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Thailand's oldest bank hits back at Grab entering food delivery

Siam Commercial flips the script on ride-hailers with no-fee app

Siam Commercial Bank aims to bring 50,000 restaurants on board to its app by the end of the year. (Photo courtesy of Siam Commercial Bank)

BANGKOK -- Thailand's Siam Commercial Bank will challenge food-delivery heavyweights Grab and Gojek by launching its own service this month, hoping the quickest way to new financial customers is through their stomachs.

The move is also an attempt to flip the script on the two Southeast Asian ride-hailing companies, which have made inroads into financial services, like e-payments. Now, the country's oldest bank and  fourth-largest lender by assets is entering one of their core business areas instead, which it hopes to leverage into new opportunities for lending. 

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