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Nikkei Markets

DBS, UOB open payments front in ride-hailing battle

Separate deals with Go-Jek, Grab aimed at regional marketplace

The strategic alliance with DBS Group Holdings and Go-Jek will soon extend to other countries in Southeast Asia.   © Reuters

SINGAPORE (Nikkei Markets) -- Banking giant DBS Group Holdings and smaller lender United Overseas Bank have joined forces with rival ride-hailing apps, intensifying competition in the regional payments space even as technology companies make inroads.

DBS and Indonesia's Go-Jek said on Monday they would work together on payment services ahead of Go-Jek's arrival in Singapore. The strategic alliance will soon extend to other countries in Southeast Asia, they added.

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