Fintech soCash extends services to ICBC customers in Singapore
FINTECH soCash has tied up with ICBC (Industrial and Commercial Bank of China) Singapore to extend its services to ICBC customers, enabling them to perform basic banking services like cash withdrawal from neighbourhood shops using the soCash app.
It adds ICBC to a list of partner banks that already includes DBS, POSB and Standard Chartered.
The partnership strengthens soCash's distribution network and moves it closer towards internationalising its services, said the startup.
soCash is gearing up for expansion in Malaysia, Hong Kong and Indonesia after securing relevant regulatory approvals.
Its cash network platform now comprises more than 1,300 locations around Singapore, with its service available at retail chains such as SPH Buzz, U Stars supermarket, iECON stores, U Mart, 7-Eleven and HAO Mart.
"As virtual banks emerge in Asia and traditional banks embrace digital business models, there is a growing need of more O2O (online-to-offline) networks. Our collaboration with ICBC demonstrates soCash's ability to enable banks scale beyond the vintage branch and kiosk-based models," said Hari Sivan, CEO of soCash.
"With this launch, thousands of our partner shops now have the platform to offer ICBC's product and services, generating new revenue opportunities for them."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Ninja Van axes more than 20 employees in tech team in Singapore
Temasek-backed PsiQuantum to build first commercial quantum computer
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too
GoTo narrows Q1 loss to 420 billion rupiah with TikTok deal, cost cuts
Health-tech startup Thrixen bags US$7 million from 22Health Ventures, Aldevron co-founder