Siam Commercial Bank Announces Investment in GOJEK and GET

Asia Blockchain Review
July 24, 2019

Siam Commercial Bank (SCB), the self-acclaimed ‘digital banking leader’ in Thailand, revealed that it has made a significant investment in GOJEK, Southeast Asia’s leading on-demand multi-service platform technology group, and GET, a lifestyle on-demand application.

Promoting Digital Payments and Lifestyle Services

SCB President Dr. Arak Sutivong said the aim is to transform the company into a banking platform using new technology.

“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,” said Dr. Arak.

The statement from SCB revealed that the bank has invested in the Series F Funding Round of GOJEK, as well as forged business cooperation with GET, a ‘lifestyle on-demand’ application. 

The investments reflect SCB’s determination to drive digital economy and better serve the demands of today’s consumers.

On-Demand Services Growing in Thailand

Andrew Lee, Head of International of GOJEK, said SCB shares the firm’s ethos of using technology to improve the lives of consumers, drivers, and merchants.

“The partnership with SCB shows continued confidence in our business strategy across markets as we aim to further scale our model and enhance operations in Thailand and elsewhere,” Lee said. 

Meanwhile, Pinya Nittayakasetwat, CEO of GET, revealed that the partnership with SCB will help the application attract more users.

“GET is growing rapidly, but this is only the beginning as ride-hailing and online food delivery penetration is still small compared to the market opportunity. We are excited about our partnership with SCB as it will help us reach a wider audience and provide a more seamless experience for all our users.”


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