Standard Chartered Partners with Telco on Mobile Money Accounts

Standard Chartered and Singaporean telco SingTel announced a new mobile service, called Dash, that provides customers with a cash and savings account, personal loans, payments options and the ability to buy insurance through their mobile device.

The Dash service can be accessed through mobile apps for iOs and Android, according to a statement released by Standard Chartered and SingTel. Customers can sign up for the Dash service directly through the app, without having to visit a branch or website. The service has three components: Dash Easy, a mobile-centric two-in-one savings and cash account; Dash Advance, where customers can apply for loans through their mobile devices; and Dash Abroad, which lets users buy travel insurance while they’re on-the-go.

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The Dash Easy account will be available to customers of any local mobile network operator in Singapore. Users will be able to access cash without visiting an ATM by downloading cash from the savings account to the mobile cash account. That cash can then be used to make P2P payments or pay at the point of sale at more than 20,000 acceptance points that are being rolled out in Singapore this year, the joint statement said. Standard Chartered and SingTel partnered with a number of major retailers, such as cafes, restaurants and convenience stores, in Singapore to gain those acceptance points.

The service uses a new technology to help integrate the mobile device with point of sale systems that still has a patent pending.

The Dash Easy account also leverages a social media community where customers get to have a say in the terms of the account. Customers can use the hashtag #needsanupdate on Facebook, Twitter and Instagram to give their input on terms, such as the interest rate of the savings account.

Customers looking to get a loan from the Dash Advance service can apply directly through the Dash app, and get a decision in 60 seconds on loans up to the equivalent of 4 months salary, according to the statement.

And Dash Abroad will let customers pick from different travel insurance coverage options and apply directly from their Dash mobile app, with plans starting as low as 20 Singapore dollars.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio