SCB 10X’s ‘moonshot’ mission
CEO OF THE YEAR 2021: Groundbreaking corporate investments in blockchain offer a hi-tech edge, says CEO Arak Sutivong
published : 14 Jan 2022 at 09:25
newspaper section: News
Established in January 2020, SCB 10X, a holding company among other subsidiaries of Siam Commercial Bank (SCB Group) was given a “Moonshot Mission” to achieve exponential growth through technology innovations and investments beyond banking via its three arms: Venture Builder, Venture Capital, and Strategic Investment & Partnership.
As CEO, Dr Arak Sutivong is the key person driving SCB 10X’s success in expanding its business footprint in both investment and invention as well as strengthening its thought-leader position in the DeFi and digital assets areas.
DeFi is short for “decentralised finance,” an umbrella term for ethereum and blockchain applications geared toward disrupting financial intermediaries.
Focusing on corporate venture capital, SCB 10X invests globally, particularly in Southeast Asia, China, US and Israel, especially early-stage companies in promising technology areas.
SCB 10X is also one of the largest venture capital funds in Southeast Asia and has been actively investing in blockchain and DeFi.
SCB 10X started with a US$50 million (1.6 billion baht) blockchain, DeFi, and digital assets fund for investing in early and growth-stage start-ups, and the war chest has since grown to US$110 million.
In 2021, eight investments have been made so far, half of them with tier-1 investors. An example of its investment portfolio are Flash Group, Darwinbox, Anchorage, Ape Board, and the Pagaya Fund. For venture building, SCB 10X has been leveraging its tech capability to secure partnerships with industry leaders in the insurance, healthcare, energy and real estate sectors.
Since 2020, seven ventures have been undertaken and many more are underway. Examples are SkinX, Token X, Monix, Digital Ventures, and SCB Abacus.
SCB 10X also set up Blockchain Lab, a specialised team to explore and invent Blockchain innovations in the “decentralised finance” space.
By strengthening its thought-leader position in the DeFi & digital assets areas, SCB 10X is gaining traction as a bold and innovative organisation in the tech community, especially in the blockchain space by hosting “REDeFiNE TOMORROW”, an annual global defi & blockchain virtual summit.
Here, SCB 10X brings together leading Defi innovators and changemakers from across the globe to discuss the next era of finance.
It also runs “BANGKOK BLOCKATHON”, a blockchain networking event among blockchain enthusiasts, founders, investors, and regulators (BOT and SEC) to build a stronger blockchain community.
- CEO OF THE YEAR 2021