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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  Singapore Telecommunications Limited    Z77   SG1T75931496

SINGAPORE TELECOMMUNICATIONS LIMITED

(Z77)
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Singapore Telecommunications : Singtel partners Telkomsel to expand mobile money services

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03/26/2017 | 06:43am EDT

Singtel Dash's mobile remittance service lets customers send money to 4,500 cash-out points in Indonesia

Singapore, 26 March 2017 - Singtel and Telkomsel today launched a real-time mobile remittance service to Indonesia. Offered by SingCash under the Singtel Dash brand, this service allows customers in Singapore to send money to PT Pos Indonesia's 4,500 cash-out points across the country via Weselpos Instan. This is an enhancement to the current facility that lets customers send money to Indonesian bank accounts.

The service was launched at Festival Rising50, the first concert event celebrating 50 years of Singapore and Indonesia bilateral ties. It marks the first time that Singtel and Telkomsel are collaborating on mobile money initiatives to drive innovation in both their markets.

According to the Embassy of the Republic of Indonesia in Singapore, there are 200,000 Indonesians living and working in Singapore. Outward remittance from Singapore to Indonesia totals more than US$ 409 million yearly.

Mr Yuen Kuan Moon, Chief Executive Officer, Consumer Singapore, Singtel, said, 'Indonesia is one of our main remittance corridors and we are pleased to partner Telkomsel to offer convenient and secure mobile remittance cash pick-up service for our Indonesian friends. Singtel Dash will continue to enhance the mobile payments experience for our customers and enable their digital lifestyles. We are also excited to contribute to Singapore's journey to a Smart Nation by developing the mobile payments ecosystem in Singapore.'

Mr Ririek Adriansyah, Chief Executive Officer, Telkomsel, said, 'Telkomsel's partnership in Singtel's remittance service is one effort to support our government in promoting financial inclusion for Indonesian people, especially the unbanked segment. Foreign remittance enables them to improve their quality of life as well as provide an opportunity to begin saving for the future. We believe every little effort to promote financial inclusion will also accelerate the growth of Indonesia's economy.'

In line with their commitment to work together on smart money initiatives, the two leading telcos also announced future plans to offer mobile remittance to Telkomsel's TCash, offering a complete mobile wallet-to-mobile wallet experience. They also plan to expand the number of cash pick-up points to GraPARI Telkomsel service centres, as well as PT Bank BRI branches in the second half of this year.

Singtel Dash is Singapore's first all-in-one mobile payments solution that is available to everyone. It is the only mobile payments app that offers fast, secure and real-time mobile remittance services, supports in-store and online retail payments, as well as transit payments. Customers can enjoy paying with Singtel Dash for their taxi, bus and train rides, as well as at supermarkets, convenience stores and food courts.

Since its re-launch in May 2016, the number of Singtel Dash customers has grown to almost 500,000. The volume of monthly transactions has also doubled over the last six months.

To celebrate the launch of the service, Singtel Dash is offering remittance fee waivers until 31 March 2017 to customers who send money via Weselpos Instan.

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Kantor Pos (post office) branches operated by PT Pos Indonesia

Weselpos Instan is a remittance product of PT Pos Indonesia

Source: World Bank Bilateral Remittance Matrix 2015

SingTel - Singapore Telecommunications Limited published this content on 26 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 March 2017 10:43:11 UTC.

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