Thailand’s Siam Commercial Bank (SCB), one of the country’s largest financial institutions, has signed a partnership agreement with Hashed, a major Korean Web3 venture capital firm. The goal of this collaboration is to work together on research & development initiatives and events aimed at accelerating decentralized technology adoption in Southeast Asia and globally.
According to a press release, this partnership brings together the expertise and reputation of an established bank like SCB with the technological and philosophical foundations underpinning Web3 innovations. Both sides expressed confidence that the partnership will significantly advance the growth of the Web3 ecosystem, not just in Southeast Asia but worldwide.
The move reflects SCB’s proactive embrace of cryptocurrency and blockchain technology at a time when many Asian banks remain cautious. In 2021, SCB announced a $50 million fund through its venture arm SCB10X dedicated to investing in blockchain startups. Meanwhile, rival bank Kasikornbank recently launched a $100 million fund focused on web3 and AI.
As part of the SCB-Hashed partnership, Hashed will utilize its research hub ShardLab to test and evaluate various Web3 technologies. According to Hashed’s Chief Strategy Officer, the joint research will focus on developing solutions tailored to address specific pain points in Southeast Asia’s business environment using decentralized technology. He noted that there is substantial room for improvement in digital transformation for retail banking customers compared to more developed countries.
The partnership exemplifies the momentum towards adopting blockchain and crypto in Southeast Asia’s financial sector. By combining SCB’s regional expertise with Hashed’s technical knowledge, the collaboration aims to unlock new innovations to improve financial services and promote mainstream adoption of Web3 platforms.
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