Business

OCBC and StarHub launch tie-up

A new partnership between OCBC Bank and StarHub may allow customers to pick up new phones or cable TV packages while doing their banking, either at a branch or online.

The two companies, which unveiled a new $6 million investment over 12 months in research and technology yesterday, believe collaboration between different industries is one way of beating the competition.

Their new initiative includes investing in artificial intelligence and hiring specialists.

OCBC group chief executive Samuel Tsien said teaming up "is the beginning and a part of a multi-year plan" towards what is called the We Economy, where businesses break out of "conventional industry silos" and move "into a network of collective partnerships".

The firms are already seeking more partners to link up with in similar arrangements.

StarHub chief executive Tan Tong Hai said they could be from industries including transport, retail and real estate.

Mr Tsien and Mr Tan were speaking at the opening of the first store-in-store set up as part of the collaboration. The outlet at OCBC's orchardgateway branch is a one-stop shop combining OCBC's financial services and StarHub's infocommunications and entertainment services.

It will be expanded in stages to cover more OCBC branches or StarHub outlets.

OCBC chief operating officer Ching Wei Hong said at a briefing: "Discussions with (more) partners are already under way, such as with a medical services group, and it's now a matter of focus, to make sure we have useful services."

OCBC and StarHub will collect data to deliver more relevant services and offers to a combined customer base of more than 5 million.

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