Thailand's SCB 10X appoints Mukaya Panich as CEO
SCB 10X, the VC arm of Thailand’s Siam Commercial Bank, has appointed Mukaya Panich, its chief investment and venture officer, as CEO.
Panich will continue to hold her existing title. She replaces Arak Sutivong, a former president, CFO, and chief strategy officer of Siam Commercial Bank, who will continue as deputy CEO.
It coincides with the promotion of Pailin Vichakul, a principal at SCB 10X, to COO, partner, and head of strategic planning. Vichakul will report directly to Panich.
Panich has led SCB 10X’s global investment efforts since joining the firm in early 2020. She has organised and hosted several industry events, bringing together professionals in blockchain, web3, and metaverse.
Deep tech and crypto-related technologies have gradually become a core area of focus for SCB 10X, which initially targeted more conventional financial technologies. Panich has said that Siam Commercial Bank needed to master payments and lending services in a crypto context.
Panich is an engineer by background and brings more than 20 years of experience in technology investment across Silicon Valley, New York, and Singapore. During her leadership of SCB 10X, Siam Commercial Bank has become recognised as one of the most active banks in crypto investment globally.
Investments to date include US-based players Ripple, a payments network, and BlockFi, a lending platform, as well as Hong Kong non-fungible token (NFT) platform The Sandbox and Sygnum, a Singapore and Switzerland-based digital asset bank.
Portfolio companies also include US and Singapore-based blockchain services provider Fireblocks, which raised a USD 550m Series E round in January at a valuation of USD 8b. SCB 10X participated in that round as well as a USD 310m Series D last year at a valuation of USD 2bn.
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