DBS Bank and Singapore Airlines (SIA) signed a memorandum of understanding (MOU) yesterday to enable a seamless banking and travel customer experience for travellers by enhancing digital capabilities across various platforms.
Under the MOU, the two companies will introduce flight booking and merchandising capabilities on DBS' platforms and a DBS-SIA Rewards Programme on the airline's digital wallet KrisPay, as well as expand payment options for SIA customers using PayNow, via application programming interface (API) technology.
In a joint statement, both partners said that the MOU is in line with SIA's move to enhance digital capabilities company-wide, and DBS' vision to make payments simple and hassle-free for customers through building integrated digital ecosystems.
As the first bank partner that SIA will connect via API for flight ticket sales and its retail store KrisShop, DBS customers can soon book their holidays on the DBS Travel Marketplace platform, which will allow one to purchase flights, book hotels and buy travel insurance on a single integrated platform.
The initiatives will be gradually rolled out this year, beginning with the DBS Travel Marketplace, with the full suite of updates to be made available by the end of this year.
Mr Shee Tse Koon, country manager of DBS Singapore, said that Singaporeans are "among the most well-travelled in the world", with over 10.3 million overseas trips made last year alone.
"Through this partnership, we would be able to elevate the consumer travel experience by offering extensive travel and retail options for travellers to choose from and customise their journeys right at the start," he said.
Mr Mak Swee Wah, SIA's executive vice-president (commercial), said: "The partnership will provide great benefits to both our companies, given our shared aim to be a digital leader in our respective industries, with enhanced customer benefits through new flight booking, merchandising and reward programme ties."