SCBX of Thailand, along with Hashed of Korea, have forged a fresh association. This is to take forward R&D-related activities to help improve decentralized technology adoption. Their aim is to begin with the regional space and, over time, cross the boundaries and go international.
According to the CEO and Managing Partner of Hashed, Simon Seojoon Kim, the collaboration will bring to the table the enormous potential of a famous institution and the technological base of Web3. In his opinion, there will be the inevitable growth of the Web3 ecosystem and its impact on Southeast Asia and beyond globally.
In spite of the present apprehensions with regard to crypto in Asia’s prime financial setups, SCB has managed to make its mark in matters of generous investments in the arena. In 2022, they were responsible for releasing an amount of $50 million in blockchain funding via their venture wing, SCBX. In comparison, Kasikornbank delivered a higher funding amount for Web3 and AI, to the tune of $100 million.
As per the understanding, Hashed will take the initiative of testing Web3 technologies with the help of ShardLab, its research center. As per the Chief Strategy Officer of UNOPND, Hojin Kim, he has been given the responsibility of controlling the initiative. In his view, presently, in Southeast Asia, the customers seem to be up against multiple challenges. For instance, the existing banks are not up to the mark, and e-commerce is way behind. He strongly feels the current requirement is for better digital transformation for customers in Southeast Asia, unlike in developed countries.