SCB Digital Ventures to splash out $50m
- 20 Mar 2017 at 06:30
- WRITER: SOMRUEDI BANCHONGDUANG
SCB Digital Ventures, the financial technology (fintech) solutions venture arm of Siam Commercial Bank (SCB), expects to splurge US$50 million on initial funding this year.
The company has already invested around $25 million in both fintech mutual funds and venture-capital firms, Thana Thienachariya, chairman of the executive committee of Digital Ventures, said, adding that the $50-million fund has been set for equal investment in fintech mutual funds and venture capital firms.
The company has a policy of acquiring up to a 10% stake in each joint venture firm. It plans to partner with a foreign fintech startup that has expertise in data security after pouring money into two companies.
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