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SCB’s new joint venture to focus on digital lending

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The Siam Commercial Bank (SCB) has set up a joint venture with technology developer Abakus. According to SCB’s filing to the Stock Exchange of Thailand on Friday (January 10), SCB holds a 60 per cent stake in the JV, Monix Co Ltd, while Abakus holds the remainder.

The joint venture has an initial registered capital of Bt20,000, which will be raised to Bt600 million.
It will be engaged in digital lending in line with SCB’s goal of driving long-term growth through digital lending.
Abakus develops technology in various fields, including artificial intelligence and machine learning, for financial businesses.

Published : January 10, 2020