Why Thailand’s oldest bank is bullish on DeFi

Mukaya “Tai” Panich, Chief Venture and Investment Officer of Siam Commercial Bank’s venture arm SCB 10X, imagines a world in which decentralized finance DeFi powers the back-end of traditional finance companies. 

Bullish on DeFi

The reason Mukaya “Tai” Panich,  want to invest in DeFi and be part of the ecosystem is that she want to understand and capitalize on DeFi, given its potential to meaningfully impact the financial industry.

That is why they hosting a second annual ReDeFiNE Tomorrow virtual conference which happened this past week, bringing together industry leaders such as Stani from Aave, Jeremy from USDC, Rob from Compound, Michael from Fireblocks, and many others to discuss the latest innovations and developments in the industry.

Mukaya “Tai” Panich can see a world where DeFi can power the back-end of traditional finance companies. Traditional financial companies could potentially do customer-facing activities, like acquiring customers, providing them with a simple, easy understand and integrated interface.

DeFi can power the back-end, to reduce transaction times, lower costs, increase transparency, reduce settlement times etc. For this to happen, I think traditional financial companies like us should actively explore, invest and adopt DeFi. At the same time, DeFi companies should look to work with traditional financial companies to leverage their strengths.

What is on the roadmap for SCB 10X?

First, invest in the projects that parallel traditional finance, so we could learn how to do it in a decentralized way and at the same time, teach the startup about best practices we have developed from the traditional finance world.

Second, invest in the infrastructure of DeFi. Mukaya “Tai” Panich always been an active investor in infrastructure, as investing in the picks and shovels is always a good idea. I feel that DeFi app/Dapp has been innovating really fast in the last year, and now the infrastructure for DeFi needs to be upgraded and catch up with all these innovations.

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