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Category: General

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

  • AirAsia Japan granted Air Operator’s Certificate

    AirAsia Japan granted Air Operator’s Certificate

    AirAsia Japan Co., Ltd. (CEO: Yoshinori Odagiri) recently announced that the airline has been granted the Air Operator’s Certificate by the Civil Aeronautics Act by Ministry of Land, Infrastructure, Transport and Tourism, under the air transport business, Japanese Aviation Law Article 100.

    AirAsia Japan is scheduled to commence operations from their base at Chubu Centrair International Airport in Aichi prefecture to Shin-Chitose Airport in Sapporo, Sendai Airport in Sendai and Taiwan Taoyuan International Airport in Taipei in Spring 2016.

    AirAsia Group CEO Tony Fernandes said, “We are very excited to be back in Japan. We have fantastic partners here and we are united in the vision to change the way people travel in Japan. Centrair Airport is a fantastic base and with our new routes, we look forward not only to enable the Japanese to enjoy our direct destinations but to connect them to the rest of Asia and beyond on our extensive network.”

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  • Nestlé warns against China’s dreary economy

    Nestlé warns against China’s dreary economy

    Nestlé just became the fourth major Western brand in the past two weeks to report dreary Chinese sales during the year so far.

    According to the Swiss food and drink colossus, sales in the Asia, Oceania, and sub-Saharan Africa regions fell by 3.1%. A “slower sales recovery in China” took part of the blame.

    Overall sales dropped 2.1%, and the company’s stock opened Friday down by about 3%.

    But it’s not the first company to report dreary sales in China in October — and that says something worrying about the country’s economy.

    The Indian-owned UK carmaker Jaguar Land Rover described “continued accelerated slowing of economic conditions in China,” paired with damage to 5,800 cars stored at Tianjin during the colossal chemical explosion at the port. Sales of Jaguar Land Rover models slumped by 32% in China.

    Yum Brands also struggled to market KFC and Pizza Hut in China. KFC sales rose by only 3% year-on-year, and Pizza Hut sales actually fell by 1%. In a country where economic growth is apparently close to 7%, that’s a pretty miserable performance.

    On Thursday, Burberry also reported on discouraging Chinese sales, with overall revenue from the country falling and the share price of the luxury-clothes brand falling 16% at Thursday’s open.

    Nothing much connects KFC, Pizza Hut, instant coffee, Burberry scarves, and Land Rover cars — some products are pitching themselves at China’s growing middle class, while others are focused very much on the most elite sliver of society. Consumption fell or was weaker than expected across the board.

    It’s not all doom and gloom; there have been some positive indicators. Retail spending during China’s Golden Week holiday still surged, rising 11% on the previous year.

    A note from Goldman Sachs also said that while industrial commodities like iron ore and copper had seen their prices plunge, consumer-focused commodities like gasoline (and coffee) had seen rising demand in China over the past year.

    Analysts at the investment bank Jefferies referred to China’s “parallel economies” in a note on Thursday — on the one hand, there’s the “old economy” — industrial- and commodity-focused, reflecting China’s extremely rapid growth during the late-20th century and first 10 years of the 21st.

    On the other hand, there’s the new economy — consumer and services-focused, with higher incomes and less of an overwhelming emphasis on exports. The extent to which the country is able to transition from the old to the new will have a major impact, both for China and the Western firms operating there.

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  • Thai Commerce Min happy with retail price slash by manufacturers

    Thai Commerce Min happy with retail price slash by manufacturers

    Commerce minister Apiradi Tantaraporn expressed his satisfaction after going on an inspection of prices of goods at several markets. After the inspection, she said the prices of vegetarian food have not been raised up too high this year, and the public could still afford to make purchases.

    She disclosed that 23 product manufacturers have notified the ministry that they have lowered the prices of 244 items, following the decrease of oil prices.

    Out of the listed items, 108 are in the food and beverages category, 35 items are construction materials, and 101 items in the lubricants category.

    The retail price cut for food and drinks will be between 1-56 baht, she said.

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  • Banks exploring plan for money transfers using mobile numbers

    Banks exploring plan for money transfers using mobile numbers

    A bold new plan to enable money transfers using only mobile phone numbers is being explored as the banking industry looks at ways to improve payment technologies.

    Monetary Authority of Singapore (MAS) managing director Ravi Menon revealed the initiative yesterday as he underlined the progress that Singapore has made towards becoming a smart financial centre.

    Speaking at the closing of the Sibos banking industry event yesterday evening, he said banks involved in Fast and Secure Transfers (Fast) are studying a “mobile addressing system” for the service, which was launched in March last year to allow near-instant interbank fund transfers and payments.

    “This means you will be able to make payments through Fast as long as you know the payee’s mobile number,” Mr Menon said.

    Also, the Association of Banks in Singapore (ABS) aims to standardise retail point-of-sale (POS) terminals, he added.

    “Our vision is a unified POS – a single terminal, preferably mobile, that can read all kinds of cards.”

    If implemented, the new Fast mobile system would greatly streamline digital transfer services.

    Several apps – including DBS Bank’s PayLah, OCBC’s Pay Anyone and United Overseas Bank’s Mobile Cash – have been rolled out by banks here to allow a user to transfer money to another using a mobile number, but these apps typically still require set-up and account information.

    ABS director Ong-Ang Ai Boon confirmed that five banks, including the three local ones, started initial discussions on the concept last month. “The whole thing is still in a very nascent state,” she said.

    “We are constantly looking for ways to improve productivity and efficiency for both the industry and consumers, but it will take time for us to make sure it is affordable and does not compromise on security.”

    A local bank source told The Straits Times the new service is likely to involve a central registry pegging phone numbers to accounts.

    This would mark a great step forward for Singapore banks, which are already active in digital and mobile initiatives.

    Mr Menon also suggested that the industry go one step further and develop an all-in-one addressing system – which would mean “being able to pay someone through Fast using also the payee’s e-mail address, social network or other proxies”.

    OCBC Singapore e-business head Aditya Gupta noted that Pay Anyone already allows that, although account information is also required of recipients.

    He said: “If the new addressing system can help make payments more seamless, this would be a good way forward.”

    The central bank has committed $225 million over the next five years to boost financial sector technologies, Mr Menon said.

    Another common standard in the works is the unified POS – ABS has made more progress in this area than with the mobile addressing system, Mrs Ong said.

    Meanwhile, achieving seamless data sharing is also a key thrust for ensuring greater cost efficiency for banks and regulators.

    Mr Menon said MAS is considering using application programming interfaces to streamline regulatory data submissions by the industry.

    “Our vision is for data to flow seamlessly in both directions between systems in the financial institutions and MAS,” he stressed.

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  • Beijing retail sales rise

    Beijing has reported a rise in retail sales during the week-long National Day holiday that began last Thursday.

    Chinese government news agency Xinhua reports both locals and tourists have “spent heavily” on consumer goods.

    During the first six days of October, Beijing’s 100 leading retailers reported a total sales revenue of 5.3 billion yuan (about US$833.7 million), up 6.2 per cent on the same period of last year, according to figures released by Beijing Municipal Commission of Commerce.

    The figures were collected from Beijing’s major retail outlets including shops, supermarkets and restaurants, it said in a press release.

    Many avid shoppers took advantage of the National Day promotions offered by most retailers to buy winter clothing and the latest models of smartphones and other digital products.

    While housewives flooded supermarkets to buy food for their family feasts, many others chose to dine at some of the city’s most famous restaurants.

    A surge of customers from locals and sightseers has brought an average 10 percent increase in revenue at these restaurants, according to the municipal commission of commerce.

    It said the Golden Week has witnessed a 20 per cent surge in gold and jewellery sales, as the holiday week is also a prime time for weddings.

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  • FairPrice delists Asia Pulp & Paper products

    FairPrice delists Asia Pulp & Paper products

    Singapore’s largest grocery retailer NTUC FairPrice has removed all products supplied by Asia Pulp & Paper from its stores due to the paper giant’s role in contributing to the toxic haze.

    The Singapore Environment Council (SEC) has instituted a temporary restriction on the use of the “Singapore Green Label” certification for APP products after becoming aware the company sourced paper from companies responsible for the fires across Indonesia which have left Singapore and parts of Malaysia shrouded in a toxic haze.

    FairPrice carries 14 housebrand paper products that are certified with the Singapore Green Label. Two of these are housebrand tissue products sourced from APP through Universal Sovereign, a licensed distributor, while the rest of the products are not affected. In addition, all 16 APP related products from the various brands FairPrice carries have also attained the Singapore Green Label certification.

    FairPrice CEO Seah Kian Peng said the company has taken the opportunity to reiterate its firm stance on the issue.

    “We have been proactively monitoring the situation over the past week. We initiated meetings with the various parties concerned when the list of firms including APP, was named by the authorities as suspects for contributing to the haze. As a fair business partner, we reserved taking action pending further information and investigation by the authorities.

    “Our decision to withdraw all APP products is a result of the temporary restriction of their Green Label certification. This reflects our conviction and commitment towards promoting and adopting sustainable practices, as we have done all these years.”

    FairPrice has been championing various initiatives that promote sustainability. One of these initiatives is certifying housebrand products with the Singapore Green Label Scheme administered by SEC. Last week, SEC requested companies with paper products certified under the Singapore Green Label Scheme to declare compliance with using sustainable materials. FairPrice was unable to sign the declaration for the two housebrand products earlier as it was pending APP’s confirmation of their compliance to SEC’s requirements.

    Following the temporary restriction of the Green Label notification, FairPrice has withdrawn both housebrand products, which include FairPrice Softpack Tissue 200s and the FairPrice Gold 3 Ply Facial Tissue 140s supplied by APP. Beyond this, FairPrice will also withdraw all APP related products including Paseo, Nice and Jolly.

    “We assure customers that FairPrice has alternative brands of paper products, including products with the Green Label, available to meet consumers’ needs.”

    All APP products will be withdrawn from all FairPrice stores by 5pm today.

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  • Apple Stores set to enter India; teams up with Croma Retail

    Apple Stores set to enter India; teams up with Croma Retail

    Apple Stores will now officially enter Indian shores in partnership with Tata-owned consumer electronics chain Croma which will host Apple at six locations – five in Croma stores, Mumbai and one in Bangalore – to begin with. The locations are Juhu, Oberoi Mall, Malad, Ghatkopar, and Phoenix Mall in Mumbai. In Bangalore, it will be opened in Jayanagar. These stores will be opened by Diwali this year.

    Avijit Mitra, chief executive officer of Infiniti Retail, which owns Croma said, “We are proud to partner Apple to launch the Apple Store in India and extremely bullish about it. These stores will be modelled on the global design and will offer the best experience to consumers, showcasing the entire range of Apple products.”

    It should be pointed out that these stores will be different from Apple exclusive stores in India. Apple will not own these stores, but has franchisees who are premium re-sellers. Apple products are sold online via e-commerce portals as well.

    The Apple space will be 400-500 square feet in area and the store design, furniture, fixtures and lighting will the same as that used in Apple stores globally and the sales staff will also be trained by the company, the report added.

    Croma has stated that it has 97 stores across the country with 3.8 million customers where as Apple owns more than 460 stores in 17 countries. The company has significantly increased its retail presence in the country in the past year with five distributors in India.

  • China’s JD.com expands operations to Silicon Valley

    China’s JD.com expands operations to Silicon Valley

    JD.com, China’s second-largest e-commerce services provider by sales, has expanded its operations in the United States, with the opening on Monday of a research and development facility in Santa Clara, California — right in the centre of Silicon Valley.

    “Given the scope and strength of American brands, products and capabilities, the US was the obvious choice as we sought a location for our first office outside of Asia,” said Richard Liu Qiangdong, the founder and chief executive of JD.

    The move followed JD’s unveiling last month of a new office in Hong Kong that was set up to help the Beijing-based company better engage with major brands and retailers across Asia.

    Dennis Weng, the chief technical advisor for JD Mall, has been tasked to initially oversee the new US facility, which will focus on areas such as cloud computing, mobile applications and big-data infrastructure to improve the online retail experience for its customers in mainland China and boost the company’s US-sourced offerings.

    JD’s research and development operation is also expected to provide both rotational job possibilities for engineers in China and opportunities for certain skilled technical workers in Silicon Valley.

    “Our nearly 120 million active customers stay loyal because they know we work continuously to improve their shopping and fulfillment experience by implementing the most advanced technologies and processes,” said Rain Long, JD’s chief human resources officer and general counsel.

    Nasdaq-listed JD launched a “US Mall” marketplace on its website, dedicated exclusively to meeting the demand on the mainland for authentic imported American products.

    “As we build out and staff our new facility in the coming months we look forward to forging new partnerships and attracting new talent that will help JD.com achieve its goals of delivering an unparalleled level of service and quality,” Long said.

    JD, which posted second-quarter revenue of 45.9 billion yuan (US$7.2 billion), claims it has the largest fulfilment infrastructure of any e-commerce company in mainland China.

    It operates seven so-called fulfilment centres and a total of 166 warehouses in 44 cities. In addition, its own staff runs 4,142 delivery stations and pick-up stations in 2,043 counties and districts across the country.

    Efforts to widen JD’s international sourcing capabilities are in line with the company’s announcement in August of expanding into 100,000 villages across mainland China by the end of this year. This marks the company’s most aggressive domestic market expansion since 2013, when it started its foray into lower-tier cities..

    “Management expects to see more than 50 per cent order contribution from lower-tier cities in the near term,” Jefferies equity analyst Cynthia Meng said in a report.

    Meng said the fastest-growing product categories on business-to-consumer e-commerce platform JD Mall included apparel and shoes, home furnishing, watches, food and beverage, cosmetics and baby products.

    JD’s rural expansion would heat up competition with domestic market leader Tmall.com, e-commerce giant Alibaba Group’s business-to-consumer operation, in that fast-growing market segment.

    The number of online shoppers in rural mainland China increased 40.6 per cent year-on-year to 77.14 million at the end of December, according to data from the China Internet Network Information Centre.

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  • Qantas and Singapore named the best airlines in the world by AirlineRatings.com

    Qantas and Singapore named the best airlines in the world by AirlineRatings.com

    Qantas has been named as one of the best airlines in the world if you want to travel in style.

    Popular travel rating website Airlineratings.com has announced the winners for their third annual Best of the Best in luxury air travel, and Qantas, along with Singapore Airlines were clearly ahead of the competition.

    Editors of the site examined the offerings and in-flight service of more than 450 airlines.

    Qantas and Singapore made it into the Top Ten in each of the four categories, while Air New Zealand, Cathay Pacific Airways and Etihad made the Top Ten in three of the categories.

    This lucky guy has plenty of room to stretch out in his first class seat on a Singapore Airlines A380 airliner.

    This lucky guy has plenty of room to stretch out in his first class seat on a Singapore Airlines A380 airliner.

    AirlineRatings.com Editor-In-Chief Geoffrey Thomas said that it was “not surprising that Qantas, Singapore Airlines, Air New Zealand, Cathay Pacific Airways, Etihad Airways and the Virgin Group featured so significantly in the Top Ten selections. These airlines are consistently a byword for in-flight excellence and service. They are the trendsetters and the industry looks to what they are doing next.”

    AirlineRatings launched in June 2013 and rates the safety and in-flight product of 450 airlines using a proprietary system.

    The winners — in alphabetical order:

    FIRST CLASS: All Nippon Airways, Emirates, Etihad Airways, Japan Airlines, Korean Air, Lufthansa, Qantas, Singapore Airlines, Swiss and Thai International

    BUSINESS CLASS: Air France, Air New Zealand, All Nippon Airways, Cathay Pacific Airways, Etihad Airways, Japan Airlines, Qatar, Qantas, Singapore Airlines and Virgin Australia/Atlantic

    You can watch the clouds go by or pop on the tele in first class on board Singapore Airlines' Boeing 777-300ER aircraft. Supplied.

    You can watch the clouds go by or pop on the tele in first class on board Singapore Airlines’ Boeing 777-300ER aircraft. 

    PREMIUM ECONOMY: Air France, Air New Zealand, All Nippon Airways, British Airways, Cathay Pacific Airways, EVA Air, Japan Airlines, Qantas, Singapore Airlines and Virgin Atlantic/Virgin Australia

    LONG HAUL ECONOMY CLASS: Air New Zealand, Cathay Pacific Airways, Etihad, EVA Air, Japan Airlines, Korean Air, Qantas, Qatar Airways, Singapore Airlines and Thai Airways

    In June, Qatar Airways was voted the best airline for 2015 in the annual Skytrax awards for the world’s best airline.

    Time for a dinner date on board a Qantas A380. Supplied.

    Time for a dinner date on board a Qantas A380.

    Meanwhile, in June the presitigous Skytrax awards were revealed, with Qantas coming in at number 10 on the list. The awards are judged by 18.9 million passengers in 110 countries around the world who vote on factors such as comfort, friendliness of cabin crew and in-flight food.

    The top ten airlines included Singapore Airlines, Cathay Pacific, Turkish and Emirates.

    In the low-cost airline category AirAsia was voted the world’s best for the seventh year in a row, despite the tragic accident in the Java Sea last year that killed all 162 people on-board flight QZ8501.

    Other awards included Garuda Indonesia for best cabin crew, Air France for most improved airline, EVA Air for cleanest aircraft cabins and Cathay Pacific for best transpacific airline.

    The best airlines for 2015, according to Skytrax:

    1. Qatar Airways

    2. Singapore Airlines

    3. Cathay Pacific Airways

    4. Turkish Airlines

    5. Emirates

    6. Etihad Airways

    7. ANA All Nippon Airways

    8. Garuda Indonesia

    9. EVA Air

    10. Qantas Airways

    The fancy Qantas Chairman's Lounge at Sydney Airport serves up some first class food. Supplied.

  • Asian startups got more than $10 billion in April-June quarter

    Asian venture capital-backed companies enjoyed 45% year-on-year growth in capital received during the second quarter of 2015, bringing in more than $10 billion in investments, according to a recent report by KPMG, an audit, tax and advisory company.

    The report notes that venture capital growth is driven by corporations on the hunt for companies with creative innovations. The buyers hope to integrate these innovations with their own businesses. Their activities are expected to continue as it is “cheaper for companies to invest in technologies rather than develop [them] internally,” the report says.

    Eight of every 10 deals in the quarter were made by Asian Internet and mobile companies, according to KPMG.

    Singapore was the top country for Southeast Asia’s venture capital activities, followed by Indonesia and Malaysia. In the second quarter, the republic had deals worth $160.7 million, while Indonesia had deals worth $3.5 million and Malaysia made $2.4 million worth of deals. For 2014, the amount of venture funds attracted by Singapore was around $1.07 billion.

    Terence Lee, managing editor of TechinAsia, an online news organization, said, “Singapore’s business-friendly environment and sound infrastructure is key.” He added that the Singapore government’s initiative to expand its Technology Incubation Scheme in 2012 “most likely led to the spike in investments in Singapore startups.”

    The government program helps to fund incubators that in turn seed startups. Under it, the government co-invests up to 500,000 Singapore dollars (around $350,000) in Singapore-based startups. An incubator can buy out the government’s stake in a startup within three years by repaying the initial capital plus interest.

    Investors have been investing in e-commerce-related companies, which are soaring in popularity in Asia. The online retail market in Singapore, Malaysia, Indonesia and three other Southeast Asian countries is worth around $7 billion. Globally, venture capital-backed companies raised $88.3 billion in 2014.

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  • Singapore to help revive Lak Sathosa

    Singapore to help revive Lak Sathosa

    Singapore has extended its support to revive Lak Sathosa, Sri Lanka’s sole State-owned retail chain In a significant development affecting Sri Lanka’s retail market segments. The immediate offer of support comes in the wake of a Ministerial level call made recently in Colombo, High Commissioner Chandra Das, the former Member of Parliament of Singapore from Chong Boon said.

    In 2014, Singapore was in fourth place in the list of Sri Lanka’s main importing countries representing 6.6% of Sri Lanka’s total imports.

    The LakSathosa retail chain has over 310 outlets.

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  • Changi Airport Group injects buzz with luxury tender

    Changi Airport Group injects buzz with luxury tender

    Changi Airport Group (CAG) has issued a tender for luxury brand concessions in the terminal three departure/transit lounge south at Singapore Changi airport.

    Concession A spans 112sq m, concession B 103sq m, concession C 86sq m and concession D 100sq m. The contract for concessions A, B and C is for three years from July 1 2016 to June 30 2019. For concession D, the contract is for three years from January 9 2017 or on the physical handover of the premises to the winner, whichever is later. The deadline for submissions is October 29.

    A CAG statement said: “We are looking for unique and exciting luxury brands and concepts that are currently not represented at Singapore Changi airport terminal three and will inject buzz and differentiate the retail offerings at Singapore Changi airport. All product categories may be considered, except for liquor and tobacco and perfumes and cosmetics.”

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  • UnionBank bets on retail boost

    UnionBank bets on retail boost

    UNION BANK of the Philippines, Inc. (UnionBank) expects its retail business to boost its growth this year as an industry-wide slump in trading gains is seen continuing on the back of persisting market volatilities.
    The Aboitiz-led bank’s total loan portfolio is already bigger “in general” compared to its income from securities, UnionBank Senior Executive Vice-President Edwin R. Bautista said.“There’s a big growth in our loan book. It’s something that in the past we’ve said that we’ll do but the growth has always been just modest… but since last year, most of our growth is coming from retail,” Mr. Bautista told reporters in the sidelines of an Aboitiz party last Thursday.

    Currently, consumer lending — auto loan, mortgage, salary loans — makes up “more than half” of UnionBank’s P150-billion lending portfolio, while the rest are commercial loans, he added.

    “I think most of the banks know that the trading income would not be as much this year. We’re all trying to recover it through net interest income, fees, so growth, it will have to come from expansion of loan book because your source of income would be loans, fees, trading income. Since the opportunity to gain from trading income is not there, you have to make up through the other lines,” Mr. Bautista said.

    The bank official, who is set to take over the post of current UnionBank President and Chief Operating Officer Victor B. Valdepeñas by yearend, noted that there is a push to foray into retail banking since the “margin is very good.”

    Aboitiz Equity Ventures, Inc. (AEV) President and Chief Executive Officer (CEO) Erramon I. Aboitiz said in his speech during the same event that for UnionBank, AEV — the listed holding firm of the Aboitiz family’s businesses — “remains focused on its 2020 strategic objectives: double market share to 9%, 15% CAGR (compounded annual growth rate) volumes, balance revenues and becoming a great retail bank.”

    Last May, Mr. Valdepeñas told reporters that the Aboitiz-led bank targets up to 30% growth in its loan portfolio in 2015 compared to its P139-billion loan book as of end-2014.

    Moving forward, UnionBank sees its loan portfolio rising a little over its current level by yearend.

    This, however, will not be enough to lift the lender’s growth this year over its 2014 record.

    “Right now, we are I think more than 50%. In this market, once you hit 50% that’s already a big thing since the consumer market is small compared to the corporate loan market. So if you want to be big in terms of balance sheet, you have to be big in the corporate lending… [but] everyone wants to go into retail since the margin is very good,” Mr. Bautista said.

    “I think we will end the year near where we are right now or pretty much a little bit more, 5-10% from where we are today. Before, if you look at our balance sheet, securities made up bulk of that, but now loans in general take up bigger share compared to securities,” he further said referring to the bank’s loan portfolio growth.

    A STRETCH
    Mr. Bautista added: “It will be difficult to surpass last year’s growth.

    I think for all the banks, it will be a stretch. I think it will already be a big achievement if we match our level last year.”

    The bank earlier targeted a 5% growth in net income this year to P8.7 billion on the back of the continued expansion of its lending business, with at least a quarter of the earnings guidance to come from City Savings Bank, Inc. (CSB), a Cebu-based thrift lender it took over in 2013. The move consolidated the Aboitizes’ banking ventures under one company. UnionBank, a universal bank, is majority-owned by Aboitiz Equity Ventures, Inc., while CSB is also majority-owned by AEV and its food unit, Pilmico Foods.

    Meanwhile, UnionBank is open to possible acquisitions, Mr. Bautista said, “if the right opportunity presents itself” although the listed lender’s main focus “to strengthen” its current base.

    The bank is also currently maximizing its growth “to the extent that our capital allows without raising more capital right now” but UnionBank may tap the debt market should there be a need to do so.

    “We don’t see a need yet to raise the capital. We are in a sustainable growth trajectory that our income is enough to provide capital for the growth. But if we see an opportunity … then I think we will consider raising more capital. But we also don’t want to raise capital prematurely because it will reduce our RoE (return on equity),” he said.

    UnionBank saw its net income for the first six months of 2015 plunge to P3 billion compared to the P4.467 billion it posted in the same period a year ago.

    UnionBank shares closed at P53.80 apiece last Friday, gaining P1.80 or 3.46% from its previous close of P52 each.

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  • SCB plans to double its retail banking

    SCB plans to double its retail banking

    Standard Chartered Bank (SCB) has planned to double its business size of retail banking in Bangladesh within next five years, a top executive of the bank said.

    “We’re working to double our retail banking business size in Bangladesh by 2020,”  Sebastian Arcuri, regional head for retail banking in ASEAN and South Asia of SCB, said in an exclusive interview with the FE Thursday.

    Currently, Mr Arcuri is overseeing the bank’s retail business in 11 countries such as Singapore, India, Malaysia, Bangladesh, Indonesia, Thailand, Vietnam, Brunei, Nepal, Sri Lanka and the Philippines.

    He arrived in Dhaka Wednesday night on a brief visit to Bangladesh.

    During his stay, Mr Arcuri met senior officials of Standard Chartered Bank. It was his maiden visit to Bangladesh.

    As part of the plan, SCB will put emphasis on small and medium enterprises (SME) sector to help achieve maximum economic growth in Bangladesh.

    “We’ll also extend financing in the SME sector that would help create employment opportunity across the country,” the SCB executive said while replying to a query.

    SCB is celebrating 110 years in Bangladesh this year.

    “We are proud to have the largest high-value segment customer base in the country, and several generations in the same family are banking with us. With continuous innovation in products and solutions, our bank has been the pioneer in retail banking of Bangladesh,” Mr Arcuri noted.

    SCB also plans to keep on bringing new products and services to the existing and potential valued customers to be their bank of choice.

    He said SCB has planned to introduce a new online solution in Bangladesh for opening new account within five minutes by 2016.

    At present, SCB is providing such solution in South Korea for opening accounts.

    “We’re now working to introduce such solution in Bangladesh within the stipulated time,” Aditya Mandloi, head of retail clients of the bank’s Bangladesh operation, told the FE while elaborating preparations in this regard.

    Regarding the latest market activities, the regional retail banking head said emerging markets are moving faster in terms of digital and smartphone adoption, leapfrogging compared to more mature markets.

    “We’re revamping digital platform so that clients can do on mobile phones and online everything previously done in a branch where possible,” he explained.

    Mr Sebastian Arcuri joined the UK-based foreign commercial bank in 2014. Earlier, he worked with HSBC Brazil as an executive director and head of retail banking and wealth management, and president of HSBC Insurance in the country.

    Banking is a cyclical business. Currently facing challenges, but SCB has resilience and diversification to respond, according to the senior banker.

    “Focus on the key clients, the emerging affluent and investment in products, new branches, better technology. Here for good – here for our clients for the long run – this will keep the bank going through the short-term cycles,” he noted.

    SCB is now focused on the fastest-growing cities in the world, which are in footprint of Asia, Africa and the Middle East.

    “We are client-segment focused so we can address clients’ needs from a life-cycle approach. We are investing heavily in technology to be digital by design so we can deliver easy, convenient banking through whatever channel the client prefers, whenever the client wants it. The future can only be better,” Mr Arcuri observed.

    Standard Chartered has already made a series of key hires to step up the growth of its retail client business across the world.

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  • Meyer Sound LEOPARD & D-Mitri At Ocean Park Hong Kong Halloween Fest

    Meyer Sound LEOPARD & D-Mitri At Ocean Park Hong Kong Halloween Fest

    Ocean Park Hong Kong is partnering with Meyer Sound to stage the 15th edition of Asia’s largest Halloween-themed event. A LEOPARD™ linear sound reinforcement system and D-Mitri® digital audio platform lead a lineup of Meyer Sound systems to bring utmost sonic immersion and push the scare factor for the Park’s fear-loving guests.

    “To bolster our iconic Halloween celebration on its 15th anniversary, we decided to elevate the scary experience to new heights for our guests by exploring different sound effect treatments,” says Jacky Chan, technical manager of Ocean Park Hong Kong. “The project is challenging because we want to use sound to inspire an intense fear in our guests, independent of scary visuals. Meyer Sound’s sophisticated D-Mitri platform, coupled with the company’s experience with international performances in Broadway and Las Vegas, allow us to achieve our desired outcome.”

    One of the festival’s most popular attractions, the Hellympics live show features an immersive 5.1 surround sound system. The system is anchored by LEOPARD line array loudspeakers and 900-LFC and 1100-LFC low-frequency control elements, with signal distribution provided by a D-Mitri digital audio platform. In addition, D-Mitri drives the sound effects in the haunted house H15 presented by Yahoo! Hong Kong. H15 follows the visitors’ afterlife journey as a “corpse bearer” leads them from room to room while the guests are strapped to a mortuary bed on wheels.

    The LEOPARD line array system is the newest and smallest member of the Meyer Sound LEO® Family. LEOPARD boasts tremendous power-to-size ratio with ultra-low distortion. With LEOPARD, visitors to Ocean Park Halloween Fest will experience a level of sonic impact and detail like never before.

    Audio Dynamic, Meyer Sound’s Hong Kong dealer, provides audio equipment and design support for the attractions.

    Ocean Park Halloween Fest 2015 will run through November 1.