At the beginning of the month, SingTel announced the launch of a new combined mobile commerce and banking service going by the name of Dash. It has been developed in collaboration with Standard Chartered Bank, marking the first collaboration of this kind between a telecommunications group and a banking institution. The service provides users with innovative solutions, changing the way they access, borrow or save money, make payments and buy insurance.
Dash is available for both iOS and Android smartphones via a mobile app which gives access to three services.
The first mobile money service is Dash Easy, which allows users to download cash from a savings account to their phone and facilitates the transfer of money. All of this is done with a simple swiping gesture, without any need for an ATM. With Dash Easy, payments can be made at participating outlets. SingTel has announced plans to launch 20,000 acceptance points across the country.
The second service is Dash Advance, which enables customers to file a personal loan application without the need to visit a bank.
The third service, called Dash Abroad, is a customisable mobile travel insurance service.
To promote the new service, SingTel is offering a $10 bonus upon opening a Dash account.
Three major components are integrated in the service, explained Allen Lew, chief executive of SingTel's Digital Life division. Those are mobile banking, mobile payments and mobile shopping. Bringing together players from the banking, telecommunications and retail sectors makes for an unprecedented experience for customers, offering greater convenience and accessibility, Lew noted.