emphasized that the joint initiative will concentrate on testing Web3 technologies customized to address specific challenges prevalent in Southeast Asia's business landscape.

He noted that in Southeast Asia, customers still face certain inconveniences in their daily lives. The banking sector is not as technologically advanced, and e-commerce platforms are still evolving. This underscores the significant potential for digital transformation, especially for retail customers in Southeast Asia when compared to more developed regions.

While specific projects resulting from this partnership have not been disclosed as of yet, announcements in this regard are eagerly awaited in the near future.

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