Krungsri Finnovate (KFIN), a corporate venture capital (CVC) firm under Bank of Ayudhya, set a budget of 1 billion baht for digital technology investment, in line with the digital era.
KFIN set up a fund named Finnoverse last month with a budget of 1 billion baht for investment in technology companies worldwide, both directly and indirectly, during 2022-2024, said KFIN managing director Sam Tanskul.
Finnoverse plans to invest in five technology categories related to blockchain, including fund of funds, decentralised finance (DeFi) and related infrastructure.
Five deals are in the investment pipeline, including Zipmex and ADDX, with the latter two already recording investment from Finnoverse, he said.
"We've been searching for investment opportunities in DeFi, GameFi, non-fungible tokens, Web 3.0 and a digital asset exchange," said Mr Sam.
"This fits our investment strategy, which focuses on the next digital era."
The younger generation is an area of emphasis for Finnoverse, as well as maintaining its existing client base through new alternative investment in response to their demand, he said.
Mr Sam said as Krungsri moves to become a blockchain-based banking (BBB) operation, it can still operate businesses under its existing banking licence.
The bank indicated previously it plans to wait for the launch of virtual banking licences from the Bank of Thailand before deciding whether to apply.
Krungsri, the country's fifth-largest bank by total assets, is studying opening a headquarters in the metaverse for social traffic, though it would remain open to digital banking transactions.
As the bank has been moving towards becoming a BBB business operation, it needs to strengthen its blockchain technology and KFIN can support that shift through CVC investment, said Mr Sam.
KFIN set up a private equity trust called Finnoventure late last year and invested in eight tech companies for roughly 326 million baht.
The company wants to set up a third funding round next year for investing in early stage-4 tech startups, which are lower than Series A, he said.
Mr Sam said KFIN has operated a CVC business for five years, investing in 16 tech startups locally and internationally, of which four have developed to list on either local and offshore stock markets, comprising Finnomena, OPN, Wisesight and Builk One.
In addition, KFIN jointly invested and partnered with large local corporations to build the country's ecosystem in several technology areas, he said.
