Thailand’s Third Largest Bank Promotes Two Female Executives to Lead Web3 VC Arm

SCB 10X is the digital technology investment and venture building arm of Siam Commercial Bank and a holding company of SCB Group.
Image source: SCB 10X

Quick take: 

  • SCB 10X has appointed Mukaya (Tai) Panich as its new CEO.
  • SCB 10X has also promoted Pailin (Pie) Vichakul from Partner & Head of Strategic Planning to Chief Operating Officer.
  • SCB 10X will continue focusing on venture capital and venture building in blockchain, DeFi, Web 3, metaverse, and deep tech.

SCB 10X, the digital technology investment and venture building arm of SCBX, today announced that it has appointed Chief Venture and Investment Officer, Mukaya (Tai) Panich as its new CEO. She will hold both roles concurrently.

SCBX was set up last September as a mothership company to accelerate Siam Commercial Bank’s expansion into fintech. The bank is one of Thailand’s largest by total assets. It has Baht 3.3 trillion ($91.2 billion) in total assets and Bhat 2.5 trillion ($69.1 billion) in deposits and Baht 2.3 trillion ($63.5 billion) in loans.

Along with the new CEO, SCB 10X has also promoted its Partner & Head of Strategic Planning, Pailin (Pie) Vichakul,  to Chief Operating Officer. She will report directly to Panich.

Under Panich’s leadership, SCB 10X will continue to focus on venture capital investments in disruptive technology startups with strategic and financial returns to SCBX, and venture building in exponential technology growth areas of blockchain, DeFi, Web3, metaverse, and deep tech.

Panich joined SCB 10X in early 2020 as its CIO. In this role, she spearheaded SCB 10X investments globally, and built an extensive community of ecosystem partners worldwide. She brings over two decades of experience working and investing in the technology sectors in Silicon Valley, New York, and Singapore to her leadership roles at SCB 10X.

Panich steered Siam Commercial Bank into the crypto space as it gained global recognition as One of the Most Active Banks in Crypto Among Global Banks by Dove Metrics. Her work in the global crypto, DeFi and Web3 ecosystem has gained her recognition as a Top Female Decision Maker at SEA-Based VCs by DealStreetAsia, Top Global Corporate Venturing Emerging Leader by GCV Institute, and a Global Top Corporate Venture Capitalists by CB Insights.

SCB 10X said that the appointment of Panich as CEO and Vichakul as COO marks a historic moment for women in finance. According to a Pitchbook report, women account only for 15% of general partners while less than 10% of women are decision-makers at venture capital firms.

Despite crypto winter, venture firms are continuing to invest in Web3. Speaking to Blockworks, Panich said: “Even during the crypto winter, we continue to have conviction around this area that seems to be a game changer.”

Her sentiments echo that of another female VC leader, Soona Amhaz of Volt Capital, who said that this is the time to double down on investments as the VC firm seeks to invest in founders that are building products that crypto can disrupt.

In other women-in-VC-related news, Binance on Wednesday appointed co-founder Yi He as the new head of its $7.5B VC arm, Binance Labs.

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