SCB 1OX launches "Moonshot Mission" focusing on Thailand's first "Venture Builder", aiming to become ASEAN leader in venture builder and digital technology investment
BANGKOK, Jan. 24, 2020 /PRNewswire/ -- SCB 1OX Company Limited, a subsidiary under Siam Commercial Bank PCL (SCB), announced its readiness to push forward a new growth engine for the development of digital technology capabilities through the "Moonshot Mission", set to underline the investments that can create an unprecedented exponential growth. The company highlights differentiation in the banking industry with the "Venture Builder" team for the first time in Thailand while aiming to become an ASEAN leader in digital technology investment within 5 years.
Siam Commercial Bank Group launches SCB 1OX, a new businesses powered by digital technology, including self-investment, venture builder and business partnership, aiming to become ASEAN leader in venture builder and digital technology investment within 5 years.
Mr. Arthid Nantawittaya, Chairman of the Board, SCB 1OX Company Limited, and Chairman of the Executive Committee and Chief Executive Officer, Siam Commercial Bank PCL, revealed: "SCB has embarked on the fast-track to create new business opportunities to keep up with digital banking disruption. Today, we are fully ready to take our 'Experimentation' to the next level to achieve 'Exponential Growth' as we decided to set up "SCB 1OX" with a mission to oversee all technology companies in the SCB Group, such as Digital Ventures, SCB Abacus, MONIX, and technology companies in SCB's future business pipeline. The new company has an allocated budget of 20 billion baht for its three-year investment plan. Its main objectives are to focus on investing in new businesses powered by digital technology, including self-investment, venture builder and business partnership. This business movement will allow SCB to have more technological capabilities in the future, as well as creating more value from new businesses to replace and increase the Bank's existing growth."
Dr. Arak Sutivong, Chief Executive Officer, SCB 1OX Company Limited, and President, Siam Commercial Bank PCL, elaborated: "SCB 1OX is an extension of our new business development that focuses on creating new technological capabilities to generate 'investment in Exponential Opportunities' under a mission called: the 'Moonshot Mission'. It represents ideas and creations that have never been done before and the recognition of market needs in the future which can take the organization to reach the goals before other counterparts. The mission consists of three main business pillars:
1) Venture Builder (VB) – The VB business will serve as the main driver of the company to create exponential growth, in which SCB 1OX will support tech startups with ideas or a group of business entrepreneurs who see the future potentials. Apart from this, SCB 1OX will join to build businesses with talented individuals by supporting the tech access, facilitation of the go-to market process, as well as other shared services, in order for the idea owners to fully focus on shaping their creativity into successful businesses and become a company owner (Shared ownership).
2) Strategic Investment and Partnership - SCB 1OX will partner up with various technology companies, and look for opportunities to create technology businesses to develop capabilities and create further value for the business.
3) Venture Capital (VC) - Investment in tech companies and startups around the world to help the company or those startups grow even more.
"With SCB 10X, we aim to become a leader in ASEAN in venture builder and digital technology investments within 5 years through our large-scale investment budgets. SCB 1OX is ready to receive ideas and working teams from around the world to jointly push forward the 'Moonshot Mission' to achieve aspiring business goals," Dr. Arak concluded.
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