OCBC BANK AND STARHUB SPEARHEAD BUILDING OF SINGAPORE-CENTRIC ‘WE ECONOMY’

Singapore, 9 October 2017 – OCBC Bank and StarHub today announced
the formation of Singapore’s first bank-telco strategic partnership to drive
Singapore’s collaborative economy.

Also known as the ‘We Economy’, businesses
globally are moving beyond conventional industry silos into an interconnected
ecosystem to shape better business outcomes and customer experiences. The
previously clear lines between different businesses and industries will
eventually converge to meet customer needs in a unified manner – making life
simpler.

This partnership between OCBC Bank and StarHub
is the first step in a multi-year plan towards bringing together essential
businesses across industries. These include transport, retail, insurance,
health and wellness, and real estate. The partnership will welcome
companies that share the same ideology to be part of its ‘We Economy’
ecosystem. By coordinating, involving others and drawing on each other’s
strengths and resources, ‘We Economy’ businesses will be able to discover new
markets, effect change on a larger scale and deliver greater customer value in
ways that surpass the
efforts of any single entity or industry.

For a start, OCBC Bank and StarHub will be
investing S$6 million in research and technology over the next 12 months.
Jointly harnessing data insights, both companies will focus on understanding
customer needs and delivering more relevant solutions, experiences and offers
to the combined customer base of over 5 million. Both companies will also
explore opportunities in Artificial Intelligence and Internet of Things to
enhance customers’ connected lifestyles at home, at work and on the go.

OCBC Bank and StarHub identified the potential
of the ‘We Economy’ from working on two key thrusts for many years – digital
innovation and customer experience.

OCBC Bank has introduced many firsts in
Singapore. It was the first to roll out fingerprint biometrics (2015), voice
biometrics (2015), speech recognition (2016), open APIs (Application
Programming Interfaces) in 2016, specialised AI chatbots (2017) and
transactional APIs (2017). OCBC Bank started the use of data analytics in 2002
to obtain deep consumer insights in its continuing drive to find new ways to
better serve its customers. New customer propositions are further researched in
its customer laboratory and robustly challenged by its in-house research teams.
Every customer proposition is then delivered to consumers using strong customer
experience design to ensure effective customer engagement. Popular products
that have come from this disciplined process are the OCBC 360 account, OCBC 365
credit card and Frank by OCBC.

StarHub, Singapore’s first fully-integrated
info-communications and entertainment service provider, innovates continually
to bring greater benefits to customers, from streaming Asia’s first ‘live’
Virtual Reality concert to enabling Singapore’s first autonomous hotel room
service robot and comprehensive mobile device after-sales support. Earlier this
year, it also launched a new facility called Hubtricity to help accelerate
Smart Nation initiatives and to showcase its deep capabilities in connectivity,
cyber security and data analytics.

Mr Samuel Tsien, Group Chief Executive Officer
of OCBC Bank said: “This partnership is born out of the strong belief by both
of us that by innovating together, rather than each doing its own thing, we can
serve our consumers more comprehensively, effectively and efficiently. StarHub
and OCBC have been very active in the space of digital innovation. Our
partnership is the beginning and a part of a multi-year plan towards building
Singapore’s first ‘We Economy’.”

Mr Tan Tong Hai, Chief Executive Officer of
StarHub said: “In this new economy, effective collaboration can drive
business success. We are happy to team up with OCBC Bank, leveraging our shared
strengths in digital lifestyle solutions and omnichannel engagements to deliver
enhanced customer experiences. Our form of collective intelligence becomes even
more vital as it enables us and our partners to anticipate and better respond
to customers’ evolving motivations and preferences.”

To mark the start of this partnership, Mr
Tsien and Mr Tan today launched the first store-in-store at OCBC Bank’s
orchardgateway branch, which illustrates the benefits customers can expect out
of the ‘We Economy’.

Combining OCBC Bank’s financial capabilities
and StarHub’s catalogue of info-communications and entertainment services,
customers can now seamlessly manage their banking and digital lifestyle needs
in one store. This store-in-store concept will be expanded in stages to cover
more retail outlets.

In addition, all current and new customers
affiliated with both OCBC Bank and StarHub can sign up at www.innovatingtogether.sg starting today, to receive an additional 3% rebate on their StarHub bills
for 12 months. The rebate of up to $5 per month will be credited into
customers’ OCBC credit card or bank account. Customers can look forward to
enjoying more perks as this partnership progresses. For full details, please
visit www.innovatingtogether.sg.