Defi will give power to traditional finance companies : SCB Bank

Chief Venture and Investment Officer of Siam Commercial Bank’s venture arm SCB 10X claimed that Defi will work at the back-end of the traditional financial companies. And they can take potentially huge advantage from Defi space.

Recently Thailand’s regulators were actively doing debates on high restriction & regulation on Defi space. But one of the oldest Thailand’s banks, Siam Commercial Bank ” came in favour of Defi based projects and claimed many things that can be advantageous for the financial ecosystem.

Related: Thailand’s Siam Bank President says DeFi cannot be fully regulated

Now, Siam Commercial Bank’s subsidiary company SCB10× came in front as a leader to support Defi & said why they are Bullish on Defi & why they want to adopt Defi space.

Mukaya “Tai” Panich, Chief Venture and Investment Officer of SCB 10X said that Defi has huge potential and that can be used potentially to give power to the traditional finance companies like us. There are many types of things associated with Defi & we can take advantage from best factors which are in our favour of the traditional finance system. 

“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”

These are the main reasons why they are hosting the second annual ReDeFiNE together with industry leaders such as Stani from Aave, Jeremy from USDC, Rob from Compound, Michael from Fireblocks. They aimed to discuss the latest innovations and developments in the industry. 

Clearly their main intention is to bring Defi into traditional financial services. Where they can implement Defi with its benefits. And they remain engaged to provide simple, easy & accessible banking services to people.

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