Krungsri Finnovate invests in SBI AI & blockchain fund

Krungsri Finnovate, the corporate venture capital arm of Krungsri (Bank of Ayudhya), has invested in the SBI AI & Blockchain Fund of SBI Holdings, a leading Japanese financial-technology (fintech) and venture capital firm.

Sam Tanskul, the Managing Director of Krungsri Finnovate said the company invested in the SBI fund for two reasons. It is among those world-class funds with the investment focus on fintech which SBI how has best-in-class expertise.

SBI has proven track record of successful fintech fund management with its diversified investments in over 100 successful up-and-coming startups around the world.

SBI launched the new SBI AI & blockchain fund with a focus on investment in AI and blockchain technologies.

“The fund perfectly fits in with global financial trends and Krungsri’s direction toward leveraging AI and blockchain technologies,” he said, adding that Finnovate thus sees this investement as great execution of the company’s digital banking and innovation strategy.

This is the fourth investment of Krungsri Finnovate and it’s a long-term investment at a size of 50 billion yen (15 billion baht).

Throughout 2018, Krungsri Finnovate aims to partner with 40 startups, which now firms of Krungsri have already worked with some 25 startup firms. The investment in SBI fund will enable Krungsri Finnovate to work with the talent startups worldwide. In terms of investment, the company plans to invest in couple startups local and international by this year.