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Go-Jek secured investment from Thailand’s biggest bank

The largest bank in Thailand Siam Commercial Bank (SCB) invests in the fast-growing startup ride-hailing company Go-Jek as it expands its market all over the region.

Indonesia’s ride-hailing company bags another investment from Thailand’s biggest bank Siam Commercial Bank (SCB) on its ongoing Series F funding round. SCB also announced that they are partnering with Go-Jek’s affiliate GET – the name for Go-Jek business in Thailand that offers motorbike taxi on-demand services to a limited part of Thai capital city Bangkok.

The SBC – GET partnership will bolster SBC’s financial market in Thailand. It will also allow SBC to provide financial services to GET users, drivers and operators.

Apiphan Charoenanusorn, a Senior Executive Vice President at SBC said, “the partnership will help expand SCB’s customer base via the GET application and also help create a digital ecosystem for GET users to get what they want more easily through SCB’s mobile banking experience.”

According to Sarut Ruttanaporn, the co-president of SBC, the venture is not meant to intensify competition with Thailand’s major banking group KBank (Kasikornbank) and Grab. Ruttanaporn said that the alliance and investment in Go-Jek are a way for the bank to expand greater business opportunities in the digital banking industry.

Go-Jek aims to raise over $3 billion for its Series F round funding. The amount of SBC investment was still undisclosed.