Nvidia CEO Says AGI Has Arrived With OpenAI GPT-6 Astra 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
German Inflation Accelerates to 2.9% in August 
TSMC August Revenue Jumps 53% on AI Chip Demand 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Elon Musk’s Boring Company Raises $3 Billion at $23 Billion Valuation 
Norway Core Inflation Rises to 3% in August 
Australia Plans New Rules Giving Users Control Over Social Media Feeds 
SEC Seeks ISS Client Voting Records in Proxy Adviser Probe 
Spire Healthcare Shares Jump on £1.03 Billion Takeover Deal 
Gold Prices Rise as Yen Rally Weakens Dollar 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Nvidia Plans 2GW Australia AI Data Center Expansion by 2027 
Huawei Launches Mate XT2 Foldable Phone in China 
South Korea GDP Surges on Chip and AI Boom 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Add as a preferred source on Google
KakaoBank Corp. is entering the Thai banking market by signing a joint venture deal with SCBX Group, the parent company of Siam Commercial Bank. Together, they will introduce an online bank in Thailand.
The Korea Economic Daily reported that through the partnership, SCBX financial holding company and KakaoBank would jointly seek a related license to operate in the country. The deal also marks the start of the South Korean bank’s advancement in Southeast Asia.
The two companies held a ceremony for the signing of the memorandum of understanding on Friday, June 16. They will now obtain a license to open a virtual bank for Thai customers. SCBX is one of the largest banks in the region, so they are expecting to get a good number of registrations once the internet-based bank starts to operate.
As stated in their MOU, both companies agreed to form their respective consortium and secure a business license together. Their bank will have no branches since it is an internet-only financial platform. Once they have formed the consortium, KakaoBank will proceed to buy more than 20% of its shares to become the second-largest shareholder.
“Income inequality remains a critical global issue, including in Thailand, where a considerable number of Thai individuals still belong to the underserved group lacking access to financial services,” SCBX’s chief executive officer, Arthid Nanthawithaya, said in a press release.
“We truly believe a strategic partnership with KakaoBank, a globally renowned and South Korea’s largest full-fledged digital bank, will significantly enhance our group’s competitive advantage.”
KakaoBank’s CEO, Yun Ho Young, further said, "We are delighted to join hands as partners with SCBX, Thailand's leading financial technology group, in the realm of virtual banking and we hope to replicate the disruption KakaoBank brought to the South Korean retail banking market in Thailand with our leadership in financial technology coupled with SCBX’s thorough understanding of the market.”
Photo by: SCBX Press Release
