Thai bank invests in Go-Jek to take on Grab

Jul 31, 2019Updated Jul 20, 20191 min read

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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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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