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Could a new fund for Thai tech startups be around the corner?

snoop1130
in IT and Computers

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Could a new fund for Thai tech startups be around the corner?
Sukhumvit News

tech-startups-thailand.jpg

THAILAND -- Thailand is not often considered a startup hub – but that could all be about to change.

Deal Street Asia report rumours that the Siam Commercial Bank (SCB) is currently in the process of setting up its first venture capital fund to be purely focused on tech startups raising Series A funding.

“The fund size will be around US$30-50 million,” a source close to the project advised the publication.

The fund is hoping to launch at some point before the end of this first quarter and is currently ironing out the kinks while seeking approval from the Bank of Thailand.

Thana Thienachariya, a former marketing executive at DTAC, has been hired to run the fund as well as an additional SCB subsidiary that will invest 1-1.5 percent of the bank’s profit into FinTech related research.

Full Story: http://whatsonsukhumvit.com/could-a-new-fund-for-thai-tech-startups-be-around-the-corner/

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-- (c) What's on Sukhumvit 2016-01-29

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