Standard Chartered Bank has partnered with Singapore's SingTel to launch a mobile money service that lets customers access and save their money, make payments, apply for loans, and even purchase insurance from their handsets.
The Dash service - available to customers of all Singapore telcos - bundles a savings and a mobile cash account, with users able to download funds into their phones to pay friends and businesses.
For P2P payments, payers log in, select the amount to transfer and use new patent-pending technology to swipe their handset against the recipient's device. Alternatively, they can pick a payee from their phone's contact list.
To pay a business, customers log in to the app, enter a 'Dash Counter Code' that will be on display at the merchants, and enter the amount to pay. The partners say that around 20,000 acceptance points island-wide, including at retail outlets, convenience stores, food courts and cafes, will be rolled out this year.
The Android and iOS app also lets users check their balances, move money between accounts, pay bills and get an overview of their spending habits. In addition, a 'Dash Advance' feature offers personal loans, while 'Dash Abroad' provides a customisable travel insurance plan.
Allen Lew, CEO, group digital life, SingTel, says: "Dash is centred round the lifestyle needs and habits of a mobile Internet generation who are used to downloading information and content on the go...it is a suite of mobile money services which integrates three important components - mobile banking, mobile payments and mobile shopping. "
Som Subroto, regional head, retail cleints, Asean, Standard Chartered, adds: "Dash harnesses the power of technology and analytics to make the customer experience more intuitive, seamless and delightful, while ensuring that transactions remain safe, secure and confidential. This is just the beginning and I am excited to see how Dash will evolve."