“Rabbit Cash Rabbolution” leverages full use of alternative data to grant instant loans under 100% digital processFrom left: Mr. Kazumasa Oshima, Executive Director and Chief Financial Officer of AEON; Mr. Soontorn Dentham, Founder and Chief Executive of Humanica; Ms. Ratchanee Saensinchai, Chief Executive of Rabbit Cash; and Mr. Warawut Natpradith, Chief Operating Officer of Kerry Express Thailand, at the launch of the Rabbit Cash joint venture.
Rabbit Cash Co., Ltd launched a 100% digital lending service platform under the concept “Money Rabbolution” making it easier for Thai people to access sources of funds and turning limitations into opportunities. Rabbit Cash utilizes alternative data in the underwriting process through cutting-edged technology to offer seamless digital lending onboarding journey via smartphones. Recently, Rabbit Cash launched piloted lending projects collaborating with Kerry Express, a leading express delivery service in Thailand, and Humanica, a leading HR solutions provider.
Ms. Ratchanee Saensinchai, Chief Executive Officer, Rabbit Cash Co., Ltd, unveiled Rabbit Cash, established under the partnership between BSS Holding Company Limited (BSSH), a member of BTS Group Holdings Plc, AEON Thana Sinsap (Thailand) Plc and Humanica Plc, as a way to expand financial services access for Thai people through digital technology. It innovates new loan services through digital platforms to serve the changing consumer behavior in today’s digital era and to make lending process become easier and more convenient than before. Under the concept of “Money Rabbolution”, it allows instant access to funding anywhere, anytime for anyone by providing end-to-end digital process through cutting-edged technologies that provide a safe and reliable platform for its customers.
The “Rabbit Cash” lending service is designed to make life easier with 100% digital process from the application process, credit approval to loan disbursement in order to match with today’s digital lifestyles, which consumers demands simplicity, convenience and speed. Rabbit Cash plans to use alternative data containing both digital and behavioral footprints to assess consumer’s credit profile in order to offer an appropriate loan options to each individual. Since Rabbit Cash is under BTS Group, this offers huge opportunity for rich alternative data that will be useful in the credit analysis, whether it be transportation, delivery service, insurance, purchase of goods or services, or redemption of Rabbit Rewards points, etc. along with other relevant data from various business partners, which can be obtained based on customers’ consent. The comprehensive data obtained from a person will allow Rabbit Cash to better understand each individual in various aspects which will help those people, especially those who were rejected by other financial institutions, be able to access funding from Rabbit Cash more easily.
Rabbit Cash has collaborated with leading local and global technology partners to design a simplified lending process for consumers including digital identity verification and authentication and real-time money disbursement to any bank accounts in Thailand. Rabbit Cash plans to offer its lending services to the public in Q1 of 2022 after obtaining the lending business licenses from Bank of Thailand. In the first phase, it will offer nano loans for small business owners along with welfare loans, pay day loans, Buy Now Pay Later products, and other new lending products in the following quarter.
Rabbit Cash has collaborated with Kerry Express (Thailand) Plc, a leading express delivery service in Thailand, to introduce Rabbit Cash loan products to their customers. In the pilot stage, Rabbit Cash has offered selected Kerry customers to access funding at a low interest rate to support and help their businesses during this financially challenging period. The pilot segment targets Kerry Express Loyalty Club members online sellers who regularly utilize Kerry parcel delivery service. Rabbit Cash will analyze data based on the pilot test, under customers’ consent, to find opportunities to enhance underwriting process before launching new products to all Kerry Express customers in the future.
Moreover, Rabbit Cash and Kerry Express also have a joint strategy to offer new Rabbit Cash services to Kerry customers based on the alternative data being obtained under the customers’ consent to allow Kerry customers to access funds easily, conveniently and quickly via both Kerry Express and Rabbit Cash mobile applications.
In partnership with Humanica, Rabbit Cash plans to offer a voluntary opt-in benefit program whereby Humanica’s clients can elect to offer welfare loan with low interest rate to their employees in addition to other health and well-being benefits. Should the employers decide to join the program, there will be a strict process in place for employees to opt in and provide their consent if the employees wish to participate in the program adhering to the relevant laws and regulations. Moreover, Rabbit Cash has launched the pilot programs of welfare loans to Humanica and BTS Group employees since the beginning of October.
Mr. Warawut Natpradith, Chief Operations Officer (COO), Kerry Express (Thailand) Plc, revealed, “Kerry Express, with a customer base of over 10 million people with the sizable number of online sellers, believes that some customers may need access to funding for their day-to-day operation or cashflow management. Therefore, Rabbit Cash is the solution to provide the lending service that our customers need. This is a good opportunity to offer an extended service that Kerry already has, with a simple process and ease of documents. Kerry’s data can be used for loan approval consideration, under the consent from customers, including details of the parcel delivery, value of the parcels, service fee, payment method, length of relationship with Kerry, or type of Kerry Express Loyalty Club membership. Rabbit Cash will use this information to better understand customers and determine the appropriate credit limit for each customer. The more they use the services, the more information we have, the higher chance of a higher credit limit being granted. In addition, Kerry Express and Rabbit Cash also have plan to offer new products and services to customers in the near future.”
Mr. Soontorn Dentham, Founder & CEO, Humanica Plc, stated, “In partnership with Humanica, Rabbit Cash offers welfare loans with lower than market interest rate, as a voluntary opt-in by the employers of Humanica’s clients if they would like to offer this loan as part of the welfare program for their employees. This voluntary program has the advantage for employers to offer a diverse benefit program to also look after the financial wellness of its employees on top the typical health and wellness. Since October 2021, Humanica and Rabbit Cash has introduced welfare loan to all Humanica employees to enhance its benefit program. The inclusion of welfare loan is well appreciated by employees for its low interest rate, ease of getting approval and fuss-free repayment, this is even so during COVID times where employee may need some extra cash from time to time.”
Mr. Kazumasa Oshima, Executive Director & Chief Financial Officer, AEON Thana Sinsap (Thailand) Plc, commented, “AEON has had a strong partnership with Rabbit Group since 2015. We observed the opportunity to expand our business into digital lending business, and therefore jointly invested, as a shareholder of Rabbit Cash Company, at the beginning of 2021. We will leverage our expertise and experience as a leader in microfinance services in Thailand and Asia to support growth and provide low-cost funding sources with the strength of AEON Financial Service from Japan and support some operational services to Rabbit Cash.”
“Rabbit Cash aims to support Thai society and stand side by side with online sellers, small business owners and all Thai people to overcome the unprecedented challenge in the COVID-19 situation that has unfavorably impacted so many people. We plan to have a public launch of our loan products via digital channels within the first quarter of next year, and target to grant 2,000-3,000 million Baht worth of loans to customers in the first year. This corresponds with the governmental policy of aiding and creating opportunities for small business owners, freelancers and small merchants who lack sources of funding and those whose income does not meet the criteria of applying for loans from financial institutions.” said Ms. Ratchanee.
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