Wecash rolls out first personal credit product in collaboration with Siam Commercial Bank

May 11, 2020

Wecash rolls out first personal credit product in collaboration with Siam Commercial Bank

BANGKOK, THAILAND / ACCESSWIRE / June 12, 2020 / On May 11, 2020, MONIX Co., Ltd., a fintech platform jointly established by Wecash and Siam Commercial Bank (SCB), one of Thailand's largest commercial banks, rolled out Hahi Money, the first 100% digital credit application, designed to provide consumers in Thailand with the friendliest unsecured micro-lending services.

Powered by cutting-edge artificial intelligence and big data technologies with the ‘moonshot mission' to bring financial inclusion everywhere, the new digital lending service by MONIX allows consumers, including freelancers, street vendors, and taxi drivers, to benefit from affordable and convenient micro-loans with zero documents and get the lightning-fast loan result within 1 minutes.

Hahi Money application is the result of an expanded partnership between Abakus' fintech brand Wecash and SCB in the financial technology sector. In June 2019, Abakus entered into a strategic partnership with SCB. In January 2020, the two companies jointly established MONIX, which then announced the launch of its first 100% digital lending service in May.

Founded as Thailand's first local commercial bank, SCB is currently one of the largest commercial banks in the country. Wecash is committed to providing financial institutions around the world with personalized digital financial transformation solutions that offer customers a quick and easy access to financial services.

Fintech, an emerging sector that uses technology to improve financial services, is expected to play an important role in boosting the digital economic development in countries and regions targeted by China's Belt and Road initiative. Since entering the Southeast Asian market in 2017, Wecash has developed a systematic lineup of solutions by leveraging its experience in supporting six Indonesian banks as they continue to improve their local services.

The launch of MONIX confirms Wecash's commitment to empowering financial institutions with technology. Wecash has built a fintech service ecosystem encompassing Europe, Southeast Asia and South America, serving over 80 financial institutions worldwide.

With the growing demand for technology-driven services among financial institutions, Wecash plans to build on its six years of experience in digital empowerment to create standards-based modular solutions for financial institutions with the aim of helping them generate new business while creating social value.