Indonesia unicorn Traveloka has set up a joint venture with SCB 10X, the venture arm of Thai lender Siam Commercial Bank Group, to widen the customer base for financial products in Thailand.
The JV, TREX Ventures, seeks to leverage the Thai bank’s platform and Traveloka’s digital capabilities to offer financial products to customers in Thailand.
SCB 10X chief business development and financial officer Pitiporn Phanaphat said, in a statement, the partnership will leverage Traveloka’s understanding of user behavior and data analytics platform. Also, SCB 10X will tap the parent company SCB’s customer base of over 16 million people across the country.
And, SCB 10X seeks to tap into the travel unicorn’s platform that has approximately 40 million users across the region. SCB had earlier entered into a partnership with Indonesia’s Gojek in 2019. As part of its investment in Gojek, SCB said it will partner with Gojek Thailand(formerly known as GET) to enable seamless payment experiences and create a more vibrant ecosystem for Gojek users, drivers, merchants, and partners in Thailand.
Traveloka Group president Caesar Indra said, the firm also continues to grow the fintech business. The strategic partnership will enable the firm to deliver new financial products and services to match the needs of Thai users.
“With only 30% of Thai customers owning credit cards, we see similar needs to what we see in Indonesia. Leveraging our strong track record in Indonesia, we look forward to bringing tailored and accessible financial solutions that empower the people of Thailand to enjoy new experiences and explore the world around them,” he added.
Traveloka entered the financial products in 2018 by offering Buy Now Pay Later (BNPL) products in Indonesia. It followed with other products, including the Pay later Credit Card, which allows the users to transact the products and services in the Traveloka platform by using the card.
Both companies will soon announce the financial services products, which will be offered via the Traveloka platform to the consumers.
Traveloka secured $250 million funds from Qatar Investment Authority and EV Growth for the venture round amid the pandemic last year. The company plans to list in the US this year through the SPAC listing route, Bloomberg reported. The company aims to launch financial services in Thailand and Vietnam before the 2021 IPO listing.