SCB Easy app set to become full-scale digital platform

SCB Easy app set to become full-scale digital platform

"The SCB Easy app mainly focuses on the mass market segment, while loans granted by SCB X units focus on unique segments." — Chalee Asavathiratham, Chief digital officer, Siam Commercial Bank

SCB Easy, the mobile banking app of Siam Commercial Bank (SCB), has strengthened its infrastructure to become a comprehensive digital banking platform.

More types of transactions can be completed via the SCB Easy app thanks to this infrastructure, while there are new feature updates and financial service offerings, said Chalee Asavathiratham, chief digital officer of SCB.

Transactions on the app represent 60-70% of the bank's total transactions.

The app has around 13 million users, while the bank's total customer base is 16 million.

Transactions on the digital platform have been expanded to cover more complicated financial services, including digital lending, investment and insurance, said Mr Chalee.

SCB launched a new digital personal loan product on SCB Easy called Up by SCB.

The product does not require a financial statement to apply and offers a minimum credit line of 1,000 baht, up to a maximum of 40,000 baht.

SCB Easy is starting by offering unsecured digital loan products, including personal loans and loans for micro- and small-sized enterprises.

The bank's total outstanding digital loans stand at 14 billion baht and it targets expansion to 22 billion by the end of this year, he said.

The SCB Easy app does not offer credit card loans, which are offered by Card X under its new entity, SCB X, the holding company of SCB Group.

Business units under SCB X, namely Monix and SCB Abacus, provide digital loans.

Mr Chalee said the SCB Easy app mainly focuses on the mass market segment, while loans granted by SCB X units focus on unique segments.

SCB Easy app plans to target the underserved and unbanked segments to further grow its digital loan business.

The app has a plan to offer secured loans such as mortgages and auto loans on the platform in its next phase, he said.

Mr Chalee said the bank aims to make SCB Easy app a comprehensive digital banking platform.

The bank also plans to offer a new service called "buy now, pay later" and further expand its payment services on SCB Easy through a partnership strategy.

In addition to existing key partners such as 7-Eleven, Central JD and Robinhood, there are some new platforms and e-commerce partners in the pipeline to jointly expand payment services with SCB, he said.

Mr Chalee said the bank wants to study virtual bank regulations before making a decision on whether to apply for a new licence from the Bank of Thailand.

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