July 10, 2019 / 6:19 AM / 11 days ago

Indonesia's Go-Jek to announce tie-up with Thai lender

FILE PHOTO: A Go-Jek logo is pictured in their office in Singapore November 29, 2018. REUTERS/Anshuman Daga

BANGKOK (Reuters) - Indonesian ride-hailing app Go-Jek and Thailand’s largest lender, Siam Commercial Bank Pcl (SCB), are set to announce a strategic partnership on Thursday, the companies said.

The announcement is likely to deepen its partnership with the SCB.

Go-Jek is said to have secured an investment from SCB, Bloomberg reported on Wednesday, citing people familiar with the matter.

In Thailand, Go-Jek operates under the name Get and offers GetPay, a wallet function that users can top up through Kasikornbank Pcl and SCB banks’ apps.

Go-Jek began operations in Thailand with motorcycle rides and food delivery last year, putting pressure on rival ride-hailing firm, Singapore-based Grab.

Both ride-hailers have moved toward digital payments with partnerships with local banks in Thailand where the ride-sharing business is not fully regulated.

Grab last week rolled out a wallet function with Kasikornbank. The bank invested $50 million in Grab last year with a plan to use Grab data to offer loans products to drivers and merchants.

Reporting by Chayut Setboonsarng; editing by Uttaresh.V

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