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.
The move is part of the firm’s ever-growing venture-capital journey focusing on global artificial intelligence and blockchain for the bank’s uninterrupted product and service enhancement.
Sam Tanskul, managing director of Krungsri Finnovate, said on Tuesday that the company had invested in the SBI fund for two reasons.
First, it is among those world-class funds with the investment focus on fintech, in which SBI now has best-in-class expertise.
SBI has a proven track record of successful fintech fund management with its diversified investments in over 100 successful up-and-coming start-ups around the world, he said.
Secondly, SBI launched the new SBI AI & Blockchain Fund with a focus on investment in AI and blockchain technologies.
The fund fits in perfectly with global financial trends as well as Krungsri’s direction toward leveraging AI and blockchain technologies, he said, adding that Krungsri Finnovate therefore sees this investment as “great execution of our digital banking and innovation strategy”.
Investment in the long-term fund, which has a size of around ¥50 billion (Bt15 billion), marks the fourth investment of Krungsri Finnovate, after preceding direct investments in start-ups.
Throughout this year, Krungsri Finnovate aims to partner up with a total of 40 start-ups, so that they can work with the bank and its subsidiaries, Sam said.
Twenty-five of these deals have already accomplished.
The company’s investment in the SBI AI & Blockchain Fund will pave the path toward its goal in working with top global fintech start-ups, he added.
