Quick take:
- SCBX has partnered with Hashed to advance Web3 adoption.
- The two companies will work on joint R&D initiatives that promote the mass adoption of decentralised technology.
- This announcement follows SCBX’s local rival KBank’s launch of a $100 million AI and Web3 fund.
SCBX is doubling down on its Web3 strategy with a partnership with Hashed. The Thailand-based conglomerate has partnered with the Korean Web3 investment company to work on joint initiatives aimed at promoting the mass adoption of decentralised technology.
This announcement follows SCBX’s local rival Kasikornbank’s (KBank) launch of a $100 million AI and Web3 fund on September 14.
However, this is not SCBX’s first foray into Web3. In 2021, Siam Commercial Bank a subsidiary of SCBX group launched a $50 million blockchain fund through its venture arm SCB10X. SCB10X, which focuses on scaling projects from start to exponential growth boasts 58 investments spread across 15 countries.
The latest partnership with Hashed seeks to accelerate decentralised technology adoption regionally and globally.
Simon Seojoon Kim, CEO & Managing Partner at Hashed lauded the partnership saying: “[It] 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,” Kim said.
In this partnership, Hashed will use its experience in Web3 investments as it spearheads tests on Web3 technologies through its research hub, ShardLab.
According to the Hashed Chief Strategy Officer, Hojin Kim, who will be spearheading the R&D initiatives in the new venture the Web3 tests will be geared towards addressing the pain points in South East Asia’s business environment.
Although Asia has been one of the leading early adopters of Web3 technology most financial institutions have yet to embrace the evolution and still make it difficult for customers when using e-commerce platforms.
“There’s more room for improvement in terms of digital transformation for retail customers in Southeast Asia compared to developed countries,” he said.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
