SCB Shuts Down Robinhood App Due to Rising Losses

[snoop1130]

 

Siam Commercial Bank (SCB) has stated that the well-known Robinhood application, recognized for its free-of-charge food delivery and hotel booking services, will stop functioning on July 31. The SCB's supervisory body, SCB X Plc, approved this decision. Despite a 34% rise in earnings that brought their total to 724 million baht in 2023, Purple Ventures Co Ltd, the subsidiary that manages operations, has been experiencing escalating financial losses. This situation led to a loss of 2.1 billion baht, pushing the decision to shut Robinhood down.

 

The closure is part of SCB X's larger plan to improve its functions and increase its shareholders' profits. It aligns with the group's financial management goals. The bank gave assurances that this closure wouldn't interfere with its goal to establish itself as a leading name in the financial technology sector.

 

 

Robinhood quickly became popular, especially in Bangkok, due to its policy of not charging for key services such as food delivery. Other service fees were kept competitively low. The application, launched during the height of COVID-19, significantly helped local businesses and merchants in metropolitan and key tourist areas stay afloat through economically challenging times.

 

The app played a crucial role in providing jobs for thousands of riders and gave customers access to various affordable options. The Robinhood app will officially stop working at 8 p.m. on July 31, although the specific Robinhood Shop, Robinhood Rider, and Robinhood Driver applications will still be operational until the same time.

 

File photo for reference only

 

-- 2024-06-26

 

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[John Drake]

3 minutes ago, snoop1130 said:

The closure is part of SCB X's larger plan to improve its functions and increase its shareholders' profits. It aligns with the group's financial management goals.

 

All of which amounts to closing branches, taking away ATM machines and parasitically using other banks' machines, deleting online banking, and frog marching everyone to their phone app. 

[john donson]

never used , loss of 2.1 billion, wow... great management