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OCBC ventures into e-commerce with online marketplace for mothers

SINGAPORE — OCBC bank is making its first foray into e-commerce, targeting mothers-to-be and mothers with young children up to 5-years-old with its mumstruly.com platform.

OCBC's new online platform mumstruly.com is a tie-up between the bank and six partners. (From left to right:) Mr Elvin Too, Chief OmniChannel Officer and GM, NTUC FairPrice Online; Ms Donna Chua, Group Marketing Director, Robinsons Group; Mr Dennis Tan, Head of Consumer Financial Services Singapore, OCBC Bank; Ms Athena Lee, CEO, Doctor Anywhere and Dr Beng Teck Liang, Chief Executive, Singapore Medical Group.

OCBC's new online platform mumstruly.com is a tie-up between the bank and six partners. (From left to right:) Mr Elvin Too, Chief OmniChannel Officer and GM, NTUC FairPrice Online; Ms Donna Chua, Group Marketing Director, Robinsons Group; Mr Dennis Tan, Head of Consumer Financial Services Singapore, OCBC Bank; Ms Athena Lee, CEO, Doctor Anywhere and Dr Beng Teck Liang, Chief Executive, Singapore Medical Group.

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SINGAPORE — OCBC bank is making its first foray into e-commerce, targeting mothers-to-be and mothers with young children up to 5-years-old with its mumstruly.com platform.

Besides selling essential baby and motherhood products, the online marketplace launched on Wednesday (July 18) also offers specialist paediatric or gynaecological services, televideo service with a lactation consultant, as well as wealth and protection solutions like deposit accounts, credit cards and insurance.

The online platform – which took six months to build – is a tie-up between the bank and six partners, namely Robinsons, NTUC FairPrice, clinic operator Singapore Medical Group, telehealth start-up Doctor Anywhere, Starhub and Great Eastern.

Products from Starhub and Great Eastern are not yet included on the platform, but are expected to be added by the end of the year.

More retailers and service providers are expected to be come on board by the end of the year, according to a statement from the bank.

“Many say the tech giants are eating our lunch. With mumstruly.com, we intend to wrestle back our share of the pie,” said OCBC’s head of consumer financial services Dennis Tan.

OCBC said that their focus on mothers in its e-commerce pilot was a result of harnessing useful data about that demographic given its 80 per cent market share in Children Development Accounts.

Along with transactional information from NTUC FairPrice and Robinsons purchases, OCBC’s data analytics team were able to select the most relevant products and brands for pregnant and new mothers based on their expenditure.

OCBC’s move follows in the footsteps of other local banks such as DBS and United Overseas Bank (UOB) that have launched an online marketplace for cars and travel respectively.

DBS was the first to start the ball rolling when it launched an e-commerce platform for cars in August 2017 called DBS Car Marketplace. The bank teamed up with sgCarMart and Carro to create a site for buyers and sellers to connect. There were 3,500 direct-owner car listings when it was launched.

DBS’ venture came after the Monetary Authority of Singapore proposed in June last year to allow banks to invest in non-financial businesses, including e-commerce and online shopping portals.

DBS also launched an online electricity marketplace in March this year, which allows households in Jurong to switch their service provider as part of the Energy Market Authority’s plans to liberalise the electricity market. The bank also operates a property marketplace, but customers are only allowed to view listings currently, and not engage in transactions.  

Meanwhile, UOB partnered with Expedia and Agoda to launch an online travel marketplace called The Travel Insider in March this year. The portal, which helps customers search, plan and book their holidays, uses Agoda and Expedia’s application programming interfaces (APIs) to draw options from more than a million hotel and flight possibilities.

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