KASIKORN X: Decentralized Finance and Beyond
In January 2020, when there was still no sign of COVID-19 in Thailand, “KASIKORN X” or “KX” was mentioned the first time during the KBank Vision 2020 event. Our chairman, Krating Ruangroj Poonpol, stated that KX would be KBank’s and KBTG’s new s-curve factory with a startup-like operation. Roughly a year and a half have passed, KX has been leading the way into Decentralized Finance (DeFi) and beyond. To learn more about their business objective, we sat down with Paul Thanaarmates Arriyavat, Head of Venture Builder and the founding member of KX.
Can you give us a brief introduction to KX?
KX is a venture builder in Decentralized Finance (DeFi) under KBank and KBTG. We focus on financial services and beyond finance businesses. DeFi is still in a nascent stage. There are a lot of pain points. For example, steep learning curve, challenging to use, and trust. I know it is ironic, but we found that ultimately, most people need products or services that do not require them to go through frictions and hardship. We see this as a massive opportunity for us to solve such pain points. Therefore, our mission is “to build trust in the trustless world.”
We create new ventures similar to the way startups build up businesses. Our entrepreneurs and builders will sit down and work together, like how business and technology co-founders of startups collaborate. The aim is to research, experiment, and launch products rapidly using pain points as the starting point and incorporate technology as an enabler. We perceive failure as a lesson. This approach makes KX a fertile ground for builders who dream of creating meaningful things. An excellent place for individuals who have an entrepreneurial spirit, like to build, are passionate about new technology and aspire to work with a team that shares the same vision.
As for my role, I develop strategic directions, build the team, create new businesses, and many other things. One of the most crucial roles is to make sure that I unlock the full potential of every team member. I need everyone to run as fast as they want with no fear so that they can be themselves and unleash their true power.
What is the experience that leads you to KX?
My early experience was in real estate, finance, and technology startups in Thailand, India, and Singapore. After that, I came back to Thailand and had an excellent chance to work in the financial industry. I have worked on products and businesses using multiple technologies ranging from Blockchain, AI/ML, AR/VR, and biometrics. I also collaborated with partners from various countries like Israel, Sweden, the USA, and Singapore.
Out of all the technologies I worked with, I fell in love with public blockchains. I believe it can solve many pain points and enable so many possibilities that no other technology can. That’s why I have been working on it for a long time. Another thing that impressed me is the community in this space are unique and support each other very well.
One of many events I attended gratified me into the blockchain world. It was a Vitalik Buterin’s talk in Singapore in 2016. Back then, the word “DeFi” didn’t exist at all. Vitalik discussed decentralized applications (dApps), the ability for everyone to create applications on the Ethereum network. I was blown away by that. The dApp community that day has been growing fast and becomes a huge industry. We can see the speed of innovation that has never been seen before in other spaces. I’m so excited to see what kind of innovation we can see tomorrow.
After that event, I had a chance to create a disruptive business with blockchain technology in B2B cross-border remittance space. It was an excellent opportunity to apply my experience as a startup founder in a large corporate environment. To build up the business, I had visited many continents, from the Middle East, Europe, Australia, and Southeast Asia. Day after day, more and more partners came in, and traction built up. The result was proof to me that we can surely build a high-growth startup within the corporate world.
Can you tell me more about how you became the founding member of KX?
“Build S-curve businesses” was a simple mandate from Krating to me.
KX was like a blank canvas waiting for artists. For someone like me, who used to be run a startup and has developed a business that grew like a startup under a big corporate, I see KX as the most beautiful, exciting, and challenging painting. I still remember every time I had a chance to talk with executives. They would ask me, “Are you sure you want to do this?”. I always replied, “Yes, let’s do this!” with a smile.
When it comes to the company’s strategic direction, I worked closely with Krating with solid support from Kattiya Indaravijaya, the CEO of KBank. When it comes to other parts, “Empathy” is the key theme here. I like to think of KX as “a tech company with a heart,” which is my guiding principle for running the company. If we lead ourselves with our hearts, we will listen more, observe more, and then we can ask the right questions. This approach helps us build a team that understands our users more, and it helps us solve people’s pain points or unlock new opportunities for their lives.
What kind of people works at KX?
In an early-stage company, the first ten team members are incredibly vital in defining the company’s culture. Hiring is my priority since day one. We look for someone that shares the same purpose, passion, and perseverance. KX consists of two groups of people at this stage: entrepreneurs and builders.
- Entrepreneurs ideate, validate, and hustle through the ups and downs of venture creation. They convert their personal experiences or observations into products or services that solve pain points.
- Builders or engineers team up with entrepreneurs to craft products or services. At KX, we cultivate a good engineering culture that allows people to focus on building great products.
We are essentially a bunch of crazy people who share the same purpose, and we would like to invite anyone interested in the way we work to join us.
That’s cool! So, can you summarize why people need to join KX?
KX is a fertile ground for entrepreneurs and builders who dream of creating meaningful things. Here are five main reasons why
- Focus: KX focuses on financial services and beyond finance businesses in decentralized worlds.
- You create impact from day one: KX is a startup-corporate hybrid environment. You can make an impact from day one. We encourage you to take ownership, lead, and see things through.
- Diversity: Each person has a unique superpower. KX also has solid support from KBTG and KBank group.
- Reframe to Innovate: We believe we can poke life and things around us. Reframing is an integral part of the way we innovate. This approach helps us to discover new kinds of businesses beyond just finance.
- We Forge in Crisis: We are building the entire company during the COVID-19 pandemic. We use the negative impact we see around us as inspiration to create products or services that will help people get through this trying time.
Right now we’re looking for many builders to help Paul and KX pioneer in the world of DeFi and beyond. If you think the next step for you is DeFi Frontend Tech Lead or DeFi Backend Tech Lead, send us your CV at www.kbtginspire.com
