SCB Abacus, an alternative digital lending platform under Siam Commercial Bank, has raised US$12 million (396 million baht) in a Series A funding round and targets digital loan growth of 10 times this year. SCB Abacus is the first fintech spin-off in the Thai banking industry and received personal loan and nanofinance licences from the Bank of Thailand. SCB Abacus is scheduled to offer a new digital loan product under its personal loan licence next year. SCB Abacus' non-performing loans are in the low single digits, she said. "Given this strong level of growth, SCB Abacus plans to raise funds for a Series B round next year.

Source: Bangkok Post September 16, 2021 23:15 UTC