Singapore-listed Silverlake Axis Ltd (SAL), an enterprise technology, software and services company, has announced its agreement with Siam Commercial Bank (SCB) – one of Thailand’s top five banks with a total asset value of THB3.18 trillion – to power SCB’s innovative strategy of building new propositions outside of the traditional bank.
Developed with SAL’s MÖBIUS platform, AutoX enables customer-centric propositions for the emerging financial ecosystems and marketplaces of Southeast Asia and the world beyond. Ngern Chaiyo, AutoX’s title loan product offering, was designed to relieve financial stress particularly among Thailand’s unbanked and unbankable population – a key pillar of AutoX’s vision.
Ultimately, AutoX delivers substantial new title loans which are the micro-lending business product offerings that are already available in more than 1,000 new locations today.
SAL said in a statement that AutoX has a targeted loan portfolio of THB10 billion by the end of this year, and THB70 billion by 2025 – generated from potentially 3,000 sales points. Furthermore, it is on track for its targeted IPO by 2027.
AutoX’s microlending business provides a new level of customer availability and service in the Thai market, enabling automated lending approval in just minutes, and easy customer access using the existing SCB ATM network.
Ngern Chaiyo advances the title loan business through a keen understanding of struggles faced by the unbanked and unbankable population, greatly expanding financial inclusion and empowering reliable cash withdrawal for debt-free customers.
Speaking about the partnership, AutoX CEO and President of SCB Khun Apiphan Charoenanusorn said, “Thailand is a digitally mature and competitive market – where banks must continuously seek the cutting edge of transformation to remain ahead. Worryingly, some 36 million individuals in Thailand cannot access loans offered through financial institutions.
“With Ngern Chaiyo, AutoX relieves this large pain point with its title loan offers, using our understanding of our customer’s needs, ensuring high accessibility and maintaining reliable service. By the end of this year, we estimate 80,000 active customers and 10 billion Thai Baht in active loans, powered by 1,200 branches and 200,000 app downloads across digital channels.
“We are pleased that AutoX saw the opportunities for digital transformation offered by the Silverlake Axis’ MÖBIUS platform that has enabled AutoX to leapfrog the market. The team and the platform have proven invaluable in our evolution, and we are grateful for this collaboration.”
SAL’s Möbius platform is available on hybrid and public clouds as a SaaS offering. The core banking system of record is the first core banking system to be re-written in JAVA microservices. At AutoX, new product ideas and service innovations are offered inside the MÖBIUS Platform which contains a powerful product factory configurator to enable innovation to be delivered at faster speed and lower cost.
“AutoX is the leading player in Microlending in Thailand, and Silverlake Axis is honoured to be a partner to deliver advanced and innovative product offerings at new levels of customer convenience.
“With Ngern Chaiyo, they have designed a title loan solution to address some of the biggest struggles faced by both Thailand’s banked and unbanked populations. Working with AutoX, and grounded in our pervasive approach to innovation, efficiency and customer value, we not only empower our partners to offer a dynamic mix of new digital services, but also deliver efficient and convenient experiences for the consumer,” said Soo Ching Choo, the managing director of the MÖBIUS Platform business at Silverlake Axis.
Thailand is one of the region’s and world’s great development success stories. Shrewd economic policies and a focus on tourism and business have transformed it from a “developing” status, into a strong upper-middle income economy. It continues to be one of Southeast Asia’s high-potential markets for digital banking services.
SAL is among the industry leaders in market share within Southeast Asia, with over 40 percent of the top 20 largest banks in the region running on its core banking platform, and over 30 years of successful implementation of enterprise core software applications. It is the preferred core system platform partner for 3 of 5 of the largest ASEAN financial institutions. FY2022 marked SAL’s strongest financial year, with total revenue recorded standing at RM736.5 million.
