SCB 10X is the venture capital and innovation arm of Siam Commercial Bank (SCB), one of Thailand's oldest and largest financial institutions. The unit was established in 2020 to accelerate SCB's transformation into a technology-driven financial group. Rather than operating as a traditional bank subsidiary, SCB 10X functions as an independent venture arm with a mandate to invest in, and partner with, companies reshaping finance through blockchain, decentralized finance (DeFi), and Web3 infrastructure.
The firm is headquartered in Bangkok, Thailand, and operates with a strong Southeast Asian identity while maintaining a global investment scope. SCB 10X sits within the broader SCB X public company structure, which was created when Siam Commercial Bank reorganized into a holding company in 2021 to give its technology and venture subsidiaries greater operational independence. This structure allows SCB 10X to move faster on deals than a regulated bank ordinarily could.
Public information on total assets under management is limited. SCB has not disclosed a specific AUM figure for SCB 10X separately from its wider technology investment portfolio.
Notable investments
- Aave – decentralized lending protocol on Ethereum; one of SCB 10X's most prominent DeFi bets
- Compound – algorithmic money market protocol; early DeFi infrastructure position
- The Sandbox – Ethereum-based metaverse and gaming platform
- Fireblocks – digital asset custody and transfer network for institutions
- Alpha Venture DAO (formerly Alpha Finance Lab) – Thai-founded DeFi incubator and protocol developer
The portfolio reflects a clear thesis: back foundational DeFi and Web3 infrastructure rather than consumer applications alone. The Alpha Venture DAO investment also shows a deliberate effort to support Thai-origin crypto projects and strengthen the local ecosystem.
Team
Mukaya "Tai" Panich serves as Chief Executive Officer of SCB 10X. She previously held senior roles within SCB's investment and strategy divisions before taking the helm at SCB 10X at its launch. Panich is a vocal advocate for DeFi adoption in Southeast Asia and has represented SCB 10X at major industry conferences including Consensus and Token2049. Detailed backgrounds for other investment partners are not extensively disclosed in public sources.
Recent activity
In 2023 and 2024, SCB 10X continued its focus on Web3 infrastructure while the broader SCB X holding company faced pressure to demonstrate returns from its technology pivot. SCB reported internal reviews of subsidiary performance during this period, and some restructuring discussions within the SCB X group were reported by Thai financial media. How directly these affected SCB 10X's deployment pace is not fully public.
The firm has also engaged publicly with Thailand's evolving digital asset regulatory framework, which is overseen by the Securities and Exchange Commission of Thailand. Thailand has been one of the more active Southeast Asian regulators in licensing crypto exchanges and setting DeFi guidance, which positions SCB 10X favorably as an institutional bridge between traditional finance and on-chain markets.
SCB 10X occupies a strategically interesting position: it carries the credibility and balance sheet of a 115-year-old bank while targeting frontier crypto infrastructure. Its Southeast Asian base gives it first-mover advantage in a region where crypto adoption rates are among the highest globally. The key question for the next phase is whether its relatively small disclosed portfolio translates into measurable returns as DeFi matures – and whether parent SCB X continues to give it the runway to invest through market cycles. More information is available via SCB 10X on Crunchbase and the official SCB 10X website.
