GOJEK secures investment from SCB in Thailand
The investment is part of GOJEK’s Series F funding round, as part of which SCB has formed a strategic partnership with GOJEK’s Thai affiliate, GET.
GOJEK, Southeast Asia’s leading mobile on-demand service and payments platform, announced an investment from leading Thai bank, SCB. The investment is part of GOJEK’s ongoing Series F funding round. As part of the agreement, SCB will partner with GOJEK’s local affiliate, GET, to enable seamless payment experiences and create a more vibrant ecosystem for GET users, drivers, merchants, and partners in Thailand.
The partnership will enable GET drivers to easily open an SCB bank account at the GET Driver Training Center as well as provide them with access to essential financial services such as loans and insurance. SCB and GET will work together to improve financial literacy among drivers, supporting them with savings plans and knowledge of basic financial products. The partnership will also see the development of solutions for both GET merchants and SCB merchant customers to help them grow their businesses online.
GET users will benefit from the partnership through convenient top ups of their GET PAY credits, the company’s e-wallet service that has been launched in Thailand in beta, via SCB’s digital banking app. SCB customers will similarly reap the benefits of the partnership with GET through several promotions and discounts on food delivery and ride services.
The partnership is aligned with GOJEK’s locally-focused strategy, which has made it successful in Indonesia. GET has made a strong entry into the Thai market by going local and listening closely to customer needs. Andrew Lee, Head of International at GOJEK, said, “SCB shares our ethos of using technology to improve the lives of consumers, drivers, and merchants and we are excited to have them on board as an investor. The GOJEK vision and ecosystem model has proven to be successful at creating more efficiencies for consumers and income earning opportunities for drivers and service providers across multiple industries in the region. 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.”
Officially launched in Bangkok in February 2019, GET, which is led by a Thai management team, has quickly become one of the leading ride-hailing and food delivery companies in Thailand. Pinya Nittayakasetwat, CEO of GET, said, “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. With GET’s technology and consumer insights coupled with SCB’s expertise in the financial services industry, we believe this partnership will bring extensive benefits to millions here in Thailand.”
The investment is aligned with SCB’s strategy to capture and execute greater opportunities within the growing digital economy in Thailand. Dr. Arak Sutivong, President of SCB said “SCB’s strategy focuses on developing competitive advantages to grow beyond the new normal. We see that the strategy can be achieved through Digital Lending in Retail, SSME and Wealth Management segments as well as through the transformation of business models. The investment in GOJEK is one example of such a strategic decision. GOJEK is a world-class start-up with great potential and has grown prominently within the region in just a few years. GOJEK is second to none in terms of technology development and has become the platform with a wide range of services to respond to the diverse needs of its customers. The investment is a reinforcement of our growth strategy to achieve the ultimate goal of becoming ‘The Most Admired Bank’ in Thailand.”
Mrs. Apiphan Charoenanusorn, President of SCB, said “Apart from the investment in GOJEK, SCB is forming a partnership with GET to create a ‘Digital Lifestyle Ecosystem’ in Thailand to benefit GET’s drivers, users and merchants. The partnership will promote financial inclusion for drivers with financial solutions tailored to suit their needs, such as Digital Lending or personal and individual loans, life-accident-health insurance as well as financial literacy programs, while a “Seamless Payment Experience” will be part of our next phase of collaboration. Additionally, SCB will link GET with our customers and alliances such as retailers, businesses and universities to achieve the ‘Digital Lifestyle’ goal. We think this partnership will truly help magnify convenience and better fulfill the financial needs of our customers.”
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