Bangkok--15 Mar--Ogilvy Public Relations
Siam Commercial Bank (SCB), through its financial technology (fintech) subsidiary Digital Ventures, has announced a significant investment in Dymon Asia Ventures, the fintech-focused venture arm of Dymon Asia Capital Ltd, lauded by Bloomberg as a 2014 top 10 Best Performing Hedge Fund in Asia.
The move marks a significant step for SCB to establish and expand its network of venture capitalists globally and gain comprehensive insights into fintech investment and movement worldwide.
Thana Thienachariya, Chairman of the Executive Committee, Digital Ventures, said: "Our investment in Dymon Asia Ventures will enable fintech startups in Singapore and Southeast Asia to have greater access to funding while allowing us to gain first-hand knowledge, market updates and insights about the business. Through the partnership with Dymon Asia Ventures, we will be able to start growing a fintech global network which, we believe, will give us more knowledge to help SCB and its customers in the near future."
Dymon Asia Ventures is a venture capital fund that focuses its investment in early stage fintech companies across Southeast Asia. The fund has been prioritising business-to-business investments in credit, asset and wealth, insurance, and blockchain technologies. It is now conducting due diligence on more than 10 high-potential companies offering new investment opportunities.
"SCB's leading strategic position in our fund reflects its mission to enhance the uses of financial technology and its relationships in Thailand and the wider fintech network. We are delighted to have been selected and are keen to work closely with SCB and Digital Ventures", Jinesh Patel, Partner of Dymon Asia Ventures.
"With our commitment to building the most comprehensive fintech ecosystem in Thailand, this marks another important step in our series of investments. We are confident that this partnership will be a great source of insight and information in emerging technologies such as blockchain and artificial intelligence, whilst also providing real world fintech solutions that benefit SCB corporate, SMEs and all our end customers", said Mr Thana.