Singapore (August 31, 2017) – Vertex Ventures Southeast Asia and India (Vertex SEA/India) announced that Kasikornbank is the first Thai institutional investor to become a partner, as well as the first bank investor in Fund 3.

Ms. Kattiya Indaravijaya, Managing Director of Kasikornbank revealed that Kasikornbank has partnered with Vertex Ventures of Singapore by joining as an investor in Vertex Ventures Southeast Asia and India Fund III (Vertex SEA/India), a fund with high potential and experience that has successfully invested in early-stage startups, such as being the first institutional investor in Grab. She believes that by partnering through this investment in Fund 3, Kasikornbank will gain access to new opportunities in the region, allowing it to step onto the global stage in closely following technological innovations and business models in other regions.

Kasikornbank, one of Thailand's major banks, has established Beacon Venture Capital Co., Ltd. as its latest unit to oversee investments in venture capital funds and innovative financial startups that align with the bank's strategy. The initial investment budget is set at 1 billion baht, with a policy to invest directly in startups both domestically and internationally, as well as through leading VC funds. Mr. Thanapong Na Ranong serves as the Managing Director.

Mr. Kee Lock Chua, Managing Partner of Vertex SEA/India stated that the fund is pleased to have Kasikornbank join as a partner, marking it as the first Thai institutional investor and the first bank investor in Fund 3. Kasikornbank is recognized for its progressive approach to embracing new technologies and developing financial innovations to meet the diverse needs of its customers, in line with the bank's customer-centric strategy. The collaboration between the two institutions will lead to investment opportunities in Southeast Asia and India, regions where this fund is actively investing. It has been observed that investments in startups in this region have rapidly increased from 100 million USD in 2008 to 2.5 billion USD in 2015, with more than half of these investments going to startups registered in Singapore. We are confident that with the growing interest from Thailand, Indonesia, and Malaysia in startups and the venture capital ecosystem, the growth of such businesses in this region will significantly increase in the future.

 

          Fintech is a key target group for this fund due to the role of digital technology in creating value in the financial business sector. In the past, the Vertex SEA/India fund has invested in various fintech companies, such as Instarem – an online international payment platform, Validus – a platform for SME lending, and Turnkey Lender – a cloud-based bank loan management platform. We believe that Kasikornbank's expertise as a leader in financial innovation in Thailand will greatly benefit the fund's investments in fintech in this region.

         Vertex Venture SEA Management, which is licensed to operate by the Monetary Authority of Singapore (MAS), established this fund after experiencing continuous investment success, particularly in Grab, which recently raised 2.5 billion USD from Softbank and Didi Chuxing in July 2017. Additionally, Vertex SEA/India has been the first institutional investor in notable businesses in the region, such as Patsnap, M17, and Reebonz. Fund 3 will invest according to Vertex's strategy, focusing on high-potential and innovative businesses, aiming to develop these into global enterprises. Currently, Fund 3 has exceeded its target size of 150 million USD and is nearing its final closing.

 

Thank you for the information from www.kasikornbank.com