SINGAPORE - Standard Chartered Bank has partnered financial technology start-up soCash, which will allow its customers to withdraw cash at over 400 points through the bank's mobile app, SC Mobile.
The cash points include merchants such as Buzz, U Star, UMart, as well as convenience stores and minimarts islandwide.
Instead of having to look for an ATM, Standard Chartered Bank customers now have the option of getting cash through soCash, which has been integrated into the SC Mobile app.
They simply key in the amount they want to withdraw and collect the cash from any outlet of a participating merchant.
Withdrawals can range anywhere from $20 to a maximum of $500 daily and the service will be available to all Standard Chartered customers at no additional cost, and the customer does not need to make a purchase at the merchant to withdraw the cash.
Standard Chartered Bank Singapore's head of retail banking, Mr Andrew Chia, said: "We are always on the lookout for innovative solutions to simplify our customers' banking experiences and better serve their payment needs.
"We are thus excited to partner soCash in reinventing the way we bank our customers, enabling them to use digital platforms to easily get cash at their convenience. With this new channel to complement our existing ATMs, we will be massively increasing the number of locations at which our customers can get access to cash."
Mr Hari Sivan, the chief executive of Singapore-based soCash, said Standard Chartered is the start-up's first banking partner in Asia.
"By marrying the ease of transaction enabled by soCash, our islandwide network and the security afforded by SC Mobile, we are bridging the divide between online and offline banking for consumers."
This industry-first initiative marks a milestone for soCash. The company aims to reinvent the cash supply chain to help banks meet the growing global demand for cash.
SoCash's platform connects banking services to fulfilment points like convenience stores and grocery shops. Their goal is to convert every shop and customer into a virtual cash distribution network, starting in Asia.