Siam Commercial Bank (OTC:SMUUY) — Thailand's oldest bank, established by royal charter back in 1907 — is cementing its reputation as a strong backer of innovative financial technologies. The institution's venture arm, SCB 10X, has today announced a new $50 million fund that will be dedicated to investments in global blockchain, decentralized finance and digital asset startups in their early and growth stages.
The fund is just the latest of Siam Commercial Bank's forays into the blockchain and fintech space. The institution has previously partnered with Ripple on a blockchain-powered mobile app and worked with Azimo to use RippleNet for cross-border payments. Given that Thailand is a major remittances destination, the SCB appears to be well aware of the potential benefits blockchain and other fintech developments stand to offer the country.