Thai bank invests in Go-Jek to take on Grab

Siam Commercial Bank has made a “significant investment” in Indonesian ride-hailing app Go-Jek.

Go-Jek, which has an estimated valuation of around US$10 billion, will be offering financial services in partnership with the bank as well as expand its food delivery services in Thailand following the funding. It is expected to add SCB’s products in payments, digital lending and insurance to the available offerings on its app within the coming months. 

 “Our products will be connected, SCB will oversee finance while Go-Jek and Get will look at digital and logistics,” said SCB president Arak Sutivong.

Go-Jek has operated in Thailand under the brand name Get since earlier this year, where it is in competition with Singaporean ride-hailing app Grab.

“We have more then 20 services, in Indonesia,” said Go-Jek’s head of international, Andrew Lee. “We will pick and choose the best playbook for Thailand and carefully curate that.”

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