By The Nation
The bank has also entered into a business alliance with Get, a lifestyle on-demand application.
Under the partnership banking strategy, SCB wants to boost the digital lifestyle ecosystem in which Get drivers, merchants, and end consumers will be given an enhanced opportunity for financial inclusion through total financial solutions. The bank said this would be achieved “through digital lending to the retail client segment and small small and medium-sized enterprise (SSMEs, payment solutions, Get Pay via SCB Easy App, Cash out from Get Pay into SCB accounts, and life-accident-health insurance for drivers”.
SCB president Arak Sutivong said SCB aims to turn itself into a platform for banking through the development of competitive edges. In particular, digital technologies have been applied to develop new services to meet different kinds of clients' needs.
“To boost competitiveness, SCB must not only bring technologies for product and service development, but also move forward with a new normal of growth and seek operational business growth that arises from mergers or takeovers (inorganic growth), such as finding new partners with growth potential and investment in technology literate companies,” Arak said.
This approach led to the announcement of the significant investment by the bank in Gojek, which is based in Indonesia. With a valuation as high as that of decacorn, Gojek is a fast-growing multi-service platform technology group in Southeast Asia.
“With a common intention and goal shared with Gojek to propel the ecosystem catering to the demands of end consumers and SSMEs, SCB decided to take part in investment in the Series F funding round of Gojek,” Arak said.
“With a robust and competitive business partner having the on-demand multi-service platform that serves the client demand in a timely way, it will be the key to making SCB achieve its ultimate goal of becoming the most admired bank."
Aside from the joint investment with GOJEK, SCB president Apiphan Charoenanusorn said the bank has forged business cooperation with GET as a strategic partner to develop the digital lifestyle ecosystem in Thailand.
“It is part of efforts to propel the country's digital economy through GET drivers, Mae Manee and Get Food merchants, and SCB Easy and GET end consumers. With the realisation of the customer focus for service development, SCB saw an enhanced opportunity in this cooperation to the financial inclusion through total financial solutions for three main segments,” said Apiphan.
“The first of these relates to GET drivers, with digital lending, account opening, cash in to Get Pay via SCB Easy, cash out from GET PAY to SCB accounts without any fee, and different types of insurance services such as life, accident, and health insurance.
“For merchants, there is digital lending to SSMEs, cash out from Get Pay to SCB accounts without any fee.
“Then there are the end consumers, for whom there are various payment solutions including savings account deduction, credit top up to Get Pay via SCB Easy, binding credit card/debit card, and supreme promotions for SCB clients only.”