Artificial Intelligence (AI)
2nd Biggest Bank in Thailand Develops an AI Fund of $100M
The KXVC fund will aim at Web3, AI, and tech ventures while focusing on the Asia-Pacific jurisdiction, letting worldwide founders expand their business.
One of the biggest banks in Thailand, Kasikornbank, has released a flagship fund for investment in artificial intelligence (AI). The KXVC fund will aim at Web3, AI, and tech ventures while focusing on the Asia-Pacific jurisdiction, letting worldwide founders expand their business. A press release that emerged on 13 September disclosed that the fund will own an investment budget of nearly $100M.
Kbank Establishes a Fund for Investment in Tech, AI, and Web3-Related Ventures
The enterprises will witness Krating Poonpol (a KBank Business Technology Group Chairman) as its in-charge. Poonpol commented on this development and said that the global founders will get the opportunity to broaden their business. Poonpol added that they will have the ability to do so through a resilient collaboration with Kbank.
Particularly, KXVC has a strategy for investment in client-focused AI/ML, cybersecurity, and AI tools. They take into account startups dealing with deployment platforms, model optimization, data annotation, and problem-centred artificial intelligence. Within the Web3 sector, its investments’ target will concern Web3 infrastructures, RPC providers, node validators, and middleware.
The Fund Targets APAC, Israel, the European Union, and the United States
The other things will include modularity technologies, NFT consumerization, LsdFi, shared securities, alternative L1/L2s, wallets, ZKP, and privacy. The fund pays considerable attention to investment in more than thirty ventures and funds around the world. The geographically focused areas of the fund include APAC, Israel, the European Union, and the United States. Kbank is not a novice in the case of the digital economy.
Also Read: Thailand’s New Govt. To Use Crypto Wallets and Blockchain for Cash Handouts to Citizens
Back in the year 2021, the bank started experimentation with services related to decentralized finance, as included in its strategy of business expansion. Before that, in 2018, it joined the blockchain-related B2B solution of Visa for payment transfers across borders. In the case of asset evaluation, Kbank has secured the 2nd-biggest spot in Thailand. By the year 2023, the bank was holding almost 3.6T Thai Bhat (approximately $100B).
