SCB Abacus wins The Asset Triple A Digital Awards 2018 for advanced E-Marketplace Digital Lending Platform for business

Saowanee Chatpaisansuk, Chief Data Officer, SCB Abacus Co., Ltd., as the company’s representative, received The Asset Triple A Digital Awards 2018 in Most Innovative Data Analytics Project category for the development of E-Marketplace Digital Lending Platform backed by AI-powered technology and Machine Learning which provide instant approval process without the need of supporting document. The new advanced lending platform allows SMEs to access quick fund to increase liquidity and expand business to stay competitive in the age of e-commerce.

The Asset Triple A Digital Awards are Asia’s preeminent recognition for leading financial institutions and technology firms that have excelled in innovating and developing a unique digital experience for customers across the Asia-Pacific and Middle East regions.

SCB Abacus defines emerging role of technology for future generations at BOAO Forum for Asia Annual Conference 2019

Dr. Anyarat Boonnithivorakul, Chief Operating Officer, SCB Abacus Company Limited joined BFA 2019 Young Leaders Roundtable as Thailand delegate to discuss the topic of “The ‘Trapped’ Alpha Generation”, where she shared the company’s outlook as a tech builder toward the relationship between technology and future generations by taking high importance of education and transparency when creating, regulating, and applying future technologies as well as the role of technology in helping bring people closer in a world of growing divides. The event, recently held at Hainan Province, China, brought together representatives and leaders from governments, enterprises, experts, and scholars from across Asia.

The roundtable is part of BOAO Forum for Asia Annual Conference 2019, held by The Secretariat of the BOAO Forum for Asia (BFA), a nongovernmental and nonprofit international organization aims at promoting the economic exchange, coordination, and cooperation within Asia and between Asia and other parts of the world, by offering a high-end dialog platform for governments, enterprises, experts, and scholars to jointly discuss economy, society, and environment and other relevant issues.

Collaboration with leading Thai e-commerce platform – Lnw Shop 

Dr. Sutapa Amornvivat, Chief Executive Officer, SCB Abacus Company Limited and Mr. Pathompol Saeng-Uraiporn, Chief Executive Officer, Lnw Shop Company Limited, jointly announced the collaboration on “Clickcash” (Mae Manee Sri Online), providing comprehensive digital lending services for Thai SMEs who operate online stores on LnwShop platform. The cooperation will leverage SCB Abacus’ technological expertise in applying AI and machine learning to create a digital lending platform. This partnership aims to provide financing for SMEs to expand their businesses quickly, keep up with the customers’ demands, and improve their competitiveness through www.lnwshop.com – that supports over 600,000 registered users and over 8 years of experience in building an integrated e-commerce ecosystem.

Partnership with Humanica for Thailand’s first digital lending solution in HR industry

SCB Abacus partners with Humanica to develop Thailand’s first digital lending solution for HR industry

SCB Abacus has announced their partnership with Humanica, the largest HR solutions provider in Thailand, in developing AI-powered online lending platform for use in automatically processing loan for the employees of Humanica’s clients. The partnership marked another step forward in enhancing service scope and capability of both organizations in offering a total solution for their customers.

As Thailand’s pioneer in applying AI and machine learning technology for credit-scoring and loan personalization, SCB Abacus has successfully developed digital lending solution that allows Humanica employees to access online loan service with personalized conditions to meet each individual need and immediate approval without the need of additional documentation. SCB Abacus’ digital lending platform is guaranteed with distinguished international awards such as the Global Retail Banking Innovation Awards 2018 presented by The Digital Banker, and the Digital Disruptor of the Year 2018 presented by IDC (International Data Corporation).

Dr. Sutapa Amornvivat, Chief Executive Officer, SCB Abacus Co., Ltd., said that “We are delighted to collaborate with Humanica, Thailand’s largest provider of human resource management services, under a shared common vision in leveraging the power of technology to create business value for consumers and the society. In this partnership, we lend our expertise to help Humanica expand their service capacity in bringing better benefits for their corporate customers. Through ease of financing and more effective management of their income and expenses, these employees can enjoy a better quality of life.”

According to Soontorn Dentham, Managing Director, Humanica Public Company Limited, “We are committed to combining knowledge in working process and technology development to support the role of human resources management in creating value for business to support sustainable growth. We have found that a major problem which many employees face is the accumulation of personal debt and lack of savings for retirement. Our partnership with SCB Abacus aims to address this problem. Together with SCB Abacus’ technological expertise and experience, we are confident that our partnership will create a powerful solution that can achieve our common mission in bringing happiness for both our clients and employees.”

Collaboration with Ministry of Commerce’s Pracharat Blue Flag 4.0 Scheme

 

The Ministry of Commerce, Thailand led by his excellency Mr. Sontirat Sontijirawong (8th left), Minister of Commerce, recently held an MOU signing ceremony for Pracharat Blue Flag 4.0 scheme. SCB Abacus, represented by Dr. Sutapa Amornvivat (8th right), Chief Executive Officer, and Siam Commercial Bank, represented by Mrs. Pikun Srimahunt (7th right), SEVP, Head of SME Segment, supported the project by offering digital loan service for local retail stores participating in the Blue Flag project.

Leveraging artificial intelligence (AI) and machine learning technologies powered by SCB Abacus, the digital loan platform allows sellers to apply for loans online and receive instant credit approval without additional paperwork, with personalized loan terms and credit line. SCB is Thailand’s first bank to introduce AI-powered lending platform to help small businesses access funding with ease to expand their business to meet market demand and stay competitive in the digital age.

Launch of “Perm Poon” the first mutual fund advisory chatbot in Thailand

SCB Abacus and SCB Asset Management launches “Perm Poon”, the first mutual fund advisory chatbot in Thailand, to uplift investment accessibility for customers

SCB Abacus together with SCB Asset Management (SCBAM) has unveiled “Perm Poon” chatbot available on both LINE application and Facebook Messenger. This chatbot is capable of addressing queries in mutual fund investments and provide personalized recommendations to users instantly with ease. This is part of an overall effort to improve accessibility to mutual fund investments especially amongst the digital natives who regularly spend time on digital platforms in their everyday lives.

Dr.Sutapa Amornvivat, Chief Executive Officer, SCB Abacus, mentioned “Nowadays, we have seen the important role of AI technology in enhancing products or services to better address business needs across most industries. The development of “Perm Poon” chatbot represents another successful milestone for us in leveraging AI technologies such as natural language processing (NLP) and machine learning to directly converse with users, identify their queries, and respond in real-time. “Perm Poon” chatbot will help to transform the process of personal investment by providing access to financial information and advice to a wider audience. All of which will promote greater financial awareness and sustainable wealth creation.”

According to Mr.Narongsak Plodmechai, Chief Executive Officer, SCB Asset Management (SCBAM), “SCB is committed to creating new experiences for the customers by providing investment guidance through digital channels which are easily accessible. This coincides with current user behavior in the age of smartphones which are used in almost every aspect of daily life. These devices act as the first and main source where people seek information. As such, we sought to create “Perm Poon” together with our technology partner, SCB Abacus, who provided chatbot development and AI expertise. The chatbot is able to cleverly offer advice on mutual funds whether information on specific funds, funds to invest based on user objectives, or the ideal allocation of funds types based on user profile. We believe this chatbot will both greatly benefit and be well-received by customers especially novice investors.”

“Perm Poon” chatbot on Facebook Messenger is available now and will go live from December 4th 2019 onwards on LINE application. Interested users can access this chatbot at the following links:

LINE Account: https://line.me/R/ti/p/%40scbam

Facebook Messenger: https://m.me/permpoonbyscbam

SCB and SCB Abacus announces success of AI-powered lending platform for SMEs on Lazada

The new solution marks Thailand’s first e-marketplace end-to-end digital lending platform and reinforces SCB’s industry leadership

Siam Commercial Bank (SCB) announces the success of “Clickcash” (Mae Manee Sri Online), Thailand’s first end-to-end digital lending platform for SMEs. The platform leverages AI and machine learning technology developed by SCB Abacus – an advanced analytics spin-off by SCB. Designed for SMEs on Lazada e-marketplace, the new online SME loan takes only 15 minutes for loan approval with an interest rate as low as 1.59% per month. Service has expanded from Bangkok to 20 provinces across Thailand. This success marks the first end-to-end digital lending platform in Thailand’s banking industry, allowing SMEs to access funding with ease to increase liquidity and expand their business to stay competitive in the age of thriving e-commerce.

Mrs. Pimolpa Suntichok, Senior Executive Vice President and Head of Commercial Banking Solutions, Siam Commercial Bank, said that, “As the customer behavior changes, businesses of all sizes, including SMEs, need to consistently adjust their strategy to keep up with the disrupted market landscape. Siam Commercial Bank understands the importance of leveraging technology to drive business growth, and strives to develop a comprehensive digital banking platform (“bank as a platform”) in order to maintain industry leadership. This is exemplified by the recent revamp of SCB Easy app, the launch of StartBiz app, and the platform SCB Business Anywhere to serve as a tool for corporate customers to operate their businesses. In addition, we continue to create synergy with several partners to strengthen our platform while provide businesses with opportunity to access new technology. SCB’s partnership with Lazada, the largest e-commerce platform in Southeast Asia, reflects the bank’s vision in promoting financial inclusion and business growth, with SCB Abacus as the technology provider in developing the innovative solution of Clickcash lending platform.”

According to Dr. Sutapa Amornvivat, Chief Executive Officer, SCB Abacus “Today, there are many Thai SMEs on e-commerce platforms with strong growth potential but are unable to expand their businesses due to lack of financing. The traditional lending practice of commercial banks favors only well-established SME businesses, involves a lengthy loan approval process, and requires large amounts of documentation. The goal behind the development of the lending platform is to help SME businesses expand by answering to the increased needs for on-demand services within limited timeframe and facilitate end-to-end digital processes. As result, our digital platform benefits from reduced operating costs which translate to more favorable interest rate for customers. The loan process is enabled by AI and machine learning technology for credit scoring and personalization of appropriate loan terms and credit line. These process can be completed within 15 minutes without requiring any paperwork. This contrasts with the traditional banking process which can take between 3 days up to one week.”

SCB has piloted this platform on the Lazada e-marketplace since June 2018. The service has received overwhelming responses from customers and yet to record any late payments. The success of the digital lending platform in leveraging innovative technology to enhance customer experience is recognized international awards and accolades, including the Global Retail Banking Innovation Awards 2018 in Best Data Analytics Initiative category, hosted by The Digital Banker and the IDC Digital Transformation Awards 2018 in the Digital Disruptor of the Year category, hosted by IDC (International Data Corporation).

Mr. James Dong, Chief Executive Officer, Lazada Thailand further added “Sellers on the Lazada are able to access funding with greater ease than before especially in periods of peak demand such as the annual Lazada 11.11 Shopping Festival campaign. This campaign has shown the exponential growth of the e-commerce industry in with a record number of 20 million shoppers within the first 24 hours across Southeast Asia. The collaboration between SCB and Lazada has uplifted the financing experience for SMEs – helping Lazada sellers to respond to the market rapidly. SCB Abacus’s technological edge and agility has further elevated the partnership enabled us to build a platform which provides value for our sellers. SCB’s digital lending platform has helped Thai SMEs to remain competitive, which coincides with Lazada’s vision of building a sustainable e-commerce ecosystem in SEA with the goal to support 8 million e-commerce and SME operators by 2030.”

Miss Pattama Pumchat, owner of Tiger Riding Shop, a seller on the Lazada platform who has applied for the Clickcash loan, revealed that “SCB’s new digital SME loan has helped me to expand my business quickly and survive in the ever-changing market. The approval process is fast. All I needed to do was to complete online application – no need to visit the bank in person and prepare masses of paperwork. This gives me more time to focus on operating and growing my business.”

 

Singapore FinTech Festival 2018

 

At the world’s largest platform for the global FinTech community – The Singapore FinTech Festival, CEO of SCB Abacus, Sutapa Amornvivat, PhD participated in a panel on “AI in ASEAN” in discussing the important challenges and opportunities that AI technology brings to the region.

She is joined by leading AI visionaries and experts Samuel Tsien of The Open Vault at OCBC, Charles Ross of The Economist Intelligence Unit (The EIU), Campbell Wilson of Singapore Airlines, and Steve Leonard of SGInnovate in providing insight into ground-breaking impact of AI in the financial industry and beyond. A truly stimulating discussion between the panelists with thought-provoking questions from the audience.

SCB Abacus wins at Global Retail Banking Innovation Awards 2018

SCB Abacus, represented by Dr. Anyarat Boonnithivorakul, Chief Operating Officer, received the Global Retail Banking Innovation Awards 2018 in “Best Data Analytics Initiative” category for the development of AI-powered digital lending platform for online SMEs.

The technology enables personalization of loan products in terms of pricing, tenor, and repayment schedules to match the needs of individual customers. This automated platform helps reduce standard loan process from 3-7 days to just 15 minutes and is integrated into the core banking system, allowing instant disbursement of approved loans into customer accounts.

The award is presented by The Digital Banker, a globally trusted news, business intelligence and content distribution provider for the financial services sector. The summit took place at the Carlton Hotel in Singapore.

SEC Fintech Forum 2018

Dr. Natth Bejraburnin, Senior Data Scientist was invited to present on the topic of “Turning Data into Value” at the SEC FinTech Forum.

Organizations are increasingly looking to understand and utilize the wealth of data that they possess. The audience of professionals, particularly in the financial industry, were provided with insight on how they can leverage their data assets as well the work culture required to fully transform into a data-driven organisation.