News Column

Singapore,United Kingdom : STANCHART partners with SingTel for new Mobile Money Service DASH

June 9, 2014

Standard Chartered (StanChart) has teamed up with Singapore Telecommunications (SingTel) for the roll out of the new mobile money service dubbed as DASH, which allows users with money transfers and retail payments, loan applications, and mobile travel insurance.

Users can apply for loans about four times their monthly salary through mobile phones, up to a maximum of S$200,000.

Presently, we've in excess of 20 to 30 merchants, and we'll continue to increase that number with time, said Allen Lew, chief executive group digital life at SingTel, We believe we have enough merchants today to create a critical mass and anchor the product, but we'll always continue to bring on new merchants.

"If you actually do shop regularly online you know the pain of having to key in your 16 digit number all the time. You just have to register one time. The first time you do it with the 16 digit number, said Ms Julienne Loh, General Manager of MasterCard Singapore, Once that's secured, every time you check out you just press pay with MasterPass.

The industry as a whole needs to move to a more holistic approach on how to manage security, said Mr Thomas Zink, Research Manager for IDC Financial Insights, Other technologies are coming into the game, such as better data analytics that can identify fraudulent activities or suspicious transactions, and there are a number of other initiatives out there those industry players are working on at the moment, but still there will always be an offset between security and convenience".

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters