Thailand’s Robinhood and the perils of no-commission food delivery

Food delivery has a new face in Thailand—and it isn’t a startup; it’s the 113-year-old Siam Commercial Bank (SCB). Its Robinhood service doesn’t charge restaurants a commission, but business remains cut-throat and competitive

SCB’s Robinhood service launched during the Covid-19 outbreak to offer new options, including no platform fees for merchants

It claims 800,000 downloads and a fleet of 12,000 drivers but its competitors are far larger

SCB plans to monetise Robinhood using financial services and a B2B platform in the future

But can a tightly-managed bank last the pace in a competitive and loss-making industry?

The legend of Robin Hood, an outlaw who stole from the rich to give to the poor, already has its roots in startups.

You’re likely familiar with the American stock trading app Robinhood, which adapts the English tale to allow anyone to access and trade in the US stock market. Such investments were once restricted to the more affluent.

Now, the prince of thieves is also readjusting digital wealth in Thailand. In October 2020, Thailand’s largest and oldest bank, Siam Commercial Bank, launched launched SCB Read more a food-delivery platform called Robinhood as a corporate social responsibility (CSR) initiative.

AUTHOR

Jon Russell

Jon Russell is Southeast Asia editor for The Ken based in Bangkok. Originally from the UK, Jon moved to Thailand in 2008. He’s passionate about telling thoughtful business stories, and tracking the impact of the internet in his adopted home of Southeast Asia.

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