Standard Chartered Bank and Uber launch multi-market partnership

Stocks and Financial Services Press Releases Monday October 3, 2016 17:21
Singapore--3 Oct--Asian Banker

Singapore -- Standard Chartered Bank and Uber announced a partnership that offers all Standard Chartered credit cardholders in six markets (Singapore, Indonesia, Malaysia, Vietnam, India and the United Arab Emirates) across two continents up to 25% cashback for all global Uber rides. This is the first ever multimarket partnership for both Standard Chartered Bank and Uber, the world's most popular transport app.

Collaborating with Uber is part of Standard Chartered's digital agenda to deliver simple and convenient banking through digital channels for increasingly tech-savvy clients. To meet clients' needs in the new digital ecosystem, the Bank believes that collaboration between the financial and technology sectors will lead the way forward. Ride hailing service providers such as Uber are fast becoming a mainstream feature of transportation globally, and continue to gain popularity exponentially. This collaboration between Standard Chartered and Uber capitalises on key areas of synergies, which are mainly an extensive geographical network, highly-mobile client base and the desire to provide innovative offerings to clients.

Sebastian Arcuri, Regional Head, Retail Banking, ASEAN and South Asia, Standard Chartered Bank said:

"There has been a dramatic shift towards digital and cashless payments across the region and we are seeing success in the seamless integration of the Bank's services in our clients' everyday life. As a global bank with a focus on Asia, Africa and Middle East, we are pleased to partner Uber, a transport network operating in more than 425 cities, to engage our clients for both their local and overseas transport needs."

Commenting on the partnership, Chan Park, Uber's Regional General Manager for Southeast Asia, said:

"We are thrilled to partner with Standard Chartered Bank, one of the region's longstanding and illustrious banks. Together, we will bring to life our shared passion for delighting customers and bring even more value to riders. We also look forward to welcoming cardholders as first-time Uber riders to join over 50 million riders globally to experience the ridesharing revolution."

VisaNet data reveals that in Singapore, in-app payments account for around one third of total card spend under the transportation category. The overall consumer spend in transportation witnessed a healthy growth of 35% year-on-year, driven primarily by a growth in spend for in-app merchants. On the average, third party transportation booking apps account for more than 1.5 million transactions every month.

Andrew Chia, Head of Retail Banking, Standard Chartered Bank Singapore, said:

"We constantly seek new ways to delight our clients and are excited to partner Uber in delivering greater value and a more seamless travel experience for our cardholders. Given the shift towards a cashless society in Singapore, there is strong demand for more accessible digital payment options. With this partnership, our cardholders are rewarded with convenience and cashback when they go cashless with Uber."

--www.theasianbanker.com (Oct 03, 2016)--

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