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OCBC partners SOCASH to offer cash withdrawal at over 1,500 shops
FINTECH startup SOCASH has announced a partnership with OCBC to provide the bank's customers with more cash withdrawal points.
The Singapore-based startup will also serve as the cash management and distribution solution to the lender's retail and small and medium enterprise (SME) customers, it said.
SOCASH's network is integrated with OCBC's PayAnyone app via the bank's open application programming interface (API). This means OCBC customers can withdraw money from more than 1,500 retail outlets without the need for a physical bank card, with the outlets effectively acting as additional ATMs, SOCASH said.
Cash withdrawal points include supermarkets Sheng Siong, HAO mart and U Stars, convenience-store chains 7-11 and Buzz, and cafes in residential areas, such as Killiney Kopitiam.
The partnership allows merchants to reduce their reliance on existing cash logistic processes, and helps SMEs manage their cash processes, SOCASH said.
It said the cash withdrawal service provides businesses with another avenue to deposit cash into their corporate bank account, and reduces the need to visit bank branches to deposit cash, freeing up more time for companies to focus on sales and customer service.
Users can place a physical cash order via the SOCASH app and select a nearby retailer to collect their money, while payment is processed digitally via OCBC's PayAnyone APIs.
OCBC head of group lifestyle financing Desmond Tan said the lender recognises that ATMs are still an "essential last mile and a frequently used touchpoint" for customers.
SOCASH co-founder and chief executive Hari Sivan said the banking industry needs "next generation distribution", adding that the startup's omnichannel capability is centred on retail outlets, which are best placed to deliver last-mile basic banking services.
OCBC shares were trading flat at S$8.45 as at 4.20pm on Wednesday.