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Asia: DBS Go-Jek partnership a meeting of minds

UOB responds with announcement of Grab alliance.

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DBS on Monday announced a tie-up with Go-Jek, the Indonesian transportation and technology company. It looks to be a meeting of like minds.

Euromoney has written at length about both institutions. DBS is the bank that wants to be seen as, and valued as, a tech company; Go-Jek is the ride-hailing and food delivery company that wants to forge a second career as a payments company.

Both see the value in taking one entrenched skillset and applying it to another opportunity.

The tie-up is billed as a regional strategic partnership, and its first illustration will be the launch of Go-Jek’s ride-hailing app in Singapore in the next few weeks, with DBS closely involved.

At this early stage, it seems to involve DBS customers getting privileges for using the Go-Jek service, which is not, in itself, particularly groundbreaking – Citi does the same with Grab, Go-Jek’s main competitor in Indonesia – and more may follow.

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Tan Su Shan, DBS

Tan Su Shan, DBS’s group head of consumer banking and wealth management, is set to speak about the partnership at the Singapore FinTech Festival this week.

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