Article taken from: finance.yahoo.com
— Siam Commercial Bank Pcl expects digital lending to retail customers to climb almost eight-fold this year as Thailand’s biggest lender accelerates its online drive to win business. “Digital lending would be another challenge because this kind of loan carries very high risk without proper management. Siam Commercial, which counts King Maha Vajiralongkorn as its biggest shareholder, plans to boost investment in overseas technology businesses, building on its partnership with ride-hailing giant Go-Jek, according to Apiphan. The bank has 16 million retail customers, of which 10 million use its mobile phone apps for banking transactions, Apiphan said.
It aims to expand online services to more than 40 million Thais with mobile phones, she said. Siam Commercial gets about half its revenue from retail loans for automobiles, homes and personal spending, according to data compiled by Bloomberg. Its shares have gained 3% this year, lagging behind an 10.7% rally in the benchmark SET Index.
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