Finance
DBS and SIA Embark on Wide-ranging Partnership Across Multiple Digital Platforms
DBS Bank and Singapore Airlines (SIA) have come together to sign a memorandum of understanding (MOU) to enhance digital capabilities across various digital platforms, to enable a seamless banking and travel customer experience for travellers.
Under the MOU, the two companies will introduce flight booking and merchandising capabilities on DBS’ platforms, a DBS-SIA Rewards Programme on KrisPay1, and the expansion of payment options for SIA customers using PayNow, via Application Programming Interface (API) technology. The MOU is in line with SIA’s move to enhance digital capabilities company-wide, and DBS’ vision to make payments simple and hassle-free for customers through building integrated digital ecosystems.
“We are excited to be teaming up with DBS, which has been twice globally recognised as the World’s Best Digital Bank. The partnership will provide great benefits to both our companies, given our shared aim to be a digital leader in our respective industries, with enhanced customer benefits through new flight booking, merchandising and reward programme ties,” said Singapore Airlines Executive Vice President Commercial, Mr Mak Swee Wah.
As the first bank partner that SIA will connect via API for flight ticket sales and KrisShop, DBS customers can now look forward to booking their holidays on the soon-to-be-launched DBS Travel Marketplace which will allow one to purchase flights, book hotels and buy travel insurance on a single integrated platform.
“We are thrilled to partner Singapore Airlines, winner of multiple best airline awards, to create an inclusive digital travel ecosystem for our customers,” said Mr Shee Tse Koon, DBS Singapore Country Manager. “Singaporeans are among the most well-travelled in the world with over 10.3 million overseas trips made in 2018 alone. Through this partnership, we would be able to elevate the consumer travel experience by offering extensive travel and retail options for travellers to choose from and customise their journeys right at the start.”
Facilitated by API technology, the collaboration is also expected to cover the following areas:
- DBS-SIA Rewards Programme, where KrisFlyer members can instantly convert DBS points into KrisPay miles via the KrisPay app. Miles can subsequently be used for retail purchases at KrisPay partners island-wide. Alternatively, the KrisPay miles can be converted into KrisFlyer miles instantly within seven days of accrual. DBS is SIA’s first conversion partner on KrisPay.
- By including PayNow as a payment mode, SIA can offer its passengers the flexibility and convenience to pay for their flights from their bank accounts using PayNow, and issue tickets instantly once the payment is done. This is made possible by DBS IDEAL RAPID, an enhanced solution that offers Instant Credit Confirmation, as well as consolidated daily credit and reporting. The comprehensive solution also includes other value-added options like automated refunds; for instance, if a trip is cancelled or changed, SIA can refund the outstanding amount back to the passenger’s bank account.
The initiatives will be gradually rolled out this year, beginning with the DBS Travel Marketplace, with the full suite of updates to be made available by end of 2019.
1Department of Statistics Singapore, https://www.tablebuilder.singstat.gov.sg/publicfacing/createDataTable.action?refId=15301
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
Source: DBS
