Indonesian travel unicorn Traveloka has teamed up with SCB 10X, the venture arm of Thailand’s Siam Commercial Bank (SCB), to set up a joint venture to offer digital financial services in Thailand.
Coined Trex Ventures, the JV will utilise Traveloka’s platform to distribute these services, targeting travellers and lifestyle consumers.
More details on the partnership will be announced soon, according to a joint statement.
Caesar Indra, Group President of Traveloka, noted that the financial services market in Thailand offer “abundant opportunities” for the travel firm to expand into, with only 30 per cent of the population owning credit cards.
“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.
This is Traveloka’s first JV and is part of its ambitions to expand its financial services platform, the statement said. The Jakarta-based company first started offering financial products in 2018, launching a ‘buy now, pay later’ product in Indonesia. It has since released similar products including a pay later credit card.
SCB 10X’s chief business development and financial officer Pitiporn Phanaphat shared Trex will leverage Traveloka’s understanding of user behaviour, gathered through its engagement platform and data analytics platform. Also, the venture arm will access its parent company’s customer base, which it claims amount to over 16 million people across Thailand.
According to a Bloomberg report, Traveloka is set to publicly list in the US this year through a special purpose acquisition company (SPAC). The company is said to be valued at close to US$6 billion.
Image Credit: Traveloka
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