Blue-chip companies Keppel Corp and DBS Bank will jointly explore new digital opportunities to improve services to customers.
Their plans unveiled last night include banking solutions that tap Keppel-owned telco M1's 5G wireless technology, as well as digital supply chain financing for Keppel's supplier ecosystem.
Three broad initiatives are slated to be rolled out this year.
First, a 5G customer engagement strategy involves M1 and DBS building new 5G-enabled features for digital banking, such as advanced facial recognition, augmented reality and smart devices.
They also plan to develop digital tools to deliver bundled services to enterprise clients.
Second, Keppel Corp and DBS are studying the feasibility of a supply chain finance programme developed by DBS for the Keppel group's supplier ecosystem.
A pilot phase will see both partners customising quick and cost-effective digital financing solutions for M1's suppliers, which are mainly small and medium-sized enterprises.
Finally, DBS will extend its four consumer marketplace platforms to Keppel consumer businesses - M1 as well as utilities providers Keppel Electric and City Gas - to create bundled services for retail customers.
Keppel Electric is already a key partner on the DBS utilities marketplace; the other digital platforms are for property, travel and cars.
Mr Francois van Raemdonck, Keppel Corp's director of group strategy and development, said the group sees benefits in exploiting its business-to-consumer positions and could explore how technology and collaboration can enhance service to customers and suppliers.
"We are pleased to work with a like-minded partner like DBS to jointly explore new opportunities and uncover new profit pools for both companies," he said.
Mr van Raemdonck is also managing director of Keppel Corp's wholly owned Keppel Technology and Innovation unit, which signed yesterday's memorandum of understanding with DBS.
Ms Tan Su Shan, DBS' group head of institutional banking, said the tie-up would speed up digital adoption and boost efficiencies and outcomes.
The initiative is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corp for the financial year, the companies said.
Keppel shares closed 0.97 per cent up at $4.16 before yesterday's announcement, while DBS ended higher by 0.76 per cent at $19.89.
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