The SOCASH app is now integrated with OCBC Bank’s Pay Anyone to allow customers to withdraw cash from more than 1,500 shops across Singapore.
The FinTech start-up partnered with the bank also to serve as the cash management and distribution solution to the bank’s retail and SME customers.
The retail outlets effectively act as additional ATMs for customers to draw cash without the need for a physical bank card. The cash withdrawal points include supermarkets such as Hao mart, U Stars supermarkets, and Sheng Siong.
Customers can also withdraw from retail outlets such as Buzz, i-Econ,7-11, A-mart cafes, and neighbourhood cafes like Killiney located in residential areas.
The service provides businesses with another avenue to deposit cash into their corporate bank account – a plus when it comes to keeping with social distancing best practices amid the ongoing COVID-19 pandemic. It also reduces the need to visit bank branches to deposit cash, thereby allowing them more time to focus on sales and customer service.
“As we accelerate our drive to go cashless, we also recognise that ATMs are still an essential last mile and a frequently used touchpoint for our customers ,” said Desmond Tan, head of group lifestyle financing at OCBC Bank.
Tan said OCBC customers already have the option to withdraw cash from more than 1,200 ATMs across the island, and having an additional 1,500 on-demand cash withdrawal options will give them greater convenience.
“Banking needs next-gen distribution and SOCASH creates this omni-channel capability centred around retail who are best placed to deliver basic banking services as last mile,” said Hari Sivan, co-founder and CEO of SOCASH. “Our partnership with OCBC Bank is a marquee collaboration. It is one that leverages the bank’s extensive digital payment capabilities and large SME base for nex-gen distribution.”
The new collaboration is bolstered by SOCASH’s partnerships with Singaporean supermarkets Sheng Siong and Prime Supermarkets that was announced earlier this year.
Beyond Singapore, SOCASH has been actively growing its distribution network in Malaysia and Indonesia.