Bangkok Energy Firm Invests Millions in Thailand’s DeFi Future
SAAM Development, a prominent Thai renewable energy company listed on the Stock Exchange of Thailand (SET), is significantly expanding into digital assets with a US$2.37 million investment in FWX, a leading decentralized finance (DeFi) platform. This strategic move represents a decisive shift in SAAM’s business strategy, embracing Thailand’s burgeoning blockchain finance sector.
Leading this initiative is SAAM director Poramin Insom, a recognized figure in Thailand’s cryptocurrency landscape. Mr. Insom’s experience includes founding Satang, Thailand’s first regulated cryptocurrency exchange (later acquired by Kasikornbank), and Firo, a privacy-focused blockchain protocol. His expertise significantly strengthens SAAM’s ambitious digital asset strategy. This investment is not merely a financial transaction; it’s a calculated move to position SAAM at the forefront of Thailand’s Web3 evolution.
The partnership leverages FWX’s permissionless leverage trading infrastructure, allowing SAAM to contribute significantly to on-chain finance through liquidity provision. This aligns with SAAM’s long-term vision of integrating blockchain technology into its core business model, establishing a firm foothold in Thailand’s rapidly developing Web3 ecosystem. This “next-generation internet,” built on blockchain technology, promises to revolutionize online interaction and transactions, and SAAM aims to be a key player in this transformation.
FWX offers users advanced trading tools, providing deep liquidity and seamless access to leveraged markets. The platform’s forthcoming launch of FWX AI, an automated, AI-powered hedge fund, is expected to further enhance decentralized trading efficiency and attract institutional DeFi adoption, according to Mr. Insom. This forward-looking approach, coupled with backing from prominent financial institutions including KXVC, Beacon VC, Finnovate, GBV Capital, Avalanche Blizzard Fund, Kyber Ventures, and Varys Capital, reinforces FWX’s strong position in the DeFi space.
This collaboration extends beyond financial investment, signifying a strategic alignment that empowers SAAM to cultivate its presence in the digital asset sector. By fostering development and knowledge sharing, SAAM aims to solidify its leadership in Thailand’s burgeoning blockchain economy and contribute to the global adoption of blockchain technology.
Mr. Insom highlighted the accelerating shift towards digital assets in Thailand, positioning SAAM at the forefront of this transformative trend. He believes the company’s vision and strategic investments effectively bridge traditional capital with next-generation financial technologies, cementing its pivotal role in Thailand’s digital asset revolution.
SAAM’s current portfolio includes solar, wind, hydro, biomass, and geothermal energy projects. This expansion into digital assets underscores the company’s commitment to innovation, sustainability, and emerging financial technologies. It represents a bold diversification strategy, leveraging its renewable energy success to capitalize on the promising future of blockchain finance. This calculated risk demonstrates SAAM’s forward-thinking approach and ambition to remain a leader in both the energy and technology sectors. This dual focus not only diversifies SAAM’s portfolio but also potentially creates synergistic opportunities between its renewable energy operations and its blockchain ventures.
