OCBC Bank has formed a collaborative alliance with Singaporean telco StarHub to invest in research into the convergence of banking and communications in the digital economy.
OCBC says the tie-up with StarHub is the first step in a multi-year plan to forge relationships with leading firms in other industry sectors, including transport, retail, insurance, health, and real estate, to uncover mutual areas of interest in creating innovative new products for consumers.
To begin with, OCBC Bank and StarHub will be investing S$6 million in research and technology over the next 12 months, combining their data resources to explore opportunities in AI and IoT that can be applied to their combined customer base of over 5 million. Shared retail space and rebates on telco bills for mutual customers who sign up at a dedicated Website www.innovatingtogether.sg also form part of the package.
Samuel Tsien, OCBC Bank CEO says: “This partnership is born out of the strong belief by both of us that by innovating together, rather than each doing its own thing, we can serve our consumers more comprehensively, effectively and efficiently. StarHub and OCBC have been very active in the space of digital innovation. Our partnership is the beginning and a part of a multi-year plan towards building Singapore’s first ‘We Economy’.”