Indonesian ride-hailing app Go-Jek, which has just received an investment from Thailand-based Siam Commercial Bank (SCB), is set to expand its financial services and food delivery businesses, a Reuters report said, citing a top executive.
In the coming months, Go-Jek will integrate SCB’s various services such as payments, digital lending and insurance, the Indonesian company’s Head of International Andrew Lee told the news agency.
“We have more than 20 services, in Indonesia…we will pick and choose the best playbook for Thailand and carefully curate that,” Lee said.
Go-Jek was officially launched in Thailand in February under the brand ‘Get’. On Thursday, the startup announced that it received an investment from SCB as part of its ongoing Series F round. The partnership enables ‘Get’ drivers to open an SCB bank account at the Get Driver Training Center as well as provide them with access to essential financial services such as loans and insurance.
SCB and Get will work together to improve financial literacy among drivers, supporting them with savings plans and knowledge of basic financial products. The partnership will also see the development of solutions for both Get merchants and SCB merchant customers to help them grow their businesses online.
Get users will benefit from the partnership through convenient top ups of their Get Pay credits, the company’s e-wallet service that has been launched in Thailand in beta, via SCB’s digital banking app.
“SCB shares our ethos of using technology to improve the lives of consumers, drivers, and merchants and we are excited to have them on board as an investor,” Lee said in a press statement.
Apiphan Charoenanusorn, President of SCB, said: “Apart from the investment in Go-Jek, SCB is forming a partnership with Get to create a ‘digital lifestyle ecosystem’ in Thailand to benefit Get’s drivers, users and merchants. The partnership will promote financial inclusion for drivers with financial solutions tailored to suit their needs, such as digital lending or personal and individual loans, life- accident-health insurance as well as financial literacy programs. Additionally, SCB will link Get with our customers and alliances such as retailers, businesses and universities to achieve the ‘digital lifestyle’ goal.”