Krungsri Finnovate to invest over 1 billion baht in startup related to Web3, DeFi, Blockchain and Metaverse to enhance its digital banking capacity under "Finnoverse" fund

Under the Finnoverse fund, the 1-billion baht investment fund aims to be utilized in developing Krungsri Group's blockchain technology to be a state-of-the-art innovations. The fund will be used to fulfill the blockchain developers' community, build partnerships, invest in fintech startups and blockchain, as well as enhance Krungsri's capacity in DeFi via incubator programs. The investment period is planned in a 3-year timeframe from 2022-2025.

Mr. Sam Tanskul, Managing Director at Krungsri Finnovate Co., Ltd. said, "At present, popularities on digital assets and digital finance technology have leapfrogged and have been considered the crucial disruption in banking. Thailand is considered one of the leading countries in the world showing high interests and adoption in digital assets. For example, Thai financial institutions are keen to develop decentralized finance, blockchain and cryptocurrencies have been proving themselves with real-world use cases as seen in the latest trends on GameFi, Non-Fungible Token (NFT), Metaverse or Web 3.0 among both retail and corporate customers. This is the right time for the investment as people have been familiar with such financial innovations and they are showing long-term growth potentials. The 1-billion baht Finnoverse fund will enable Krungsri to be ready for building infrastructure related to decentralized finance and able to tackle with the disruptions in the future. This is also in line with 2022 Krungsri's business focus in building the Beyond Tech experiences to customers while creating new revenue streams for the business. With the Finnoverse fund, Krungsri Finnovate is planning to prepare for the digital finance with the investment in Fund of Funds to learn from the industry experts, investment in DeFi and use cases such as NFT, Metaverse, blockchain including related infrastructure such as custodian etc."

• ข่าวKrungsri Finnovate
• ข่าวBank of Ayudhya
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