According to CoinDesk, SCBX, the digital assets arm of one of Thailand's largest financial institutions, has signed a partnership agreement with Hashed, one of Korea's biggest Web3 investors. The partnership aims to work on joint research and development initiatives and events to promote decentralized technology adoption regionally and globally. SCB has invested heavily in the crypto market, with its venture arm SCBX launching a $50 million blockchain fund in 2021. Recently, rival Kasikornbank (KBank) launched a $100 million Web3 and AI fund.

As part of the collaboration, Hashed will lead tests on Web3 technologies through its research hub, ShardLab. Hojin Kim, Chief Strategy Officer at startup studio UNOPND, who will oversee the effort, said the joint initiative will test Web3 technologies specific to addressing pain points in Southeast Asia's business environment. He noted that there is more room for improvement in terms of digital transformation for retail customers in the region compared to developed countries. The two firms have not yet named any specific projects they are working on, but announcements are expected in the near future.