Thailand Digest: SCB commits $50m to Bank Jasa Jakarta; Zipmex told to update on debt repayment

Arak Sutivong, deputy CEO of SCB

Bangkok-listed Siam Commercial Bank has invested $50 million, through Sequoia-backed WeLab, in the acquisition of digital bank Jasa Jakarta. Separately, troubled trading platform Zipmex has been ordered to give regulators an update on its moratorium on repayments to creditors by Friday.

SCB commits $50m to Bank Jasa Jakarta through WeLab Sky

Thailand’s oldest lender, Siam Commercial Bank (SCB), has indirectly committed $50 million to the acquisition of Indonesia’s PT Bank Jasa Jakarta through Hong Kong-based unicorn WeLab Sky.

SCB said in a statement that its investment in Southeast Asia’s biggest digital bank takeover, which has just been completed on Monday by Indonesian conglomerate PT Astra International and WeLab, is a reflection of its determination to expose Indonesia’s banking industry to digital transformation.

“SCBX Group recognises the growth opportunities of the digital banking business in Indonesia as the market is in a nascent stage and still lacks clear market leadership. It is, therefore, a great opportunity to invest in the leading online digital banking lending platform that uses big data processing in Indonesia,” said Arak Sutivong, deputy CEO of SCB.

The bank has also been ramping up its game through its corporate venture capital arm SCB 10X in different sectors, including its food delivery app Robinhood, which is set to launch in-app ride-hailing services by the end of this year.

SEC asks Zipmex to update on debt repayment by Friday

Thailand’s embattled cryptocurrency exchange Zipmex has received a deadline from its capital market regulators, the Securities Exchange and Commission, to keep tabs on its progress on debt moratorium within this Friday, according to a release.

Resonating the Singapore Court’s suggestion for Zipmex to form creditor committees to ‘give voice to the creditors’, the Thai regulator emphasised that Zipmex shall comply with the court’s suggestions to protect the benefits of the customers, who are now the company’s creditors.

The SEC noted in the same announcement that it had cooperated with the Department of Special Investigation on the investigations about Zipmex’s breaching of the Royal Decree on Digital Assets Business 2018.

The regulatory body also said it has taken a further step with the Cyber Crime Investigation Bureau to pursue lawsuits against Zipmex CEO Akalarp Yimwilai for failing to submit documents needed for the investigation as ordered.

Following its filing for bankruptcy protection under Singapore law in July, Zipmex was granted an extension to reschedule its debt payment to December 2, which, it said in a town hall meeting last week, could be further postponed.

 

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