Bangkok--15 Jun--Siam Commercial Bank
Siam Commercial Bank (SCB) starts that the bank, through its subsidiary, Digital Ventures, Co., Ltd., its investment for the first time in FinTech startups with Golden Gate Ventures, through its subsidiary, Digital Ventures Co., Ltd. Golden Gate Ventures has emerged as one of the top investors in the region with the firm's capital now reaching USD 60 million.
Thana Thienachariya, Chairman of the Executive Committee of Digital Ventures Co., Ltd., shared his view on this investment that:"Digital Ventures, as the provider of FinTech development and investment management services for SCB, is thrilled by the opportunity to help SCB make its inaugural FinTech investment through 'Golden Gate Ventures' - the fund that has supported more than 30 FinTech firms and startups in Southeast Asia and is one of the most renowned funds in the region.
Last year, banks and financial institutions around the world spent approximately USD 50 billion on technology investments, and investments in FinTech businesses comprised the major share of these investments at USD 22 billion.Hence, SCB has a solid strategic direction to implement and support FinTech innovations to meet the evolving consumer trends. Making this investment, SCB will take a significant step towards improving its efficiency in the competitive FinTech landscape to become a leading provider of digital financial services in the long run.
"SCB's investment in Golden Gate Ventures marks its first investment in FinTech business and has been made through Digital Ventures, a subsidiary of SCB, acting as the venture capital arm to invest in promising FinTech funds and projects that help SCB achieve goal of FinTech innovation development which will ultimately equip SCB with the capabilities to dynamically respond to changing consumer demands and behaviors. This investment strengthens SCB by allowing it to expand the network with leading FinTech companies and to take a deeper dive into the Fintech ecosystem. With the deep insights into the ecosystem, we will eventually be able to innovate the financial services and deliver impressive customer experiences to SCB's customers" added by Thana.
Jeffrey Paine, a Founding Partner at Golden Gate Ventures said that "We are pleased that SCB trusts and invests with us. The venture capital industry has already poured over USD 500 million into technology investments across Southeast Asia and might exceed USD 40 billion in the next 10 years. We strongly believe in locally inspired innovation that will solve big problems with regional solutions. The final size of the fund will be used to invest in several startups related to consumer internet in Southeast Asia and support SMEs, in sectors such as e-commerce, payments, marketplaces, including SaaS (Software as a Service) and business-to-business applications. Our venture capital focuses on expanding network and partnership, and plans to expand globally in the future."
This investment enables SCB to become one of Golden Gate Ventures' limited partners which include global firms/investors such as TEMASEK HOLDINGS, NAVER (LINE application owner), Eduardo Saverin (co-founder of Facebook), Far East Ventures, Monitor Capital Partners, National Research Foundation Singapore, and Hanwha Life Insurance. The investment allows SCB and Digital Ventures to be a part of the startup ecosystem.