We will continue to take proactive steps towards innovation development. This can be seen in the recent launch of the latest version of SCB Easy application and the newly launched Chatuchak Guide application. Siam Commercial Bank has been aware of this changing trend and has continued to improve customer service to keep up with the digital evolution. Arthid Nanthawithaya, President & Chief Executive Officer, The Siam Commercial Bank Public Company Limited, revealed that “The crucial role of technology and innovation are becoming more visible in the banking and financial sector. The company’s ultimate goal is to become a leader in AI technology to elevate the banking and financial industry in Thailand and Southeast Asia and to drive AI development in Thailand to the international level. Positioned as an AI-powered analytics company, the first spin-off in the Southeast Asian banking industry, SCB Abacus strives to strengthen the capability of Siam Commercial Bank in meeting customer’s needs in a more customized, secure, and faster manner, as well as improving efficiency. Yiu Wah Wong, the bank's chief credit officer, and Wai Hung "Raymond" Tam, the loan origination supervisor, were both acquitted on Wednesday.Siam Commercial Bank announced the establishment of SCB Abacus, a wholly owned subsidiary focusing on the development of Artificial Intelligence (AI) technology to enhance business operation efficiency and service quality. But in Abacus's closing arguments, Puvalowski called the state's case "a bizarro prosecution." The bank has one of the lowest default rates in the country, the attorney said, citing a rate of about 0.3 percent versus a nationwide average of 6.6 percent, 20 times higher. "We can't discover the falsity underlying these loan documents and then sit around, waiting for a mortgage awarded based on them to stop performing," Manhattan Assistant District Attorney Rachel Hochhauser told the jury in her summations. Prosecutors claimed the defective loans misrepresented the applicants' credit, employment, income and source of down payments. The charges against Abacus and its executives stemmed from the sale of hundreds of millions of dollars worth of allegedly fraudulent loans to Fannie Mae between 20. "The unanswered question is why should this small minority bank be singled out for prosecution relating to the financial crisis of 2008," Thomas Sung, founder and chief executive officer of Abacus, said in a statement after the verdict. "While today's verdict is disappointing, we are confident that, as a result of this prosecution and enhanced supervision," the fraud has been terminated, Vollero said in a statement. Joan Vollero, a spokeswoman for the Manhattan District Attorney's office that prosecuted the case, noted that eight people from the bank's loan department had pleaded guilty. "Right case, wrong bank," Abacus attorney Kevin Puvalowski told Reuters after the verdict. Its loans are still performing, with monthly mortgage payments being made by borrowers. Unlike other banks, however, Abacus' loans did not have a high default rate. Abacus is believed to be the only bank to face a criminal trial in the United States on charges of mortgage fraud in the run-up to the 2008 financial crisis. The executives and the bank each faced about 80 counts. The jury also found two executives at the bank not guilty of charges against them on Wednesday. A day earlier, the jury acquitted the bank of conspiracy and grand larceny charges. A jury in New York state court in Manhattan acquitted the bank of mortgage fraud and falsifying business records after a three-month trial, prosecutors and defense counsel said. By Karen Freifeld NEW YORK (Reuters) - Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae.
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