SCB 1OX launches Moonshot Mission focusing on Thailand#s first Venture Builder, aiming to become ASEAN leader in venture builder and digital technology investment

Stocks and Financial Services Press Releases Friday January 24, 2020 14:23
BANGKOK--24 Jan--PRNewswire/InfoQuest

SCB 1OX Company Limited, a subsidiary under Siam Commercial Bank PCL (SCB), announced its readiness to push forward a new growth engine for the development of digital technology capabilities through the "Moonshot Mission", set to underline the investments that can create an unprecedented exponential growth. The company highlights differentiation in the banking industry with the "Venture Builder" team for the first time in Thailand while aiming to become an ASEAN leader in digital technology investment within 5 years.

Mr. Arthid Nantawittaya, Chairman of the Board , SCB 1 O X Company Limited, and Chairman of the Executive Committee and Chief Executive Officer, Siam Commercial Bank PCL, revealed: "SCB has embarked on the fast-track to create new business opportunities to keep up with digital banking disruption. Today, we are fully ready to take our 'Experimentation' to the next level to achieve 'Exponential Growth' as we decided to set up "SCB 1OX" with a mission to oversee all technology companies in the SCB Group, such as Digital Ventures, SCB Abacus, MONIX, and technology companies in SCB's future business pipeline. The new company has an allocated budget of 20 billion baht for its three-year investment plan. Its main objectives are to focus on investing in new businesses powered by digital technology, including self-investment, venture builder and business partnership. This business movement will allow SCB to have more technological capabilities in the future, as well as creating more value from new businesses to replace and increase the Bank's existing growth."

Dr. Arak Sutivong, Chief Executive Officer , SCB 1OX Co mpany Limited, and President, Siam Commercial Bank PCL, elaborated: "SCB 1OX is an extension of our new business development that focuses on creating new technological capabilities to generate 'investment in Exponential Opportunities' under a mission called: the 'Moonshot Mission'. It represents ideas and creations that have never been done before and the recognition of market needs in the future which can take the organization to reach the goals before other counterparts. The mission consists of three main business pillars:

1) Venture Builder (VB) – The VB business will serve as the main driver of the company to create exponential growth, in which SCB 1OX will support tech startups with ideas or a group of business entrepreneurs who see the future potentials. Apart from this, SCB 1OX will join to build businesses with talented individuals by supporting the tech access, facilitation of the go-to market process, as well as other shared services, in order for the idea owners to fully focus on shaping their creativity into successful businesses and become a company owner (Shared ownership).

2) Strategic Investment and Partnership   - SCB 1OX will partner up with various technology companies, and look for opportunities to create technology businesses to develop capabilities and create further value for the business.

3) Venture Capital (VC) - Investment in tech companies and startups around the world to help the company or those startups grow even more.

"With SCB 10X, we aim to become a leader in ASEAN in venture builder and digital technology investments within 5 years through our large-scale investment budgets. SCB 1OX is ready to receive ideas and working teams from around the world to jointly push forward the 'Moonshot Mission' to achieve aspiring business goals," Dr. Arak concluded.

For more information, please email to: contact@scb10x.com .
Photo - https://photos.prnasia.com/prnh/20200124/2701724-1

Caption - Siam Commercial Bank Group launches SCB 1OX, a new businesses powered by digital technology, including self-investment, venture builder and business partnership, aiming to become ASEAN leader in venture builder and digital technology investment within 5 years.

Logo - https://photos.prnasia.com/prnh/20200124/2701724-1logo
Caption - SCB 10X Logo

Latest Press Release

ธนาคารกลางอินเดีย (RBI) อนุมัติในหลักการให้ Vakrangee Limited จัดตั้งและดำเนินงาน Bharat Bill Payment Operating Unit

Vakrangee Limited (VL) ได้รับการอนุมัติในหลักการจากธนาคารกลางอินเดีย (RBI) ให้จัดตั้งและดำเนินงาน Bharat Bill Payment Operating Unit (BBPOU) ภายใต้กฎหมาย Payment and Settlement Systems Act ปี 2007 ซึ่งทำให้ Vakrangee...

Reserve Bank of India (RBI) Grants In-principle Authorisation to Set-up and Operate Bharat Bill Payment Operating Unit to Vakrangee Limited

Vakrangee Limited (VL) has been granted In-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007 from Reserve Bank of India (RBI). Vakrangee can now directly handle...

EXIM Thailand Joins Hands with Public and Private Sectors to Promote Usage of Robotics and Automation in Export Production, Particularly in EEC

Mr. Pisit Serewiwattana (second right), President of Export-Import Bank of Thailand (EXIM Thailand), recently welcomed Dr. Prapin Abhinorasaeth (center), President of Thai Automation and Robotics Association (TARA), Dr. Luxmon Attapich (far right),...

Bangkok Bank takes Bank of Thailand team to visit three SME customers - Mana Orchid Farm, Sense of Place and Raya Green Coconut

Bangkok Bank Executive Vice President, Head of Provincial Business Banking Chonganan Anantasak took a team from the Bank of Thailand’s Supervision Group 1 under Banking Supervision Department 1 led by Senior Director Yongsak Seanglaw to visit three...

SCB holds “SCB IEP Boot Camp: Hospitality Survival” offering survival tips for the tourism industry

With tourism-related businesses in crisis, Siam Commercial Bank (SCB) is continuously seeking to support its customers, as can be seen by SCB recently teaming with the Tourism Authority of Thailand (TAT) to organize an “SCB IEP Boot Camp:...

Related Topics