Asia: DBS Go-Jek partnership a meeting of minds
UOB responds with announcement of Grab alliance.
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.
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.