Global advertising company Publicis Groupe has launched SCB Tech X, a joint venture with Siam Commercial Bank, an establishment institution with strong connections to Thailand's Royal family, creating one of the largest fintechs in Southeast Asia.
SCB Tech X is a platform-as-a-service business with digital payments, loans, checking and savings accounts and some non-banking services such as food delivery, health and wellness content and online travel booking.
The financial details of the joint ventue have not been released.
The joint venture, which will start with 1,200 employees collectively, will be held 60% by SCB and 40% by Publicis Sapient, the digital consulting arm of the France-based advertising group.
Trirat Suwanprateeb, SCB’s Senior Executive Vice President and Chief Technology Officer, will become CEO of SCB Tech X, and Jonathan Sharp, Managing Director at Publicis Sapient Southeast Asia, will join the new venture as CTO.
Arthur Sadoun, CEO of Publicis Groupe: “Thanks to its assets and capabilities, Publicis Groupe is uniquely positioned to drive the transformation of its clients’ business models, reinvent how they engage with their customers and win in commerce.
"After recording double-digit growth in recent quarters and significant wins in financial services, retail, energy and hospitality, Publicis Sapient continues its global expansion and demonstrates its ability to partner with its clients to deliver innovative business solutions and scale in new, fast-growing geographies.
Nigel Vaz, CEO of Publicis Sapient: "SCB Tech X is paving the way for a new class of technology companies built with the express purpose of helping financial institutions and other industries reinvent how they provide value to their customers.
“This is a pivotal moment for personal finance and e-commerce globally, but particularly in Southeast Asia, where the market is growing exponentially. Our collaboration with SCB brings to bear the talent, expertise and world-class technology of both organizations and results in a new business that operates at the speed of a digital native and is poised to usher in the next generation of banking.”
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