Singapore’s second largest mobile operator StarHub and OCBC Bank formed a strategic alliance to drive the country’s collaborative economy, with plans to invest SGD6 million ($4.4 million) over 12 months to build networks of partnerships across multiple industries.
The investment in research and technology is the first step of a multi-year plan to link essential businesses across industries said Samuel Tsien, CEO of OCBC Bank.
StarHub, with a 27 per cent market share, said in a statement global businesses are moving beyond conventional industry silos into an interconnected ecosystem to shape better business outcomes and customer experiences: “The previously clear lines between different businesses and industries will eventually converge to meet customer needs in a unified manner – making life simpler.”
The companies said they will use data insights from their combined user base of more than 5 million to better understand customer needs and deliver more relevant services. The telco-bank partnership aims to connect companies across the transport, retail, insurance, health and real estate sectors.
Tan Tong Hai, StarHub CEO said: “In this new economy, effective collaboration can drive business success. 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.”
Tsien said: “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.”