SCB launches new food & goods delivery app ‘Robinhood’

To assist small and medium sized food businesses during the Covid-19 crisis, Siam Commercial Bank (SCB) launches new food delivery application called ‘Robinhood’ with 4 key benefits to the partners such as no GP charge, no application fee, direct credit fund to shops’ accounts within one hour, and connecting SMEs to access credit lines with SCB.  This starts from food businesses currently in SCB MaeManee and Google My Business’s network.   Official run of this ‘Robinhood’ app will be live by July 2020.

 

Arthid Nanthawithaya, CEO and Chairman of executive board of SCB, shared that the Covid-19 has caused tremendous changes in various sectors and posed significant impacts and problems following business shutdown to tackle the virus spread.   SCB realized the adverse negative impacts over economic and financial and concluded the supporting and recovery ways to firstly rebuild the employees’ morale and motivation back to normal as soon as possible so that their employees can help their clients in turn.    SCB New Normal is strategically aimed to lead the way we work from anywhere and new corporate culture along with its internal digital transformation in the past few years.   This makes SCB to gain competitive advantages and adapt to create new products and services in line with the fast-changing markets.  

 

Currently, the Bank has relaxed debt repayment schedule of over 100,000 clients, injected new soft loans over Baht 30 billion to support the clients’ business and indirectly extended the workers’ employment until the businesses are back to normal.   New bank lending are mainly granted to some large hotel businesses which are adversely affected by the business shutdown and corporate bond markets’s pause in fear of delayed impacts.

 

‘Robinhood’ food and goods delivery platform is managed by Purple Ventures Co Ltd, a newly set up company under SCB 10X umbrella with estimated investment amount of approximately Baht 100 million per year.   Its intention is to do sustainable business for Thais and to accommodate the sharing economy and compassionate society under this platform.   This concept would bring Thai people, society, and our nation to weather through crisis.  First target aims 20,000 food shops to join this platform and will be increased to 50,000 food shops by end 2020.

 

Key success factor to this platform is transportation services and Robinhood has partnered with Skootar to handle the delivery service based on market rates while eyeing other new startups or interested third party services.  For SCB in partnership with GET, it is reported that GET has been informed of this and they continue to focus on normal financial business.