FSMART-SABUY: Two Competitors Become Friends

When FSMART and SABUY becomes friend to cooperatively seek more benefit for their kiosk business.

It is well-known in the stock market that Forth Smart Service Public Company Limited (FSMART)’s Boonterm Kiosk and Sabuy Technology Public Company Limited (SABUY)’s Term Sabuy Plus Kiosk are competing in the business of service operators through kiosks.


Their service operations are similar, only a business model that separates these two apart. FSMART rents Boonterm Kiosk and records profit sharing from borrowers, while the business model of SABUY is an outright sale of its Term Sabuy Plus Kiosk. SABUY has been trying to differentiate its kiosk by adding beverages, snacks, t-shirts, underwear and masks etc., but a top-up kiosk remains as its main service.


However, two competitors finally join hands to form a new top-up service called “Sabuy Money Wallet (SBM Wallet),” an e-wallet service provided by SABUY. The service will be available through all Boonterm kiosks, making it more convenient for customers to get a top-up service from a combined 200,000 kiosks nationwide.

FSMART and Boonterm Kiosk will benefit from an increase in service variety and more income from the service fee through SBM Wallet. Meanwhile, SABUY and Term Sabuy Plus will benefit from a wide range of over 130,000 Boonterm Kiosks nationwide to increase its service channel and strength, adding to the existing 54,000 SABUY’s kiosks.

The cooperation between FSMART and SABUY will provide convenience to its customers, while generating more income for both companies, making this a win-win deal.


Speaking of SABUY’s kiosk, the number remains approximately 54,000 for a long time, raising questions from other people why the number is glued to 54,000 kiosks. Maybe the reason for an advance of SABUY to provide other types of kiosks such as t-shirts or E-Wallet through SBM Wallet could mean that its top-up kiosk has come to a dead end.


Maybe this is the reason why two competitors have finally turned into allies.


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