OCBC to launch travel booking platform in November as air travel resumes

AS Singapore expands its vaccinated travel lanes (VTLs) with more countries, OCBC will launch a portal in November for customers to book airline tickets, hotels and car rentals using their bank reward points and credit or debit cards.

The new platform, to be integrated into the bank's Internet and mobile banking services, will feature products across more than 550,000 hotels and resorts, 800 airlines, as well as 200 car rental locations.

In a statement on Tuesday (Oct 12), the bank said it will list hotel prices without commission mark-ups. Online travel portals typically increase their prices from the cost price offered by merchants.

Customers can use their OCBC reward points and miles accumulated from their credit cards to redeem purchases made on the portal.

This will help them circumvent the typical black-out periods, that is, peak tourism seasons where airlines and hotels typically do not allow for point redemptions, said the bank.

Covid-related travel insurance and booking of pre-travel Covid-19 tests will soon be made available on the portal as well.

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A new OCBC 90°N travel credit card will also be launched on Oct 15; users will be able to convert their reward points into miles or opt for cashback or shopping vouchers.

The miles, which do not expire, can be redeemed at a smaller block of 1,000 miles instead of the industry norm of 10,000 miles, said the bank. There is also no conversion fee to redeem miles.

"International travel declined by almost 75 per cent and deeply affected digital travel sales, but we are confident that we will be able to leverage and ride the wave as a result of vaccinated travel lanes and gradual easing of restrictions," said Sunny Quek, OCBC global head of consumer financial services.

Meanwhile, UOB saw 27,000 unique visitors to its online travel marketplace, Travel Insider, in September alone when Singapore's VTL with Germany was announced.

Its head of group personal financial services, Jacquelyn Tan, told The Business Times the bank has collaborated with travel planners to provide advice and arrangements to address travel requirements for the various VTL destinations. A travel bundle was also created, which includes travel and Covid-19 insurance and priority booking for pre- and post-travel PCR tests.

DBS recently offered its customers up to S$50 cashback, on top of partner deals, when they book flights or accomodations on the bank's travel and leisure marketplace.