Thailand’s Kasikorn Bank launches $30M ‘Beacon’ account for fintech

Roll up, hurl up, there’s a new fintech VC account in Southeast Asia town. Today, Thailand-based Kasikorn Bank announced a initial tech account that is 1 billion THB, only bashful of $30 million, in size.

Kasikorn, that was founded in 1945 and is one of Thailand’s vital banks, is job a account Beacon — consider lights on tip of lighthouses — and it is directed during giving a organisation first-mover advantage on tellurian tech by startups formed in Thailand and overseas. Thanapong Na Ranong, before with InVent, a VC dependent with mobile user AIS, will lead Beacon VC.

The investment topic is “to learn from startups and urge a go-to marketplace strategy,” Na Ranong pronounced in an interview, adding that a bank would not put shackles on a portfolio companies.

The capital, that is 100 percent from a bank, will go towards approach investments in startups and also contributions into VC supports as an LP. Kasikorn pronounced currently that it has already corroborated Dymon Asia, a fintech account headquartered in Singapore that is targeting a $50 million final close, and put income into Bangkok-based FlowAccount, a initial approach investment in a startup.

Going forward, it is targeting 3 to 5 deals per year trimming from seed to Series A theatre with a aim opposite all aspects of fintech. The organisation aims to lead or co-lead investments with a standard check distance of $500,000 to $3 million. It did not divulge what apportionment of a account is indifferent for follow-on deals, though a collateral itself is expected to final between 4 and 6 years.

“The primary markets for a concentration are in Southeast Asia, though we are also opportunistic in Europe and China,” comparison investment manager Photchara Sripincha told TechCrunch. The U.S. market, he added, is not a primary aim during this point.

Beacon skeleton to deposit in dual some-more supports over Dymon, and they are expected to be a car for entering and bargain new regions.

“First we need to enhance a setting and learn about new ecosystems” before creation approach investments outward of Southeast Asia, Sripincha added.

Beyond charity capital, Kasikorn aims to woo startups and supports with a record play. The bank operates a tech arm — Kasikorn Bank Technology Group, or KBTG — that offers a opposite partnership angle over operative with a bank directly for entrance to a patron base, including over 5 million mobile banking customers.

“A lot of partnership comes from a tech company, it is flexible and doesn’t work like a bank. We have that patron bottom — including 35 percent SME marketshare, 40 percent mobile marketshare — and a clever tech group that can yield some-more of those services. If a tech association wanted to come here to Thailand, we trust we are a ideal partner,” Sripincha explained.

Kasikorn cites Beacon Interface, a startup charity bank services to visually marred customers, as one of a KBTC success stories. It camber out of a bank final year and works closely with Beacon/Kasikorn’s ‘business incubation’ team.

Kasikorn is one of a series of banks in Thailand to have taken an active seductiveness in tech startups.

Bangkok Bank partnered with Hong Kong-based Nest to offer an accelerator program, while Siam Commercial Bank (SCB) launched its Digital Ventures arm that covers startup/fund investments and an accelerator program. Digital Ventures is also a devotee of a Dymon Asia fund, and a other investments embody Singapore-based VC account Golden Gate Ventures and Ripple, a blockchain startup formed in San Francisco.

Featured Image: @KBTGbuilding (Facebook) (IMAGE HAS BEEN MODIFIED)

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Posted by on Jun 7 2017. Filed under NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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