OCBC and StarHub to invest $4.5m in “We Economy” ecosystem

Image credit: Tang Yan Song / Shutterstock.com

OCBC Bank and StarHub have announced a partnership under which they will invest S$6 million ($4.5 million) over 12 months to research technologies and build networks of partnerships across multiple industries and give customers better services, experiences and offers.

Both companies plan to jointly harness data insights to focus on understanding customer needs and delivering more relevant solutions, experiences and offers to the combined customer base of over 5 million. Both companies will also explore opportunities in Artificial Intelligence and Internet of Things to enhance customers’ connected lifestyles at home, at work and on the go.

The partnership is the first step in a multi-year plan towards bringing together essential businesses across industries, including transport, retail, insurance, health and wellness, and real estate. The partnership will welcome companies that share the same ideology to be part of its ecosystem.

The ideology in question is summed up by StarHub and OCBC as the “We Economy”, a buzzword to describe the global trend of businesses moving beyond conventional industry silos into an interconnected ecosystem, blurring the lines between different businesses and industries that will eventually converge to meet customer needs in a unified manner.

By coordinating, involving others and drawing on each other’s strengths and resources, “We Economy” businesses will be able to discover new markets, effect change on a larger scale and deliver greater customer value in ways that surpass the efforts of any single entity or industry, says Samuel Tsien, group CEO of OCBC Bank.

“This partnership is born out of the strong belief by both of us that by innovating together, rather than each doing its own thing, we can serve our consumers more comprehensively, effectively and efficiently,” he said. “Our partnership is the beginning and a part of a multi-year plan towards building Singapore’s first ‘We Economy’.”

StarHub CEO Tan Tong Hai added: “Our form of collective intelligence becomes even more vital as it enables us and our partners to anticipate and better respond to customers’ evolving motivations and preferences.”

The first fruits of the StarHub/OCBC partnership: a new “store-in-store” at OCBC Bank’s orchardgateway branch where customers can check out StarHub digital entertainment services, and a 3% rebate (up to S$5 a month for 12 months) for StarHub customers who have an OCBC credit card or bank account.

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