SCB to transform SMEs through new digital partnership strategy

Stocks and Financial Services Press Releases Friday May 25, 2018 13:06
Bangkok--25 May--Siam Commercial Bank

Siam Commercial Bank is set to transform the SME business model in line with its "Going Upside Down" vision of meeting every SME requirement. The bank's recent Digital Partnership Strategy will link more than 50 firms highly recognized in their respective business fields, readying them for every business requirement. SCB plans to use the Digital Partnership Network to expand its SME customer base, while setting up Business Centers to create a business ecosystem favorable to sustainable SME growth. SCB is confident that its SME loans will increase by 7%.

Speaking about the new strategy, Siam Commercial Bank Senior Executive Vice President & Head of the SME Segment Mrs. Pikun Srimahunt said that rapid technological development and the leapfrogging growth in digital trends has affected business landscapes, prompting SMEs to keep pace with changes. SCB is committed to helping SMEs transform themselves so they can integrate technology to increase efficiency and smoothly enter the 4.0 digital era. The Bank has laid out a "Digital Partnership" strategy as one of its main business directions for 2018, realizing that many SMEs still need digital know-how and have yet to fully adopt the latest technologies. Failure to keep pace with trends can jeopardize their competitiveness. SCB's Digital Partnership strategies will serve as a link to bring tech start-ups to SMEs to apply online tools for customer services. This collaboration will help increase business and eliminate SME pain points, with lower costs and increased efficiency. At present, more than 50 firms covering all service sectors have joined this digital partnership. Digital partners include:

  • ReadyPlanet Co., Ltd. - A service provider of ready-made websites, mobile application development, and online marketing, currently serving more than 17,000 customers.
  • Fastwork Technologies Co., Ltd. - Thailand's top online freelance service provider, bringing together more than 7,000 freelancers from every profession to offer a full range of services to SMEs.
  • Accounting Transformations Co., Ltd – Developer of AccRevo, an online accounting platform service provider with more than 200 accountants from 18 accounting firms.
  • Semantic Touch Co., Ltd. - An e-commerce web application systems provider known as BentoWeb, helping SMEs sell products or services on the Internet. The company also provides space to promote shops, website design, marketing information and tools, and other marketing services.
  • MyCloudFulfillment Co., Ltd. - A provider of logistical services for shops selling goods online or other channels to help manage inventory management, inspection and packing, and delivery. Other services include supply chain and purchase order management systems.

"SCB is committed to creating a favorable business ecosystem for its customers. We believe that the strong growth of the SME segment will greatly benefit the country. This tangible collaboration would not be possible without support from our partners. In addition, SCB Business Centers will host SME Knowledge Centers for everything from financial transactions to digital marketing, branding, logistic solutions, and franchising. Apart from having successful business gurus providing advice or business tips for SMEs free of charge, weekly workshops are also held to provide business updates and skill development for business owners. These tools are important factors in creating the favorable business ecosystem envisioned by SCB. The Bank will not stop developing business partnerships in other areas, which will enable us to expand our customer base to as yet untapped segments. Currently, SCB's SME portfolio has 500,000 customers, and we are ready to welcome new partners to create a stronger SME network to serve as a backbone for Thailand's economy and society.

The growing economy will help drive SME business. With a positive SME business outlook, SCB is confident that its outstanding loans this year should reach 360 billion baht, an increase of 7%. SME customer quality has also improved to an 80% approval rate.", concluded Mrs. Pikun.

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