Kasikornbank (KBank), Thailand’s second-largest bank in terms of assets, is making a significant stride into the world of Web3. The bank has introduced the KXVC fund, a strategic initiative aimed at investing in cutting-edge technologies, including artificial intelligence (AI), Web3 innovations, and deep tech startups. This development positions KBank at the forefront of the evolving financial landscape.
Leadership of the KXVC Fund:
The newly established KXVC fund will be spearheaded by Krating Poonpol, who holds the position of Group Chairman at Kasikorn Business Technology Group (KBTG), and Jom Vimolnoht, the Managing Director of KXVC, the venture arm of Kasikorn X (KX). Both leaders bring substantial experience and expertise to this venture.
Krating Poonpol, a seasoned venture capitalist, boasts a remarkable track record, having invested in more than 100 projects through five funds. His investments have yielded four unicorns and ten successful exits, underscoring his proficiency in identifying promising opportunities.
Jom Vimolnoht, on the other hand, has channeled over $400 million into 35 startups within the APAC region. KXVC aims to serve as a financial gateway to the APAC region for global founders seeking to tap into the extensive digital community, which comprises over 400 million digital consumers.
Vision and Synergy:
In response to the fund’s launch, Krating Poonpol expressed the vision of KXVC as a catalyst for global founders looking to expand their businesses in the APAC region. He emphasized the strong synergy that exists between KXVC, KBank, and their partners, envisioning KXVC as a valuable resource for driving business growth.
Investment Focus:
KXVC’s investment strategy encompasses a wide array of areas within Web3 and AI. In the Web3 sphere, the fund is poised to support startups involved in blockchain infrastructure, node validation, RPC services, middleware solutions, modularity technologies, privacy enhancements, zero-knowledge proofs (ZKP), wallet development, alternative Layer 1 and Layer 2 solutions, shared securities, LsdFi, and initiatives advancing the consumerization of NFTs.
Regarding AI investments, KXVC is keen on consumer-centric AI applications, cybersecurity innovations, AI/ML tools encompassing deployment platforms, data annotation, and model optimization, as well as problem-specific AI startups, as highlighted in their official press release.
A History of Successful Investments:
KXVC has already made substantial investments in regional unicorns, including Grab, Nium, and Carro. Additionally, the fund has supported Builk, a Thailand-based cloud software company specializing in the construction industry, PRIMO, an omnichannel marketing platform, and Ookbee, a digital magazine platform, among other notable ventures.
Collaborative Ventures:
KX has actively pursued collaborations with AI and Web3-focused funds. Noteworthy partnerships include affiliations with MagicLink, Transak, 1KX, Hashkey Capital, Symbolic Capital, L2 Iterative Ventures, Instari Ventures, and aifund.ai, reinforcing their commitment to fostering innovation in these emerging sectors.
Conclusion:
Kasikornbank’s introduction of the KXVC fund underscores its forward-thinking approach and commitment to the transformative potential of Web3 and AI technologies. With a seasoned leadership team and a clear investment focus, KXVC is poised to play a pivotal role in nurturing innovative startups and driving advancements in the digital landscape. This strategic move positions KBank as a key player in the rapidly evolving world of financial technology and innovation.
