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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
