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Kasikornbank splashes another Bt300m on startups to boost business

Jul 24. 2019
Thanapong na Ranong, managing director of Beacon Venture Capital
Thanapong na Ranong, managing director of Beacon Venture Capital
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By THE NATION

Kasikornbank has announced plans to invest Bt300 million in four startup firms by the end of this year, with the aim of improving its financial service to clients. The move is in line with a policy to add value to the business beyond banking.

The bank is also cooperating with Big C Supercenter to launch new automatic self-service payment machines at stores in October.

Thanapong na Ranong, managing director of Beacon Venture Capital, a subsidiary of Kasikornbank, said the company would by year-end invest in four more startups, both local and overseas, having already backed two startup firms – Jitta and Horganice – in the first half.

He said that planned investment for the four startups is expected to total more than US$10 million, or Bt300 million. Kasikornbank has already approved a total budget of $135 million to back startups, of which $70 million has been invested so far.

"For some investment projects, we don’t expect any returns. Instead we hope the investment will help develop our banking business. The startups we choose for investment don’t have to be related to financial services, but can be from a more diverse background. They will help the bank solve problems faced by its clients and also strengthen their capabilities for the future," said Thanapong.

Supreecha Limpikanjanakowit, senior vice president at Kosikornbank, said the new automatic self-service machines at Big C Supercenters would cut checkout queues and offer shoppers greater convenience. Big C’s Samyan Mitrtown branch is trialling the machines from the end of September.

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