SABUY offers loans, insurance service

SET-listed vending and billing machine operator Sabuy Technology (SABUY) has kicked off loan and insurance services through Shipsmile shop, a postal service provider run by its affiliated A.T.P. Friend Services.

SABUY recently bought an additional 10% of shares in A.T.P., increasing its stake in this affiliate to 48%. A.T.P. sells Shipsmile franchises to entrepreneurs for both postal services and as a collection point for domestic parcel delivery from leading transport companies.

By the end of this year, the number of Shipsmile shops is projected to reach 5,000, up from 1,800 in 2020.

Satheeranat Larbkraiwan, chief executive of A.T.P., said loan and insurance services will be provided in both new and existing Shipsmile shops.

Shipsmile entered into an agreement yesterday with Sabuy Capital Plus, a subsidiary providing loans to consumers and companies under SABUY’s ecosystem, as well as Sabuy Maxi, an insurance firm subsidiary, for the services.

“Teaming up with Sabuy Capital Plus, we can provide a low 0.99% interest rate loan to franchisees, which is appealing for both new and existing franchisees,” Mr Satheeranat said.

Worawit Chailimpamontree, chief executive of Sabuy Capital Plus, said the firm’s mission is to enable its customers to have access to finance in order to increase their business opportunities.

SABUY has more than 9 million retail customers and over 100,000 small businesses in its network, as well as many business partners, he said.

“We are confident our project with Shipsmile will be successful in helping investors and franchisees expand new business opportunities,” said Mr Worawit, adding a target of 200 million baht in loans is expected next year.

Sabuy Capital Plus expects to have a total lending portfolio of 2 billion baht by next year.

Regarding loans for Shipsmile franchisees, the loan ceiling is set at 100,000 baht with a 0.99% interest rate. Franchisees must have been operating at least for three months. The payback period is 24 months maximum.

Marut Prommali, managing director of Sabuy Maxi, said through partnership with Shipsmile the company would be offering various kinds of insurance services.

The first involves parcel delivery insurance of up to 50,000 baht in coverage and up to 720 baht for parcel return.

The second is related to Shipsmile shop insurance with insurance coverage of at least 20,000 baht.

Additionally, Shipsmile franchisees will be able to sell various insurance products to customers, such as auto insurance, accident insurance, home and small business insurance and travel insurance.

“The group expects to gain 200 million baht in insurance premiums from Shipsmile in 2022,” said Mr Worawit.

Shipsmile also forayed into new services, such as mobile top-ups, bill payment and opening new shop accounts for e-commerce giant Lazada.

“We will add cash withdrawal and deposits soon,” Mr Satheeranat said. “These services should propel us to achieve 100% growth and 5,000 branches nationwide by the end of 2021.”

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