SINGAPORE - OCBC Bank and infocommunications firm StarHub are investing S$6 million over 12 months "to build networks of partnerships across multiple industries and give customers better services, experiences and offers".

OCBC group chief executive Samuel Tsien said on Monday (Oct 9) that teaming up "is the beginning and a part of a multi-year plan" towards bringing together essential businesses across industries".

Calling it the first bank-telco strategic partnership, the two firms said on Monday (Oct 9) that these industries include transport, retail, insurance, health and wellness, and real estate.

OCBC and StarHub will use data to better understand customer needs and deliver more relevant solutions, experiences and offers to a combined customer base of more than five million.

Both companies will also explore opportunities in artificial intelligence and the Internet of Things to enhance customers' connected lifestyles at home, at work and on the go, they said.

Mr Tsien and StarHub chief executive Tan Tong Hai also announced the first store-in-store at OCBC's Orchardgateway branch, as an example of the benefits their collaboration can bring to customers.

It will be a one-stop shop combining OCBC's financial services and StarHub's catalogue of infocommunications and entertainment services, and will be expanded in stages to cover more retail outlets.

Customers can also expect perks such as rebates. For instance, current and new customers of the two firms can sign up at www.innovatingtogether.sg starting on Monday for an additional 3 per cent rebate on StarHub bills for 12 months. The rebate of up to S$5 per month will be credited into customers' OCBC credit card or bank accounts, said the bank.

OCBC Bank and StarHub touted the potential of what is called the We Economy, where businesses break out of conventional industry silos and move "into an interconnected ecosystem to shape better business outcomes and customer experiences".