Thailand’s Siam Commercial Bank Pcl (SCB) on Monday launched a food delivery platform, Robinhood, amid growing competition in the sector in Southeast Asia’s second-largest economy.
Robinhood is the latest entrant to offer Thai food delivery services, which have seen a surge in orders amid lockdown restrictions earlier this year during the coronavirus pandemic.
Thailand’s fourth-largest lender, SCB, is an investor in Go-Jek, but has said their food delivery units operate separately.
In a statement, SCB said that 10,000 riders were ready to deliver food.
“The Robinhood app’s goal is to act as a bridge between 16,000 small merchants and customers,” said SCB senior executive Thana Thienachariya.
The app aims to link to 30,000 restaurants by year-end.
SCB said Robinhood would not charge merchants gross profit commissions and vowed to settle payments to merchants within an hour and be entirely cashless. It will offer merchant-sponsored discounts for customers of 8%.