SCB X delays end of Robinhood food delivery service

Siam Commercial Bank (SCB) X PCL has made a significant decision to delay the termination of its Robinhood food delivery service, initially planned for the end of this month. The company yesterday, July 29, submitted a formal request to the Stock Exchange of Thailand (SET) to extend the service’s operation.

Manop Sangiambut, Chief Financial Officer of SCB X, revealed the development in a letter addressed to the directors and managers of the SET. The letter detailed the company’s decision to push back the cessation of Robinhood’s food delivery services, a resolution that was approved during the Board of Directors meeting held the day before.

The primary reason behind the postponement is the unexpected interest from numerous potential buyers. SCB X disclosed that they are currently evaluating acquisition proposals from a larger number of interested parties than they initially anticipated. This increase in interest has necessitated additional time to thoroughly assess each proposal.

Despite the continuation of the food delivery service, other services provided by Purple Ventures Co., Ltd., such as vehicle and electric motorcycle rentals and loans for riders, are still set to terminate as scheduled tomorrow, July 31, reported Pattaya News.

SCB X emphasised their ongoing commitment to the Robinhood application, which was developed by Thais for Thais. The company aims to ensure the app’s sustainability, benefiting all stakeholders including consumers, merchants, and riders, the statement read, highlighting the company’s intention to support the local market and community through the Robinhood platform.

“SCB X remains dedicated to maximizing benefits for all involved parties.”

The SCB announced on June 25 that the Robinhood application will cease operations tomorrow, July 31. Offering commission-free food delivery, hotel booking and various other services, Robinhood announced that they have fulfilled their mission of supporting riders and small businesses during difficult times.

SCB X Plc, the holding company for SCB and its affiliates, stated that Robinhood had fulfilled its mission of supporting merchants, riders, and small businesses during the Covid-19 pandemic. The loss-making business operated by Purple Ventures Co Ltd faced the closure decision by SCB X’s board.