Leading Thai bank plans FinTech unicorn

November 22, 2019 | Banking
Written by FinTech Alliance

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FinTech
Leading Thai bank plans FinTech unicorn

Siam Commercial Bank is planning a FinTech spin off worth $1bn.

In Brief:

  • SBC says one of its FinTech units could stand alone as a unicorn.

  • Technology units with the potential to be monetised include Digital Ventures and National IMX.

  • Dating back to 1907, SBC now has over 10,000 staff and is the third largest bank by assets in Thailand.

What does this mean?

It’s hoped that spinning off various units of the bank, such as the FinTech division, will afford them freedom and independence as well as the chance to raise their own funds, according to Bloomberg sources.

Read more here.

 

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