Thailand’s SCBX and Korea’s Hashed Ink R&D form digital partnership.

Thailand's SCBX and Korea's Hashed Ink R&D form digital partnership.

Blockchain Industry Partnership: SCBX and Hashed Join Forces to Promote Decentralized Technology Adoption

The blockchain industry continues to expand its reach as SCBX, the digital assets arm of Thailand’s largest financial institution, partners with Hashed, one of Korea’s prominent Web3 investors. This collaboration aims to advance decentralized technology adoption on a regional and global scale through joint research and development initiatives.

The CEO & Managing Partner of Hashed, Simon Seojoon Kim, expressed his confidence in the partnership, emphasizing the fusion of SCBX’s reputable expertise and Hashed’s technological and philosophical foundations of Web3. Kim believes that this collaboration will significantly nurture the growth of the Web3 ecosystem, extending its influence not only in Southeast Asia but also globally.

While several of Asia’s major financial institutions remain skeptical about cryptocurrencies, SCB demonstrates their commitment to the market by heavily investing in blockchain technology. In 2021, SCBX announced the launch of a $50 million blockchain fund through its venture arm. Moreover, Kasikornbank (KBank), a cross-town rival of SCB, recently launched a $100 million fund dedicated to web3 and AI.

As part of their partnership, Hashed will lead tests on Web3 technologies through ShardLab, its dedicated research hub. Hashed’s Chief Strategy Officer at UNOPND, Hojin Kim, who will oversee this effort, explained that the joint initiative will focus on testing Web3 technologies specific to addressing pain points in Southeast Asia’s business environment.

Kim further elaborated on the potential for digital transformation in Southeast Asia, stating that while developed countries have made significant progress in terms of advanced banking systems and evolving e-commerce platforms, the region still faces certain inconveniences. These inconveniences present an opportunity for improvement and digital transformation in the retail sector of Southeast Asia.

While the two firms have not yet disclosed specific projects they are working on, announcements are expected in the near future. This partnership represents a significant step forward in the promotion of decentralized technology adoption and the growth of the Web3 ecosystem.

Partnership Overview
SCBX Hashed
Digital assets arm of Thailand’s largest financial institution Prominent Web3 investor in Korea
Aims to promote decentralized technology adoption Brings technological and philosophical foundations of Web3
Joint R&D initiatives and events Expertise and reputable institution
Investment Landscape

Financial institutions in Asia have been gradually warming up to cryptocurrencies due to a positive regulatory environment. SCBX has played a proactive role in the market with the launch of a $50 million blockchain fund in 2021. Likewise, KBank, SCB’s competitor, recently established a $100 million fund dedicated to web3 and AI ventures. This trend highlights the growing acceptance and recognition of the potential of blockchain technology in the financial sector.

Testing Web3 Technologies

Hashed, through its research hub ShardLab, will spearhead the testing of Web3 technologies. This will involve identifying pain points in Southeast Asia’s business environment and developing solutions tailored to address these challenges. With Southeast Asia still experiencing inconveniences in banking systems and evolving e-commerce platforms, the digital transformation opportunities in this region are vast.

Future Collaborative Projects

Although SCBX and Hashed have not unveiled specific projects as of now, their partnership promises exciting prospects. The combined expertise and resources of the two firms are expected to drive innovation, strengthen the Web3 ecosystem, and foster decentralized technology adoption at a global level.

With blockchain technology gaining traction worldwide, the partnership between SCBX and Hashed marks a significant milestone in expanding the reach and influence of decentralized technologies. It sets a strong precedent for collaboration between traditional financial institutions and blockchain-based startups, showcasing the potential for transformative changes in various industries.

In conclusion, the SCBX-Hashed partnership serves as an exemplar of the growing integration of blockchain technology into mainstream financial institutions. As Southeast Asia presents opportunities for digital transformation, this collaboration strives to address existing inconveniences and propel the region towards a more advanced and inclusive financial landscape. The future holds exciting prospects as specific joint projects are unveiled, further cementing the partnership’s role in advancing decentralized technology adoption globally.

Edited by Parikshit Mishra.