Standard Chartered Bank in Singapore has partnered financial technology start-up soCash, which will allow its customers to withdraw cash at over 400 points through the bank’s mobile app, SC Mobile. Instead of having to look for an ATM, Standard Chartered Bank customers now have the option of getting cash through soCash, which has been integrated into the SC Mobile app.
They simply 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, and the customer does not need to make a purchase at the merchant to withdraw the cash.
This industry-first initiative marks a milestone for soCash. The company aims to reinvent the cash supply chain to help banks meet the growing global demand for cash. SoCash’s platform connects banking services to fulfilment points like convenience stores and grocery shops. Their goal is to convert every shop and customer into a virtual cash distribution network, starting in Asia.