Standard Chartered Bank has partnered financial technology start-up soCash in Singapore, which will allow its customers to withdraw cash at over 400 points through the bank’s mobile app, SC Mobile. The cash points include merchants such as Buzz, U Star, UMart, as well as convenience stores and minimarts islandwide. Instead of having to look for an ATM, the bank’s customers now have the option of getting cash through soCash, which has been integrated into the SC Mobile app. They can key in the amount they want to withdraw and collect the cash from any outlet of a participating merchant. Withdrawals can range anywhere from $20 to a maximum of $500 daily and the service will be available to all Standard Chartered customers at no additional cost. The customer does not need to make a purchase at the merchant to withdraw the cash. Hari Sivan, CEO of Singapore-based soCash, said Standard Chartered is the startup’s first banking partner in Asia.
