SCB Abacus and the Siam Commercial Bank set sights on enhancing social commerce experience
SCB Abacus, the first and leading provider of AI-powered digital lending platforms in Thailand, and the Siam Commercial Bank, have announced their partnership with Thailand Post in launching the "Mae Manee Sri Online" platform for Thailand Post customers. Through the digital lending solution, AI technology has been applied to analyze and assess personal credit worthiness of the SMEs that use cash-on-delivery (COD) service via Thailand Post's Wallet@POST application. The platform boasts convenience of online loan application through instant loan decisions without paperwork required to keep pace with intensifying competition and rapid needs of SMEs in the digital age.
Dr. Sutapa Amornvivat, Chief Executive Officer, SCB Abacus Co., Ltd., said, "SCB Abacus has launched a digital lending platform called 'Mae Manee Sri Online' to offer small and medium-sized enterprises (SMEs) a faster and easier access to sources of finance, which helps enhance liquidity and business opportunities. By incorporating artificial intelligence (AI) and machine learning for loan personalization in terms of credit line and terms, applicants will receive an instant approval within 24 hours without a further need to submit documentation. The innovative technological edge also helps reduce time and expenses usually incurred during the traditional loan origination process, allowing businesses to accelerate their expansion in order to keep up with the intense competition in the e-commerce market and current digitized environment."
"SCB Abacus' Mae Manee Sri Online service has been launched since mid-2018. Currently, there are several digital platforms that partner with the service, from major e-commerce platforms and online marketplaces to a leading lifestyle platform and an online hub for freelancers. To ensure that Mae Manee Sri Online is reaching more potential users, SCB Abacus has recently collaborated with the Siam Commercial Bank and Thailand Post, which is the No.1 logistics service provider in Thailand commonly used by online SMEs, to offer a cutting-edge AI-powered digital lending platform for businesses that subscribe to Thailand Post's cash-on-delivery (COD) service. Through the digital lending platform, the utility of AI will be leveraged to enable a seamless business growth and improve people's quality of life and financial stability in a long term. At the same time, the collaboration also helps cement SCB Abacus' position as a pioneering leader in the field of digital lending in Thailand and reflects the company's commitment to becoming a driving force that leads businesses toward a sustainable growth," Dr. Sutapa added.
Ms. Auraratana Jutimitta, First Executive Vice President, Chief Retail and Business Banking Officer, Siam Commercial Bank PCL, said, "SCB focuses on embracing a strong partnership banking approach in order to create new competitive edges that help generate growth in today's business world. We partner with Thailand Post to provide a cash-on-delivery (COD) payment option for businesses that use domestic Express Mail Service (EMS) through the Wallet@POST application. The COD system allows Thailand Post's customers to engage in financial transaction processes, such as top-up, transfer, withdrawal and payment, more easily at their fingertips. The Siam Commercial Bank plays the major role in connecting the Wallet@POST application to users' bank account, thus making it possible for Thailand Post's customers to transfer money from Wallet@POST to SCB accounts without fees."
Ms. Auraratana continued, "The Siam Commercial Bank believes SMEs are key drivers of the country's economy, especially now that the e-commerce segment is experiencing a leapfrogging growth. We are committed to a customer-centric philosophy and constantly seek ways to better understand customers in order to deliver financial services that truly suit their demand, and to achieve financial inclusion objectives. Therefore, we have joined force with our subsidiary SCB Abacus, which is a company specialized in AI technology for business, and Thailand Post to solidify the digital lifestyle ecosystem with the AI-powered digital lending platform 'Mae Manee Sri Online'. The digital lending platform has been created to improve access to loans, as well as to reduce the gap and limitations of financing among Thailand Post's customers that subscribe to the COD service. With a convenient, simple, and rapid loan processing offered through this platform, small and medium-sized businesses shall receive an approved loan instantly as demanded for timely liquidity enhancement."
Mrs. Samorn Terdtampiboon, President of Thailand Post Co., Ltd, said, "Today, e-commerce and SMEs represent a large share of Thailand Post's market. As a result, we continuously strive to deliver a variety of services to respond to the needs of these clients. One of the related services is the cash-on-delivery (COD) payment option via the Wallet@POST application for customers who use our domestic express delivery service, which currently amounts to 120,000 users in the database. The digital lending platform Mae Manee Sri Online is aimed to provide sellers and buyers using the COD service with a more customized, secure and faster access to sources of finance in order to generate a cash flow in business."
"Launching a digital lending service for COD customers with SCB Abacus today is another important step for Thailand Post in supporting the growing demand among SMEs. In addition to increasing Thailand Post's competitive edge amidst the intense competition of logistics service providers, we believe Mae Mani Sri Online Service will become a bridge between businesses and funding sources which effectively fulfils the needs of modern SMEs," said Mrs. Samorn.