OCBC, StarHub invest $6m to push Singapore's “We Economy”

The collaboration will be centered on Artificial Intelligence (AI) and Internet of Things (IoT) to drive business outcomes across industries.

OCBC Bank and StarHub announced the formation of Singapore’s first bank-telco strategic partnership to drive Singapore’s collaborative economy dubbed as “We Economy”.

According to a press release, the partnership will be a multi-year plan that will tap businesses across transport, retail, insurance, health and wellness, and real estate sectors.

The two companies will initially be investing $6m in research and technology for a whole year. Studies are expected to provide data from their combined customer base of over 5 million.

To illustrate the benefits that the “We Economy” can bring to the table, OCBC and StarHub also launched a store-in-store OCBC Bank’s orchardgateway branch.

Combining OCBC Bank’s financial capabilities and StarHub’s catalogue of infocommunications and entertainment services, customers can now seamlessly manage their banking and digital lifestyle needs in one store.

This store-in-store concept will be expanded in stages to cover more retail outlets.