Southeast Asian fintech firm Fave has partnered with DBS Bank and Singtel, a Singaporean telecom company, to provide cashback and more digital payment options to their users, the firm announced today.
From August and early September onward, users of DBS PayLah! and Singtel Dash e-wallets can respectively receive instant cashback of up to 20% at Fave-partnered merchants. Users can also pay using the FavePay QR code. This partnership allows existing DBS PayLah! and Singtel Dash users to scan at more than 12,000 F&B and retail outlets.
“Our partnership with DBS PayLah! and Singtel Dash marks the beginning of a new era in the e-payments ecosystem,” Ng Aik-Phong, regional managing director of Fave Singapore and Malaysia, said. “We are enabling merchants to extend their loyalty and cashback beyond Fave’s ecosystems to more Singaporeans via different mobile wallets while concurrently offering more payment choices to all Singaporeans, regardless of what payment apps they use.”
Fave was established in 2016 after its founder, Joel Neoh, acquired Groupon. Originally a voucher deals platform, it has since expanded to multiple verticals, such as its mobile payment service FavePay, and has plans to become a “merchant super-app”, KrASIA reported in October last year. Fave currently operates in 35 cities across Singapore, Malaysia, and Indonesia.
Fave’s partnership with Singtel and DBS follows Singapore’s push towards cashless payment. The government launched SGQR, the world’s first unified payment QR code, in 2018. In June this year, the Infocomm Media Development Authority rolled out Hawkers Go Digital, which aims to encourage e-payment adoption among hawkers. Digital wallets are projected to comprise 22.5% of all sales in Singapore by 2021, according to JP Morgan.
