"Robinhood" – SCB Group’s food delivery platform giving back to society
Amid the economic hardships caused by COVID-19, a homegrown food delivery platform for the Thai people has been created by the SCB Group, motivated by the Group’s strong determination to support society by helping to lower the cost of living, particularly for those preferring to dine at home. With food delivery services gaining in popularity, SCB came up with the idea of creating a “Robinhood” food delivery application, inspired by the securities trading firm of the same name that does not charge service fees. Employing the same concept, the new food delivery platform will not charge any subscription, GP (Gross Profit), or other fees. Eateries will be able to recoup the full amount of their costs, allowing them to sell better quality food and offer larger portions. Customers benefit by paying the actual food and delivery costs without extra charges. The platform also allows shop owners easier and quicker access to loans.
The SCB Group’s new generation team was tasked with building the application. Normally a project of this type would take at least six to twelve months to develop. However, by using existing Bank resources, such as its robust technology infrastructure, it’s Mae Manee project restaurant network, the resources of close partner Google My Business, and the delivery messengers of the Bank’s business partner Skootar, the application was completed in just three months, and new partners are being continually added. This approach enabled SCB to effectively lower its costs, unlike other new startups. As part of the SCB Group, Robinhood will speed up payment, with a goal of sellers receiving their money within one hour after closing an order. Payments will be credited to both sellers and delivery messengers automatically via the digital system without any cash involved.
In revealing the new service platform, SCB 10X Company Chairman of the Board of Directors Mr. Arthid Nanthawithaya said that Robinhood was not created to compete with anyone and does not seek to dominate the market. Instead, it was developed from a customer-centric perspective, focusing on creating a favorable experience without any target customer numbers. We want to make it another alternative for society. Realizing our advantages, we hope that more and more restaurants will be joining us. The project was initiated as a CSR activity for a good cause and the SCB Group does not earn any profit from this activity. If the platform meets the requirements of sellers and buyers and has sufficiently expanded its customer base, we could expand it beyond just food delivery in the future. We are keen to make it a digital platform that will engage our customers closely and persuade them to spend more time on the application. Finally, if the platform proves popular project owner and SCB 10X company Purple Ventures has its own business model that will allow it create spin-offs that generate revenue from other services, such as providing loans to platform members, which will be independent from food ordering or delivery fees.
The Robinhood application is scheduled to be launched in July. At its inception there will be some 20,000 eateries listed on the platform. Transaction volume will depend on the customer experience, and the Bank hopes to receive a positive response from those who enjoy the experience. Services will be available nationwide, but will primarily cover Bangkok and vicinity. Interested eateries can apply free of charge from now on by calling tel. 02-777-7564 (between 8.30 - 20.00 hrs.) or visiting SCB branches in Bangkok and its surrounding areas.
The SCB Group is ready to stand by Thai society under every circumstance. The Bank firmly believes that with its strong determination and readiness to adapt quickly, Thai society can join together and progress even further with our strong spirit. Crises will turn into opportunities, allowing everyone to adjust, transform, and overcome obstacles and boundaries in order to go on to accomplish things never accomplished before and to lead Thai society to sustainability in the new normal era.