Siam Commercial Bank completes investments in PayKey and IndoorAtlas, extending its global reach and access to critical technologies

Stocks and Financial Services Press Releases Monday November 20, 2017 12:40
Bangkok--20 Nov--Ogilvy Public Relations

Siam Commercial Bank (SCB), through its financial technology subsidiary Digital Ventures, completed Series B investments in PayKey, an Israel-based social payment solution provider, and IndoorAtlas, an Indoor Positioning Systems (IPS) technology provider from Finland. The investments mark a major step in furthering Digital Ventures' mission of expanding knowledge in deep technologies, strengthening relationship with global startups and exploring new business opportunities for Siam Commercial Bank.

Orapong Thien-Ngern, CEO, Digital Ventures, said that, ""The investments in PayKey and IndoorAtlas are significant strategic moves in broadening Digital Ventures' technology footprint in key technologies such as blockchain, big data, artificial intelligence (AI), and location-based technologies essential to shaping both the near and long-term future of business and financial services. They also grant us a toehold in the Nordics and Israel, vitally important fintech and core-tech markets for SCB. It has been our strategy from Day One to identify and learn from the best and most relevant technologies and startups, wherever in the world they may be found, resulting in the development of new services and enhancement of customer experience for both SCB and its corporate customers.""

Currently, Siam Commercial Bank has successfully expanded its investment network in fintech and innovation throughout Asia, the United States, Scandinavia and Israel.

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