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OCBC, StarHub invest S$6m to drive Singapore's 'We Economy'

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OCBC CEO Samuel Tsien and StarHub CEO Tan Tong Hai launching the first bank-telco store-in-store in orchardgateway.

HOMEGROWN big names OCBC and StarHub on Monday announced a S$6 million bank-telco partnership to drive Singapore's "We Economy" and better serve their customers.

Both companies - whose combined market cap is over US$50 billion - will invest S$6 million over the next 12 months in research and technology, with a focus on Big Data, artificial intelligence and the Internet of Things.

The "We Economy" is one where businesses move beyond conventional industry silos into an interconnected ecosystem to shape better business outcomes and customer experiences, said both parties.

To do that, OCBC and StarHub will build networks of partnerships across multiple industries, including transport, retail, insurance, health and wellness, and real estate.

On Monday, both companies launched a "store-in-store" at OCBC's orchardgateway branch, a one-stop shop for both info-communications and entertainment services.

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