SABUY Technology Public Company Limited (SET: SABUY) has announced that the Board of Directors has approved the investment in a joint venture with OMoney Group (OMoney) in the proportion of no more than 60 percent with the value not exceeding 50,000,000 baht.
OMoney Group comprised of O Money Bangkok Company Limited (OMB), O Money Pathumthani Company Limited (OMP) and O Money Samutsakhon Company Limited (OMS) which are the holder of Pico Finance license and are the developer of Application and Artificial Intelligent (AI) for business related to personal loan and financial service.
OMoney Group is the holder of 3 Pico Finance Licenses covering 3 provinces and has Digital Lending platform capable of linking to the HR Payroll system which can be used for Pico Finance business immediately. In addition, the company can adapt OMoney’s Digital Page Lending platform to serve the company’s other lending and financial services.
OMoney has an MOU with a HR management service provider with more than 400,000 individuals as potential customers. This provides an opportunity for the company to expand its customer in the company Ecosystem.
Meanwhile, the company will acquire a strong customer base from this investment to expand SABUY ecosystem into loan and financing services. Pico finance can serve as a tool to increase purchase power of customers within the company’s Ecosystem. The investment will provide access to a new customer base namely blue collar factory workers, and migrant workers, as well as an access to new potential customers for the company’s other businesses.
Moreover, the Board of Directors also approved the purchase of ordinary shares of CarFinn Inter Group Company Limited (CarFinn) in the proportion of not more than 20 percent with the value of no more than 30,000,000 baht. In addition, the company will provide financial support by granting loan to CarFinn. The proceeds from loan shall be used to provide loan to CarFinn’s clients.
CarFinn is an auto-loan broker and provide short term loan to the client for the purpose of refinancing process. In addition, CarFinn provides short term personal loans to the client with liquidity shortage. CarFinn provides its service via Digital Platform and utilizes Online Marketing such as Facebook, Google, and Youtube in order to reach larger audiences, control cost, and be able to quickly adapt its marketing strategy according to customer behavior.
The synergy between SABUY and CarFinn will result in a larger variety of financial products provided by the company, especially loan and credit services under SCAP. In addition, SBMX, Company’s business arm in auto-insurance, can enjoy a larger customer base by utilizing CarFinn expertise in auto-loan.