Dymon Asia Ventures has reached a first close of $20m for its $50 debut fintech fund.
The investment comes from a range of LPs including Thai bank Siam Commercial Bank (SCB) through it fintech investment subsidiary Digital Ventures.
Singapore-based Dymon Asia Ventures is the fintech-focused venture arm of hedge fund Dymon Asia Capital and aims to invest in 12 to 15 early-stage companies across South-East Asia over the lifecycle of the fund.
The company says it expects to reach a final close on its maiden fund in the next 12 months.
In addition to financial returns SCB Digital venture’s chairman Thana Thienachariya emphasised the opportunity the fund creates for the bank to gain first-hand knowledge, market updates and insights about the space.
She said: “With our commitment to building the most comprehensive fintech ecosystem in Thailand, this marks another important step in our series of investments.
“We are confident that this partnership will be a great source of insight and information in emerging technologies such as blockchain and artificial intelligence, whilst also providing real world fintech solutions that benefit SCB corporate, SMEs and all our end customers.”
Dymon Asia Ventures says it is prioritising B2B investments in credit, asset and wealth, insurance and blockchain technologies.
It is currently conducting due diligence on more than 10 potential companies offering investment opportunities.
Fund partner Jinesh Patel said: “SCB’s leading strategic position in our fund reflects its mission to enhance the uses of financial technology and its relationships in Thailand and the wider fintech network.
“We are delighted to have been selected and are keen to work closely with SCB and Digital Ventures.”
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