Monday, September 28, 2020

SCB partners with Silicon Valley-linked fund in fintech push  

Jan 20. 2017
Facebook Twitter

By The Nation

Siam Commercial Bank (SCB), through its financial technology (fintech) subsidiary Digital Ventures, has announced it is investing in NYCA Fund II, a top US fintech-focused fund with a reputation for bringing together the expertise of both Silicon Valley and Wall Street.

This marks a new milestone in SCB’s efforts to grow its global network of fintech investments.

As a limited partner with NYCA, SCB will become deeply involved with US Fintech-focused companies and have deeper exposure to their early stages. At the same time, SCB will have wider opportunities to explore financial technology implementation.

Thana Thienachariya, chairman of Digital Ventures’ executive committee, said that this partnership marks a milestone for SCB in growing its global network of “fintech radars”. The US is a large fintech start-up market with approximately US$13 billion investment every year. "Coupled with the country’s innovation capability, it is important for us to have a strong presence in this market.  

"Thanks to NYCA’s extensive connection in both finance and technology, we strongly believe that NYCA will be a great radar scanning new opportunities for us in the US market. This partnership will create new opportunities for SCB to gain information and knowledge in Fintech. At the same time, SCB’s particular business units will be able to explore new opportunities in developing new financial products and services for its consumers in the near future."

NYCA Partners is a leading venture capital partnership headquartered in New York with rich experience and deep connections in both finance and technology. It has a unique perspective and facility to help entrepreneurs transform payments, credit models, digital advice and financial infrastructure. By applying its expertise in Silicon Valley, Nyca has helped many entrepreneurs to succeed. The company has a goal of investing US$25 million per year in firms innovating in financial technology and payments

"NYCA is proud to be partnered with a company as innovative and reputable as SCB and we believe the bank will be a very valuable asset for our portfolio companies in their efforts to expand to Asia," said Morris.

“By combining NYCA’s expertise in bridging financial system expertise and Silicon Valley connections together with SCB’s funding, fintech entrepreneurs in NYCA’s portfolios will have greater access to funds and opportunity to enter into the Asian market. At the same time, SCB, driven by our subsidiary Digital Ventures, will be able to strengthen our position as the financial institution with insightful information that will help optimise their potential,” said Thana. 

Tags:
Facebook Twitter
More in Ed & Tech
Editor’s Picks
wmg-logo
Top News
wmg-logo