Thu, May 19, 2022

in-focus

SCB unit Digital Ventures shows off coin machine


Digital Ventures, a financial technology subsidiary of Siam Commercial Bank, has unveiled a prototype for Thailand’s first automated coin machine with capabilities for direct bank deposits, mobile phone top-up, e-wallet and donation connectivity.

The machine was presented at the recent 17th Money Expo Bangkok event.
Visitors at the expo tested the machine and gave feedback in order to improve the product, before the first generation machines are introduced across SCB branches in the near future. 
According to data from the Treasury Department in 2017, there are about 29 billion coins worth a combined Bt50 billion in circulation. Approximately 10 per cent of these coins are not in the system due to several factors including people collecting coins at home and the tendency to not carry around change. At the same time, depositing coins or exchanging them for bank notes is extremely time-consuming both for customers and banks, with counting fees ranging from 1-3%. These restrictions have led to the invention of automated coin machines in countries such as the United States and England. The machines not only lessen metal imports for coin production, but also enhance convenience for consumers.
Thana Thienachariya, acting chief marketing officer of Siam Commercial Bank, said: “Realising the extent of the burdens on our customers as well as the bank caused by coins, we began to develop a prototype for an automated coin machine in 2016. The product development team at Digital Ventures worked with our partners, namely Lightfog, RTech and Creatus, to create a coin machine capable of counting and checking coins, exchanging coins for notes, and linking with the bank’s system to allow users to carry out transactions with greater convenience and in ways that fit with their lifestyle. 
“For example, consumers can choose to deposit the change directly into their bank account, transfer to their e-wallet by providers such as Line Pay and PayPal, top up their mobile phone, or donate the change to a foundation or charity of their choice.
“The suggestions and feedback gathered from real users at the Money Expo will be used to improve the prototype so the machine is viable for commercial usage. Once improvements have been made, the machine will be proposed to Siam Commercial Bank and the Bank of Thailand within this year for authorisation for commercial launch.”

Published : May 18, 2017

By : The Nation