DBS and Keppel to Collaborate Under MOU
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Under the memorandum of understanding (MOU), the two sides will collaborate on a range of initiatives that harness digital technologies to better serve customers and suppliers.
DBS Bank and Keppel Technology & Innovation have agreed to work together on digital technologies to create more opportunities and efficiencies for both companies, according to an announcement on Tuesday.
Three areas are covered under the MOU: exploring synergies between Keppel Group’s consumer businesses like M1, Keppel Electric and City Gas, and DBS’ consumer marketplace platforms; developing 5G-enabled digital banking solutions, and developing digital tools and platforms to provide bundled services from both M1 and DBS to large corporates and small-to-medium enterprises (SMEs); and providing digital supply chain financing solutions to Keppel Group’s supplier ecosystem.
The initiatives will be rolled out over the rest of the year, the announcement said.
The value of knowledge grows when it is shared. Our collaboration with Keppel’s ecosystem of businesses exemplifies this by demonstrating how the cross-pollination of expertise and networks from different industries can help Singapore seize new opportunities here and in the global marketplace, Tan Su Shan, DBS group head of institutional banking, said about the partnership.
Questions & Answers
Q.Which two companies have signed the memorandum of understanding?
Which two companies have signed the memorandum of understanding?
DBS Bank and Keppel Technology & Innovation have agreed to work together under the MOU. The agreement aims to use digital technologies to create more opportunities and efficiencies for both organisations.
Q.What are the main areas of collaboration outlined in the MOU?
What are the main areas of collaboration outlined in the MOU?
The MOU covers three main areas: exploring synergies between Keppel's consumer businesses and DBS platforms, developing 5G-enabled digital banking solutions, and providing digital supply chain financing to Keppel Group suppliers.
Q.When are these new initiatives expected to be implemented?
When are these new initiatives expected to be implemented?
The various initiatives covered under the memorandum of understanding are scheduled to be rolled out progressively throughout the rest of the current year, according to the announcement.
Q.What is the purpose of developing bundled services from M1 and DBS?
What is the purpose of developing bundled services from M1 and DBS?
The two companies plan to develop digital tools and platforms to provide bundled services from M1 and DBS. These combined offerings will be aimed at supporting both large corporate clients and small-to-medium enterprises (SMEs).
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