Siam Commercial Bank (SCB) is reported to form a venture capital (VC) fund with Charoen Pokphand Group (CPG) under its subsidiary SCB 10X, according to a regulatory filing on Wednesday. The VC fund would be primarily used to fund financial tech businesses such as blockchain, decentralized finance and other emerging technologies in fin tech.
The size of the fund is reported to be USD 600-800 million. Both SCB and CPG will also make investment in the fund besides other investors. The bank is waiting for regulatory approval from relevant authorities.
On a separate regulatory filing the company reported, SCB will enter a joint venture (JV) with MGC Group to form Alpha X which would focus on hire purchase, leasing and refinancing of automobiles and watercrafts. Both parties are reported to hold equal share in the JV.
MGC Group is a leading privately held automobile retailer in Thailand partnered with high end car brands including BMW, Rolls Royce and Mini among others.
The bank earlier entered a JV with Advanced Info Service PLC (ADVANC) into digital lending business.