Three major tie-ups in digital finance and payment services

Partnerships and collaborations were coming thick and fast on the first day of the Singapore FinTech Festival yesterday.

Three major ties-up were announced as start-ups and blue-chip companies look for ways to reap rewards in the fast-changing area of digital finance and payment.

One initiative involves Indonesia-based ride-hailing firm Go-Jek linking up with DBS Bank for regional payment services.

Go-Jek, whose backers include Google, Temasek and Tencent Holdings, is set to launch here in the coming weeks, said a bank spokesman yesterday.

A Go-Jek spokesman said the firm is working with DBS on a payment service for drivers and customers.

In a similar move, United Overseas Bank (UOB) is working with Grab to deliver financial services to the ride-hailing firm's user base in South-east Asia.

The partnership will allow Grab to offer a number of the bank's payment solutions directly from its app, said a UOB spokesman.

Consumers will enjoy privileges when paying for Grab services with UOB cards. Both firms said they will explore launching co-branded credit cards in the region.

Grab will also introduce a new way to allow users to top up their GrabPay e-wallets directly from their UOB accounts.

The bank is working with Grab to embed features of its upcoming digital bank within Grab's mobile app, so users can access banking services quickly and conveniently, the UOB spokesman said.

He added that UOB will also explore support for Grab in a number of other areas, including fleet financing, regional and centralised treasury management solutions and workplace banking services.

A third collaboration announced yesterday involved Razer Pay, a mobile wallet from gaming giant Razer.

The wallet will be accepted at around 40,000 Nets unified point-of-sale terminals when it is launched here by next March.

In addition to Nets, brands such as Reebonz, Sistic, SP Group and WTS Travel are devising ways to incorporate Razer Pay's capabilities into their systems.

For example, Razer is working with SP Group to integrate utility payments within the Razer Pay app.

The method reportedly does not require scanning QR codes, so users can pay utility bills easily, a Razer spokesman said.

Users will also be able to pay Sistic for movie or concert tickets directly through the Razer Pay app.

Aw Cheng Wei