SCB X, the financial technology conglomerate and holding company of Siam Commercial Bank (SCB), expects to maintain single-digit loan growth for its Gen 2 businesses under a cautious strategy despite their strong growth potential.
Arak Sutivong, deputy chief executive of SCB X, said the company has gradually expanded lending and the overall operations of its Gen 2 subsidiaries, which provide consumer and digital finance services, amid mounting economic challenges both domestically and globally.
The Gen 2 businesses include Card X, Auto X, Monix, Abacus Digital and Alpha X. In the first quarter of 2026, the segment's combined loan portfolio totalled 169 billion baht, up 6% from 159 billion baht at the end of last year.
"The Gen 2 businesses are considered a key driver of the company's future growth. Although they have strong growth potential following adjustments to their business models, we want to maintain single-digit loan growth under a cautious approach that aligns with the economic environment," he said.
At the beginning of the year, SCB X believed its Gen 2 businesses were ready to expand independently after 1-2 years of refining and adjusting their business models. However, the outbreak of the war in the Middle East and its prolonged impact, coupled with Thailand's high level of household debt, prompted the company to adopt a more cautious growth stance.
Card X, which provides credit card and personal loan services, has demonstrated strong growth potential, Mr Arak said. As of March this year, the company's outstanding loans totalled 97 billion baht, up 12.2% quarter-on-quarter and 5.2% year-on-year.
The upcoming virtual bank under the SCB X consortium named Bank X is another Gen 2 business and is expected to begin operations by the end of this year.
"We want to ensure full readiness in every aspect, including systems and design, to create a distinctive competitive advantage for Bank X before its launch," he said.
SCB X's virtual bank consortium includes South Korea's KakaoBank and WeBank. SCB X holds a 90% stake in the virtual bank, while the remaining 10% is held by KakaoBank. WeBank serves as the consortium's core technology and innovation partner.
Mr Arak said the shareholding structure is based on shareholder and partnership agreements, with each partner having clearly defined responsibilities and long-term return arrangements.
Among Thailand's three virtual banks, Clicx Bank, established jointly by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business, is scheduled to launch on June 19 as the country's first virtual bank. Meanwhile, Ascend Bank, backed by Charoen Pokphand Group, is expected to debut in July.
