Traveloka, SCB 10x create JV to offer digital financial services in Thailand

SCB 10x, the tech and innovation arm of Thailand’s Siam Commercial Bank (SCB), announced a joint venture with Indonesian travel major Traveloka to offer digital financial services in Thailand.

Photo credit: Traveloka.

Called Trex Ventures, the new entity aims to create financial products and services for travelers and lifestyle consumers in Thailand.

These offerings are set to be available through Traveloka’s platform to customers of both Traveloka and SCB. More details on the partnership will be announced soon, according to the companies’ joint statement.

Traveloka Group president Caesar Indra also shared that expanding in the financial services market of Thailand would offer “abundant opportunities” for the travel tech firm, as only 30% of Thai customers own credit cards.

The move marks Traveloka’s first joint venture and signals its commitment to expanding its financial services platform, according to the statement. It first entered the space in 2018, launching a “buy now, pay later” product in Indonesia.

According to SCB 10x’s chief business development and financial officer Pitiporn Phanaphat, Trex will leverage Traveloka’s understanding of user behavior, gathered through its engagement platform and data analytics platform.

“Meanwhile, SCB 10x has the potential and capability to embrace technology to develop innovations, taking advantage of its parent company SCB’s extensive customer base of over 16 million people across the country,” she added.