Thailand's Siam Commercial Bank PCL incorporated a new digital lending joint venture with technology developer Abakus Ltd.

The new the joint venture, named MONIX Co. Ltd., has an initial registered capital of 20,000 baht, with plans to further increase it to 660 million baht.

The Thai bank holds a 60% stake in MONIX, while Abakus holds a 40% stake.

As of Jan. 9, US$1 was equivalent to 30.26 Thai baht.