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Banks have reserved billions of banknotes billions of baht of banknotes for withdrawal during the Chinese New Year.

Bangkok Bank, with over 10,000 ATMs nationwide and 1,200 branches, reserved Bt35 billion for the February 6-8 period when Chinese Thais are celebrating the Lunar New Year.

Kasikornbank, with 1,120 branches, reserved Bt40 billion. Krungsri Bank stocked up its 636 branches and 5,635 ATMs with up Bt28.6 billion. Topping up Bt1.1 billion, CIMB Thai Bank expects a sizeable amount of withdrawals nationwide.

Fund-raising

Social Media Shopping Trust and Discovery startup STYLHUNT has raised close to US$500,000 in a PreSeries A round led by CyberAgent Ventures, with participation from 500TukTuks, Expara Ventures, Singapore Angel Network and Paul Pattarapon Sinlapajan.

CyberAgent Ventures is the venture capital investment arm of Japan’s No 1 digital advertising and marketing group. 500TukTuks is Silicon Valley-based 500Startups’ $12 million microfund dedicated to investment in Thailand.

Expara Ventures is a Singapore-based pioneer in incubation and early-stage venture capital. The Singapore Angel Network is the angel investment arm of multibillion dollar Thakral Group of Companies.

Paul Pattarapon Sinlapajan is a best-selling author, investor, entrepreneur and TV personality in Thailand.

New growth engines

The South Korean government said on Monday it would inject 80 trillion won of public funds this year to nurture new growth engines, including smart cars, surgical robots and software content, in the latest attempt to realise its creative economy drive. It would build Asian versions of Silicon Valley at Sangam, in Seoul, and Pangyo, in Gyeonggi province.

The government also plans to turn 17 Creative Economy Innovation Centres into regional hubs to strengthen partnerships between startups and large businesses, and to revitalise the local economy. – The Korea Herald