In a significant collaboration that underscores the growing importance of blockchain and Web3 technologies in the financial world, SCBX, the digital assets arm of one of Thailand’s leading financial institutions, has entered into a strategic partnership with Hashed, one of South Korea’s most prominent Web3 investors.
The partnership was officially announced in a press release issued on Wednesday, signaling a commitment to collaborative research and development (R&D) initiatives and events aimed at advancing decentralized technology adoption both regionally and globally.
Simon Seojoon Kim, CEO & Managing Partner of Hashed, expressed his optimism about the partnership, stating, “This partnership amalgamates the expertise of a reputable institution with the technological and philosophical foundations of Web3. I am confident that this partnership will significantly nurture the growth of the Web3 ecosystem, extending its influence not only across Southeast Asia but also on a global scale.”
While many of Asia’s major financial institutions have remained cautious about cryptocurrencies, despite a warming regulatory environment in the region, SCB has demonstrated its commitment to the crypto space. In 2021, SCB announced the launch of a $50 million blockchain fund through its venture arm, SCBX. This move reflects the institution’s forward-thinking approach to emerging technologies.
The partnership with Hashed follows closely on the heels of a similar initiative by SCB’s cross-town rival, Kasikornbank (KBank), which recently introduced a $100 million web3 and AI fund, highlighting the increasing interest and investment in Web3 technologies within the financial sector.
As part of their collaboration, Hashed will lead efforts to conduct experiments and tests on Web3 technologies through its research hub, ShardLab. Hashed’s Chief Strategy Officer at its startup studio UNOPND, Hojin Kim, will oversee this effort. Kim noted that the joint R&D endeavors will focus on addressing specific pain points in Southeast Asia’s business environment.
“In Southeast Asia, customers still encounter certain inconveniences in their daily lives; their banks are not as technologically advanced as they could be, and e-commerce platforms are still evolving. Hence, there is substantial room for improvement in terms of digital transformation for retail customers in Southeast Asia compared to more developed countries,” explained Kim.
Although the two firms have not disclosed specific projects they are currently working on, further details and initiatives stemming from this partnership are expected to be unveiled in the near future. The collaboration between SCBX and Hashed holds the potential to drive meaningful advancements in Web3 technology adoption, benefiting both businesses and consumers across Southeast Asia and beyond.
