KBank Launches $100M Fund for AI, Web3, Fintech Ventures

Kasikornbank (KBank) of Thailand has launched a $100 million fund aimed at artificial intelligence (AI), Web3, and fintech ventures around the world, according to a statement released on Thursday.

KBank is one of the largest financial institutions in Southeast Asia and also offers digital services. The bank conducts business in Thailand, China, and Vietnam.

According to a document, Thailand’s central bank (Bank of Thailand) approved KBank’s fund establishment.

The KXVC (Kasikorn X Venture Capital Company Limited) fund intends to become a regional gateway to assist global founders in developing financial innovations in the APAC region, according to the entity.

The KXVC Fund will be managed by another KBank subsidiary, KX, which is also a VC.

“Resonating with previous Tech-Disruption surges, AI, Web3, and Deep Tech require actual market adoption, and APAC has much to offer,” said Jom Vimolnoht, Managing Director of KXVC.

The fund created from KBank’s investment budget will seek to serve traditional financial stakeholders in the consumer, corporate, and small and medium-sized enterprises (SMEs), with a particular emphasis on consumer and problem-specific AI, cybersecurity, nodes validators, ZKP, wallets, and the consumerization of NFTs.

It also targets investments in over 30 businesses and funds focusing on the U.S., EU, Israel, and APAC.

The fund’s sponsors have worked with AI and Web3 companies such as MagicLink, Transak, Hashkey Capital, and aifund.ai in the past.