Few banks in Asia are more open to disruption inside their own walls than Thailand’s Siam Commercial Bank.
A large-scale restructuring within SCB Financial Group is underway to establish SCBX as a holding company of all the firm’s existing and future subsidiaries. The idea behind this is to have more flexibility to venture into high-growth, high-risk initiatives as part of a plan to become a regional financial technology conglomerate by 2025.
SCB Private Banking is an important part of that strategy: the firm-wide revamp and focus is a strong selling point for private bank clients, especially younger ones. The bank’s ability to leverage the digital tech boom is key to its success.
Such innovation is part of SCB’s aim to become the number one provider of comprehensive and seamless onshore and global wealth advisory services to Thai high net-worth and ultra-high net-worth clients. Yunyong Thaicharoen is chief wealth banking officer and chief wholesale banking officer at SCB.
In 2020, SCB Private Banking established new service and investment platforms. It spent much of 2021 synchronizing its numerous platforms to better serve clients’ needs and strengthen its risk-assessment capabilities. Today, SCB is a borderless private banking house in Thailand, covering all aspects of clients’ wealth management needs: low risk to high risk; onshore investment to offshore investment; and wealth creation to wealth transfer stage.
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