Siam Commercial Bank invests in new fintech focused VC firm
Thailand’s Siam Commercial Bank (SCB) has invested a “significant” sum into a new Singapore-based venture capital (VC) firm, Dymon Asia Ventures.
Dymon Asia Ventures will focus on fintech deals. Its first fund seeks to raise $50 million, of which 40% has already been raised in the first round, through investors such as SCB.
Through its fintech-focused subsidiary, Digital Ventures, SCB has invested in the new VC firm formed by Dymon Asia Capital, the hedge fund founded by Danny Yong. Yong is Dymon Asia Capital’s chief investment officer.
The hedge fund, which started in 2008 with $113 million in assets under management (AUM), now says to be managing billions of dollars. Two of its popular funds, Dymon Asia Macro Fund and Dymon Asia Currency Value Fund, are worth $3.4 billion and $714 million, respectively.
Bangkok, home of Siam Commercial Bank
As reported earlier by Banking Technology, SCB is looking to invest $1.1 billion in fintech over the next three years. This seems to be a promising start for the bank that hopes the new fund will be able to encourage, guide and support new fintech start-ups in the region.
By Soumik Roy, editorial contributor to Banking Technology
