Publicis Groupe Announces Fintech Joint Venture
Publicis Groupe today announces the launch of SCB Tech X, a joint venture between Publicis Sapient and Siam Commercial Bank (SCB), creating one of the largest fintech entities in Southeast Asia.
SCB Tech X is a true cloud native, industry-leading platform-as-a-service business that will serve clients throughout Southeast Asia, at a time when digital payments are predicted to exceed US$1 trillion in transaction value by 2025 in Southeast Asia.
SCB Tech X provides not only innovative banking services (such as loan products and checking and savings accounts), but also non-banking services (such as food delivery, health and wellness content and online travel booking) to commercial institutions and consumers throughout the region.
“Thanks to its assets and capabilities, Publicis Groupe is uniquely positioned to drive the transformation of its clients’ business models, reinvent how they engage with their customers and win in commerce. After recording double-digit growth in recent quarters and significant wins in financial services, retail, energy and hospitality, Publicis Sapient continues its global expansion and demonstrates its ability to partner with its clients to deliver innovative business solutions and scale in new, fast-growing geographies,” said Arthur Sadoun, CEO of Publicis Groupe.
“SCB Tech X is paving the way for a new class of technology companies built with the express purpose of helping financial institutions and other industries reinvent how they provide value to their customers,” said Nigel Vaz, CEO of Publicis Sapient. “This is a pivotal moment for personal finance and e-commerce globally, but particularly in Southeast Asia, where the market is growing exponentially. Our collaboration with SCB brings to bear the talent, expertise and world-class technology of both organizations and results in a new business that operates at the speed of a digital native and is poised to usher in the next generation of banking.”
The joint venture, which will start out with 1,200 employees collectively, will be held 60% by SCB and 40% by Publicis Sapient. Trirat Suwanprateeb, SCB’s senior executive vice president and chief technology officer, will become CEO of SCB Tech X, and Jonathan Sharp, managing director at Publicis Sapient Southeast Asia, will join the new venture as CTO.