For the $600-800m fund, CP Group and SCB Group will collaborate to setup this venture capital fund with 50:50 ownership, and each will contribute $100m of capital to the fund. The rest of the capital will be contributed by external Limited Partners (LPs). CP Group and SCB 10X, will co-manage the fund, which will target early stage and growth stage startups globally.
Soopakij Chearavanont, Group Chairman of CP Group, said "Blockchain technology will change the face of multiple industries including financial services, agriculture, public sector, healthcare and manufacturing by bringing traceability, transparency, reliability and authenticity in a trustless manner. We believe we are in the early days of the promising technology and its impact to various sectors."
Arthid Nanthawithaya, CEO of Siam Commercial Bank, said "Financial services in the future will be very different from today. Blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. CP Group and SCB Group bring together unique value-add propositions to both startups and investors. This is great opportunity to expand SCB Group's core business through financial-related innovation."
(This fund is in the process of seeking regulatory approval.)
Source: Siam Commercial Bank