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Fintech

Asia: DBS Go-Jek partnership a meeting of minds

UOB responds with announcement of Grab alliance.

Go-Jek helmet rider-R-780NEW.jpg
A Go-Jek driver rides a motorcycle on a street in Jakarta, Indonesia, December 15, 2017. REUTERS/Beawiharta - RC14B409FEA0
Beawiharta Beawiharta/REUTERS



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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