Indonesia's Go-Jek to announce tie-up with Thailand’s largest lender Siam Commercial Bank
Indonesian ride-hailing app Go-Jek and Thailand’s largest lender, Siam Commercial Bank (SCB), are set to announce a strategic partnership on Thursday, the companies said. The announcement is likely to deepen its partnership with the SCB.
Go-Jek is said to have secured an investment from SCB, Bloomberg reported on Wednesday, citing people familiar with the matter. In Thailand, Go-Jek operates under the name Get and offers GetPay, a wallet function that users can top up through Kasikornbank and SCB banks’ apps.
Go-Jek began operations in Thailand with motorcycle rides and food delivery last year, putting pressure on rival ride-hailing firm, Singapore-based Grab. Both ride-hailers have moved toward digital payments with partnerships with local banks in Thailand where the ride-sharing business is not fully regulated. In Singapore, Grab is also gearing up to apply for a digital-only bank license, according to people close to the source.
Grab last week rolled out a wallet function with Kasikornbank. The bank invested $50 million in Grab last year with a plan to use Grab data to offer loans products to drivers and merchants.