SCB, Thailand’s Oldest Bank Invests $110 Million in DeFi
The rapid growth of decentralized finances has made the Thailand-based bank invest capital to the tune of $110 million. Like solo investors, many businesses and companies now see the importance of investing in crypto and DeFi blockchains to boost their lives and businesses.
The Siam Commercial Bank (SCB), the oldest bank in Thailand, moved into this emerging digitized world by investing more than a hundred million as digital assets in the DeFi industry. Since the SCB has begun engaging with DeFi, the regulators and government are now creating laws and regulations to make this work and grow. As stated by the SCB, they are more focused on the development and growth side of DeFi for users.
The tech and innovation arm of the Siam Commercial Bank, SCB 10x, is one of the largest venture capital funds in Southeast Asia. It was launched in January 2020, with “the moonshot mission”, which is about achieving exponential growth through technology innovations and investments. The project was launched with starting capital of $50 million, which has now risen to $110M. They have invested in many projects that match their studies and objectives, ranging from infrastructures to DeFi projects, in the hopes of future integrations.
DeFi protocols will be a game-changer for all banks and financial institutions, including SCB. There will be no longer be a middleman in every transaction and supply chain. Other than merely the development, SCB is also looking forward to cross-chain interoperability for mass adoption.
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