Dr. Arak Sutivong, Deputy Chief Executive Officer of SCB X Public Company Limited (SET: SCB or SCBX), stated that the company is confident in its three generations of businesses, estimating that their growth would reach this year’s target amidst Thailand’s worsening economy. The company placed its trust especially in the second gen as operations in this business have reported strong revenue and net profit growth.
SCBX’s three generations of businesses are the company’s subsidiaries that are classified into three groups. The first gen, which is traditional banking business, generated the highest profit to SCBX. The companies included in this gen are Siam Commercial Bank (SCB) and associated financial management and insurance services that are related to the first gen business.
The second gen, which is the consumer and digital finance business, featured CardX (credit and personal loans), AutoX (vehicle title loans), MONIX (digital lending via FINNIX app), ABACUS digital (digital lending via Money Thunder app), and Alpha X (luxury financing services).
As for the third gen, the platform and technology business, it featured InnovestX (integrated investing platform), SCB 10X (technology investment), Token X (ICO Portal), and Point X (point redemption service).
Dr. Arak stated that the economic crisis this year is worse than what Thailand has been facing in recent years, and growth has been stagnant in the last 15-20 years. The Thai economy is already in a weak stage even without the U.S. tariffs threat. Therefore, SCBX has to prepare two precautionary measures.
First is a short-term measure as the company will support general business through risk management while aiding Thailand’s economy. The second measure is a long-term measure where the company supports financial costs by increasing the use of AI.
He pointed out that SCBX is aiming to become the region’s technology financial institute, using the new structure that includes the three generations and climate technology. Still, the company continues to primarily focus on controlling credit quality. The Deputy CEO added that the group did not slow down its investment, but instead focused on approving quality loans.
Dr. Arak also mentioned the process of forming a virtual bank as SCBX is forming a team and system setup, which would take about one year. Once finished, the Bank of Thailand and Ministry of Finance will make an inspection. SCBX will be ready to provide virtual banking services once approved.
