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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.

  • Singapore, Australia to collaborate on FinTech development

    Singapore, Australia to collaborate on FinTech development

    Singapore FinTech Association (SFA) and FinTech Australia (FA) have agreed to further strengthen opportunities for FinTech firms across both countries.

    An MoU between the two parties aims to contribute to the development of the FinTech industry in general across ASEAN and Australia. They will collaborate from time to time on particular initiatives relating to the FinTech industry.

    The two bodies have also arranged to seek input and opinions from each other, in respect of matters relating to the FinTech industry and invite each other to participate in relevant events and support each other in interfacing regulators and other bodies.

    According to the EY FinTech Australia Census 2018, Singapore is among the top four markets that Australian FinTechs are looking to expand into.

    “Australia and Singapore have long enjoyed a strong and vibrant relationship, it is now timely to extend that cooperative relationship to the FinTech industry.”

    “The shared capabilities and high levels of collaboration between Melbourne and Singapore will pave the way for continued two-way knowledge sharing and long term success for FinTech businesses in both markets,” SFA president Chia Hock Lai said.

    FA general manager Rebecca Schot-Guppy added that, “FA is proud to be building the network for our members by signing an MoU with the SFA. Singapore is seen by Australian FinTechs as a top four region for expansion and by signing this agreement we hope it fosters opportunities for our members. We look forward to working with the SFA.”

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  • Hong Kong Retail Sales Drop around Chinese New Year

    Hong Kong Retail Sales Drop around Chinese New Year

    Following 21 consecutive months of retail sales growth, Hong Kong retail sales declined in February, according to the latest Mastercard SpendingPulse™ Hong Kong Report. Mastercard SpendingPulse, which measures consumer spending across all payment types, including cash, found that retail sales contracted by 3.2 percent in February compared to last year.

    The drop, compared to last year’s extraordinary growth, is attributed to various factors, such as diminishing consumer confidence and warmer-than-usual winter. In addition, the Chinese New Year celebrations landed in early February this year, causing the majority of New Year purchases to be made in January. The drop in February retail sales was seen across the board, with clothing, grocery, health & beauty, jewelry, and furniture all experiencing a year-on-year decrease.

    However, the low unemployment rate (2.8 percent), the lowest level since February 1998, may help to improve the retail sales performance. Some growth was seen towards the month’s latter half, due to lower comparative statistics from last year’s New Year period.

    “After an impressive 21-month growth trend, we have seen a decline in retail sales in Hong Kong, particularly around Chinese New Year, due to various reasons ranging from the unusually warm winter to consumer confidence,” said Sasha Krstic, executive vice president, Services – Asia Pacific, Mastercard.

    Analyzing local retail performance and spending, the macroeconomic report uses aggregated and anonymous transaction data, along with all other payment forms including cash, to offer insights into consumer spending trends, providing an early overview of market indices to help retailers, investors, card issuers, banks and government agencies in their decision-making processes.

    The Mastercard SpendingPulse™ report is available to subscribers the third week of every month and shares quality insights on consumer spending. The monthly report also includes an overall retail sales and price index, so that subscribers can understand whether spending growth is truly being driven by increased shopping or by inflation or increased promotions.

    SpendingPulse™ is currently available to subscribers in Australia, Brazil, Canada, Hong Kong, Japan, the United Kingdom, and the United States, and is delivered ahead of retail spending figures provided by other sources. It is one of the most quoted reports on macroeconomic trends in the US and is often used as a source of reference by major international news outlets.

  • Sunways Malls Welcomes the Cashless Revolution

    Sunways Malls Welcomes the Cashless Revolution

    Ever since Bank Negara embarked on a 10-year roadmap to move towards a cashless society, the ever growing trend of cashless transactions has been increasing and is popular amongst the Gen-Y and Millennial Generation. Sunway Malls took the initiative to bring in leading e-wallet companies such as Boost, FavePay, GrabPay, Maybank QRPay, Touch ‘n Go Pay, and WeChat Pay for exclusive face-to-face sessions with retailers at a closed door conference held at Sunway Pyramid Convention Centre.

    No longer do you need to carry around cash and credit cards as your mobile phone can do the paying! Numerous e-payment players in the market have emerged and is providing shoppers with better deals and convenience.

    Benefits of e-payment:

    • Enhances shopper experience
    • Increased sales
    • Quick and convenient

    “As the payment market continues to evolve, it is imperative that we stay abreast with development of cashless payment to cater to new consumer demands”, said H.C Chan, Chief Executive Officer of Sunway Malls & Theme Parks.

    Retailers who attended the conference were treated to a detailed and in-depth look at how cashless transactions would benefit their business and increase their sales through intimate small group discussions with the five e-wallet companies. To date, close to 35% of retailers across Sunway Malls are using some sort of e-wallet payment at their outlets and the malls hopes to increase this number to cater to the ever growing trend of cashless payments.

    The conference keynote was presented by Mr. Peter Schiesser, Group Chief Executive Officer of Payment Networks Malaysia (PayNet), Malaysia’s premier payments network and central infrastructure for financial markets. Mr. Deep Chowdhury, Client Service Director (Consumer Insights) from Nielsen Malaysia spoke on the topic of ‘Cash or Cashless? Malaysia’s Payment Landscape’ and shared insights on current Malaysian purchasing and spending behaviour in the retail industry and beyond.

    Over 350 brands attended the conference which was also Sunway Malls’ annual Business Partner Meeting to receive the latest updates on the current market outlook and upcoming plans for each mall.

    Sunway Malls is gearing to be amongst Malaysia’s largest mall owner-operator as existing projects and those in the pipeline now stand at 7.7 million sqft NLA and that figure is planned to be increased to 10.2 million sqft NLA by 2020.

    The malls are:-

    Sunway Pyramid, Bandar Sunway

    Sunway Velocity Mall, Cheras, Kuala Lumpur

    Sunway Big Box Village, Johor Bahru (opening 2019)

    Sunway Putra Mall, Kuala Lumpur

    Sunway Carnival Mall, Penang

    Sunway Citrine Hub, Johor Bahru

    Sunway Giza, Kota Damansara

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  • EON and Aurora unveil special Songkran promotions Offering 10 months of 0% interest on gold and diamond loans

    EON and Aurora unveil special Songkran promotions Offering 10 months of 0% interest on gold and diamond loans

    Ms. Saranya Pipoppinyo (middle), Vice President of Marketing at AEON Thana Sinsap (Thailand) Public Company Limited, together with Ms. Lapatlada Ruetivarangkoon (left), Vice President and Mr. Anirut Srirungthum (right), Vice President Business Development of Aurora Design Company Limited unveils two summer promotions for AEON Member Card and AEON Credit Card holders through the AEON Happy Pay and AEON Happy Plan services. The first promotion is 0% gold loan installment for up to 7 months, starting from April 12th-14th, 2019. For the second promotion, customers will be able to take on a “Diamond loan” with 0% interest rate for up to 10 months, starting today until 30th April, 2019 at all Aurora Gold and Jewelry branches nationwide.

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  • Apple introduces Apple Card: Daily Cash, no fees

    Apple introduces Apple Card: Daily Cash, no fees

    Apple has announced a brand new service: Apple Card. Starting this summer in the US, users will be able to sign up for a real Apple credit card that’s going to reside within the Wallet app. Requesting a virtual Apple Card living in your iPhone will be very easy, as you’ll be able to do it straight from your device. Issuing a new Apple Card shouldn’t take more than a few minutes. Once issued, your Apple Card should be right there in your Wallet app.
    What’s even cooler is that users will also be able to request a physical credit card, which will be made of titanium and have the user’s name laser-etched. No card numbers, CVV, or expiration dates will be printed on the card, making it that much more secure.
    Apple is creating Apple Card in partnership with Goldman Sachs. As it’ll be using the Mastercard payment network, the card will be accepted worldwide. Card support is going to be handled by Apple directly in a delightful new way: through Apple Messages. Just text Apple with your questions or requests, and the company will respond right there, in Messages. Apple Card will be available this summer in the US. Unfortunately, the company isn’t revealing any details regarding a future international rollout of the service.

    Daily Cash

    With Card, Apple is introducing a welcome new take on the cash back program. It’s called Daily Cash for a reason: you’ll be receiving your cash back amount daily, and you’ll be free to spend it again through Apple Pay, put it towards your Apple Card balance, or send it to family or friends through Apple Messages.
    Customers will be receiving Daily Cash to the tune of 2% on all of their Apple Card payments outside of Apple’s ecosystem. When it comes to Apple’s own stores, like Apple Stores, iTunes or the App Store, the Daily Cash amount will be 3%. And for purchases made using the physical Apple Card, the Daily Cash amount will be 1% of the purchase value.

    Apple helping you have a better financial culture

    Apple is building a number of new features around Apple Card, designed to help you have a better understanding of your spending. For starters, it’ll help you track your purchases more easily by using machine learning and Apple Maps in order to ‘translate’ the names of merchants in your purchases log. You are probably familiar with how merchant names often appear fairly cryptic when you view then through your bank’s web portal or mobile app; with Apple Card, Apple will make sure to have them all clearly labeled so that you’ll immediately know which transaction was made with whom.
    Color coding will also help with the organization of your transactions: products from distinct categories such as Food and Drinks or Shopping and Entertainment will be assigned a different color so that you can immediately find the ones you’re looking for. This, in tandem with the new weekly and monthly spending summaries, Apple hopes will give you a better vantage point over your overall expenditures.
    What’s more, Apple Card will include a tool to help users pay less interest by making their options more transparent. It’ll be suggesting a range of payment options and a handy calculator that estimates the interest cost on different amounts, so that each users can pick the option that suits their budget the best.

    Physical Apple credit card made of titanium

    Apple knows that for customers to fully embrace its payment service, it needs to be universally accepted. So, to let you deal with those merchants that don’t support Apple Pay yet, the company is creating a real, physical credit card with the signature Apple minimalist design. The company hasn’t released some of the technicalities, such as if it’s going to charge you for issuing such a card, but at least we know how it’s going to look like.
    No card numbers, expiration dates, or CVV numbers will be present on the card, making for an extremely clean look, with only the Apple logo and the holder’s name laser-etched onto the titanium piece. Your card’s numbers are, of course, still available: you’ll just have to look them up in the Wallet app on your iPhone.
    Thy physical Apple Card seems like a very appropriate product for international users, where Apple Pay support is still widely lacking, but the company seemingly has no immediate plans to launch Apple Card in markets other than the US at this time.
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  • Worldpay announces Australasian expansion

    Worldpay announces Australasian expansion

    Worldpay, a global leader in payment technology, has announced major investment in Australasia for 2019. The first is the opening of two sales offices in Australia; the second is the expansion of its global footprint to New Zealand after obtaining a local licence for acquiring card payments. These regional investments will enable Worldpay to serve its Australasian clients through an enhanced market presence and in-country payment processing.

    This regional investment builds upon Worldpay’s commitment to the region, having been one of the first non-banking technology providers to launch a domestic acquiring licence in Australia in 2016. Worldpay’s new offices will be located in Melbourne and Sydney, with Sydney acting as the country headquarters. The new sites will not only help to better serve existing clients with rich payments expertise, solutions consulting and on-the-ground account management, but also deliver on Worldpay’s ambitious plans to boost its client roster, which already includes VGW, Skiddoo, Lonely Planet, Webjet, and Supernova, the owner of Sand & Sky, Coco & Eve, BodyBoss and SkinnyMint.

    eCommerce in Australia is expected to grow by more than 37 percent over the next three years to be worth almost US$40bn by 2022, with New Zealand also experiencing high levels of eCommerce growth. The buoyant market conditions have attracted a number of global brands to the region, giving shoppers more choice and have increased retailer competition for consumer spending. With 20 percent of consumers in Australia and New Zealand shopping via mobile every month, smartphone penetration alongside more frictionless payment methods offered by digital wallets could open new opportunities for retailers to differentiate their offering and grow mobile commerce.

    Phil Pomford, General Manager, Global Enterprise eCommerce, APAC at Worldpay: “Australasia is an exciting region with lots of growth potential, but also its own unique set of challenges. By building a team of payments experts located in Australia, alongside the addition of a domestic card payment acquiring capability in New Zealand, Worldpay can offer a service that goes beyond the transactional. Our investment and addition of this new licence will enable us to further provide unparalleled access to global markets to help eCommerce businesses deliver on their international growth ambitions.”

    The New Zealand card payment processing licence will allow Worldpay to process transactions domestically for merchants trading in New Zealand. This new licence means the global payments leader is one of a few providers to offer domestic acquiring capabilities in the country. It will also make it easier for New Zealand-based firms to trade with the rest of the world, creating a seamless payment experience for both domestic and international clients.

    Pomford continued, “While there’s a lot of competition from traditional providers, Worldpay can offer something different. We’re already helping thousands of multi-national companies around the globe to drive sales, gain better data insights and enter new markets at scale. With our Australasian expansion, we want to show businesses in Australia and New Zealand that we’re the technology partner of choice to help them grow, and go global.”

     

    Domestic acquiring in New Zealand will be available in Q2 2019.

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  • Former ANZ employee to stand trial in million dollar fraud case

    Former ANZ employee to stand trial in million dollar fraud case

    A former ANZ Bank employee will be tried for allegedly falsifying customers’ signatures and misappropriating over VND91.3 billion ($4 million). Ho Chi Minh prosecutors have submitted to the court an indictment against Nguyen Pham Gia Tho, a former employee of ANZ, and his sister-in-law Nguyen Tuong Vi, director of an agricultural product export/import company, for appropriating property through fraud.

    According to the indictment, in 2015, Tho was head of customer relations at ANZ’s South Saigon branch in District 7 and was tasked with mobilizing savings deposits, providing insurance sales advice and proposing mortgages.

    During his time, he allegedly falsified signatures of customers with saving accounts to register for internet banking service and then transferred their money into his or his relatives’ accounts. Specifically, in early 2016, Tho was asked by a customer named Mai to help manage her bonds worth VND3 billion ($130,000) with securities firm VPBS. Abusing her trust, he falsified six contracts to mortgage the bonds and secure loans from VPBS.

    Tho asked his mother to impersonate Mai and register for internet banking service, then transferred the VND3 billion to her account so that he could withdraw from it. In July 2017, to have money for a fruit trading business with his sister-in-law Vi, Tho falsified signatures of several ANZ customers to open joint bank accounts in their names and one of his relatives.

    He then falsified documents to secure loans from the bank for the joint accounts before appropriating the money by transferring them into Vi’s and his own accounts. In total, Tho was determined to have misappropriated a total of VND91.3 billion (nearly $4 million), with Vi an accomplice in the misappropriation of over VND80 billion of this money. The relatives of Tho and Vi, whose identities were used to open the joint accounts, will not be prosecuted as investigators concluded they were unaware of the fraud and did not benefit from it.

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  • Vietnam tops world in growth of mobile payments

    Vietnam tops world in growth of mobile payments

    The number of Vietnamese people making mobile payments in stores this year has grown fastest globally by 24 percent. A survey by the audit, tax and consulting services provider PwC found 37 percent of the respondents making mobile payments in 2018, but it went to 61 percent this year, placing Vietnam fourth below China at 86 percent, Thailand at 67 percent and Hong Kong at 64 percent.

    In terms of growth, the Middle East ranked second at 20 percent, said the Global Consumer Insights Survey 2019, which polled 21,000 online consumers in 27 territories.

    “Mobile payment is becoming a new trend with the rise of technologies such as QR codes, contactless payments, and the tokenization of card information,” Nghiem Thanh Son, deputy director of the Department of Payments at the State Bank of Vietnam (SBV), had said earlier.

    The Vietnamese government is working to accelerate the use of cashless transactions. In a resolution released January, it tasked the central bank to come up with solutions that would promote the use of e-wallets, which allow users to deposit cash into their e-wallets without the need for a bank account.

    However, Vietnam is still far away from becoming a cashless society, given low financial literacy and the lack of an ecosystem, experts say.

    The use of cash in Vietnam remains high. World Bank’s statistics released last year showed that Vietnam had the lowest percentage of cashless transactions in the region with only 4.9 percent, while this value for China and Thailand were 26.1 percent and 59.7 percent respectively.

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  • Vietnamese consumers embrace digital payments as a new way

    Vietnamese consumers embrace digital payments as a new way

    Vietnamese consumers are embracing digital payments as a faster and more convenient way to pay, with consumers using their credit and debit cards more often for in store and online purchases, according to figures released by Visa, the world’s leader in digital payments. The figures, which show year-on-year growth in consumer use of Visa products over the 2017 to 2018 calendar years, indicate a number of positive trends in the growth of digital payments.

    The total value of purchases made by Vietnamese consumers on their Visa credit and debit cards was up 37 per cent, while the number of transactions was up by 25 per cent. eCommerce in particular saw strong growth with the total value of purchases up by 40 per cent.

    “As the Vietnamese economy grows and becomes increasingly internationalised, commerce here will require ever faster, more efficient ways of paying.

    These recent figures from our network demonstrate clearly the fact that digital payments are now truly a part of day-to-day life for many Vietnamese consumers – regardless of whether they’re buying from an online retailer on the other side of the world, or simply paying for their groceries,” Dang Tuyet Dung, country manager for Visa Vietnam and Laos.

    This data is supported by findings from the 2018 Visa Consumer Payment Attitudes Study, which further reveals the extent to which digital payments are becoming a part of everyday life for Vietnamese consumers.

    The report, which specifically looked into consumer sentiment towards different forms of payment, found that Vietnamese consumers are carrying less cash, and half are using card and mobile payments at least two-to-three times a week.

    Seventy-three per cent of respondents are using credit and debit cards, up on 59 per cent from the year prior, while 82 per cent have tried making transactions on mobile phones.

    The research also found that the use of new payment technologies is picking up traction, with 44 per cent of the respondents indicating that they are now making payments in apps, while 32 per cent are using “contactless” payment technologies that allow to simply tap your card on the terminal to pay.

    Additionally, 19 per cent have used QR payments, where you use your phone to scan a unique merchant code that will transact money to the merchant’s account.

    “While digital payments are still in their relative youth in Vietnam, it’s been incredibly positive to see how consumers are embracing new payment technologies – it augurs well for these technologies in particular, and for digital payments more broadly,” Dung added.

  • HSBC launches PayMe for Business in Hong Kong

    HSBC launches PayMe for Business in Hong Kong

    HSBC has officially launched PayMe for Business, enabling customers to make purchases at 45 participating brands at launch.

    The new PayMe for Business app is now available for download at Hong Kong Apple App Store and Google Play. By using the latest version of the PayMe app, customers can make a payment by activating the scanner with a simple swipe to the left, and then scan the dynamic PayCode provided by the merchant.

    The PayMe for Business app requires no set-up cost. It also has no limits on payment collections amount and enables merchants to instantly transfer money to their HSBC Business Banking account and have access to their money in real time. It also offers features to help them gain insights into their business performance, as well as easily export transaction histories into compatible business accounting software.

    Currently, HSBC is waiving merchant transaction fees until 30 June 2019 as a promotion and early bird offer.

    “Recent beta testing has given us invaluable merchant and consumer insights, allowing us to refine the user experience before today’s launch.  We’re thrilled to have launched the app knowing that it was co-designed with our customers, and we look forward to continue building out new features to support all their business needs and help them grow,” said Greg Chapman, head of PayMe, HSBC.

    PayMe will also introduce PayMe Perks soon which features special offers such as discounts and limited edition F&B items exclusive to PayMe customers at participating merchants.  It’s expected that more details will be revealed in the coming weeks.

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  • FIS to merge with Worldpay

    FIS to merge with Worldpay

    FIS and Worldpay have arranged to merge to bolster their combined financial services portfolio

    Upon closing, the combined company is expected to be better positioned to offer enterprise banking, payments, capital markets, and global eCommerce capabilities empowering financial institutions and businesses worldwide.

    The combination is expected to expand FIS’ capabilities by enhancing its acquiring and payment offerings while increasing Worldpay’s distribution footprint by accelerating its entry into new geographies.

    FIS and Worldpay solutions and services encompass financial institution issuer services, network and merchant services including global leadership in eCommerce, as well as loyalty and fraud solutions benefiting consumers and businesses. Clients are expected to benefit from the combined omnichannel payment and multi-currency capabilities, robust risk, and fraud solutions and advanced data analytics.

    “Scale matters in our rapidly changing industry,” stated FIS chairman, president and CEO Gary Norcross said.

    “Upon closing later this year, our two powerhouse organizations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions. As a combined organization, we will bring the most modern solutions targeted at the highest growth markets.”

    “Combining with FIS helps us accelerate the achievement of that, now benefiting from new scale and capabilities that will truly differentiate the company globally,” Worldpay CEO And executive chairman Charles Drucker said.

    The merger has drawn mixed reactions from commentators. Barron’s Robert Teitelman questions what Worldpay is number one at: “How do you judge solutions sets, global communities and client focus? Define personalization. And then there’s the accelerating future! Either Norcross is trying to obscure how these two companies fit together in a complicated jigsaw puzzle, or this is just how payment-processing folks talk.”

    In a PaymentsSource article by John Adams that comments on the pressure to build a global powerhouse to counter large-scale Fintech mergers, he pulls in a quote from Zil Bareisis, a senior analyst at Celent who said: “As open banking and faster payments grow, the ability to offer end-to-end solutions from merchants to account funding irrespective of payment rails will be increasingly important.”

  • Google Pay is catching up with Apple Pay

    Google Pay is catching up with Apple Pay

    Google’s proprietary digital wallet service has done a pretty good job of keeping up with Apple Pay over the last year or so in terms of both US availability and international expansions, frequently spreading its wings to new banks, as well as major retailers like Target.

    Before long, Google Pay will also catch up with its arch-rival as far as eBay support is concerned, according to an official announcement issued earlier today. After relying almost entirely on PayPal for payment processing on its extensive e-commerce platform, eBay started a transition in 2018 that’s scheduled to be completed by 2021. The eventual goal is to manage transactions on its own with the help of a lesser-known company called Adyen.

    From customers’ perspective, this gradual move seems to be improving the flexibility of the shopping experience, which is certainly a welcomed change. Apple Pay already joined eBay’s list of PayPal alternatives several months back, with Google Pay availability set to be offered to Android users “starting in early April.” To complete an eBay purchase using the search giant’s digital wallet app, you’ll need to shop from a seller enrolled in this new “payments experience”, and something tells us that will only include a small piece of the huge marketplace to begin with.

    But rest assured, as eBay plans to make both Google Pay and Apple Pay “increasingly available to shoppers as the program grows to process more volume in additional geographies.” And if you prefer the “classic” e-shopping experience, you have no reason to fret either, as PayPal is not going anywhere. Not today and not in 2021. eBay is simply branching out, offering customers more payment options on their end, from Android and iOS devices, as well as computers running all sorts of operating systems.

  • Afterpay starts cross-border payments

    Afterpay starts cross-border payments

    Buy now, pay later provider Afterpay is enabling shoppers to make cross-border payments through the service, following a successful trial.

    The feature means that businesses that offer Afterpay at checkout will now be able to offer the payment method to customers in other countries where Afterpay is active.

    The feature is initially limited to Australian and New Zealand businesses, where a combined 2.7 million people use Afterpay, but will eventually be extended to include businesses in the US and later the entire Afterpay network.

    “We are confident that [this] will add value to our retail partners, and open up the opportunity for them to seek and delight new customers from different countries,” Afterpay chief executive Nick Molnar said.

    “Customers will be able to pay directly in their currency and not be hit with any additional foreign exchange fees after the payment is processed.”

    The payment provider also will remove the complexity of foreign exchange, through a proprietary global payments solution that allows funds to be settled in their country of origin.

    Afterpay’s support for cross-border payments is expected to be a boon for online retailers looking to grow their sales outside of the domestic market.

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  • Reliance Finance and Robocash Group launch a sharia compliant fintech service in Indonesia

    Reliance Finance and Robocash Group launch a sharia compliant fintech service in Indonesia

     Robocash Group announced the launch of sharia compliant service Penyaluran Dana Syariah (PDS), which is a sharia compliant funding facility. The service has been developed from the ground up in partnership with the financing company Reliance Finance and close consultation with Sharia Supervisory Board (Dewan Pengawas Syariah). Operated by the legal entity PT Usaha Pembiayaan Reliance Indonesia (REFI), the product falls under the supervision of the Financial Services Authority (OJK) and the Sharia National Board in Indonesia. The launched service PDS will provide access to fintech products for the millions of Indonesians following Shariah principles, or the Islamic shariah law. The fundamentals include sharing of risk, profits and loss and prohibition of interest (riba).

    According to the Islamic Finance Development Report, in 2023, the global Islamic finance industry is projected to grow to USD 3.8 trillion in assets from USD 2.4 trillion in 2017. However, considering that Indonesia has the largest Muslim population in the world, the country is only on the 6th place in the Islamic Finance Country Index 2018.

    Speaking about the start of the service PDS, Denny Karim, Reliance Group Marketing Director said, “When we looked at the personal financing market in Indonesia, we saw many attractive products, but a very low degree of Syariah adoption. We decided to make it our goal to ensure financial inclusion for this exciting technology to our millions of customers who follow Sharia principles. However, with powerful technology comes responsibility. We believe that all financial services are a partnership, which should benefit all parties. We are committed to offering a range of financial services and – where appropriate – financial education, to help our customers make the best possible financial decisions.”

    In the announcement of the expansion to Indonesia, Sergey Sedov, Chief Executive Officer of Robocash Group added, “We are very positive about the future of the Indonesian fintech market. The overall digital adoption and initiatives supporting the industry will definitely allow the country to see an exponential growth of the market volumes and attract more investments. However, the focus should always stay on customers and their needs. Strengthened by the local expertise of Reliance Finance, we have customized technologies of Robocash Group for the market so that they provide the best user experience.”

    The service PDS has combined technology-enabled application process, which requires adding only an identity card (KTP) and a selfie, with artificial intelligence applied in scoring and fraud detection filters to offer an advance up to USD 715 (IDR 10,000,000) in a few minutes. The advance can be paid directly to a bank account or e-wallet, or withdrawn as cash in one of the participating outlets.

    PDS is fully supported by Reliance Capital Management (RCM) as a holding company, which covers several financial services companies including PT Usaha Pembiayaan Reliance Indonesia (Reliance Finance). In 2014, PT Reliance Capital Management has received investment from Leapfrog Investment, a global investor company that has invested heavily in companies in Asia and Africa.

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  • Save More and Enjoy Delicious Food with OpenRice and Mastercard

    Save More and Enjoy Delicious Food with OpenRice and Mastercard

    Hungry? Dreading that lunch queue? Busy Hong Kong foodies never have to worry about waiting in line for food ever again! Pre-order and collect takeaways straight away with special discounts from OpenRice app using Mastercard!

    From now until June 30, 2019, Mastercard cardholders who register for the OpenRice takeaway service cansave up to HK$50 through discounts while having the best food options in Hong Kong at the palm of their hands1!

    • Upon registration using an eligible Mastercard, a HK$20 instant discount can be enjoyed by OpenRice members in their first transaction in the preorder takeaway service when paying with Mastercard.
    • The successful registrants can enjoy HK$15 discounts in both their second and third transactions, with orders above HK$40 under their OpenRice accounts, when selecting their registered Mastercard as payment method.

    Hurry! Fill yourself up with your favorite food and beverages from all over Hong Kong via Mastercard!

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