SCB X Public Company Limited (SCBX), one of Thailand’s largest financial institutions, has signed a partnership deal with one of Korea’s biggest Web3 investors, Hashed. However, the two firms have yet to name any specific projects they are working on, but that’s expected soon.
The Web3 Centered Partnership
In a press release sent out on Wednesday, SCBX and Hashed announced that they have signed an agreement to work on a joint R&D initiative. Their team-up events are aimed at promoting decentralized technology adoption regionally and globally.
Meanwhile, many of Asia’s largest financial institutions are still skeptical of crypto. Despite a not-so-supportive regulatory environment in the region, SCB has shown its massive interest in the industry. As in 2021, SCB announced that SCBX was launching a $50 Million blockchain fund.
Recently, SCB’s cross-town rival, Kasikornbank (KBank), launched a $100 Million Web3 and Artificial Intelligence (AI) fund. On the other hand, as part of this collaboration, Hashed will spearhead tests on Web3 technologies through its research hub, ShardLab.
Over this partnership, the CEO & Managing Partner, Hashed, said “This partnership amalgamates the expertise of a reputable institution with the technological and philosophical foundations of Web3. I am confident that this partnership will significantly nurture the growth of the Web3 ecosystem, extending its influence not only across Southeast Asia but also on a global scale.”
Additionally, in a recent interview, Hashed’s Hojin Kim, the Chief Strategy Officer at its startup studio UNOPND, who will be overseeing this effort, talked about the partnership. He said that their joint effort will be testing Web3 technologies that are specific to helping address pain points in Southeast Asia’s business environment.
Kim said, “In Southeast Asia, the existing customers still face certain inconveniences in their regular lives; their banks are still not as advanced, and e-commerce platforms are still evolving.”
SCBX’s Previous Crypto-linked Work
At the end of last year, as cryptocurrency prices crashed, and with many companies facing insolvency, SCB X took a step. It shored up viable projects and advised its 40 portfolio companies to improve their products and monetization plans ahead of a market rebound.
The fintech portfolio of SCB 10X included the following projects. That is GoTo, the holding company of Indonesian superapp Gojek, Swiss-based digital asset bank Sygnum, and Thai payments developer Opn.
Notably, the VC has also invested in blockchain, digital-asset, and Web3 projects, aiming to find the next Thai unicorn. Even with a domestic market smaller than Indonesia’s, and one that is not growing as fast as Vietnam’s, Thailand lags behind its neighbors in terms of startups valued at more than $1 Billion.