Siam Commercial Bank to invest $1.1 billion in fintech
Siam Commercial Bank (SCB) intends to invest about THB 40 billion ($1.1 billion) in creating, acquiring and developing its technology infrastructure over the next three years.
The Thailand-based bank says this investment will help it provide products and services that are better suited to serving its younger and more affluent clients.
SCB’s innovation-focused subsidiary, Digital Ventures (DV), was founded last year with a seed capital of $50 million and a mandate to support digital transformation in Thailand’s banking industry.
In July, the subsidiary announced that it had invested in some start-ups, launched an accelerator programme, and established a bank simulation platform to experiment with new ideas. SCB says it plans to supplement DV’s capital to help the bank tap into fintech companies for new solutions.
Although details of the start-ups that DV or its parent are interested in haven’t been made public, funds that have been earmarked are almost equivalent to its 2016 net profit of THB 47.6 billion ($1.35 billion).
By Soumik Roy, editorial contributor to Banking Technology