Dr. Anyarat Boonnithivorakul, Chief Commercial Officer of SCB Abacus Co., Ltd., announces a partnership with “Robinhood,” a mobile application providing food delivery service. SCB Abacus welcomes any business partnership and is ready to collaborate in any campaign, whether with big or small partners who have different challenges. The partnership’s main objective is to unlock more financial opportunity to people who have limited access to loans or small entrepreneurs who need business capital to support their stable growth.
SCB Abacus’ most recent partner is Robinhood, a Thai food delivery application that provides service with no Gross Profit (GP) fees to support small merchants, and at the same time to create job opportunities to riders during the Covid-19 crisis.
“During the first phase of our partnership, SCB Abacus has supported Robinhood riders with more access to digital lending without having to prepare any collaterals. This type of loan fits the delivery riders and other freelancers who may struggle to show proof of income and end up turning to informal loan to fulfill their daily life. This campaign will change the difficulty of the formal bank loan into a simpler process,” said Dr. Anyarat.
Mr. Srihanath Lamsam, Managing Director of Purple Ventures and Robinhood platform developer and provider, reveals, “The first phase of this partnership has already been launched since May 25, 2022 and has received positive feedback because it offers riders more alternatives to access formal working capital in a simpler and safer way. More importantly, they can finally ‘distance themselves’ from informal loans as their group leaders share the news of the campaign to other peers.”
Currently, Robinhood has around 3 million registered users, 280,000 merchants, and 30,000 riders, with a significant increasing market share reaching top 2 in Bangkok and metropolitan area. Right now, the platform plans to expand to non-food business service like all-in-one travel service which has already operated in the beginning of May, mart service which connects customers with supermarkets and stores, express service, and ride-hailing service. Such a variety of choices in one place will prepare Robinhood to be Thailand’s homegrown super app in the future.
“MoneyThunder” application, a core product of SCB Abacus, is a legal, 100% digital lending platform targeting borrowers who lack access to bank loans. The company develops their own machine learning called “Abacus Core Technology (ACT)” to underwrite loans. Additionally, it is the first digital lending in Thailand to use Alternative Data to create a personalized underwriting model that maximizes the borrowers’ opportunity. Providing a fast and seamless experience as the loan approval and disbursement take only 15 minutes, SCB Abacus positions themselves to become a customers’ “lifeline” during the economic recovery and also every stage in their life.
“Our mission is to provide opportunity to 10% of Thai people who lack sufficient credit to access formal loan, or around 2.5 million people, within 2024. Moreover, we set our sights on becoming the leader of digital lending in Southeast Asia. We welcome new partners who share the same vision to provide people with financial opportunity, as well as to strengthen stable growth together. With such goals, SCB Abacus expanded our customer 6 times over the past year,” Dr. Anyarat added.