Retail News CRM

Author: Mei Ling Tan

  • Dunhill catches Chinese star Yang Yang for global ambassadorship

    Dunhill catches Chinese star Yang Yang for global ambassadorship

    Fashion brand Dunhill introduces Chinese actor Yang Yang as their newest Global Brand Ambassador. Yang and Dunhill’s creative director Mark Weston first meet at brand’s Fall Winter 2020.21 show in Paris. Chinese actor will represent Dunhill at this year’s GQ China Men of the Year Awards.

    As a British luxury House, Dunhill has always fascinated me and I am honoured to be their Global Brand Ambassador. When I met Mark in Paris at the show, it was clear to me that we hold many shared sensibilities and I am looking forward to continuing our work together. – Yang

    It’s great to work more closely with Yang Yang and I am excited for the new perspective he will bring. I was intrigued to hear about his personal and professional story and impressed by his drive and humility. His considered approach to his craft resonates with me personally. – Mark Weston.

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  • Blockchain Ecosystem Report Lanuched

    Blockchain Ecosystem Report Lanuched

    The Singapore Blockchain Ecosystem Report 2020, launched at this year’s Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology, highlights impactful developments and trends in Singapore’s blockchain ecosystem over the last year.

    The report is co-presented by OpenNodes, Temasek, IBM, PwC Singapore, EY, and SGTech, and supported by the Infocomm Media Development Authority and the Monetary Authority of Singapore. It highlights Singapore’s lively blockchain research landscape due to active contributions from both academic institutions and the private sector.

    The report also showcases how COVID-19 has accelerated the application of blockchain technology, which is being used to verify health credentials amid the pandemic.

    It features a bibliometric analysis of blockchain-related scientific publications, showcasing Singapore’s pioneering progress in driving both high quality and quantity research in the field of blockchain technology. It concludes that Singapore has produced the highest number of research publications on the subject in ASEAN, and the third-highest in the world.

    PwC Singapore conducted a survey for the Singapore Blockchain Ecosystem Report 2020 to assess the developments of blockchain-related activities in Singapore. Results showed that blockchain emerged as one of the top three technology trends in Singapore for 2021, with 70 percent of the respondents showing support for the technology. The survey also ranked Si

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  • StanChart Explores Second Digital-Only Bank

    StanChart Explores Second Digital-Only Bank

    Standard Chartered said that it was considering another digital-only bank based in Singapore – similar to MOX in Hong Kong – after receiving recognition by local regulators to receive preferential treatment as a foreign lender earlier this year.

    Standard Chartered could acquire an additional Singapore banking license under the Significantly Rooted Foreign Bank (SRFB), according to a report, in a move that would mirror its Hong Kong digital-only bank, Mox.

    We are naturally interested in qualifying for the recently-announced enhanced SRFB framework to further deepen our presence here, according to a spokesperson for the bank.

    This will give us the option to explore an additional banking license. Under this construct, we would look to leverage on the technology and experience gained from MOX, our digital bank in Hong Kong, to operate a similar platform in Singapore together with a strong ecosystem partner.

    Standard Chartered was the first foreign bank to be named an SFRB in August this year and the new status gives it significant advantages such as the ability to set up a digital-only unit, lower amounts in paid-up capital and a greater number of places of businesses (POBs) allowed (from 25 to 50), of which 35 may be branches.

    We have a very robust record in digitalization and digital banking, and we will continue to invest and explore the best digital model for our clients in Singapore, the spokesperson said.

    Earlier this year, reports claimed that the bank was already considering the launch of another digital-only bank through a joint venture with the National Trade Union Congress (NTUC) Enterprise. The latest comments about the plans were made on the same day that the city-state announced the four winners of the much anticipated digital banking license race.

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  • UOB Deploys AI-Powered AML Solution

    UOB Deploys AI-Powered AML Solution

    The bank’s new artificial intelligence (AI) solution was developed in collaboration with Singapore-based regulatory technology company Tookitaki, after more than two years of validation and evaluation.

    UOB has pioneered an AI solution that is highly accurate in identifying suspicious transactions and connected parties as it combats the increased sophistication in financial crime, it announced on Thursday in a statement.

    The bank’s use of AI enables it to pinpoint higher-priority cases from the 5,700+ average monthly suspicious transaction alerts flagged and to deploy the necessary resources to investigate potential money laundering attempts. The new solution can spot more sophisticated transaction patterns and is more effective at connecting data points with entities using the financial system, UOB said.

    The AI solution, which complements the traditional rules-based method, is being used to screen all customers and transactions involving Singapore-based UOB accounts and will be expanded to cover all UOB accounts globally.

    Our AI solution works concurrently on two AML risk dimensions, which is technically more difficult, but also more fruitful as it helps us to pinpoint criminals trying to pose as customers. UOB will continue to invest in advanced technology to strengthen our AML system to deal with emerging risks,» Victor Ngo, UOB’s head of group compliance, said.

    According to the bank, the new solution has proven an overall true positive prediction rate of 96 percent among high priority cases, which includes transactions and accounts that are deemed most likely to be suspicious and are therefore subject to earlier and more thorough investigations.

    Tookitaki is a graduate of UOB FinLab’s second accelerator program in 2017.

    Going live with UOB is a testament to our ability to develop and to harness the benefits of new-edge technologies such as machine learning to mitigate real-world problems of money laundering,» Abhishek Chatterjee, founder and CEO of Tookitaki, said.

    Founded in 2014, Tookitaki’s revenue growth has surpassed 300 percent over the last two years. It raised $19.2 million in Series A funding in 2019, which the startup said would be used to grow its presence across the U.S. and Asia-Pacific.

  • Vietnamese telcos begin testing 5G services in earnest

    Vietnamese telcos begin testing 5G services in earnest

    Vietnam’s three major telecom companies are racing to test 5G services to achieve the government’s goal of making the country one of the earliest to adopt the technology.

    State-owned Vinaphone last week became the first to conduct 5G commercial tests in both Ho Chi Minh City and Hanoi.

    In Hanoi, VnExpress reporters using 5G devices were able to reach download speeds of 721 megabit per second (Mbps), or 10 times higher than 4G speeds. In HCMC, it reached 1,000 Mbps, with downloading a 1.16 gigabyte (GB) app taking around 34 seconds.

    Vinaphone also unveiled its 5G routers developed in partnership with Finland’s Nokia.

    The device collects 5G waves and broadcasts it as wifi signals, enabling Internet use in households without the need for fiber-optic cables.

    Military-run Viettel commercially tested its 5G broadcast in Hanoi on November 30, achieving 10 times the download speeds of 4G when the user is in one place and five times when traveling in a vehicle.

    Viettel has put up 100 base stations in the city’s three downtown districts, and users with 5G devices can start experiencing the technology without the need to change their sim cards.

    Of the 100 stations, it produced 15 in-house and bought the rest from Sweden’s Ericsson.

    The company plans to expand to Da Nang and HCMC soon.

    Le Dang Dung, the chairman of the company, said when 5G transmission is stable it could help doctors perform surgeries through the Internet and factories could be completely automated.

    Another state-owned telecom firm, MobiFone, began commercially testing 5G services in HCMC on November 27, achieving average speeds of 600-800 Mbps, going up to 1,500 Mbps.

    The company plans to install 50 stations in the city this month.

    But it will take time for smartphone makers and networks to perfect 5G operations.

    Some Huawei, Xiaomi, Asus, Nokia, and Oppo devices can use 5G, but Samsung devices have to wait until the end of the year at least, and it is unclear when iPhone devices will be able to connect in Vietnam.

    The subscription rate is a concern among users. Currently, operators are providing free data to promote the new technology, but it is unclear what the tariffs will be.

    During the commercial test period, the Ministry of Information and Communications has limited the rates to the same level as for 4G, but operators can later change them.

    Pham Ngoc Tu, head of Vinaphone’s services research and development department, said it is still too early to determine 5G rates, and the company needs to establish around 50,000 stations to calculate prices.

    Communications minister Nguyen Manh Hung said in 2018 that Vietnam would be one of the first countries in the world to launch 5G services.

    It was seven or eight years behind in adopting 3G and 4G technologies, but not with 5G, he promised last month, adding that it would be widely available in the country from next year.

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  • Petrol, Diesel Prices Hiked For Sixth Consecutive Day

    Petrol, Diesel Prices Hiked For Sixth Consecutive Day

    Domestic fuel rates on Monday were hiked for the sixth consecutive day by the state-owned marketing companies across the metro cities in India leading the prices to touch two-year high. As per the notification from Indian Oil Corporation, petrol and diesel rates were increased by 30 paise and 26 paise in the national capital. Due to firming international oil prices, there has been a continuous revision in fuel prices across the country. In the last sixteen days, the fuel rates have been hiked on fifteen occasions that came into effect from 6 am today.

    Here are the prices of petrol and diesel per litre in the five metros on December 7, 2020:

    City Petrol Diesel
    Delhi ₹ 83.71 ₹ 73.87
    Mumbai ₹ 90.34 ₹ 80.51
    Chennai ₹ 86.51 ₹ 79.21
    Kolkata ₹ 85.19 ₹ 77.44
    Bengaluru ₹ 86.51 ₹ 78.31

    On Sunday, petrol and diesel prices shot past ₹ 90 per litre and ₹ 80 per litre in Mumbai. With a new revision in fuel rates, petrol retails at ₹ 90.34 per litre and ₹ 80.51 per litre. Buyers in the capital city will have to shell out ₹ 83.71 for one litre of petrol and will have to pay ₹ 73.87 per litre for diesel. The fuel prices have seen a cumulative hike of ₹ 2.65 per and ₹ 3.42 per litre, respectively. Petrol and diesel rates remained static since September 22 and October 2, respectively. The OMCs started revising rates of auto fuels from November 20 onwards.

    Petrol price in Kolkata has been increased to ₹ 85.19 per litre, which was ₹ 84.90 per litre on Sunday. Similarly, the cost of diesel also increased by 26 paise from 77.18 to 77.44 rupees per litre. In Chennai, petrol and diesel retailed at ₹ 86.51 per litre and ₹ 79.21 per litre, respectively. The two auto fuels in Bengaluru cost ₹ 86.51 per litre and ₹ 78.31 per litre for petrol and diesel respectively.

    Oil marketing companies (OMCs) have been revising the retail rates of petroleum products since November 20, 2020. The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.

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  • HSBC Private Banking identifies key business solutions for female entrepreneurs in Hong Kong Thriving during Covid-19

    HSBC Private Banking identifies key business solutions for female entrepreneurs in Hong Kong Thriving during Covid-19

    HSBC Private Banking gave a boost of confidence to female entrepreneurs in Hong Kong during the Covid-19 pandemic, as the week-long digital summit FoundHER, held in partnership with AllBright, concluded successfully. The summit, which gathered successful female founders and investors in town, sought to unite and build a strong business network that enables entrepreneurial success.

    The Hong Kong series was convened between 16 and 19 November to tackle challenges female entrepreneurs encounter during times of adversity. The event was tailored to provide practical and timely advice on making a successful virtual pitch; insights from experienced angel investors, business leaders and wealth management experts on new investment opportunities; and real-time consultations on business pitches.

    While investors are more stringent in their assessment of a firm’s business model and medium term growth potential during the Covid-19 pandemic, Fan Cheuk Wan, Managing Director and Chief Market Strategist for Asia, HSBC Private Banking, said, “We observe equally strong interests shared by private investors who are looking for innovative, sustainable investment solutions and business opportunities that will emerge robustly after the pandemic.” She added, “Female founders, especially those at early-stage startups, should stay highly adaptive and responsive to the rapidly changing world. By staying on top of the latest global and industry trends, they can build more robust and resilient businesses. Sustainable business models for startups can be more successful in convincing investors during fundraising, despite external challenges and a lack of track record.”

    Echoing these views is Veronica Chou, a well-known female investor, and founder of Everybody and Everyone, a sustainable and eco-innovative womenswear brand. Chou shared that constant communication and risk aversion are keys for her brand’s success. She said “The one thing we all need to do more of is to connect and learn from other industries and even competitors.” She stressed the importance of collaborating with the industry, communities and society at large, to address the growing need for more sustainable and innovative business practices following the global pandemic. Heeding these calls in advance would help protect one’s business, especially during challenging times.

    The FoundHER series has proven to be a meaningful and purposeful networking event at a time where the pandemic has severely hit growth plans of female founders across the city. HSBC Private Banking takes an active and functional role in enabling access to experts who can guide and support entrepreneurs, to help them grow their business and connect them to a variety of opportunities within its network.

    Cynthia Lee, Regional Head of Wealth Planning & Advisory, Asia Pacific , said, “We are well-placed to push forward our efforts in supporting Hong Kong’s female entrepreneurs, as we partner with AllBright for the second consecutive year. The digital summit underscores the value and power of networking, to constantly bring in fresh ideas and lessons from sustainable and successful business models. We believe the programme will prepare female founders and enable them to thrive when new investment opportunities arise from the post-pandemic global recovery.”

     

    Debbie Wosskow OBE, co-founder of AllBright said, “What we are doing with HSBC Private Banking is pivotal to create a format where every woman can pitch the investors skillfully and confidently. While many firms found it hard to navigate their business during the pandemic, FoundHERoffers female founders abundant toolkits and industry insights from the global women community.”

     

  • Deliveroo deepens investment into on-demand grocery segment with exclusive DON DON DONKI partnership

    Deliveroo deepens investment into on-demand grocery segment with exclusive DON DON DONKI partnership

    Deliveroo today announces its partnership with DON DON DONKI, marking the first-ever collaboration with on-demand delivery app in Hong Kong for the Japanese megastore. The exclusive partnership with Deliveroo will enable customers to access a variety of tasty snacks, ready-to-eat meals and daily essentials from DON DON DONKI, making virtual shopping simple and convenient as many people opt to stay home amidst rising COVID-19 case numbers.

    The new partnership represents Deliveroo’s deepening penetration into the on-demand grocery segment. In October, Deliveroo launched its on-demand grocery offer, giving Hong Kong food lovers across the city easier access to supermarket and convenience store retailers such as Marks & Spencer and 7-Eleven.

    Introducing DON DON DONKI on Deliveroo will connect Hong Kongers to a wide variety of exciting and essential items from Japan, starting today. DON DON DONKI to-door delivery will be available across multiple neighbourhoods in Hong Kong Island, Kowloon and the New Territories reaching approximately over 1.5mn customers; or customers can choose pick-up to shop online and skip the queue.

    Via Deliveroo, customers can access some of their favourite DON DON DONKI household essentials, ready-made meals, supermarket staples and fresh produce.  With almost 300 items available to order on Deliveroo, customers can order a wide range of items including Japanese pears, grape shine muscat, wagyu beef, fresh sashimi and sushi, assorted cheese products, snacks and sweets, beverages such as sake and canned chūhai, as well as store beauty supplies, snacks for pets and home essentials.

    The boost to Deliveroo’s on-demand grocery offerings comes as consumers in Asia are eagerly embracing online shopping methods related to F&B. With the online grocery market in Asia expected to reach over US$295 billion by 2023, Deliveroo is making sure its offer to consumers meets changing demands, which is particularly important as consumer habits continue to evolve alongside COVID-19 restrictions.  With a fleet of over 7,000 riders in Hong Kong, Deliveroo is committed to delivering meals and essential grocery items in as little as 30 minutes, ensuring people have the food and other goods they need and want.

    Brian Lo, General Manager, of Deliveroo Hong Kong said, “Deliveroo is committed to more investment in on-demand convenience, following the announcement of partnerships with 7-Eleven and Marks & Spencer earlier this year. Now, we are  incredibly excited to partner with DON DON DONKI exclusively to offer convenient delivery and pick-up access to the megastore’s amazing range of products. We are dedicated to staying on top of consumer trends and catering to what our customers want, so DON DON DONKI is an extremely relevant brand and partner to bring on board as we deepen our on-demand grocery sector penetration. The potential of eCommerce grocery services is significant, particularly in light of COVID-19, and we will continue to work with more large brands to help Hong Kongers conveniently access the products they want and need.”

    Fast and convenient DON DON DONKI shopping

    Skip the line and order online! As Deliveroo and DON DON DONKI kick off their partnership, starting from today, five DON DON DONKI stores located in key areas within Hong Kong will be ready for delivery. Customers can also choose going to any of the five stores to pick up to save time and skip the queue. In recognition of the partnership, Deliveroo is offering delicious deals to new and old Deliveroo customers. New customers can receive two $50 vouchers (T&C apply) when they sign up for Deliveroo, while long-standing customers can enjoy 15 percent off their first DONKI-on-Deliveroo purchase.  Additionally, customers can enjoy a special price for Deliveroo-exclusive Hotpot Combo in a limited co-branded thermal bag from 18 December (available on a first-come-first-served basis while stocks last).

    DON DON DONKI is a beloved Japanese discount chain that first opened its doors in Hong Kong earlier last year. Operating 24/7 in most locations, the megastore offers an abundance of Japanese snacks, beauty items, lifestyle goods, cooked food – including special bento offerings – dry goods, fresh produce, and much more. DON DON DONKI can be accessed via the Deliveroo app to order instant soups, exclusive Japanese sodas, rice bowls and much more, bringing Japan to customers’ doorsteps in Hong Kong.

  • Crêpe Delicious Celebrating Festive Season with Holiday Set Menus for Home and Office Parties

    Crêpe Delicious Celebrating Festive Season with Holiday Set Menus for Home and Office Parties

    Crêpe Delicious is celebrating Hong Kong’s festive season with Holiday Set Menus for home or office parties. Joyous Christmas-themed dessert crêpes, a sharing platter for couples, spectacular new gelato shake and promotion on Somersby Sparkling Rosé cider also launch the season to be merry at the brand’s fashionable ‘urban cafés’ in trendy Lee Tung Avenue, Wanchai and MOKO, Mongkok, from 10 December 2020 into the New Year to 31 January 2021.

    Three party menus priced HK$980 for 4, HK$1,800 for 8 and HK$2,480 for 12 headlines the festive specials – styled especially for Hong Kong’s restrained party season.

    With convenient ordering for pick-up, takeaway sets tailored for various group sizes feature a signature range of popular Crêpe Delicious favorites including snacks & salads, famous ‘puff pizza’, fresh “From the Kitchen” pastas and risottos, iconic dessert crêpes, and soft drinks.*

    An “Early-Bird” promotion is available for party set menu orders before 15 December 2020, for pick-up or delivery from 21-27 December 2020, includes a complimentary bottle of red wine, or four bottles of Somersby Sparkling Rosé and gift set of two glasses.

    For a festive treat, three new Instagrammable dessert crêpes embrace the Christmas spirit.  Winter Butterfly (HK$98) is a delightful rose crêpe with white peaches and raspberries, topped with rose whipped cream, white chocolate chips and raspberry sauce.  Symbolic butterflies also pay tribute to a Lee Tung Avenue neighborhood celebration of the joyous season along a colorful “Butterfly of Hope” theme decorated with over 300 glass butterflies.

    Rum & Raisin (HK$98) with cream cheese filling and rum raisin is topped with rum & raisin gelato, chocolate sauce, and garnished with colorful raspberries and mint.  Also inspired by the classic French dessert, Mont Blanc (HK$98) has a festive edible gold leaf and candied chestnut topping, with chestnut cream and chocolate chips, and a cute cream snowman on the side.

    The brand’s classic home-made gelato range is extended with Pistachio Green Gelato Shake (HK$58) with green-themed pistachio and gelato, topped with whipped cream and pistachio crunch, a variation of signature pink-colored gelato shake Pink Lady (HK$58).

    To complete celebrations, any diner who orders Somersby Sparkling Rosé (HK$48) cider at Crêpe Delicious (Urban Café) in Lee Tung Avenue will receive a complimentary glass gift set.

    Value added offerings are also available through the brand’s Membership Programme.  VIP Memberships with any single spending over HK$300 earns a welcome gift of gelato scoop, along with 10% year-round discount and 20% discount during birthday month.  Premium Membership, for a fee of HK$488, earns a welcome gift of gelato scoop plus Cookieboy Family Cookie Pack, with 15% year-round discount and annual coupons including Four Welcome Cash Coupons, Four Free Takeaway Coffee Coupons, Four Gelato Coupons, Four Gelato Shake Coupons, One Cookie and Cream sweet crepe and One Welcome Hong Kong savoury crepe – total value worth HK$888.

    With a focus on highest quality ingredients and dishes freshly made to order, Crêpe Delicious has pioneered a global craze for the iconic French cuisine classic since 2004 – expanding worldwide from Canada to Hong Kong, USA, UK, the Middle East, India and Thailand.

    The brand’s winning success story is owed to a commitment to leading the resurgence in healthy eating, with signature crêpes weighing-in at just 170 calories and 3 grams of fat, with a choice of fillings of seasonal fresh ingredients.

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  • Lawmakers from 34 countries back ‘Make Amazon Pay’ campaign

    Lawmakers from 34 countries back ‘Make Amazon Pay’ campaign

    More than 400 lawmakers from 34 countries have signed a letter to Amazon.com Inc boss Jeff Bezos backing a campaign that claims the tech giant has “dodged and dismissed … debts to workers, societies, and the planet,” organizers said.

    The “Make Amazon Pay” campaign was launched on Nov. 27 – the annual Black Friday shopping bonanza – by a coalition of over 50 organizations, with demands including improvements to working conditions and full tax transparency.

    The letter’s signatories include U.S. Congresswoman Ilhan Omar and Rashida Tlaib, former UK Labour Party leader Jeremy Corbyn and Vice President of the European Parliament Heidi Hautala, co-convenors Progressive International and UNI Global Union said.

    “We urge you to act decisively to change your policies and priorities to do right by your workers, their communities, and our planet,” the letter said.

    “We stand ready to act in our respective legislatures to support the movement that is growing around the world to Make Amazon Pay.”

    Amazon, the world’s biggest retailer, has faced criticism for its tax practices before, including in the UK and the EU. It says its profits remain low given retail is a highly competitive, low margin business and it invests heavily.

    It said on Thursday that while it accepted scrutiny from policymakers, many of the matters raised in the letter stemmed from misleading assertions.

    “Amazon has a strong track record of supporting our employees, our customers, and our communities, including providing safe working conditions, competitive wages and great benefits,” it said, adding it was “paying billions of dollars in taxes globally.” The company has also pledged to be net carbon neutral by 2040.

    Amazon grew rapidly during the pandemic, with sales soaring as restrictions to prevent the spread of the coronavirus closed bricks-and-mortar shops and sent consumers online.

    Governments worldwide are considering tougher rules for big tech to assuage worries about competition.

    The European Union, for example, last month charged Amazon with damaging retail competition, alleging it used its size, power and data to gain an unfair advantage over smaller merchants that sell on its online platform.

    Amazon disagreed with the EU assertions, saying it represented less than 1% of the global retail market and there were larger retailers in every country in which it operated.

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  • Banks continue to cut deposit interest rates

    Banks continue to cut deposit interest rates

    With the Covid-19 pandemic acting as a drag on credit growth, banks are continuing to cut deposit interest rates.

    State-owned lenders BIDV, Agribank and VietinBank this week reduced their 12-month rates by 0.2 percentage points to 5.6 percent.

    The other “Big 4” state-owned lender, Vietcombank, kept its 12-month rate unchanged at 5.8 percent but cut the 24-month and 36-month rates by 0.2 percentage points to 5.7 percent and 5.4 percent.

    The largest private lender, Techcombank, reduced its 12-month rate by 0.4 percentage points to 4.5-5 percent depending on the deposit amount.

    The rates have thus dropped by 0.4 percentage points within two months.

    Banks have reported high liquidity but difficulty lending as the pandemic hits businesses.

    Banking credit growth in the first nine months of this year was just 5.12 percent, far below the double-digit figures recorded of the last three years, according to the General Statistics Office.

    In August the State Bank of Vietnam revised its credit growth target for this year from 14 to 10.1 percent. It has also cut its policy rates four times so far this year to pump-prime the economy.

  • Grab and GoJek get closer to merger deal

    Grab and GoJek get closer to merger deal

    Grab Holdings. and Gojek have made substantial progress in working out a deal to combine their businesses in what would be the biggest internet merger in Southeast Asia, according to people with knowledge of the talks.

    The region’s two most valuable startups have narrowed their differences of opinion, though some parts of the agreement still need to be negotiated, said the people, asking not to be named because the talks are private. The final details are being worked out among the most senior leaders of each company with the participation of SoftBank Group Corp.’s Masayoshi Son, a major Grab investor, one of the people said.

    Under one structure with substantial support, Grab co-founder Anthony Tan would become the chief executive officer of the combined entity, while Gojek executives would run the new combined business in Indonesia under the Gojek brand, the people said. The two brands may be run separately for an extended period of time, one of the people said. The combination is ultimately aimed at becoming a publicly listed company.

    Representatives of Grab, Gojek and SoftBank declined to comment. The talks are still fluid and may not result in a transaction, the people said. The deal would need regulatory approval and governments may have antitrust concerns about the unification of the region’s two leading ride-hailing companies.

    Grab and Gojek have been locked in a fierce, expensive battle for dominance in that business along with food delivery and mobile payments over the last several years. Investors have been pushing for them to combine forces across Southeast Asia in order to reduce cash burn and create one of the most powerful internet companies in the region. Grab, which is present in eight countries, was last valued at more than $14 billion, while Gojek, valued at $10 billion, has a presence in Indonesia, Singapore, the Philippines, Thailand and Vietnam.

    SoftBank has been pushing for a deal since Son visited Indonesia in January, but he’s grown increasingly frustrated with the lack of progress. The old rivalry and personality clashes between the two companies’ leaders have led to deadlocked negotiations in the past, according to one of the people familiar with the talks.

    Sea Ltd.’s rise as a formidable force in e-commerce and digital payments has injected fresh impetus to the Grab-Gojek conversation, the people said. The Singapore-based company’s e-wallet, ShopeePay, has been gaining market share at a rapid clip, aided by the growing popularity of Sea’s e-commerce platform Shopee. That, in turn, is challenging market leaders GoPay and Grab-backed Ovo in Indonesia.

    Sea’s surprise journey from a scrappy startup to Southeast Asia’s most valuable company in the past 10 years has been the “biggest inspiration” for local internet companies lately, Rohit Sipahimalani, chief investment strategist at Temasek Holdings Pte, said in an interview at the launch of the e-Conomy report in November. Sea went public in 2017 after raising more than $720 million from investors and now has a market value approaching $88 billion.

    “People are now seeing that the public markets are a viable alternative for internet companies in Southeast Asia,” said Sipahimalani, whose firm is an investor in Gojek. “But they also recognize that they need to get to a certain scale, which is why the IPO route is becoming more attractive. I think that’s leading to some dialogue around combinations and consolidations in the region.”

    He declined to comment on the Grab-Gojek deal, adding that Singapore’s state-owned investment firm isn’t taking part in the negotiations.

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  • Fiat To Electrify 60 Percent Of Its Cars By 2021

    Fiat To Electrify 60 Percent Of Its Cars By 2021

    The automobile industry is changing dramatically for the first time in a century. Volkswagen has already announced that it is stopping all motorsports activities to focus on electrification efforts before this Honda also announced in September that it was going to be focusing on electrification and sustainability which perpetuated its exit from F1. Now, Fiat has joined the bandwagon and its head for EMEA has said that 60 percent of its vehicles will be electrified by the end of 2021. This includes the Fiat, Lancia and Abarth brands.

    Fiat’s approach is a different one, however. Its electrification efforts amount to multiple new hybrid models, unlike the traditional plug-in electric models. It already makes a hybrid version of 500, the Panda and the Lancia Y. It also has a couple of cars incoming — 500X and Tipo, apart from this, there is also a new Fiat 500 electric and Fiat E-Ducato coming in.

    Fiat feels that adding more hybrids and plug-in cars are a necessity for it in Europe. It has also been forced to make this move as it has been lagging behind in its electrification efforts and also been forced by the European Union’s Emission requirements to buy emission credits.

    For this, it has partnered with the big daddy of all-electric cars – Tesla – the world’s highest-valued automotive company for complying with the CO2 emission for the EU. It is also highly dependent on Tesla’s ability to scale up its operations and production in the EU.

  • Citi Digital-Only Offering Targets 200,000 New Clients in Hong Kong

    Citi Digital-Only Offering Targets 200,000 New Clients in Hong Kong

    Citi will look to realize the promises of financial inclusion with its new digital-only proposition in Hong Kong which can be accessed with as little as HK$1.

    And at HK$100, users can even find tailor-made fund portfolios based on investor needs, according to a statement from the bank.

    In addition to the low threshold, users can also earn as much as 1.8 percent on the deposit rate from the platform.

    Entitled Citi Plus, the platform will be first rolled out in Hong Kong before entering other markets in the Asia Pacific region.

    According to the bank, it will seek to add up to 200,000 clients over the next few years with a target of doubling its base within the next 24 months.

    Nowadays, young consumers have endless desires and expectations for digital living, and digital experience on wealth management is becoming part of their daily lives, said Lawrence Lam, consumer business manager at Citibank Hong Kong.

    Citibank has been committed to offering excellent services to best meet client needs. The launch of Citi Plus now is a testament to our customer-centric core principle.

  • Starbucks opens ‘inclusive’ store staffed by people with disabilities

    Starbucks opens ‘inclusive’ store staffed by people with disabilities

    Today, Starbucks announced the opening of a first-of-its-kind Starbucks store focused on inclusive design in South Korea. Located at Seoul National University Dental Hospital (SNUDH), the store reaffirms Starbucks commitment to diversity, equity and inclusion, and expands career opportunities for Starbucks partners (employees) with disabilities.

    “Opening a store focused on inclusive design marks an important moment for Starbucks in South Korea and around the world,” said David Song, ceo, Starbucks Coffee Korea. “We are excited to have this opportunity to bring Starbucks Mission and values to life in our community and expand opportunities for our partners to develop their careers at Starbucks. Through our partnerships with organizations like the Korea Employment Promotion Agency for the Disabled (KEPAD), we hope to lead the way for other business in South Korea to create an inclusive environment for all.”

    Starbucks partners in the disability community had raised the concept for such a store as an opportunity for the company to have a positive impact. From the beginning, Starbucks Coffee Korea partners with disabilities guided store development and operational testing to create a welcoming Third Place community for partners and customers alike. The company also partnered with the KEPAD and other advocates in the disability community to consult on store design and training.

    Anyone who is passionate about access and disability inclusion can work at the new store. Half of the staff are partners with disabilities, and hold positions at nearly every level. In partnership with KEPAD, partners all receive customized training and development, including basic expressions in Korean Sign Language.

    The store’s central art piece demonstrates the positive impact that Starbucks partners with disabilities have had on the company and partners’ hopes to make a place where all people can come together over a cup of coffee. Partners from across South Korea, as well as partners based at the store, contributed individual clay pieces arranged to create the word “Together” in English, mounted on a background of upcycled Starbucks coffee grounds.

    “I’m so proud of this new store and the important role it will play in bringing our community together and enhancing the career development journey of Starbucks Korea partners,” said Elena Choi, assistant manager of the new store, and a partner who is hard of hearing. “Creating an inclusive space expands the ability of partners to learn and grow in their role, and we’re so excited to welcome customers to our new store.”

    The store was designed to be a warm and inclusive space for people with a wide range of disabilities, from customers to partners. Partners are equipped with digital tablets to facilitate communication with customers, and the store floor, back room and bar have all been designed with additional space for comfortable wheelchair access—a first-of-its kind for Starbucks globally. At the Starbucks design lab in South Korea, members of the disability community helped test the store’s unique bar to better optimize the space for partners using mobility aids like wheelchairs.

    “The new store represents our enduring commitment to diversity, equity and inclusion in every market we serve,” said Sara Trilling, president, Starbucks Asia Pacific. “We understand we are still early in our journey, and will continue to learn and expand our design principles. With feedback from partners, customers and the community, we are constantly reimagining how we build stores to.

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