Singapore-based fintech startup SOCASH is partnering with Sheng Siong and Prime supermarket to converge banking and retail services. The collaborations will see SOCASH’s digital cash circulation platform increase to more than 1500 touchpoints across Singapore.
“As we venture into a new normal, it becomes ever so prevalent to reduce large crowds at ATMs and banks, engage in contactless methods for everyone’s overall wellbeing and safety,” said Hari Sivan, co-founder & CEO of SOCASH.
Backed by GLORY, SOCASH’s partnership with Prime supermarket enables users to withdraw cash through a first-of-its-kind cash machine across Prime’s supermarket branches in the country, providing greater convenience for shoppers.
Through SOCASH’s app, users will be able to select their desired location to withdraw their cash, authenticate themselves and extract monies from the machine – without any human interaction or contact, ideal for the post-COVID-19 economy. This removes the need for Prime’s employees to handle cash and lets them focus on customer service to further enhance productivity.
Coupled with GLORY’S cash machines, SOCASH serves to heighten the efficiency of cash distribution networks across the nation. The first installation of the cash machine took place in March this year at Yishun Blossoms, a neighbourhood that previously had no ATMs within the area.
In the upcoming months, more machines will gradually be rolled out in Prime’s branches across Singapore, from Bidadari onwards – equipping residents with easier access to cash.
In collaboration with Sheng Siong, users can now withdraw cash from the supermarket’s 62 branches nationwide. The implementation of SOCASH in these supermarkets will also prompt users to visit the supermarket’s outlets, further increasing Sheng Siong’s footfall.
To withdraw cash in any of Sheng Siong’s branches, users can place an order via the SOCASH app and select a nearby outlet to collect the cash from.