Thailand-based Kasikornbank has launched a $29m FinTech-focused venture capital fund.
Beacon Venture Capital will look to capitalise on growing consumer demand for digital banking and technological advancements.
Through investments, the bank will look to support financial innovations that align with its own strategies.
During 2017 the vehicle will look to make around three to five investments in FinTech startups and two or three venture capital funds.
An investment has already been made by the fund, with it picking up a stake in SME online account manager FlowAccount.
This is the first time a Thai bank has invested into a Thailand-based startup.
Last year the bank joined forces with Thailand’s International Business Machines Corp to develop blockchain services to help save costs and speed up transactions.
Copyright © FinTech Global
