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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.

  • Hong Kong retail banks’ profits up 4.5 per cent in first three quarters

    Hong Kong retail banks’ profits up 4.5 per cent in first three quarters

    Hong Kong’s retail banks saw a modest rise in profits in the first three quarters of the year thanks to improved income from foreign exchange activities.

    According to figures from the Hong Kong Monetary Authority, retail banks in the city saw their pre-tax operating profits rise by 4.5 per cent in the first nine months of the year in comparison with the same period of 2015.

    The HKMA said that the growth could be attributed to increases in both income from foreign exchange and derivatives operations and from dividends received from subsidiaries, while a decline in operating expenses also contributed to the improvement.

    The three elements provided increases of 4.5, 3.5 and 4.1 percentage points respectively to the banks’ profitability.

    These increases were offset, however, by a fall in fee and commission income, which led to a 7.8 percentage point reduction.

    The profit improvement over the first three quarters marks a turnaround in performance after banks had a troubling early part of this year. In the first quarter of 2016, retail banks’ profits fell by 4.8 per cent, albeit in comparison to a strong first quarter in 2015, in which incomes were boosted by large trading volumes in stock markets in both Hong Kong and mainland China.

    Last summer’s turbulence in the Shanghai stock exchange, as well as the hit to sentiment from the sudden devaluation of the yuan in August meant that Hong Kong banks had a difficult third quarter in 2015, making it easier to post good figures for the third quarter of this year, as well as the first nine months of the year as a whole.

    Banks in Hong Kong received a further boost last week when interest rates rose in the city, following the Federal Reserve’s decision to raise the rate in the US.

    The rise in interest rates should enable the banks to gain greater returns on cash that has been deposited with them, which they are unable, or have chosen not, to lend out.

    In Hong Kong, this is a sizeable amount, and according to the HKMA’s figures, in the first three quarters, retail banks’ total deposits increased at a faster pace than total loans. This meant that their loan-to-deposit ratio declined to 55.2 per cent at the end of September from 57.0 per cent at the end of June.

  • Four big banks support Bank Indonesia’s National Payment Gateway

    Four big banks support Bank Indonesia’s National Payment Gateway

    In order to support Bank Indonesia’s (BI) plan for an integrated payment system called National Payment Gateway (NPG), four banks inked an agreement on interoperability and interconnectivity of debit cards and electronic money on Wednesday.

    The agreement was signed by state-owned lender Bank Rakyat Indonesia (BRI), Bank Mandiri, Bank Negara Indonesia (BNI) and the country’s largest private lender Bank Central Asia (BCA) that act as acquirers and represent 75 percent of debit transactions in the country.

    Besides the four banks, three switching companies, namely Artajasa Pembayaran Elektronis, Rintis Sejahtera and Alto Network also support BI’s plan to implement NPG.

    “NPG is expected to solve problems and increase efficiency of Indonesia’s payment system nowadays. Currently, the payment system infrastructure is deemed inefficient due to limitation of interoperability and interconnectivity between principals,” BI executive director of communications Tirta Segara said in a press statement.

    NPG is a system that processes payment transactions electronically through a variety of instruments, such as ATM cards, electronic money and credit cards. With NPG, people are able to carry out non-cash transactions from any bank in the country, using any kind of instrument or channel.

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  • Eros Now teams with Paytm on mobile payment, platform

    Eros Now teams with Paytm on mobile payment, platform

    Eros Now has entered into a strategic partnership in India with Paytm to enable its subscribers to make easy and hassle free payments using the e-wallet service.

    “Post demonetization in India, there has been a high surge in mobile and digital payments as we move towards a digital economy along with a rise in internet penetration and smartphone usage,” said Rishika Lulla Singh, CEO of Eros Digital.

    Through Paytm, owned by One97 Communications, users can make convenient payments to subscribe to Eros Now to access its rapidly growing repository of premium Bollywood and regional content including movies, music, television shows and originals.

    Eros Now said the platform currently has over two million paid subscribers worldwide through significant deals in place with all major telecom players in India, including as Reliance Jio, Airtel, IDEA Cellular Network and more recently Vodafone.

    Between the four platforms that offer Eros Now integrated as part of their video service, there is a potential reach of 686 million subscribers which is almost 60% of India’s total mobile user base of more than one billion.

    “Our strategy remains to distribute Eros Now, a world class OTT platform, to consumers across telecoms and OEMs with compelling content and product features,” said Singh. “We view the recent demonetization move in India as a great opportunity for the OTT business as more consumers are signing up for online and mobile pay systems.”

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  • The rupiah may soon have three fewer zeros

    The rupiah may soon have three fewer zeros

    Indonesia’s central bank governor said yesterday that the bank is seeking to slash three zeros off the face value of rupiah notes to simplify its currency system.

    Bank Indonesia Governor Agus Martowardojo said he has asked President Joko Widodo to revive a previously shelved plan to redenominate the rupiah to make it “more efficient and simpler”.

    A draft law backing redenomination was submitted to parliament in 2013, but it was put aside due to instability in Indonesia’s financial markets then

    If approved, the central bank would need two years to prepare new notes and another seven years of transition, Mr Martowardojo s.aid.

    “Prices of goods and services have to also be simplified. Because of the transition period, in which people can use both the old and new rupiah denominations, we are sure it wouldn’t affect inflation,” he said at the launch of a new series of new currency designs.

    The largest rupiah denomination is currently 100,000 and the smallest is 1,000.

    Indonesian Finance Minister Sri Mulyani Indrawati said she would discuss the proposal with parliament. However, it is not on the list of current legislative priorities for next year.

    “A redenomination would strengthen assurance in Indonesia’s currency, but it does not affect anything nominally,” she told reporters.

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  • Bank Indonesia releases new notes, coins

    Bank Indonesia releases new notes, coins

    Bank Indonesia released on Monday seven new banknotes and four coins bearing the pictures of 12 national heroes. The launch of the new notes and coins was attended by President Joko “Jokowi” Widodo and Bank Indonesia governor Agus Martowardojo in Jakarta, Antara news agency reported.

    The new notes are the Rp100,000, Rp50,000, Rp20,000, Rp10,000, Rp5,000, Rp2,000 and Rp1,000, while the new coins are Rp1,000, Rp500, Rp200, and Rp100.

    Indonesia’s founding fathers, Soekarno and Mohammad Hatta, will be featured on the Rp100,000 note, while Djuanda Kartawidjaja and Sam Ratulangi are on the Rp50,000 and Rp20,000 notes, respectively.

    Other national heroes featured are Frans Kaisepo, Idham Chalid, Mohammad Hoesni Thamrin, Tjut Meutia, I Gusti Ketut Pudja, TB Simatupang,  Tjiptomangunkusumo and Herman Johannes.

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  • First CIMBT 7-Eleven sub-branch opens

    First CIMBT 7-Eleven sub-branch opens

    Thai bank CIMB says it will open between 20 and 30 sub-branches inside 7-Eleven convenience stores within the next 12 months.

    The CIMB 7-Eleven branches are aimed at providing extra accessibility to bank services by co-locating in areas where a full-scale bank branch is not warranted.

    All of the new branches will open in the broader Metropolitan Bangkok area.

    The first sub-branch opened this week, on Rama I.

    Adisorn Sermchaiwong, senior executive vice-president of CIMBT’s Consumer Banking Group, says it marks the first time a Thai commercial bank has opened a sub-branch in a convenience store of any brand.

    Customers can use the branch to open and close accounts, deposit cash and exchange foreign currency as well as apply for loans or leasing. Cash withdrawals will not be permitted, however, with customers invited to use co-located ATMs.

    The branches will be open from 10.30am to 5.30pm daily.

    “Right now our lives are greatly linked with convenience stores from the start until the end of the day, and that’s why we chose to open our sub-branch in a convenience store,” said Sermchaiwong.

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  • Payments innovation continues to drive growth in Thailand

    Payments innovation continues to drive growth in Thailand

    Demand for innovative payment solutions is on the rise in Thailand, according to global payments technology company Visa, as the value of transactions made by Thai cardholders continues its high-growth trajectory.

    Total payment volume for all Visa cards rose by 9.3 percent last financial year, with growth coming from Visa debit cards at 18 percent and Visa credit cards at 8.6 percent. Meanwhile, the value of eCommerce transactions conducted on Visa cards rose by 24 percent. 

    “While such growth is not new to the payments industry, we are at a tipping point of innovation. New forms of commerce in the digital and hyper-connected world are emerging. When our clients issue Visa cards, they are issuing more than a card, they are issuing a Visa account that enables their customers to use Visa anywhere, anytime, with any connected device,” said Suripong Tantiyanon, Visa Country Manager, Thailand.  

    To support payments innovation in Thailand, Visa has launched the Visa Developer platform, transforming VisaNet, the world’s largest retail payment network, into an open platform for payments and commerce.

    Developers at merchants, financial institutions, technology companies and startups will have self-serve access to some of Visa’s most popular payment capabilities available through APIs, SDKs, and relevant documentation.

    One example of a solution developed and launched in Thailand is a global loyalty mobile application, using the Visa Direct API to provide real-time payment services. The product allows direct transfer of reward points to users’ Visa cards.

    The Visa Tokens Service (VTS), is another API that enables financial institutions to issue tokens – essentially digital accounts that enhance the security and simplify the consumer purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device. 

    Visa is also expanding the acceptance of electronic payments across the country. The number of merchant outlets that accept Visa cards has grown to almost half a million in 2016, particularly outside of Bangkok. The number of active mobile point of sale (mPOS) devices is almost close to fifty thousand, buoyed by insurance sales.

    “Enormous potential exists for technology to transform the entire payments experience. Many businesses are still relying on legacy systems in a world where customers want everything now – and, customer experience matters. Visa strives to extend the reach and value of electronic payments in ways that can power these changes,” added Mr. Suripong.

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  • Visa buys payment authentication company

    Visa buys payment authentication company

    Visa has arranged to to acquire e-commerce payment authentication provider CardinalCommerce to improve the company’s cross-platform payments security capabilities.

    The transaction, which is subject to the customary closing conditions, is expected to close in Visa’s second fiscal quarter 2017. Financial terms have not been disclosed.

    Visa already provides Cardinal’s services to merchants and acquirers through its CyberSource merchant and acquirer enablement platform. Additionally, Visa will draw upon its global relationships and presence to drive international expansion of Cardinal’s products and services.

    As Visa plans to integrate tokenization into Visa Checkout over the next 18 months, the addition of Cardinal is expected to allow closer integration of 3-D Secure and delivery of new fraud mitigation capabilities to merchants.

    Cardinal will continue to operate and serve all of its clients as a wholly-owned subsidiary of Visa, and its authentication platform will continue to support a broad range of payment brands and partners across the industry. Co-founders Tim Sherwin and Chandra Balasubramanian will stay on as leaders of the Cardinal team.

    “This strategic acquisition combines Visa’s industry expertise and Cardinal’s critical role in payment authentication to bring added security to online transactions, reduce fraud and support digital commerce, which is the fastest growing commerce segment today,” Visa SVP of risk and authentication products Mark Nelsen said.

    “By helping merchants, acquirers, and issuers better distinguish between good and bad transactions, Visa is in an even better position to strengthen consumer trust in digital payments, help merchants grow their businesses, and accelerate innovation in commerce.”

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  • OCBC Trials Blockchain for Interbank Payments

    OCBC Trials Blockchain for Interbank Payments

    One of the five largest banks in Singapore has tested a blockchain-based payment service, with an eye to develop commercial products around the tech.

    OCBC Bank used the tech to send funds between its operations in Singapore and Malaysia, as well as transmit money to the Bank of Singapore, a private banking business it owns. The bank said it worked with BCS Information Services, a local payments firm, to develop the prototype.

    The test is the latest for Asia’s banking sector, the members of which have spent much of the past two years investigating use cases, investing in startups and pursuing commercial applications.

    Praveen Raina, OCBC senior vice president, was quoted as saying:

    “We hope this will be a catalyst for more banks to adopt the blockchain technology so that, together, we can achieve efficiency and cost effectiveness while delivering more high-value financial services to our consumers.”

    Though the bank announced its move on its official group website, the details of that announcement appear to have been removed at press time.

    The move comes as the Monetary Authority of Singapore (MAS), the city-state’s central bank, has moved to create a pro-fintech environment within the domestic finance sector. Earlier this month, MAS has forged relationships with regional interests on the tech, coming more than a year after the institution began developing and investing in projects of its own.

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  • Bank Mandiri eyes more disabled employees

    Bank Mandiri eyes more disabled employees

    The family of Rezky Yami Putri, 27, born with an imperfect three-fingered left hand half the size of a normal hand, was skeptical when she landed a job at Indonesia’s largest lender Bank Mandiri.

    They thought she was deceived, because such an achievement would be too good to be true for someone with “my condition”, said Rezky, now a call center officer at the state-owned lender. Her family finally believed her job was legit when she received her first salary last year.

    “Even though it has been a year, it is still like a dream for me, a lengthy dream, which occurs while I am awake,” said the Jakarta resident, who has a bachelor’s degree in public health but has never worked in her field of study.

    “As someone with a disability, we are always underestimated but it turns out that we also can make money for ourselves and for our parents, even though it is not that much,” she added.

    Rezky is among 41 disabled workers employed by Bank Mandiri, which is among over 100 state-owned enterprises in Indonesia, which, following a 2016 law on people with disabilities, are required to have disabled people account for at least 2 percent of their staff.

    “Our target is to hire 120 people and we’ll keep recruiting depending on the availability of the applicants,” Bank Mandiri human capital engagement senior vice president Aminarti Widiati said. The lender started recruiting disabled employees last year.

    Bank Mandiri, which has five branch offices in Jakarta and Semarang, Central Java, employing disabled people currently has a total of 38,376 employees nationwide with 2,505 branch offices spread across the country.

    Disabled people in the lender work on three-year contracts and are reviewed each year. They also have the chance to become permanent employees, Aminarti said.

    Tri Handayani, diagnosed mute when she was only 10 months old, was eager to advance at Bank Mandiri. The back-office worker used to work at a supermarket, checking and replacing price tags on products.

    “This new job makes me feel more enthusiastic about working and being more successful in the future,” said Tri, who graduated
    with a computerized accounting degree.

    To communicate, the 27-year-old tries to speak as much as she can or writes the sentences down if they are too complicated. She is able to understand her interlocutors by reading their lips.

    Her colleague Kuntum Mukminin, 24, who is also deaf-mute, works at the same division at Bank Mandiri in the back office.

    “I might be deaf but I work hard and keep improving myself. I have to do my best to be a success,” said Kuntum, a high school graduate who used to work at a supermarket bakery.

    The Social Affairs Ministry has pledged to oversee the implementation of the 2016 law that requires disabled people account for at least 2 percent of state firms’ staff. There are around 6 million disabled people in Indonesia, according to 2012 ministry data.

    “However, we won’t impose sanctions on companies that cannot meet the minimum requirement because we know that sometimes it cannot be fulfilled because of a lack of competency,” the ministry’s director of social rehabilitation Bambang Sugeng said.

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  • CIMB launches mobile wallet app for cashless payments

    CIMB launches mobile wallet app for cashless payments

    CIMB Bank Bhd has launched a lifestyle mobile application, CIMB Pay that provides combine secure cashless payments with deals and offers.

    This enables the bank’s seven million customers to experience faster, easier and more secure payments at over 1,800 contactless terminal-enabled merchants nationwide as well as search nearby location-based real-time deals.

    Group consumer banking chief executive officer Samir Gupta said the launch of CIMB Pay further strengthens its suite of digital offering, reaffirming CIMB’s position as a customer-centric bank with cutting-edge technology in the region.

    “We are proud that CIMB Pay is the first mobile wallet app that enables consumers to not only make cashless payments, but also allows them to take advantage of lifestyle deals.

    “Combined with the ability to store cards issued by both Mastercard and Visa, CIMB Pay is the leader among similar apps,” Gupta said in a statement, adding the initiative also supports Bank Negara’s move to go cashless.

    On the app’s security features, Gupta noted that security and privacy are at the core of CIMB Pay and that all card details were tokenised with no information stored on the devices.

    “Users will also be required to authenticate transactions either using the mobile fingerprint or a six digit PIN,” he added.

    In the meantime, Gupta said more functionalities will be added onto CIMB Pay in the first quarter of 2017, including simplified online payment and express checkout solutions powered by Mastercard’s Masterpass.

    With Masterpass, shoppers will be able to use their CIMB Mastercard debit or credit card along with the shipping information saved on the mobile app to complete online transactions.

    Customers can make payments by simply tapping their phone on any contactless terminal based on Near Field Communication technology.

    The app also has an in-built notification system that alerts customers on nearby contactless terminals and flash deals.

    CIMB Pay can be downloaded on Google Play for NFC-enabled smartphones running on Android 4.4 and above.

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  • Ameriabank, Best Card unveil new cashback project, AYO card

    Ameriabank, Best Card unveil new cashback project, AYO card

    Ameriabank and Best Card company on Tuesday, December 13 unveiled a new cashback project, as well as the AYO card and AYO program. The AYO program enables all Ameriabank cardholders (except for gift and business cards) to receive cashback for every payment made at partner shopping centers and service points. The amount of the refund will vary depending on a particular program and could reach up to 20%. Payment cards AYO Visa Classic and Visa Gold are intended for non-cash payments and online purchases both in Armenia and abroad, allowing customers to also obtain a line of credit on Ameriabank’s terms.

    According to Ameriabank Retail Director Arman Barseghyan, the program is implemented as part of the bank’s strategy to enhance the retail market through new services and changes of existing terms.

    “AYO cashback project means that an amount will be returned to client’s card in case of non-cash payments, and it actually means a certain discount,” said Barseghyan.

    He also said that not only do the the card AYO Visa Classic and Visa Gold provide a payment mechanism with the cashback possibility, but they also allow the use of Ameriabank’s standard credit lines.

    In turn, General Director of Best Card Marina Dallakyan noted that the difference between AYO project and other similar programs is that it comprises the largest list of partner companies operating in various fields, including supermarkets, gas stations, shoe stores, clothing stores, leisure and entertainment centers, insurance companies, etc.

    According to her, cooperation with Rosgosstrakh makes virtually all users of AYO cards insured against accidents. In addition, holders of Visa Gold cards will be provided with certain discounts by partner companies.

    AYO cards can be obtained by Armenian citizens, who are 18 and older, as well as foreign citizens, while the credit cards can be obtained by persons between the ages of 21 to 63 years if they comply with Ameriabank requirements. Soon, AYOCARD mobile application will be available on the App Store and the Google Play.

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  • MasterCard eyes Indonesians craving exclusivity

    MasterCard eyes Indonesians craving exclusivity

    Global payments and technology company MasterCard is intensifying efforts to tap opportunities in the Indonesian premium market segments by offering a variety of exclusive rewards and services for its premium card holders.

    Among the select opportunities are wine privileges for the holders of MasterCard Platinum cards, access to passenger lounges at 750 airports for MasterCard World card holders and concierge services and exclusive dining for holders of MasterCard World Elite cards.

    “Premium customers currently want payment solutions that provide exclusivity and special access, and can be accepted globally and providing a variety of special services,” MasterCard’s president for Indonesia, Malaysia and Brunei, Safdar Khan, said recently.

    MasterCard is aiming for double-digit growth in debit and credit cards users in Indonesia next year, amid low credit card penetration in the country.

    Data from Bank Indonesia show that, as of September, there were around 123 million active ATM cards and debit cards in Indonesia. The number of credit card holders, meanwhile, reached 17.22 million in October, up 2.85 percent on the year.

    MasterCard has also recently sealed collaboration with domestic lender Bank Negara Indonesia (BNI) Syariah to provide ATM cards for the bank’s customers who go on the haj and umrah. They have cooperated with a private bank in Saudi Arabia to provide special ATMs to better assist Indonesian pilgrims.

    As the country with the largest Muslim population, Indonesia sees nearly 200,000 people go on the haj every year.

  • Avid Myanmar Travelers Can Now Pay with Mastercard and CB Bank Credit

    Avid Myanmar Travelers Can Now Pay with Mastercard and CB Bank Credit

    As Myanmar continues to see positive economic growth projections[1], its people are increasingly seeking overseas destinations. The latest Mastercard research revealed that Myanmar is the fastest growing outbound travel market in Asia Pacific with a growth projection of 10.6% for the next five years.

    In light of this, Mastercard has once again partnered Co-operative Bank Ltd (CB Bank) to launch Classic, Gold and Platinum Mastercard cards, which will be made available to Myanmar residents and citizens when traveling abroad. 

    Mr. Kyaw Lynn, Executive Vice Chairman and CEO of CB Bank said: “As more Myanmar residents and citizens travel abroad, it is crucial to have convenient and secure access to their funds wherever they are. A cashless society is an important goal for CB Bank. Although still a work in progress, we are working hard with like-minded partners such as Mastercard to achieve that goal by expanding the payment options, increasing usage of ATMs, POS terminals and enhancing e-commerce capabilities. For starters, we are already seeing a great shift from cash to electronic payments. And on average, there are 9,000 transactions being made monthly via electronic payment at the point-of-sale.”

    Mr. Antonio Corro, country manager, Thailand and Myanmar, Mastercard, said: “For a country that had only opened its doors not too long ago, Myanmar’s economic and outbound travel projections are very encouraging. To meet the increasing demands for travel, we have deepened our partnership with CB Bank to launch our first credit card in the country. This signifies a big step towards the greater development of the electronic payments infrastructure and it also means that consumers are able to make more secure and convenient payments for their purchases when travelling abroad.” 

    Supporting Myanmar in Its Journey to Greater Inclusion

    Since entering the market in 2012, Mastercard has strived to assist Myanmar in its nascent journey towards financial inclusion. In October 2013, Mastercard and CB Bank had launched Myanmar’s first ever payment product, a prepaid travel card for locals called the CB Bank EASI Travel Prepaid Mastercard card, which has seen a healthy take-up rate. Approximately seventy new card applications on average are received every day, according to Mr. Kyaw Lynn. The latest of their efforts include the launch of Mastercard’s first contactless card in Myanmar. 

    With less than 10% of the population holding bank accounts, there is still so much that needs to be done to bring more citizens into the financial system and it is widely acknowledged that the journey to financial inclusion in Myanmar will not be a smooth one.

    In a report by The Fletcher School, Tufts University – conducted with the support of Mastercard and the Myanmar Development Resource Institute’s Center for Economic and Social Development (MDRI-CESD) – one of six key findings point to trust playing a key role in increasing adoption of financial services.

    This means there a stronger impetus and opportunity for Mastercard to assist in rebuilding the financial sector and bringing greater financial access to the population. 

    “Building consumer trust in electronic payments is crucial. In line with our financial inclusion strategy in Myanmar, we will continue to provide support in educating locals on the benefits of electronic payments and increasing access and acceptance to financial services and infrastructure,” Mr. Corro added. 

    The number of ATMs in Myanmar which accept Mastercard has been growing at an astounding rate, from over 140 ATMs in 2013 to almost 1,800 ATMs in just three years, marking a near 13-fold increase. The number of point-of-sale (POS) acceptance terminals grew from 72 to over 3,800 in the same period, which signify a strong adoption of cashless payments. At present, more than 3,200 restaurants, retail outlets and hotels in Myanmar accept payment cards.

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  • JCB International and CIMB Bank Singapore with Wirecard

    JCB International and CIMB Bank Singapore with Wirecard

    JCB, the international operations subsidiary of JCB, CIMB Bank Singapore (“CIMB”), and Wirecard AG (“Wirecard”) are pleased to announce their signing of a License Agreement to begin JCB merchant acquiring services in Singapore. Through the partnership, JCB card acceptance facilities will be available at CIMB merchants.

    With its ASEAN footprint firmly in place, CIMB is a befitting partner with JCBI on both the local and regional front. Having established similar collaborations in Malaysia and Indonesia, this new License Agreement extends the collaboration into other parts of Southeast Asia and enhances cooperation in the region.

    Tourism is a key contributor to the Singapore economy and the country is a popular destination for regional JCB cardmembers. This new merchant acquisition partnership with CIMB will bolster the JCB card acceptance network in the market and promote new merchants to JCBI’s rapidly expanding cardmember base from Asia during their stay in Singapore.

    Vincent Ling, Managing Director of JCB International Asia Pacific Pte Ltd., commented, “As Singapore continues to be a key tourist destination for Asians including Japanese, Korean, and Chinese, a stronger JCB card acceptance will bring about enhanced convenience to JCB cardmembers. JCBI is pleased to collaborate with CIMB Bank Singapore and we look forward to working closely together to serve our cardmembers, merchants and business partners better.”

    Mak Lye Mun, CEO of CIMB Bank Singapore and Country Head of CIMB Group Singapore said, “As a leading bank in ASEAN, CIMB Bank is proud to expand our payment acceptance offering with JCBI in Singapore. This partnership unlocks opportunities for our merchant acquiring business and I’m confident it will benefit both merchants and JCB cardmembers through greater card acceptance and increased payment options.”

    CIMB Bank Singapore’s one-stop merchant solution is in partnership with Wirecard, a global leader in electronic payment and mPOS technology and infrastructure. Wirecard has been providing an integrated payment platform that supports eCommerce, mCommerce, mobile and traditional Point-of-Sale, to facilitate merchants’ real-time tracking of transactions across multiple sales channels as part of the partnership. Mr Jeffry Ho, Managing Director of Wirecard Singapore, Malaysia, Hong Kong and Australia A&I added, “We are delighted with another milestone of our partnership with CIMB Bank. We believe that the CIMB-JCB initiative will certainly provide a better payment experience for both merchants and JCB cardmembers in Singapore.”