Siam Commercial Bank (SCB) has lead Thailand digital banking. Significant investment in GoJek shows its commitment to driving the leapfrogging growth in the digital economy.
GoJek has now become Southeast Asia’s leading on-demand multi-service platform technology group. Meanwhile, GET is GoJek operations in Thailand.
Through GET, GoJek is collaborating with the Thailand-based team lead by CEO Pinya Nittayakasetwat. The operations started in late February 2019. The move was similar to Gojek’s expansion into Vietnam last year, with Go-Viet.
With the investment to Gojek, SCB wants to propel the digital lifestyle ecosystem. GET drivers, merchants, and end consumer will facilitate financial inclusion. Now, they can offer digital lending to the retail client segment and small SMEs. In other word, the bank is also expected to create payment solutions via SCB Easy App and life-accident-health insurances for drivers.
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SCB Eyeing GET
SCB forged business with GET, GoJek’s lifestyle on-demand app, as a strategic partner. Through SCB investment to GoJek, they aim to create and develop the digital lifestyle ecosystem concretely in Thailand. To clarify, it is part of efforts to propel the country’s digital economy through GET drivers, Mae Manee and GET FOOD merchants.
SCB saw an enhanced opportunity in the investment of financial inclusion. They expect a financial solution for three main segments.
First, through GET drivers. They want to facilitate digital lending, account opening, cash in and out from GET PAY to SCB accounts without any fees. SCB also plan different types of insurance services. The insurances are life, accident, and health insurance.
Second, trough GET merchants. They plan to provide digital lending to SMEs. The cooperation also provides cash out from GET PAY to SCB accounts without any fee.
Third, through GET end consumers. They plan to provide various payment solutions. In other words, they will provide savings account deduction, credit top up to GET PAY, binding credit/debit card, and supreme promotions. However, all of those solutions are exclusive for SCB clients.
