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Category: Finance

Retail News Asia is committed to providing both local and global retailers with the latest Finance news throughout the Asian market. This on a daily base.

  • AirAsia’s BigPay Launches International Remittance Services

    AirAsia’s BigPay Launches International Remittance Services

    BigPay, the financial services venture by Malaysian low-cost carrier AirAsia, has announced the fixed-rate international remittance services across Southeast Asia.

    BigPay is rolling out cross-border transfers for its users to Singapore, Thailand, Indonesia and the Philippines. Such transfers can be done using its mobile application, and will be charged at a fixed rate for each corridor at competitive exchange rates, with no hidden fees or charges, the firm said in a press release.

    Technology can dramatically reduce the cost of remittance and we want to make it easy for people to move money abroad – whether it is sending money to family, friends or other overseas payments – without having to pay exorbitant exchange rates and transfer fees,» said CEO and co-founder Chris Davison.

    Davidson added that financial inclusion is a cornerstone of BigPay, and offering low-cost and accessible money transfers is part of its strategy to address this.

    BigPay was launched in 2018 by AirAsia as an e-wallet, hoping to leverage the low-cost carrier’s dominance in regional air travel in Southeast Asia. It promised to reduce the cost of air travel, including the cost of foreign transactions when traveling. A key differentiator is that it waives markups on foreign exchange, and other transactional fees charged by traditional debit and credit cards.

    Operating on a challenger bank model, BigPay has also tied up with MasterCard, which provides users access to 35 million merchants globally, and will soon venture into offering loans.

    BigPay has more than 750,000 users as of July 2019, and its transactional volume has been growing 20 percent month-on-month, which also said that BigPay plans to launch in Singapore by year-end.

  • ANZ Appoints International Head of Sustainable Finance

    ANZ Appoints International Head of Sustainable Finance

    Australia and New Zealand Banking Group appointed a new international head of sustainable finance, as demand for ESG-related funding continues to grow especially in Asia.

    Stella Saris was appointed to the Singapore-based role reporting to Nick Halkas, head of infrastructure, export and sustainable finance – international in the city-state; and to Katherine Tapley, head of sustainable finance in Sydney.

    Saris was most recently a director of resources, energy and infrastructure at the ANZ, where she first joined in 2004. Saris boasts a wealth experience in private-public partnerships in the Asia Pacific region including in Australia, Singapore, Indonesia and Papua New Guinea in both advisory and lending capacity.

    Sustainable finance continues to grow as investors build greater awareness about ESG-related risks, such as climate change. According to global ESG research firm Sustainalytics, social and sustainability bond issuances totaled nearly $59 billion in 2018, highlighting Asia as a growth driver for social assets due to greater flexibility for decision making amongst treasurers in the region.

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  • BigPay introduces international money transfers

    BigPay introduces international money transfers

     BigPay, an ASEAN-focused fintech company, has launched international remittance services enabling users to send money directly from Malaysia to bank accounts in Singapore, Thailand, Indonesia and the Philippines, with no hidden fees or extra charges.

    BigPay is pioneering digital remittance through its mobile application, offering a seamless experience with instant money transfers. Users can deposit funds into BigPay through their bank cards or via bank transfer.

    In line with BigPay’s mission to deliver fair and transparent financial services, international remittances will be offered to customers at a fixed fee per corridor with competitive exchange rates. This is the first wave of BigPay’s international remittance rollout, with additional corridors to be announced in the near future.

    “We’re focused on democratising financial services in ASEAN, so it’s an exciting moment for us to be able to offer Malaysians a cheaper and better alternative to remit money,” said Chris Davison, CEO and Co-Founder, BigPay.

    “Technology can dramatically reduce the cost of remittance and we want to make it easy for people to move money abroad – whether it is sending money to family, friends or other overseas payments – without having to pay exorbitant exchange rates and transfer fees. Approximately US$25 billion is lost globally per year through remittance fees and with BigPay we can change that. Financial inclusion is a cornerstone of BigPay and offering low-cost, accessible money transfers is part of that strategy.”

    BigPay is also one of the first fintechs in Malaysia to receive approval from Bank Negara Malaysia to use eKYC (electronic Know Your Customer) for remittance. This allows BigPay’s customers to submit all documents electronically within th

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  • DBS Vickers Remisiers to Move to UOB Kay Hian

    DBS Vickers Remisiers to Move to UOB Kay Hian

    Following months of discussions between the two banks over the transfer of the trading representatives, about 100 remisiers from DBS Vickers will join UOB Kay Hian.

    DBS Vickers has agreed to transfer its offline retail securities brokerage business to UOB Kay Hian by October 28, 2019, following months-long negotiations. With the move, over 100 remisiers will move to UOB Kay Hian, making it the largest securities brokerage in Singapore, with over 800 dealers and remisiers.

    This allows us to scale and do a lot of business. With this acquisition, we will have 25 percent of the retail market share in Singapore. Now, we are 20-21 percent,» UOB Kay Hian senior executive director Esmond Choo said.

    DBS had searched for a buyer that would take its remisiers as a group. UOB Kay Hian was chosen as it was «the most sincere and best suited to adopt the group,» the newspaper said, with Choo pointing out that the remisier base advisory model to the firm, and the fact that it had grown through mergers and acquisitions since early 2000.

    Not all remisiers will move to UOB – some are taking the chance to retire, while others have joined other brokerages. A few have taken on new roles like relationship managers and investment counselors at DBS.

    We previously reported that UOB Kay Hian was in talks with DBS to hire about 15o remisiers and retail equity trading representatives from DBS Vickers, the bank’s broking arm, who were affected by its revamp to better focus on institutional clients. RHB, CGS CIMB and PhillipCapital were also said to be interested in hiring the affected individuals.

    This followed plans by DBS to merge its retail equity trading under DBS Vickers with the bank amid falling trade volumes from retail participants and downward pressure on brokerage commissions.

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  • Philippines Approved for Yuan Clearing Service

    Philippines Approved for Yuan Clearing Service

    The People’s Bank of China authorized the Bank of China Manila branch for yuan clearing, making the Philippines the latest market to join the path towards the internationalization of the renminbi.

    BOC’s Manila branch has established the yuan clearance system and already helped the local government issue and bonds in China’s interbank market with a total value of nearly $4 billion.

    The Philippines joins other yuan clearing centers including Hong Kong, Macau, Taiwan, U.S., Japan, South Africa and more.

    The yuan is currently the eighth most traded currency with a turnover of $284 billion in April, according to a Bank of International Settlement report, and ranks top amongst emerging market currencies.

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  • BIS Plans Innovation Hub in Hong Kong

    BIS Plans Innovation Hub in Hong Kong

    The Bank of International Settlements has signed an operational agreement with the Hong Kong Monetary Authority to establish an innovation center in the special administrative region.

    The hub will identify and develop insights about technology affecting central banking; develop «public goods» in technology to improve the global financial system, and serve as a focal point for central banking innovation, according to a news release.

    The HKMA is a global leader in promoting innovation, and Hong Kong is home to a vibrant fintech ecosystem,» said BIS GM, Agustín Carstens. «The HKMA’s involvement will be a key driver of the Hub’s success.

    In addition to Hong Kong, hub centers will also be set up in Singapore and Basel, Switzerland in the initial phase.

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  • UOB Opens Bank Branch in Zhongshan City

    UOB Opens Bank Branch in Zhongshan City

    UOB has opened a branch in China’s Zhongshan City, furthering its commitment to the Greater Bay Area. It is one of the first foreign banks to do so.

    UOB (China) became the first foreign bank to open a branch in Guangdong’s Zhongshan City on Thursday, signaling the bank’s commitment to China and confidence in Greater Bay Area(GBA)’s development plan, the lender said in a media statement on Thursday.

    The new branch adds to six other branches that the bank already has in the GBA. «It strengthens our presence in South China and enables us to expand services to the west of the Greater Bay Area,» said Peter Foo, CEO of UOB (China).

    Following the announcement of China’s GBA Blueprint in February to create an IT-led powerhouse in Southern China, UOB made plans to deepen its presence in the region. The GBA region includes Hong Kong, Macau and nine cities in Guangdong province.

    Christine Ip, CEO of UOB Greater China, said that the new branch is an «important addition» to its GBA network, as the bank continues to enhance connectivity between Greater China and Southeast Asia.

    The UOB Shenzhen branch – UOB (China)’s flagship branch in the GBA – moved to bigger premises in October as it plans to add more professionals to the team. UOB also opened a Commercial Banking Centre in Hong Kong’s central business district of Causeway Bay in April to better serve the needs of its clients in the GBA.

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  • DBS Announces Integrated Wealth Management

    DBS Announces Integrated Wealth Management

    The bank hopes to serve the country’s growing high net worth demographic with its one-bank proposition, which provides access to offerings across wealth management, retail, investment and corporate banking.

    DBS Private Bank and DBS Vickers Securities (Thailand) have announced a partnership to provide a «one-stop» onshore and offshore wealth proposition in Thailand, allowing the country’s growing high net worth demographic to access offerings across wealth management, retail, investment and corporate banking from a single point of contact.

    To support this push, the bank aims to double its number of relationship managers in Thailand by 2023, and also hopes to double its assets under management to S$8 billion ($5.82 billion) during this period, DBS said in a statement published on Wednesday.

    We believe the Thai wealth market holds immense potential, having witnessed Thai investors’ growing sophistication and receptiveness to investment ideas, and the Bank of Thailand’s encouraging regulatory stance towards offshore investments, Sim S Lim, wealth management and consumer banking group head, said in the statement.

    Family-owned businesses drive much of the country’s economy, accounting for 80 percent of Thailand’s GDP and over one-third of listed firms on the Stock Exchange of Thailand, DBS said, citing PwC research.

  • UOB Boosts Property Valuation Speed

    UOB co-launched a one-stop commercial property solution that includes instant valuation capabilities that can improve speeds by over 10,000 times compared to traditional means.

    The digital solution «RealCommerical», co-launched with property tech firm SoReal Prop, allows users to acquire a bank-backed valuation in less than one minute. This is a more than 10,000 times improvement compared to conventional processes which can take up to seven days.

    In addition, the new solution also allows SME users to see the immediate loan amount their firm qualifies for based on average monthly cash flow or affordability.

    From our experience in helping SMEs purchase their ideal commercial property, we know they want certainty and speed in the process, said Mervyn Koh, Singapore country head of business banking at UOB.

    This means not having mismatched expectations in the property’s valuation or the loan quantum, both of which could lead to the SME not being able to secure their desired property.

    According to the bank, one in two SMEs plan to invest in fixed assets including buildings and factory premises. But momentum has been building as of late with regards to fintech developments in property-related areas.

    In addition to commercial property, UOB launched a digital loan solution for homebuyers in August 2018 that reduced application duration from two and a half days to just 15 minutes. Singaporean rival DBS also recently launched a tech-enabled solution linked with payments for property management fees in Hong Kong with a subsidiary of real estate giant Sun Hung Kai.

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  • DBS Vickers Remisiers to Move to UOB Kay Hian

    DBS Vickers Remisiers to Move to UOB Kay Hian

    Following months of discussions between the two banks over the transfer of the trading representatives, about 100 remisiers from DBS Vickers will join UOB Kay Hian.

    DBS Vickers has agreed to transfer its offline retail securities brokerage business to UOB Kay Hian by October 28, 2019, following months-long negotiations. With the move, over 100 remisiers will move to UOB Kay Hian, making it the largest securities brokerage in Singapore, with over 800 dealers and remisiers.

    This allows us to scale and do a lot of business. With this acquisition, we will have 25 percent of the retail market share in Singapore. Now, we are 20-21 percent, UOB Kay Hian senior executive director Esmond Choo said.

    DBS had searched for a buyer that would take its remisiers as a group. UOB Kay Hian was chosen as it was the most sincere and best suited to adopt the group, the newspaper said, with Choo pointing out that the remisier base advisory model to the firm, and the fact that it had grown through mergers and acquisitions since early 2000.

    Not all remisiers will move to UOB – some are taking the chance to retire, while others have joined other brokerages. A few have taken on new roles like relationship managers and investment counselors at DBS.

    UOB Kay Hian was in talks with DBS to hire about 15o remisiers and retail equity trading representatives from DBS Vickers, the bank’s broking arm, who were affected by its revamp to better focus on institutional clients. RHB, CGS CIMB and PhillipCapital were also said to be interested in hiring the affected individuals.

    This followed plans by DBS to merge its retail equity trading under DBS Vickers with the bank amid falling trade volumes from retail participants and downward pressure on brokerage commissions.

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  • Chinese Netizens Call for Boycott of BNP Paribas

    Chinese Netizens Call for Boycott of BNP Paribas

    Some internet users in China are calling for a boycott of BNP Paribas following the actions of one of its employees in Hong Kong. This could slow the lender’s expansion plans.

    Last week, Chinese messaging service Weibo was filled with accusations that an unidentified employee of the French bank had posted messages on Facebook calling for independence for Hong Kong. Although the bank has since issued a statement expressing apologies, some of China’s internet users are still not placated.

    Since the bank that is making money from China and did not take any further action, we have to boycott it, posted one user of Weibo, who was quoted. The post had generated more than 4,000 likes on Wednesday evening.

    Other netizens are upset that the French bank refers to Hong Kong and Taiwan as «independent countries» on its website. Last month, several other companies, including Swarovski, Versace, Coach, and Givenchy apologized for doing the same.

    In a statement issued last Friday, BNP apologized for «the offense caused by a social media post that was expressed on one of our employees’ personal accounts» and added that the views expressed in the post do not reflect the views of BNP Paribas.

    BNP is seeking to expand its China operations to include brokerage, futures trading, and wealth management ventures. Just last month, it was granted approval to underwrite all types of company notes in the interbank bond market.

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  • Wirecard Forms Strategic Partnership With UnionPay

    Wirecard Forms Strategic Partnership With UnionPay

    Wirecard, a global financial technology company, has signed a Memorandum of Understanding with UnionPay, the world’s largest card scheme, to form a global strategic partnership.

    The agreement will support UnionPay’s ongoing international expansion and Wirecard’s growth in China and with Chinese businesses, both companies said in a media statement.

    As the world’s largest card scheme in terms of card issuance, UnionPay will be one of our key alliances in Asia, said Georg von Waldenfels, EVP Group Business Development at Wirecard.

    As a major tourist and business destination, China receives hundreds of millions of travelers every year, which means that the scope of our solutions will also address non-Chinese nationals and enable them to pay with UnionPay nationwide, added Waldenfels.

    Union Pay has 7.59 billion cards issued under its brand, amounting to 57.6 percent of the world’s payment cards in circulation according to the Nilson Report. It is also an association for China’s banking card industry.

    Larry Wang, Vice President at UnionPay International said that the cooperation between Wirecard and UnionPay will focus on expanding the global acceptance of UnionPay as a digital payment method across all channels.

    In addition, the partnership will also launch a number of issuing projects, including corporate solutions such as payout products and SCP (Supplier and Commission Payments), and consumer-oriented products in the form of digital wallets for incoming tourists to China.

    The initial stage of the partnership will focus on launching additional projects in Asia-Pacific, Europe, and the U.S., where both partners already work together for several years. Additionally, a consumer solution for the upcoming 2022 Winter Olympics in Beijing is being planned to take advantage of the large number of tourists who will visit the country.

  • Lazada to offer installment credit with AsiaKredit in Philippines

    Lazada to offer installment credit with AsiaKredit in Philippines

    Lazada Philippines customers can now buy goods online and pay by installments.

    Called eShopaLoan, the service targets the increasing population of middle-class Filipino shoppers offering monthly installment options for purchases made via Lazada’s platform.

    Consumer loans range from PHP4000 to PHP20,000 (US$77 to $384) over a six-month period. EshopaLoan finances products within the PHP 5000 to PHP 50,000 price range. To apply for eShopaLoan service, Lazada customers can install the AsiaKredit pera247 app and fill out the application.

    “Our partnership with Lazada Philippines marks the beginning of many exciting and transformative retail partnerships we hope to embark on to improve access to finance for millions of underbanked Filipinos left out of the traditional financial system,” said Michael Singh, CEO and co-founder at AsiaKredit.

    “The World Bank considers credit as one of four key enablers to drive financial inclusion. The Philippines remains two to five times behind in unsecured consumer loans per capita compared to markets like Indonesia and Malaysia. This is a very positive development for our market.”

    Ray Alimurung, CEO of Lazada said the collaboration with AsiaKredit was a privilege as they shared the same goal in creating a secure and inclusive digital economy in the Philippines.

    Headquartered in Singapore, AsiaKredit currently operates in the Philippines, with plans to enter other Southeast Asian markets. AsiaKredit provides advanced installment-based finance products through a mobile app to Southeast Asia’s half a billion unbanked people.

     

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  • SoftBank Doubles Stake in Brazilian Zero-Fee Digital Lender

    SoftBank Doubles Stake in Brazilian Zero-Fee Digital Lender

    SoftBank has reportedly agreed to double its stake in Brazilian online lender Banco Inter in the midst of the Japanese giant’s ongoing buying spree in Latin America.

    The deal will include acquiring stakes from controlling family members of the bank, unnamed sources said, adding that Banco Inter CEO Joao Vitor Menin, who owns 5.4 percent, isn’t among the sellers.

    In July, SoftBank bought an 8.1 percent stake in Banco Inter valued at around $186 million.

    Banco Inter aside, Tokyo-based SoftBank has been in the midst of an ongoing buying spree in Latin America with about 300 targets in the region. SoftBank launched a fund in March to back tech firms in the region and has already spent more than $1 billion of its $5 billion of capital.

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  • Hong Kong Millennials Drive Digital Banking Delays

    Hong Kong Millennials Drive Digital Banking Delays

    While most new recipients of Hong Kong digital banking licenses were planning to begin operations by 2019-end, higher priorities are in play for the city’s millennials – the key demographic for the sector – causing lenders to delay their launches.

    Some players were believed to be launching brand and marketing campaigns as early as this month before formally launching their services. The Hong Kong Monetary Authority previously said that digital banking launches could be expected in the fourth quarter of 2019 at the earliest.

    This form of banking service is mainly aimed at the youth, millennials, and many of them are out on the street these days joining the protests, citing an unnamed source with direct knowledge. It will be difficult to launch a brand campaign around them and attract their interest when their priority is clearly not having another bank account. The source added that the digital banks will now instead launch in early 2020.

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