Thai bank invests in Go-Jek to take on Grab

1 min readUpdated Jul 20, 2019Jul 31, 201911:14 PM

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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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What this means

Siam Commercial Bank's investment in Go-Jek, via its Get brand in Thailand, is a calculated play that uses local financial expertise against Grab's established presence. While Go-Jek's extensive service portfolio in Indonesia suggests significant potential, its cautious 'pick and choose' approach for Thailand, expanding beyond ride-hailing into finance and food delivery, poses a direct threat to Grab's super-app strategy. This move mirrors prior market entries like Human Made opening its first Bangkok store, signalling a continued influx of foreign brands. The synergy between SCB's financial products and Go-Jek's logistics offers a compelling alternative to Grab's ecosystem. We should monitor the specific rollout of SCB's digital lending and insurance products on the Get app.

Rajiv Menon · Retail News Asia newsroom

Questions & Answers

What kind of services will Go-Jek be offering in Thailand following Siam Commercial Bank's investment?

Go-Jek will expand its food delivery services in Thailand. It will also add SCB’s products in payments, digital lending and insurance to its app's offerings, with SCB overseeing finance.

Who is Go-Jek competing against in the Thai market, and under what brand name does it operate there?

Go-Jek operates in Thailand under the brand name Get. It is in competition with the Singaporean ride-hailing app Grab in the Thai market.

What is the approximate valuation of Go-Jek?

Go-Jek has an estimated valuation of around US$10 billion. This valuation positions it as a significant player in the ride-hailing and tech-services sector.

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