Standard Chartered, SingTel launch mobile money services

Standard Chartered Bank has rolled out a mobile money service in collaboration with Singapore's SingTel that allows customer access and save money, make payments, apply for loans, and purchase insurance using their smartphone.

Standard Chartered Bank has rolled out a mobile money service in collaboration with Singapore’s SingTel that allows customer access and save money, make payments, apply for loans, and purchase insurance using their smartphone.

Known as Dash, the mobile money service offers three innovative mobile money solutions such as Dash Easy, Dash Advance and Dash Abroad.

Dash Easy is a bundle of two accounts in one solution including a savings account seamlessly linked to a mobile cash account, with customers able to download cash into their phones to pay friends and businesses.

The Android and iOS app also enables users to view their balance, transfer money between accounts, pay bills, and get an overview of their spending habits.

Dash Advance is a personal loan facility which customers can apply through their mobile phones, any time.

A customisable mobile travel insurance service, Dash Abroad, provides customers the flexibility to pick and choose coverage options to meet their needs while on the go.

SingTel CEO group digital life Allen Lew said, "Dash is centred round the lifestyle needs and habits of a mobile Internet generation who are used to downloading information and content on the go."

"With Dash, we are offering them an unprecedented experience by allowing cash to be downloaded into their phones as well.

"But Dash is more than that; it is a suite of mobile money services which integrates three important components – mobile banking, mobile payments and mobile shopping," Lew added.

Standard Chartered ASEAN retail clients regional head Som Subroto commented, "Dash harnesses the power of technology and analytics to make the customer experience more intuitive, seamless and delightful, while ensuring that transactions remain safe, secure and confidential."