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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.

  • Citi Launches Institutional Token Services

    Citi Launches Institutional Token Services

    Citi aims to offer token services in the form of digital coins, to improve its cash management and trade finance operations.

    According to an emailed statement, Citi Treasury and Trade Solutions (TTS) has launched the creation and pilot of Citi Token Services. The US lender will offer tokenized deposits – effectively transferable digital coins that act as claims against the bank – to support institutional clients’ cash management and trade finance needs.

    The development of Citi Token Services is part of our journey to deliver real-time, always-on, next-generation transaction banking services to our institutional clients, said global head of services Shahmir Khaliq.

    Previously, Citi partnered with shipping giant Maersk and an unnamed canal authority to digitize a solution that serves the same purpose as bank guarantees and letters of credit in the trade finance ecosystem.

    We are pleased to have collaborated with Citi in the successful test pilots for the guarantee solution using digitized tokens and smart contracts. The innovative solution has promising applications for trade finance, said Marie-Laure Martin, regional treasury manager for the Americas at Maersk.

  • Techcombank chairman’s daughter buys 82 mln TCB shares

    Techcombank chairman’s daughter buys 82 mln TCB shares

    Ho Thuy Anh, daughter of Techcombank (TCB) chairman Ho Hung Anh, has bought 82 million TCB shares worth at least US$110.1 million.
    The transaction, completed between Sept. 5-8, will increase her stakes in Vietnam’s largest private bank from 0.64% to 2.97%.

    As of the end of June, the chairman Hung Anh held 39.3 million TCB shares, or 1.1% stake in the lender. His family currently holds 621 million TCB shares, a 17.7% stake.

    In the four-day period Sep5-8, a total of 83.3 million TCB shares changed hands in put-through transactions at two trading sessions on Sept. 5 and Sept. 8.

    Specifically, the Sept. 5 session saw 37.5 million TCB shares worth VND1.2 trillion (US$50.8 million) traded, and the Sept. 8 session saw 45.8 million shares change hands worth a total VND1.53 trillion.

    Currently, the market price of TCB shares has been fluctuating around VND35,000 per share, 27% higher than the beginning of this year.

    The bank’s profit was VND11.3 trillion in the first half of this year, a year-on-year decline of 20%, mainly due to difficulties accessing corporate bonds and real projects’ struggles attaining credit.

    After being the second-biggest profit maker among commercial banks in Vietnam for years, Techcombank fell to fifth place in profit rankings in the first six months of this year.

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  • UBS Job Cuts Hit US Investment Bankers

    UBS Job Cuts Hit US Investment Bankers

    The reorganization of UBS investment banking is proceeding. It’s eliminated some duplicate US staffing, but the big cutback is looming.

    According to a Bloomberg report, UBS has eliminated about a dozen investment banking jobs in the US in connection with the integration of Credit Suisse. The bank declined to comment to the news outlet on the matter.

    According to the sources who asked not to be named, many of the affected positions are in overlapping areas. No names were given.

    If the report is true, the reorganization of traditional investment banking with corporate advisory and capital market transactions is proceeding. UBS is trying to combine the best of both banking worlds, but when it comes to Credit Suisse trading, UBS will show little mercy and will wind up the unit.

    At the same time, numerous UBS investment bankers in New York are about to move, with the entire team decamping to the former Credit Suisse offices at 11 Madison Avenue.

  • Raiffeisen Aims Big by Thinking Small

    Raiffeisen Aims Big by Thinking Small

    After the takeover of Credit Suisse, cooperative banks reluctantly found themselves thrust into Swiss banking’s number two role. In a business dominated by major banks, Raiffeisen has ambitions.

    In a recent interview, Heinz Huber said the Raiffeisen Group has no interest in becoming an international player like UBS and Credit Suisse. We don’t want to be a big bank, said the CEO of Raiffeisen Switzerland, the country’s largest mortgage bank.

    Even so, the group’s moving into the number two slot in Swiss banking after the demise of Credit Suisse is grudgingly acknowledged, which isn’t to say that Huber’s not aiming high in some areas.

    The group made up of 219 individual institutions, is preparing to make its mark in asset management, an area dominated by UBS and Credit Suisse.

    Raiffeisen Group attracted 1.8 billion Swiss francs of new custody assets in the year’s first half. With client assets under management of 246.6 billion francs, it’s equivalent to the portfolio of a medium-sized Swiss private bank. Driven by asset management, net income from commission and service fees rose to 310.9 million francs.

    There’s more to come. In the first half of the year, we passed the mark of half a million custody accounts. With 3.65 million customers, I still see some potential, Huber said at a conference.

    Compared to UBS, which netted $15.3 billion of client assets in Switzerland in the past second quarter alone, Raiffeisen’s volumes look tiny. The Group reoriented its wealth business following a strategic turnaround when it sold its private banking subsidiary, Notenstein La Roche, and relaunched its mandate offerings four years ago.

    Two aspects of Raiffeisen’s new money should give the market leader pause. One is the dynamism the investment and pension business is showing, as 16,600 accounts were opened in the first six months of the year, while asset management mandates saw 15.6 percent growth.

    Then there’s the money’s source. Mandates are available from Raiffeisen for as little as 50,000 francs; in the case of the Rio digital asset management service, the minimum investment is 5,000 francs targeted at affluents.

    Raiffeisen wealth management’s results suggest cooperative members succeeded in cracking a notoriously difficult market.

    Other banks have been trying to accomplish that for years. If consulting firms like Oliver Wyman are to be believed, the potential in private banking for the masses is enormous, By 2026, the market is expected to generate revenue streams of $45 billion globally, and in four years, two-thirds of all private banking revenue could come from the affluents.

    Challenges remain, however, because it’s quite difficult for large asset managers with expensive structures to gain a profitable foothold. Raiffeisen’s advantage lies in being able to approach the affluent market from the bottom. With its enormous retail banking reach, it knows its customers long before they’re wealthy. Clients are already in the door when assets come into play upon retirement, inheritance, or the sale of a house or company.

    Still, it’s not quite that simple. We’ve invested a lot in consulting, says Huber. We want to ensure a basic understanding of issues among customers so decisions are made together.

    Rapid investments were made in products and services. The Group launched Rio digital asset management in 2020, and a digital pillar 3a pension offering was integrated into e-banking the following year. Last year, the product range was expanded with sustainable index-tracking funds, with around 95 percent of Raiffeisen’s fund volume invested sustainably.

    Huber attributes the rapid growth in recent months to this groundwork. We focus on investment solutions that are easy to understand and geared to the needs of our customers, which are already available for small assets.

  • UBS to Cut Asian Wealth Jobs

    Swiss bank UBS is cutting wealth jobs in Asia following muted client activities and the slowing economy in China.

    Over the past months, UBS has reduced some overlapping roles in the wealth business in Asia, after the completion of Credit Suisse’s takeover. The roles include relationship managers in Hong Kong and Singapore, mostly from Credit Suisse’s team.

    The bank is also expected to have further cuts through November 2023, but the number of cuts has not been finalized.

    The lender plans to keep the majority of private bankers in Australia and India for now, according to a report. Since June 2023, UBS has outlined major targets for the integration of its former rival, including 3,000 domestic job cuts and more than $10 billion in cost savings.

    Pre-tax profit at the bank’s wealth management unit in the region fell by 8 percent year-on-year in the second quarter of 2023.

  • Gold prices down

    Gold prices down

    SJC gold price fell 0.15% to VND68.8 million ($2,855.19) per tael Tuesday morning.

    Gold ring price was stable at VND57.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices settled into a holding pattern on Tuesday as investors awaited U.S. inflation figures that could provide an updated view on interest rates after the Federal Reserve kept the door open for further policy tightening.

    Spot gold was flat at $1,922.30 per ounce, while U.S. gold futures eased 0.1% to $1,946.10.

    Market activity is likely to be broadly subdued until the U.S. Consumer Price Index (CPI) data is out on Wednesday, which could guide U.S. interest rates after a widely expected pause by the Fed next week.

    “A CPI number coming in in-line or even slightly higher would likely place some short-term pressure on gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.

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  • Your PayPal credit and debit cards will now support Apple Pay

    Your PayPal credit and debit cards will now support Apple Pay

    If you have a PayPal debit or credit card, starting today you can add them to your Apple Wallet app where they can be selected for use with the Apple Pay mobile payment service. There are two ways that you can accomplish this. Number one, you can open the iOS PayPal app and find the banner on the app’s homepage that screams, “Pay with your iPhone.” Tapping this will take you to the Apple Wallet app from where you can add your PayPal debit or credit cards.

    The second way to add your PayPal cards to your Apple Wallet is to open the app and press the plus icon in the upper right corner of the display. Follow the directions to add your PayPal credit card, debit card, or both to your Wallet app. Once listed in the app, you can choose either one to handle the transactions that you pay using Apple Pay. Once again, we would like to inform you that Apple keeps .15% of the value of each transaction which means that the tech giant keeps 15 cents out of every $100 rung up using Apple Pay.

    Venmo, which PayPal owns, is also supposed to add Apple Pay support to its Venmo credit and debit cards although this has yet to occur. All of this is taking place as Apple recently started a promotion for its Apple Pay service by releasing two 30-second videos and two shorter 15-second versions of the same ads.

    According to one analyst, Apple could generate as much as $4 billion in revenue from Apple Pay this year. Last month we told you that Apple Pay is the fifth-most widely used payment method worldwide after PayPal, Visa, Mastercard, and American Express.

    PayPal’s move to support Apple Pay was belated, especially compared to all of the other banking and financial services cards that have added Apple Pay support over the years. Perhaps, as the number one method of payment globally, the company was skeptical about how its business could be improved by allowing the cards to be used with Apple Pay. It’s fair to say that with today’s announcement, whatever concern was stopping PayPal from adding Apple Pay support in the past has now been overcome.

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  • myOKIES: QR menu for order and pay

    myOKIES: QR menu for order and pay

    myOKIES has launched a digital contactless service for Vietnamese businesses, enabling customers to order and pay for purchases directly from their cell phones using a QR code.

    Customers can scan the code using their smartphone camera, which will take them to the myOKIES page where they can select their items and pay using a variety of payment methods, including 21 different e-wallets, all types of debits, credit cards, and cash.

    myOKIES has 136 languages available for customers, enabling businesses to expand their international customer base easily and effectively.

    The benefits of the myOKIES service extend beyond convenience, as it eliminates the need for customers to physically touch a menu or paper receipt, thereby reducing the risk of transmission of viruses and other germs, protecting the environment with a paperless focus, and enabling sustainability for businesses.

    Moreover, customers can use the myOKIES platform to reserve tables and appointments and purchase products in-store and online by accessing the myOKIES website or the myOKIES app.

    myOKIES is also known for its simple yet elegant design, which is reflected in its mobile application and website. The platform’s design is consistent with myOKIES’ overall brand identity, which emphasizes simplicity, efficiency, elegance, and ease of use.

    Its QR code ordering and payment feature also offer a unique lifestyle experience for the young generation, who are always on the lookout for new ways to enhance their daily lifestyle.

    Jalen Phung, CEO of myOKIES Vietnam, understands the importance of serving the younger generation’s lifestyle preferences. “We recognize that the younger generation is looking for new and innovative ways to enhance their daily activities, and we are excited to offer them a solution that is both convenient and visually appealing.”

    myOKIES service is not limited to just the food industry and can be utilized by any business from mid- to high-end that wants to provide their customers with a secure and convenient way to make purchases, including retail businesses and other service businesses like spas, coffee shops, business lounges, furniture stores, and in-room dining for 5-star hotels and resorts, which are myOKIES target business partners.

    myOKIES QR code for ordering and payment service is an outstanding example of how technology can enhance the customer experience and help businesses grow in the most efficient way. With its easy-to-use platform and seamless features, it’s a service that is sure to continue gaining popularity among businesses and customers alike.

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  • Gold prices reach new peak in 2023

    Gold prices reach new peak in 2023

    SJC gold price surged 0.36% to VND68.9 million ($2,858.92) per tael Friday morning, a new peak this year.

    Gold ring price went up 0.26% to VND57.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices firmed on Friday but were set for a weekly decline as the dollar and Treasury yields held firm with strong U.S. economic data raising concerns of the Federal Reserve keeping interest rates higher for longer.

    Spot gold was up 0.2% at $1,922.87 per ounce, but set for a 0.8% weekly fall. U.S. gold futures rose 0.2% to $1,946.90.

    The dollar was headed for its longest weekly winning streak in nine years, bolstered by a resilient run of U.S. economic data.

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  • The New UBS Embraces Shareholder Value

    The New UBS Embraces Shareholder Value

    The share price of Switzerland’s largest bank seems to know only one direction right now – and that is up. If nothing else, shareholders benefit from the Credit Suisse takeover while everyone else looks on.

    Sergio Ermotti doesn’t have any time for nostalgia. At least that is what he said extremely clearly at the news conference this past Thursday when announcing the full integration of Credit Suisse’s domestic business.

    UBS’s CEO has his eyes set on the road ahead, and he is focused on the next key milestones of integrating what was once Switzerland’s second-largest bank. The two legal entities are set to be merged in 2024, with the Credit Suisse brand disappearing completely a year later. By 2026, UBS expects to reap cost savings of $10 billion dollars annually on a 15 percent return on equity.

    The bank’s current focus is being applauded in one specific place. The equity market. On Thursday, UBS’s share price was up as much as 6 percent, and right now they are at 23.60 francs. Since the takeover was announced in March, the shares are up by a third, and at this level, they are trading at a price-to-book level of 0.99, or just below intrinsic value.

    That has prompted chart technicians to rather excitedly point out that the bank’s price has escaped what had been a price corridor below 20 francs, something that has not happened for years. Moreover, a majority of analysts are now recommending UBS shares as a buy.

    Kian Abouhossein is one of those analysts. The highly watched JP Morgan analyst has been a fan of the takeover from the start given that for him and others it means that UBS will be a future wealth management juggernaut. In a recent report, he indicated he expects significantly enhanced earnings strength, with the return on equity targets indicating that the future UBS sees a net profit of about $12 billion for 2026.

    It is an ambitious target from our point of view, the analyst maintains. But he is confident that UBS will be able to manage it, and he believes UBS’s share price could be at 27 francs by the end of 2024.

    All this underscores that UBS shares, which haven’t moved much for years, have again fallen in favor, at least with investors. Much of that is likely due to the fact that bank management under Ermotti has put a strong emphasis on that specific group of stakeholders.

    There is nothing all that surprising about that in an institution listed on an exchange with its shares widely held by a large variety of investors, both retail and institutional. Still, the tone has changed from the days after the takeover when Ermotti announced in June at an industry forum that the social impact of the takeover had to be factored in.

    At the time, he said that UBS wanted to satisfy Switzerland, clients, and employees.

    There was little talk of that last Thursday. Instead, much of what was on offer was cold and clinical business reasoning. UBS had closely evaluated the option of keeping Credit Suisse’s domestic business as an independent entity but concluded that it would be afflicted by marginal profitability and a lack of scale.

    The best solution is a full integration into UBS for stakeholders and the Swiss economy, Ermotti maintained.

    But it is more than reasonable to be skeptical about all that given the job cuts that are expected to come down the wire, not to mention the necessity of transferring the assets and portfolios of tens of thousands of Credit Suisse clients. At this point, redundant former Credit Suisse employees are expected to be left with the enhanced social plan while clients have to hope that the process will be implemented as smoothly as possible.

    There has been criticism about the bank’s current tack to focus its efforts on future profitability. «The only things that speak for an integration are efficiency gains and higher profit», Sandro Schmid maintained recently. Bank consultants and risk professionals believe a full and complete integration is risky and extremely expensive.

    But UBS and CEO Ermotti have chosen to focus on the needs of shareholders, something that comes much easier after the voluntary termination of the government’s federal loan guarantees. In an interview in the domestic media, Ermotti indicated that the bank and shareholders were still holding the risk when it came to the integration of both institutes. And there would only be a profit if this was completed well.

    By that token, at least when it comes to shareholder value, the priorities seem to be in the right place.

  • Vietnam central bank governor earns ‘A+’ in Global Finance report

    Vietnam central bank governor earns ‘A+’ in Global Finance report

    Global Finance magazine has given Nguyen Thi Hong, Vietnam’s first female central bank governor, an A+ on its 2023 Central Banker Report Cards.

    Hong, 55, is one of only three central bank governors in the world that was rated A+ by the U.S.-based magazine.

    The other two were the Reserve Bank of India Governor Shaktikanta Das and Thomas J Jordan, Chairman of the Governing Board of the Swiss National Bank.

    Hong became Governor of the State Bank of Vietnam (SBV), appointed by the legislative National Assembly, in November 2020.

    She holds a master’s degree in Developmental Economics and started working at SBV in 1991, where she held several management positions.

    The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of 101 key countries, territories, and districts, including the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central Bank of West African States.

    Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management, with an “A” representing an excellent performance down through an “F” for outright failure.

    The full Central Banker Report Cards 2023 report and grade list will appear in Global Finance’s October issue print editions, as well as online at GFMag.com.

    “Fighting inflation, which has been fueled by pent-up demand and disrupted supply chains, has everyone turning to their central bankers for help,” said Global Finance founder and editorial director Joseph Giarraputo.

    Governors that earned an A grade included Brazil’s Roberto Campos Neto, Israel’s Amir Yaron, Harvesh Kumar Seegolam of Mauritius, New Zealand’s Adrian Orr, Paraguay’s Jose Cantero Sienra, Julio Velarde of Peru, Chin-Long Yang of Taiwan, and Uruguay’s Diego Labat.

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  • UBS Slows Digitalization After Significant Cyberattack

    UBS Slows Digitalization After Significant Cyberattack

    The bank engaged in an extensive review after being one of the banks affected by a Russian ransomware attack early in the year. The first casualty? Going digital.

    It is a small section in UBS’s full second-quarter report, but a telling one. Buried on page 41 is a small but substantial tidbit. The bank has just finished a post-incident review after January’s ION XTP ransomware attack.

    To jog people’s memory given the constant diet of entirely unfamiliar names and acronyms from the criminal fringes of cyberspace, ION XTP is the one with derivatives. It paralyzed the trading operations at several banks, although you wouldn’t know it from ION itself, characterizing the entire thing as a cleared derivatives cyber event…contained to a specific environment.

    UBS had told us about it in its first quarter report, saying the event had disrupted its exchange-traded derivatives clearing activities, although it managed to restore them after 36 hours with workarounds.l

    If nothing else, it made waves and caused a great deal of anxiety. A senior US Treasury Department official weighed in with a virtual «keep moving…there is nothing to see here» exercise over the cyber assault from Russian ransomware gang LockBit, according to a report at the time.

    We’ve now arrived at the legendary financial institution post-incident review. A career killer to some and the unwelcome originator of dozens of findings and remedial actions for many others. UBS maintains it identified needed improvements to its framework and will «take actions» to enhance cyber-risk assessments and controls over third-party vendors.

    That’s unremarkable in most contexts, except this attack had very significant ramifications, a key one being that it seemingly chips away at a cherished cornerstone of UBS’s strategy under previous CEO Ralph Hamers.

    But don’t take my word for it. Let’s hear what the company says in its quarterly report.

    Although we are continuing our efforts regarding innovation and digitalization, to ensure there is the right focus during this initial period of integration we have reprioritized some UBS changes, the bank wrote.

    Turgid stuff indeed. You could make a case for switching a few clauses around for clarity. Still, it sounds pretty transparent and clear. I don’t know about you, but it doesn’t much so

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  • RongViet Securities meet 75% of profit target in H1

    RongViet Securities meet 75% of profit target in H1

    Total consolidated revenue of RongViet Securities in the first six months of 2023 reached VND352.1 billion.

    The recovery of the market helped the company’s investment portfolio revert to VND186.3 billion from the depreciated valuation expense, thereby reducing the total cost to VND146.8 billion.

    As a result, RongViet recorded a consolidated pre-tax profit of VND205.3 billion and a net profit of VND160 billion, completing 75.8% and 73.9% of the full-year plan, respectively.

    As of June 30, the total assets on the consolidated financial statements reached more than VND4.481 trillion, and equity reached VND2.248 trillion, officially erasing all accumulated losses at the end of 2022.

    VDS stock of RongViet has been taken out of warning status by the HOSE since Aug. 17.

    RongViet’s earnings per share (EPS) in the first six months of 2023 reached VND761.

    Return on assets and return on equity in the first six months reached 3.7% and 7.5%, respectively, much higher than the industry average.

    With these results, the VDS stock price has doubled compared to the beginning of the year, bringing the market capitalization of RongViet to more than VND3.2 trillion.

    According to RongViet, with the direction from the beginning of the year to adapt to the new age and advance at a solid pace, it has taken firm steps to be more confident in H2.

    With the stock market having been more positive recently, the company expects to soon exceed the target of VND270.8 billion in pre-tax profit (consolidated) as approved by the General Meeting of Shareholders.

    RongViet’s main goal in H2 is to continue stabilizing and developing staff, promoting development and client services based on maximizing the advantages of the financial-investment products and services, using RongViet technology to bring the best investment efficiency and client satisfaction.

    Although investment banking activities are still facing many difficulties due to the general market situation, the company’s representative said that they would strive to accompany clients to accelerate the progress of M&A projects, trying to close key deals in 2023.

    At the same time, it will closely and regularly coordinate to promptly support clients in solving difficulties and problems in corporate financial consulting and capital mobilization activities.

    As the bond market is still facing many difficulties and losing investor confidence, RongViet is one of the few companies that can fully meet the new regulations on private bond issuance as well as affirm the trust of investors to continue to successfully issue new bonds from Q4 of 2022 until now.

    The company said that it would ensure full payment of bond principal and interest upon maturity and fully comply with legal regulations on information disclosure, bond offerings to investors, and periodic reporting obligations for state management agencies.

    In terms of the ratio of total debt to equity as of June 30, RongViet maintained a very safe ratio (by a factor of one) and was much lower than the maximum of five times stipulated by the Ministry of Finance.

    After successfully implementing the issuance in March with a total actual issuance value of VND311.1 billion, in June, the company continued to offer the second batch of bonds of the year worth VND700 billion.

    Thanks to the trust and support of clients, domestic and foreign investors, and the reputation that has been affirmed for many years, the progress of the second batch of bonds of RongViet is positive and has been completed at more than 86% of the expected issuance value in less than a month.

    With the vision of becoming one of the leading, modern, and most effective financial institutions in Vietnam, RongViet has built and started implementing a comprehensive digital transformation strategy for 2021, with four pillars: optimize and build excellent operating systems; enhance client experiences; develop new platforms and business models; and build strong IT infrastructure and security.

    Over the past few years, RongViet has continuously improved the financial-investment ecosystem and launched many digital platforms to bring new values to investors.

    Prominent products and services include eduDragon, an online stock investment learning system; smartDragon, an investment analysis platform; and iBot, a virtual investment assistant on Telegram.

    In early 2023, RongViet launched the brand new iDragon Pro trading app, bringing superior securities trading experiences to clients.

    At the end of July 2023, the U.K.-based Global Banking & Finance Review honored iDragon Pro as the Best Trading App Vietnam 2023.

    Also in July 2023, it officially put into operation the Data Warehouse, a comprehensive data platform, after more than 11 months of efforts by the company’s staff with the consultancy of experts from CMC Group and IBM Vietnam.

    The project is an important milestone that helps to improve the efficiency of management and use of data at RongViet as a foundation to continue to successfully implement digital transformation projects such as human resource management, customer relationship management, and a comprehensive reporting system.

    With great advances in the application of technology to perfect the ecosystem of financial-investing products and services in many utilities throughout the investment journey of clients, the Vietnam Wealth Advisors Summit 2023 named RongViet as the Digitalization Product of the Year and honored its contribution to financial services development.

    With the motto Creating a Prosperous Future, RongViet aspires to bring prosperity not only to clients, partners, and shareholders but also to employees, the community, and society.

    This is evidenced by RongViet being honored as one of the”Best Companies to Work for in Asia” for two consecutive years in 2022 and 2023 at the HR Asia Awards. This award recognizes efforts to build a humane, dynamic, and creative working environment where members share culture, vision, and career development.

    Besides building effective business activities, the company also wishes to share its development results with the community and society through meaningful and practical programs and activities.

    Rong Viet has maintained annual charity programs for the past 12 years, such as Accompanying to School: Realizing Dreams to Support Poor Students and Sharing Love to Help Difficult Circumstances.

    To contribute to building and developing Vietnam’s financial market and foster the young generation, RongViet plans to launch RongViet Invest, a knowledge and real-world investment competition for university students nationwide, in Q3.

    The goal of the program is to become an annual playground where students across the country can learn, direct their careers, and experience being a real investor in the stock market.

    Thereby, it aspires to contribute to building a new generation of investors with knowledge, experience, and bravery to join hands in building a sustainable Vietnamese stock market.

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  • Swiss Pension Funds Investing in Rapid Charging Stations

    Swiss Pension Funds Investing in Rapid Charging Stations

    Zurich-based energy transformation specialist EIP is putting the assets of Swiss pension funds into a joint venture for electric mobility. The partners want to set up 100 new domestic charging stations for e-cars.

    Energy Infrastructure Partners (EIP), a Zurich-based energy transformation asset manager, signed an agreement with French e-charging station operator Electra on behalf of a group of Swiss pension funds, according to a statement Tuesday.

    EIP manages the Credit Suisse Investment Foundation (CSA), which focuses on investments in Swiss energy infrastructure, for domestic pension funds. EIP will manage 49.9 percent of the new joint venture with Electra on behalf of CSA, and is expected to contribute 200 million euros,in initial capital by 2026.

    The goal of the joint venture is to increase Electra’s installed charging stations in Switzerland and Austria. Plans call for an expansion of 100 fast-charging stations in each country by 2026. In addition to sites already secured in Switzerland, primarily in Geneva and Lausanne, Electra says it has an extensive pipeline of sites currently under review.

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  • Apple Pay has many mountains to climb before it can become the world’s top payment option

    Apple Pay has many mountains to climb before it can become the world’s top payment option

    A few days ago we showed you some video ads that Apple has put together for a promo campaign it is running for Apple Pay, its mobile payment service. Apple does keep .15% of the value of a transaction that has been paid for with Apple Pay. That means if you use your iPhone or Apple Watch to pay for a $100 purchase, Apple collects the princely sum of 15 cents. But don’t worry about Apple; because Apple Pay is so often employed, one analyst says the company will take in $4 billion from the feature this year.

    And Apple feels that there is so much potential upside to Apple Pay that it is worth it to spend the money promoting the service. Hence, the new promotion campaign for the feature. According to data from the U.K.’s Merchant Machine, Apple Pay is only the fifth most-used payment method in North America based on the number of transactions. Visa is number one on the continent with a market share of 15.08% followed by MasterCard (10.98%), PayPal (10.70%), American Express (9.97%), and Apple Pay (9.22%).

    Globally, PayPal is number one with a market share of 20.53% with Visa and MasterCard second and third with market shares of 15.67% and 10.49% respectively. American Express is fourth (8.77% market share) with Apple Pay rounding out the top five (7.37%). Other tech-related firms that appear in the global rankings include Amazon Payments (6th place, 6.04% share), and Google Pay (8th place, 4.30% share).
    The best showing for Apple Pay is in Africa where Apple’s mobile payment service is third with a 9.49% market share. PayPal (25.06%) is on top on the continent with Visa next (17.14%). Interestingly, in Africa, both Apple Pay and Amazon Payments (9.23%) are ahead of Master Card’s 8.42% share. And in Asia, Apple Pay is fourth with 7.65% of transactions on that continent.
    So Apple is hoping to pump up usage of Apple Pay by using its new tagline, “Pay the Apple way.”It also is promoting the service on the social media platform that used to be called X and on other online sites as well. Mobile payment services are a convenience since you can whip out your phone or flick your wrist (assuming you’re wearing a smartwatch) to make a payment instead of struggling to take a credit card out of your wallet.
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