Robinhood, the Bangkok-based online food and all-in-one transportation service platform under SCBX Group, Purple Ventures Co., Ltd., has confirmed a multi-year strategic partnership with Google Cloud and MFEC Public Company Limited ("MFEC") to promote its objective of developing a locally based "super app" that provides integrated growth potential to entrepreneurs, delivery riders, and diversified clients in non-metro areas.
Robinhood, that implements a zero-commissions stance to offer small-scale entrepreneurs and riders a bigger proportion of profits, was debuted to lessen the financial difficulties local food and beverages operators encountered during the peak of the pandemic and to support the economic recovery of the domestic tourism industry. The three firms will collaborate to bolster Robinhood's innovative culture, update its IT infrastructure, enhance user experiences through data-driven insight, and co-create new digital services.
"Robinhood's differentiated business model allows everyone to make profits from those other independent components, such as offering loans to customers in our ecosystem, as compared to trying to charge smaller restaurants and hotels platform charges that decrease their profits," said Thana Thienachariya, Chairman of the Board, Purple Ventures Co., Ltd. (Robinhood). "With a fleet of 30,000 drivers supporting 225,000 restaurants and 16,000 hotels currently featured on our system, Robinhood has evolved into the preferred food and travel app for 2.8 million customers. Together with Google Cloud and MFEC, we intend to capitalise on the overwhelmingly positive reception our platform has received over the past twenty months and accelerate our growth into travel, rental cars, and flight bookings, as well as grocery and quick parcel delivery services. This notion for a super app is an extension of our unwavering dedication to aiding smaller players and rebuilding the grassroots economy."
"Robinhood has always been a cloud-native platform, but then as demand for our services increased exponentially, it became evident that we required more performant infrastructure to enable us develop in a cost-effective and sustainable manner," said Srihanath Lamsam, CEO of Purple Ventures Co., Ltd. (Robinhood). "We chose Google because of its superior data cloud architecture – one that operates with net zero operational emissions – and its extensive experience mapping the planet and constructing open platforms and ecosystems. These capabilities, coupled with MFEC's technical advice and implementation experience, will enhance our capacity to produce value for society while contributing to our sustainability goals."
The cooperation will consist of the following five pillars:
Developing competent talent and an innovative culture: Robinhood, Google Cloud, and MFEC will develop a Cloud Center of Excellence (CCoE) comprised of cloud environment, data management, and application modernization experts in order to encourage an agile culture across all of Robinhood's product lines and expedite product innovation. The CCoE's dedicated upskilling and certification programmes will equip Robinhood employees to manage massive cloud implementation and implement artificial intelligence (AI) and machine learning (ML) to solve high-impact business issues. These programmes will implement the same curriculum that Google uses to train its own technologists.
By shifting its systems to Google Cloud's open, secure, scalable, and carbon-neutral infrastructure, Robinhood can better serve its ecosystem and lower the carbon footprint of its IT activities, hence improving the quality of digital services. The CCoE will then leverage microservices and expanded Google Play Store support to guarantee that Robinhood's customer and rider services remain robust, dependable, and lightweight – even as new services are launched and accessed by a large number of people.
To enable Robinhood personnel to keep ahead of shifting customer consumption trends and exploit detailed insights for strategic decision-making, the CCoE will construct and operate an intelligent data engine utilising Google Cloud's premier analytics, AI, and ML capabilities. The data engine will also provide hyper-personalized product recommendations to Robinhood customers on behalf of small businesses to increase their revenue streams.
Robinhood will investigate the use of Google Maps Platform's software development kits to expedite the construction and incorporation of on-demand mobility capabilities, hence expanding income prospects for riders. Potential use cases include giving riders with in-app, turn-by-turn navigation after finding the shortest or fastest routes so they may ride more safely, complete orders more quickly, and earn more money. Users of Robinhood's delivery services will have access to real-time information regarding their riders' location, route, traffic conditions, and estimated time of arrival, resulting in fewer customer support queries and order cancellations.
Recognizing that easy access to financial services can make a major difference in safeguarding and expanding livelihoods, Robinhood will investigate co-innovation activities with Google Cloud to integrate digital banking and microloans services within its application. This would make it easier for small business owners to apply for financial aid to purchase new equipment and hire new employees, or for potential delivery riders to rent electric bikes.
Siriwat Vongjarukorn, CEO and President of MFEC Public Company Limited, stated, "As a significant Google Cloud partner and Thailand's leading listed systems integrator, we take great delight in furthering the goals of local companies like Robinhood." "With our newly formed CCoE imparting essential cloud skills, adopting an open cloud architecture, implementing data governance best practises, and automating application deployment, Robinhood can achieve performance at scale, optimise IT costs, and maintain the highest data security and privacy benchmarks, and encourage its developers to generate constant software upgrades – without shutdowns – to enrich its entire digital ecosystem."
"Pandemic-driven shifts in consumer behaviour are predicted to have a lasting impact, with food and transportation, e-commerce, online travel, and digital financial services as the key growth verticals in a resurgent internet economy expected to be worth US$57 billion by 2025," said April Srivikorn, Thailand Country Manager for Google Cloud. By investing in talent development and leveraging the best of Google Cloud, Google Maps, and Google Play to measure sustainably, drive innovation at high speed, and broaden its social business model into new verticals, Robinhood is well on its way to delivering a world-class super app that satisfies diverse digital lifestyle needs and opens up growth opportunities for all.