SCBX Announces Virtual Banking Consortium selection of WeBank as Tech Partner, Bringing World-Class Experience and Technology Expertise to Thailand.

     Bangkok, Thailand – 22 March 2024 -- SCBX and WeBank have agreed to collaborate on exploring deployment of innovative technology in Thailand, supporting the Consortium’s pursuit of the virtual bank license. Fostering synergies through innovation technology, the Consortium hopes to tackle the problem of financial inclusion in Thailand by making financial services more transparent, accessible, and affordable.

     Following the Bank of Thailand’s first Consultation Paper on Virtual Bank Licensing Framework, SCBX joins hands with KakaoBank, South Korea’s largest full-fledged digital bank, in June 2023 to form a consortium in pursuit of the Virtual Bank License, with the aim of providing best-in-class services to the underserved population. Early March 2024, Thailand’s Finance Ministry said the country is opening to take applications for virtual bank permits for the next six months. Virtual Banks will become Thailand’s first branchless commercial banks that provide financial services fully through digital channels.

     Through the sharing of expertise and insights in technology, digital and financial services, and data analytics, the collaboration will aim to support the consortium to not only bring about new value propositions that extend financial services to the underbanked population and cultivate new innovations that better serve the needs of each customer segment.

     Mr. Arthid Nanthawithaya, Chief Executive Officer of SCBX said “We foresee robust yet innovative and agile technology playing a crucial role in the success of our Virtual Bank. WeBank is a leading digital bank in the world with one of the most advanced technologies. Our collaboration with WeBank, therefore, should pave ways for a collaborative approach in expanding our Virtual Bank’s technological breadth and depth, which will enable us to provide better banking experience to the customers. Our consortium looks forward to boost banking solutions through innovative product and service offerings to serve the needs of the Thai people.” 

     The parties will collaborate in the design of tech architecture and technology solutions with the objective of successfully meeting the virtual bank license requirements to operate virtual banking business in Thailand.

About SCB X Public Company Limited (SCBX)

SCBX is the mothership of the financial technology business group, comprising 12 subsidiary companies that operate across three key business pillars: Banking Business, Consumer and Digital Finance Business, and Platform and Technology Business. In addition, SCBX also focuses on Climate Technology, aspiring to become ‘The Most Admired Regional Financial Technology Group’. The company conducts its business with flexibility and prudence in governance and risk management and has possesses the potential to compete equally in global competitions. 

About KakaoBank

KakaoBank is the biggest mobile-first bank in South Korea. Established in January 2016, KakaoBank inaugurated its service to the general public in July 2017 after having obtained a final full banking license from the Financial Services Commission of the Republic of Korea in April 2017. KakaoBank aspires to become a customer-centric bank under its slogan of “Helping you use banking services easier in your daily life” by providing a variety of essential financial products. In these efforts, KakaoBank is actively utilizing latest technology such as chatbot and artificial intelligence to provide the easiest and most reliable mobile-only banking to its customers. 

About WeBank

Founded in 2014, WeBank offers full banking services to retail customer and SME. WeBank has developed a tech-driven architecture. This propels the bank to strive for self-dependent innovation, in addition to self-developed software. It is the first digital bank to adopt distributed architecture as its core banking system. Its self-developed distributed core banking system has proven itself to support sustainable inclusive financial services, for the unbanked, and the underbanked markets.