Thailand’s Kasikorn Bank launches $30M ‘Beacon’ fund for fintech

Roll up, roll up, there’s a new fintech VC fund in Southeast Asia town. Today, Thailand-based Kasikorn Bank announced its inaugural tech fund which is 1 billion THB, just shy of $30 million, in size.

Kasikorn, which was founded in 1945 and is one of Thailand’s major banks, is calling the fund Beacon — think lights on top of lighthouses — and it is aimed at giving the firm first-mover advantage on global tech through startups based in Thailand and overseas. Thanapong Na Ranong, formerly with InVent, a VC affiliated with mobile operator AIS, will lead Beacon VC.

The investment thesis is “to learn from startups and improve our go-to market strategy,” Na Ranong said in an interview, adding that the bank would not put shackles on its portfolio companies.

The capital, which…

Read Story