As part of Siam Commercial Bank’s evolution toward becoming a financial technology powerhouse, the bank has joined with digital consultancy Publicis Sapient to launch a new entity, SCB Tech X.
According to the partners, their combined expertise, deep sector knowledge, and best-in-class technology will see SCB Tech X usher in a new generation of financial services for customers across Southeast Asia – one of the world’s most underbanked regions.
“Partnering with a global market leader in digital business transformation such as Publicis Sapient will combine the knowledge and synergy of two large regional enterprises and allow them to jointly develop and execute our vision for continuously evolving SCB Tech X toward one of the biggest technology companies in Southeast Asia,” stated SCBX CEO Arthid Nanthawithaya, who has led Siam Commercial Bank since 2015.
The joint venture with Publicis Sapient follows the recent radical restructure of what is Thailand’s oldest bank, with SCBX set up as a ‘mothership’ to provide greater flexibility in pursuing its bold ambition to become a regional and global financial technology powerhouse by 2025 with a customer-base of 200 million. The bank followed up that declaration with the $537 million purchase of local digital asset exchange Bitkub.
The launch of the SCBX, Nanthawithaya continued, aims to develop the bank’s technological capabilities to scale up platforms in a short period of time. “SCB Tech X will soon become instrumental in driving business and enabling the SCBX Group to achieve its mission through the creation of new technological capabilities that provide platform-as-a-service solutions for financial businesses and beyond,” he stated.
SCB Tech X, which will be one of the largest fintech entities in Southeast Asia, is to be led by Siam Commercial Bank senior executive vice president and chief technology officer Trirat Suwanprateeb, while Publicis Sapient managing director Jonathan Sharp will take on chief technology officer duties.
Sharp brings almost a quarter of a century worth of digital consulting experience to the role, having been with Sapient in Singapore since 1998.
Serving both the commercial market and consumers, SCB Tech X will develop cloud-based cross-functional platforms offering innovative banking services including credit and deposit products along with non-financial services such as food delivery, health and wellness content, and online travel agency services. The partners say that SCB Tech X will drive innovation and deliver significant back office efficiencies.
“Customers have come to expect sophisticated and convenient digital banking and non-banking services that help them move through daily life with greater ease,” said Publicis Sapient’s Financial Services APAC head David Murphy. “It is imperative that banks and financial organisations retool and reorganise to become leaders in these evolving ecosystems that harness the power of information, advanced technology and frictionless customer experiences.”
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