Bangkok--24 Aug--Siam Commercial Bank
Siam Commercial Bank (SCB) has joined hands with the State Railway of Thailand (SRT) to bring the Thailand 4.0 policy into reality. Under the joint effort, the Chatuchak Weekend market, one of Thailand's important economic and tourist landmarks, will be upgraded to a digital platform with the help of Digital Ventures Co., Ltd., an SCB's group company specializing in fintech development. Digital technology will help strengthen efficiency for merchants in their business management and sales using mobile applications. Merchants will also be easily accessed by shoppers and tourists through mobile phones. The cooperation serves to open a new business dimensions for SMEs to the digital era, while the transformation will serve as digital platform prototype for other SMEs nationwide in the future.
Speaking about the collaboration, Mr. Arthid Nanthawithaya, President and CEO of Siam Commercial Bank, said that SCB's ultimate vision is to be the Most Admired Bank. This goal does not aim merely on achieving the highest profitability. SCB has also recognized the importance of taking part in economic development in various aspects, especially in developing SMEs which are regarded as a key mechanism to drive sustainable and growing economy. Under the current business environment, SMEs face challenges arising from technology advancement, prompting increasing competition, particularly small SMEs. Many have been forced to shut down their business due to constraints in lacking knowledge and adaptation to changes. SCB intends to support small SMEs to strongly further their business under the government's policy of Thailand 4.0, which fully aligns with SRT's intention to modernize Chatuchak Weekend Market areas and merchants. Today SCB and SRT have arranged for the "Products of Chatuchak" MOU signing to raise digital technology for merchants in the Chatuchak Weekend Market with Digital Ventures Co., Ltd. being assigned to develop a digital platform to place merchants on online channel, while accommodating shoppers and tourists to better enjoy shopping at the weekend market.
To upgrade Chatuchak Weekend Market to digital platform, Digital Ventures Co., Ltd., which is an SCB's subsidiary specializing in fintech investment and financial service development, has designed two applications for merchants and shoppers. The application for merchants, which is a fully integrated POS to enable merchants manage their inventory, check daily sales, and accept payment through PromptPay, aims to accommodate sale management, increase effectiveness of cost management for SMEs, while adding flexibility with a convenient and secure payment system. At the same time, the application for shoppers has been developed to enable buyers to accurately search and find merchants with an intelligent geomagnetic navigation technology to identify locations, and to allow buyers to get sale promotion real time.
The applications can support Thai, English, and Chinese to accommodate both local and foreign tourists. The platform will be allowed for full implementation by merchants and shoppers in November. It is expected that the application will be welcomed by sellers at Chatuchak Weekend Market since transactions are traditionally conducted only through physical shops, which will no longer be sufficient to meet demands. In the future, SCB will apply the model of Chatuchak platform with other SMEs nationwide.
Assistant Professor Dr. Siripong Preutthipan, Chairman of board in Chatuchak Market, State Railway of Thailand,, said that the cooperation to develop Chatuchak Weekend Market between SCB and SRT is regarded as a new aspect to enable merchants to embrace modern digital technology for real benefits of the public. Merchants will be able to take advantage of effective management from a digital platform developed by SCB. They will be able to offer and promote their shops directly to target customers, while shoppers can easily access merchants through online and navigation system which will help increase competitiveness for business operators in the digital era. Shoppers can easily search interested merchandise, and locate shops. This development strategy is in line with SRT's intention to improve and develop services of Chatuchak Weekend Market to respond to the government's Thailand 4.0 policy. Prior to this, SRT has made free WiFi available in the market areas, and improved its landscapes for more attraction and tidiness to create nice impression for both local and foreign shoppers. SRT is confident that when the cooperation has yielded tangible result, it will help attract more shoppers to the market. With its unique character, it will help upgrade the market as Asia's important shopping landmark for the future.