SCB and Millennium Group unveil Alpha X, featuring tailored financial services answering the lifestyle needs of premium-luxury customers
Siam Commercial Bank (SCB) and the Millennium Group Corporation (Asia) Co., Ltd, or MGC-ASIA, have signed a joint venture agreement to establish Alpha X Co., Ltd. The newly established company will be a provider of hire-purchase loans, leasing, and refinancing, focusing on customers in the premium-luxury automotive segment covering cars, big bikes, yachts, and river boats. Alpha X will help customers own their dream vehicles through partnership with importers of world-class automotive products, from the premium to ultra-luxury segments. The company is set to offer other related services offering an extraordinary customer experience and perfectly answering luxury customers' varying lifestyle needs.
Talking about Alpha X Co., Ltd., which is among the new business models following SCB's restructuring plan, SCB Senior Executive Vice President and Chief Wholesale Banking Officer Mr. Wasin Saiyawan, the Chief Executive Officer-to-be for Alpha X said, "Alpha X is the result of synergy resulting from SCB's potential in providing universal financial solutions and innovations, with long-term experience in taking care of customers in the premium-luxury segment by truly understanding their needs, and MGC-ASIA's experience as a leading automotive retailer in Thailand and ASEAN. This synergy will bring new services to create exceptional experiences for the target customer group. Our business operations will be backed by digital capabilities, AI technology, and big data, allowing us to reach the target group, provide efficient services, and deliver the best customer-centric experience. The company will tap the affluent customer bases of SCB and MGC and then expand to those in the premium-luxury segment."
Alpha X Co., Ltd. will provide hire-purchase loans, leasing, and refinancing for customers in the premium-luxury automotive segment, which includes cars, big bikes, yachts, and river boats. The company considers this segment a blue ocean market with few players at the moment. With a specific service scope, Alpha X is the first automotive hire-purchase lender specifically catering to customers in the premium-luxury automotive segment. The company is ready with its industry expertise and understanding of customer needs to recommend and procure automotive products in a wide range of brands in response to different customer preferences and lifestyles. The company is set to begin serving customers within 2021.
Alpha X Co., Ltd. plans to raise its registered capital to 300 million baht within one year. The company is held by SCB and MGC-ASIA on a 50:50 basis under the SCB consolidated financial group.
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