BANGKOK (Reuters) - Indonesian ride-hailing app Go-Jek and Thailand’s largest lender, Siam Commercial Bank Pcl (SCB), are set to announce a strategic partnership on Thursday, the companies said.
The announcement is likely to deepen its partnership with the SCB.
Go-Jek is said to have secured an investment from SCB, Bloomberg reported on Wednesday, citing people familiar with the matter.
In Thailand, Go-Jek operates under the name Get and offers GetPay, a wallet function that users can top up through Kasikornbank Pcl and SCB banks’ apps.
Go-Jek began operations in Thailand with motorcycle rides and food delivery last year, putting pressure on rival ride-hailing firm, Singapore-based Grab.
Both ride-hailers have moved toward digital payments with partnerships with local banks in Thailand where the ride-sharing business is not fully regulated.
Grab last week rolled out a wallet function with Kasikornbank. The bank invested $50 million in Grab last year with a plan to use Grab data to offer loans products to drivers and merchants.
Reporting by Chayut Setboonsarng; editing by Uttaresh.V