By George Ward
Thailand’s Kasikornbank has made significant technological investments after launching the KXVC fund, which it would fund with $100 million. This fund is to promote the growth of Web3 and artificial intelligence (AI) within the rapidly expanding economy of the Asia Pacific region.
Analysts’ Web3 Future Forecasts
Analysts predict that this economy will reach a valuation of $1 trillion by the year 2030. Beyond the monetary support, the bank’s partners will extend invaluable corporate resources and insights to the budding companies seeking to make their mark in this dynamic landscape.
KXVC, the brainchild of Kasikornbank’s innovation arm, plans to nurture tech startups, especially Web3-related ones, across Israel, Europe, the United States, and the Asia Pacific region. It has already forged collaborations with other influential investment entities, including the well-established HashKey Capital headquartered in Singapore.
KXVC’s primary investment plan is to channel its resources towards Web3 firms, validator node operators, and privacy-centric enterprises specializing in zero-knowledge technology and further promote the mainstream adoption of non-fungible tokens (NFTs). Krating Koonpol, the head of KXVC, underscores the fund’s role as a catalyst for Web3 and AI startup founders, providing them with a robust platform to expand their business operations in Asia.
The Kasikornbank KXVC Fund also harbors intentions of delving into artificial intelligence funding. Previously, it has strategically invested in the digital asset advisory firm Cryptomind and the versatile multifunctional app Grab, headquartered in Singapore.
Asia has recently emerged as a friendly environment for crypto and Web3-related enterprises. These enterprises are leaving the US following irregularities in crypto regulation and enforced regulatory measures by the nation’s top finance regulators.
Hence, Hong Kong, South Korea, and Singapore have emerged as the forefront of investments in this burgeoning sector.
Positive News From Asia’s Crypto Sector
Meanwhile, Gemini Exchange has announced that it would soon execute its plans to increase its workforce in Singapore by 100%. Also, Korean exchanges Bithumb, Upbit, and Coinone experienced a surge in trading volumes in June after Binance, the world’s largest cryptocurrency exchange, struggled with various legal tussles.
In a commendable stride towards regulatory clarity, Hong Kong recently enacted comprehensive legislation governing cryptocurrencies. This landmark legislation provides a clear regulatory framework for exchanges to obtain licenses, fostering trust and transparency in digital assets.
In contrast, Europe’s Markets in Crypto-Assets bill, a similar regulatory initiative, is still several months away from fruition, underscoring the proactive approach adopted by Hong Kong.
Furthermore, Taiwan, a region located thousands of miles northeast of Hong Kong, boasts a formidable technological prowess. It is home to the globally famous chip manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC).
This region would likely spearhead the worldwide advancement of artificial intelligence, with Quanta Computer also having a strong presence. Quanta is the company responsible for supplying servers to the popular OpenAI platform.
The presence of these top industries illustrates the depth of the region’s technological capabilities. In mainland China, numerous provinces have unveiled ambitious multi-year projects centered around blockchain technology, metaverse, and Web3.
These projects are poised to usher in a new era of technological innovation and economic growth. Furthermore, China’s leading tech firms, Baidu and Alibaba, have recently introduced their own AI-driven chatbot platforms.