Venture Arm of SCB Bank wins new CEO to lead crypto investments

Venture Arm of SCB Bank wins new CEO to lead crypto investments

The venture arm of one of the largest banks of Thailand, despite the dark market prospects and falling income, has appointed a new CEO to lead its web3, defi and blockchain investments.

SCB 10X, the Siam Commercial Bank branch (SCB) and Holding Society of the SCB Group, announced on Thursday that it won its Chief Venture and Investment Officer, Mukaya (Tai) Panich, the successor to his former CEO Arak Sutivong. Panich will keep her role as CIO in addition to her new position as Arm’s Chief, said SCB 10x.

SCB10X also announced that it promoted his partner and head of strategic planning, Pailin Vicakul, to Chief Operating Officer.

The appointments are a "proof" for the way the investment arm had behaved in the crypto industry that had previously received "very good support" from the bank, Panich said in an interview with block works.

As of March 31, 2022, the bank had a total assets of 3.3 trillion baht ($ 91.2 billion) and 2.5 trillion baht ($ 69.1 billion) on deposits and 2.3 trillion ($ 63.5 billion) on loans in their books.

Investments in crypto slowed down after a market crisis in April, which was due to the collapse of the Terra ecosystem and a liquidity crisis that surprised many great lenders.

"Even during the crypto winter, we are still convinced of this area, which seems to be a turning point," said Panich in terms of investments in the ARM in the growth areas of crypto.

When asked about a considerable headwind for the entire industry, Panich compared the introduction of web3, defi and blockchain technologies with that of the Internet in the early 2000s.

"It takes a while for all of these types of investments and technologies to be used," said Panich. "We are not a short -term investor, we are a long -term investor. It will take some time."

Panich, the background of which includes more than 20 years of investing in technologies in Silicon Valley, New York and Singapore, will lead the initiatives of SCB 10x to invest throughout Southeast Asia and to build up disruptive technologies from its point of view.

Under your leadership, SCB 10x will further enlarge his team to achieve his “Moonshot mission”, said the venture arm.

This mission refers according to ITS website .

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The SCB Bank's post-venture arm knocks new CEO to lead crypto investments is not a financial advice.