Tie-up enables ICBC customers in Singapore to use soCash app

The partnership strengthens soCash's distribution network and moves it closer towards internationalising its services, said the startup.
The partnership strengthens soCash's distribution network and moves it closer towards internationalising its services, said the startup.PHOTO: SCREENGRAB FROM YOUTUBE

SINGAPORE - Fintech soCash has tied up with ICBC (Industrial and Commercial Bank of China) Singapore to extend its services to ICBC customers, enabling them to perform basic banking services like cash withdrawal from neighbourhood shops using the soCash app.

It adds ICBC to a list of partner banks that already includes DBS, POSB and Standard Chartered.

The partnership strengthens soCash's distribution network and moves it closer towards internationalising its services, said the startup.

soCash is gearing up for expansion in Malaysia, Hong Kong and Indonesia after securing relevant regulatory approvals.

Its cash network platform now comprises more than 1,300 locations around Singapore, with its service available at retail chains such as SPH Buzz, U Stars supermarket, iECON stores, U Mart, 7-Eleven and HAO Mart.

"As virtual banks emerge in Asia and traditional banks embrace digital business models, there is a growing need of more O2O (online-to-offline) networks. Our collaboration with ICBC demonstrates soCash's ability to enable banks scale beyond the vintage branch and kiosk-based models," said Hari Sivan, CEO of soCash.

"With this launch, thousands of our partner shops now have the platform to offer ICBC's product and services, generating new revenue opportunities for them."