Development Ventures Invests Another US$50 Million in Startups
Like other corporate venture capital funds, Development Ventures (DV) prioritises helping startup businesses that use technology to support banking services.
Founded last year, DV — a part of the SCB Group — recently increased its investment allocation by US$50 million (1.6 billion baht), bringing its total budget to around US$100 million, making it the largest VC in Thailand.
Apart from its high investment budget, DV is looking for global startup partners with the potential to develop the technology of the future, helping society transition into the digital age.
Polapat Arkkrapridi, the company’s managing director of the corporate venture capital division, said investments this year would focus on core technologies that can be developed into innovations that meet business needs, as well as be extended further into products and services for banks. This benefits the company’s customers and retail customers of the bank.
Technologies such as artificial intelligence, blockchain, cybersecurity and Big Data/data analysis can be adapted for banking services, whether in loans, wealth management, small and medium-sized enterprises and insurance.
Previous investments have given DV a network of partnerships with over 800 startups around the world, with investments in more than 60 VC companies in another 29 countries.
These investments have given the bank access to innovations and new technologies, including blockchain and quantum computing, which are already being applied to develop the bank’s services.