Kasikornbank (KBank), one of Thailand’s leading private banks, has recently unveiled a substantial $100 million fund aimed at bolstering the growth of artificial intelligence (AI) and emerging technologies. The fund, aptly named KXVC, will be spearheaded by Krating Poonpol, Chairman of KBank Business Technology Group.
KXVC’s primary focus will be on nurturing startups in the realms of AI, Web3, and Deep Tech, with a particular emphasis on the Asia-Pacific (APAC) region. Krating Poonpol expressed his vision for KXVC, stating, “KXVC will be a stepping stone for global founders to drive their business expansion in APAC with strong synergy with KBank and our partners.”
Specifically, KXVC will allocate its investments towards consumer-centric AI, cybersecurity, AI and machine learning tools encompassing deployment platforms, data annotation, and model optimization. Additionally, it will support problem-specific AI startups. Within the Web3 domain, the fund will target investments in Web3 infrastructure, node validators, RPC providers, middleware technologies, modularity innovations, privacy solutions, zero-knowledge proofs (ZKP), wallets, alternative Layer 1 (L1) and Layer 2 (L2) solutions, shared securities, LsdFi, and the consumerization of NFTs.
KXVC has ambitious plans to back over 30 startups and funds across the globe, with specific geographic focuses on the United States, the European Union, Israel, and the broader APAC region.
KBank has a track record of actively participating in the digital economy. In 2021, the bank ventured into decentralized finance (DeFi) services as part of its strategic business expansion. Furthermore, as early as 2018, KBank joined Visa’s blockchain-based B2B solution for facilitating cross-border payment transactions.
As of 2023, KBank holds a prominent position as the second-largest bank in Thailand, boasting assets valued at 3.6 trillion Thai Baht, which is approximately equivalent to $100 billion. This substantial financial stature positions KBank to play a pivotal role in driving innovation and technological advancement in the financial sector and beyond.