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Tag: asia

  • E-commerce platforms cater to large groceries demand in Vietnam

    E-commerce platforms cater to large groceries demand in Vietnam

    Leading e-commerce platforms in Vietnam saw bigger demand for groceries, including fresh foodstuffs and beverages, in the second quarter of this year, a market research firm says.

    Google searches for keywords relating to online grocery stores in the second quarter of this year surged 223 percent against the first quarter, Malaysia-based market research firm iPrice Group said. Searches for fresh foodstuff, drinks, pre-packaged items, and fruits and vegetables rose 99 percent, 51 percent, 30 percent and 11 percent, respectively.

    According to a second-quarter e-commerce report by, online grocery has been the only goods segment with continuous growth since the pandemic broke out.

    When HCMC started applying social distancing rules in early July, demand for buying groceries online increased sharply. E-commerce platform Lazada Vietnam sold 120,000 fresh milk cartons in the first three hours of July 7, and 10,000 poultry eggs in the first 12 hours of the day.

    According to iPrice researchers, the surge in searches for online grocery stores and supermarkets is linked to the social distancing regulations imposed by municipal and provincial authorities. Retail sales of essential goods will also go online rapidly, they said.

    The higher demand for groceries prompted e-commerce platform Tiki to open fresh groceries stalls (September 2) that would deliver the products within three hours in Hanoi.

    To lure more customers, online shopping platforms have held shoppertainment (shopping in combination with entertainment) activities since early July. Lazada and Shopee have launched online mini-game contests and music shows, and conducted more livestream sales in combination with recreational activities.

    Lazada’s livestream channel reported that its daily views in the second quarter of this year rose 2.5 times over the same period last year. Shopee said the number of Shopee Live users in the first half of this year surged over 200 percent on-year.

    Online payment and shopping platform MoMo attracted eight million players in one month after organizing a game contest with prizes totaling VND10 billion (nearly $435,000). “We will continue to organize similar programs,” said co-founder and vice chairman Nguyen Ba Diep.

    According to rankings complied by iPrice Group and Israel-based digital intelligence provider SimilarWeb, Lazada Vietnam saw its website visits in the second quarter of this year increase 14 percent against the first quarter to 20.4 million, ranking second after Shopee. Shopee ranked the first for the 12 quarters, with 73 million web visits in the second quarter, up 9.2 million visits against the previous one.

    Among e-commerce platforms in Vietnam, Lazada and Shopee have been the most active in terms of shoppertainment events in recent months. They are expected to host more such programs on September 9, the super shopping day.

    The visits to top 50 shopping websites in Vietnam in the first half of this year totaled over 1.3 billion, the highest number so far. Specifically, web visits in the second quarter rose 10 percent over the first.

  • General director of VietinBank appointed new chairman

    General director of VietinBank appointed new chairman

    Vietnam Bank for Industry and Trade (VietinBank) has elected General Director Tran Minh Binh as the bank’s new chairman for the 2019-2024 term.

    The appointment came Tuesday, two months after the bank’s former chairman, Le Duc Tho, was appointed secretary of Ben Tre Provincial Party Committee from July.

    Tran Minh Binh, 47, holds a Master’s degree in Business Administration from National Economics University – Belgium’s ULB University.

    Binh has more than 22 years of experience working at VietinBank, including 17 years as a professional manager at the head office and branches and eight years as a senior manager.

    On the same day, the bank also assigned Nguyen Hoang Dung, its deputy general director, as general director in charge of the executive board, replacing Tran Minh Binh.

    VietinBank, the third-largest lender by total assets in Vietnam, made a consolidated net profit of VND10.81 trillion ($473.69 million) in the second quarter of 2021, up 44.52 percent compared to the same figure in 2020, according to the bank’s financial report.

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  • Online retailers in APAC drew 154 million new customers last year

    Online retailers in APAC drew 154 million new customers last year

    Asia Pacific’s online retail market is in good form, despite being one of the slowest growth markets when compared to global rates.

    According to new research from Forrester, Asia Pacific’s online retail market will be worth $2.8 trillion by 2025, up from $1.7 trillion in 2020.

    Last year Asia Pacific achieved $230 billion in online retail sales, with China accounting for almost an entire third of global sales.

    Within the e-commerce space China also dominates with an 82% share of the market, supporting overall APAC market growth of 16%.

    The grocery category will reach $473 billion by 2025, surpassing the consumer electronics category for the first time.

    The pandemic also drove newcomers to online retail – in Asia Pacific, 154 million more people bought online last year, which Forrester says is the highest number of new users ever in a single year. Of all the new buyers added globally in 2020, 69% came from Asia Pacific and 53% specifically from China.

    The Australian market experienced the fastest growth, while India was the slowest. Retailers also see the online market as a key way to leverage their distribution centres as a way of improving their reach.

    Forrester notes, “Alibaba took a controlling stake in Sun Art Retail, China’s largest supermarket chain, which has 76% of its stores outside urban areas, allowing Alibaba to break into the underserved nonurban customer market.”

    The strong grocery category attracted players such as Reliance Retail in India, which opened an online grocery company that covers more than 200 cities across the country.

    Forrester notes, “Flipkart in India had a limited presence in grocery; it then added a 90-minute delivery service to make the most of the fastest-growing category in India. Tata Group acquired BigBasket, the largest online grocery player in India, to make inroads into the Indian e-commerce market.”

    Organisations are increasingly looking to livestreams as a way of promoting their companies and fostering brand engagement.

    “ Farmers used livestreaming sessions on Douyin — Tiktok in China — to sell fresh produce, with some earning more than $1 million per month.”

    Social commerce also gained momentum. Forrester notes, “Meesho, a pure-play social commerce retailer in India, reports seeing monthly users grow from just 0.5 million to 5.5 million and monthly orders jump by 500% from 2019 to 2020. In China, community buyers (i.e., buyers congregating on WeChat) purchase grocery in bulk and pick it up from a nearby drop location. Retailers save on the last-mile shipping cost, and buyers get groceries at a discounted price.”

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  • Shopee launching platform in Poland

    Shopee launching platform in Poland

    Sea Ltd’s Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.

    The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.

    Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.

    One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.

    The two sources, who requested anonymity because they were not authorized to speak to media, said Shopee will also launch in Argentina in the coming months.

    The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.

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  • Vietnam’s biggest auto expo canceled again

    Vietnam’s biggest auto expo canceled again

    The Vietnam Motor Show, the biggest automobile expo in the country, has been canceled for the second year running over Covid-19 impacts.

    This year’s show was originally scheduled to be held next month.

    Members of the Vietnam Automobile Manufacturers’ Association (VAMA) and the Vehicles Importers Vietnam Association (VIVA) said in a joint statement the VMS 2021 has been canceled as was VMS 2020.

    Earlier, the VMS 2021 organization board had planned to postpone the expo to the last week of November or the second week of December, but found that such plans were not feasible. The board is expected to make an official announcement about the cancellation soon.

    The VMS 2019 in HCMC drew the participation of 15 firms that displayed over 100 new cars. Many firms in the supporting industry also participated in the event that drew over 200,000 visitors.

    Vietnam’s car sales rose 27 percent year-on-year to over 166,500 units in the first seven months, thanks to a surge in the first quarter.

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  • Bamboo Airways to launch first US route this month

    Bamboo Airways to launch first US route this month

    Startup airline Bamboo Airways has completed the necessary procedures to begin its first direct flight to the U.S. starting Sep. 23, set to be the first Vietnamese airline to do so.

    The airline stated it has received licenses from U.S. Transportation Security Administration (TSA) to conduct 12 return flights between the two countries from this month until November.

    It will connect Hanoi and Da Nang City with San Francisco, Los Angeles and Seattle-Tacoma.

    Also starting Sep. 23, the airline of real estate developer FLC will begin a series of events in the U.S. including signing memorandums with San Francisco and Los Angeles airports and opening its first representative office in the U.S.

    Bamboo Airways in May received permits for charter flights from Vietnam to the U.S.

    The U.S. is considered one of the most difficult aviation markets in the world with stringent safety regulations from the TSA.

    Bamboo Airways is the second Vietnamese airline to have acquired permits from the TSA, with the first being Vietnam Airlines which is set to start its first U.S. route next month.

    Vietnamese authorities first wanted to open direct services to the U.S. 18 years ago. However, concerns about profitability have kept airlines from realizing the goal.

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  • Ministry wants betting to be allowed on more global football events

    Ministry wants betting to be allowed on more global football events

    The Ministry of Finance wants more global football tournaments added to the list of those on which people can bet.

    The list comprises 27 events, including 15 leagues in Europe, Asia, North America and South America and 12 tournaments held every two or four years.

    Gamblers will be allowed to bet on matches Vietnam play, including in the World Cup, AFC U-23 Championship, Olympics, Asian Cup, and U-20 World Cup.

    The minimum and maximum bets on football matches, horse races and dog races will remain unchanged from 2017 at VND10,000 ($0.44) and VND1 million.

    A 2017 government decree allows Vietnamese to bet on all football tournaments run by FIFA.

    But gambling remains illegal in Vietnam. There are a handful of licensed casinos, but only holders of foreign passports are allowed to gamble there.

    Vietnamese are known for their love of gambling. It is estimated they spend at least $800 million a year betting overseas, mainly in Macau, Singapore and Hong Kong.

    Illegal betting and gambling are rife within the country too. Da Nang City police last year arrested a man running an online football gambling ring with stakes of nearly $1 million.

  • Twitter testing edge-to-edge photos and videos for a more immersive visual experience

    Twitter testing edge-to-edge photos and videos for a more immersive visual experience

    Twitter has been working on steadily adding new features to the social media platform in the past few months, and now, TechCrunch reports about a new feature that’s undergoing testing right now, and it is edge-to-edge tweets, photos, and videos. The latest test Twitter is currently working on brings a more immersive visual experience with the introduction of edge-to-edge tweets, a feature that’s tested only on iOS right now and will expand to Android later on. This improvement in the way photos and videos are displayed on the app is a part of the general direction the company is going: making your Twitter feed a more visually pleasing experience.

    Earlier this year, Twitter introduced bigger images and more cropping tools to the platform as well, and this change was well received by photographers and photography enthusiasts, meaning to share their content on Twitter.

    The test that’s ongoing now makes tweets fill the full frame from left to right, instead of having a large margin on the left. This change makes allows for larger videos and photos that look more visually pleasing and modern, instead of being squished to the right of users’ profile pics.

    This way, Twitter says it wants to encourage its users to have conversations across photos and videos, and not only texting (which was the traditional approach the social media platform had).

    In the announcement, Twitter stated the new immersive experience will bring life to your Twitter feed and will make it possible for you to concentrate your focus on your message, video, photo, whatever it is you want to share.

    Recently, the social media giant introduced Twitter Spaces, which is a step towards bringing a better audio experience to the users, and it’s no surprise that with videos playing a more prominent role in social media interactions (as an example of which we can look at TikTok’s success and rising popularity as a video platform), Twitter is also ready to take on that route and bring more photo and video features.

    Marketers are partial towards videos for advertisements, so more advertising possibilities could also be playing a role in this change Twitter is currently testing.

    The most recent new feature Twitter has launched is the long-tested Super Follows feature and a new Safe Mode, which is meant to protect you against potentially offensive or harmful interactions (that is, if you enable it). Both these features are currently live for a small set of users, primarily in the US, and will be launched globally soon.

    The Super Follows feature is, basically, a way to subscribe to a creator and receive exclusive content, something similar to Patreon’s pledges. Safe Mode on the other hand uses artificial intelligence to determine potentially harmful messages to you and restrict these users that are sending them. An example of that is someone you haven’t been replying to sending repetitive DMs in an aggressive manner, of course, if the feature has been enabled from Settings.

    Apart from that, Twitter has been spotted to work on the feature to archive previous tweets, a welcome addition meant to help you get rid of old tweets that you don’t like, or just annoy you to be displayed on your profile. The feature will allow you to archive old tweets automatically, so you don’t have to worry about those. Once this feature, which is currently in a testing period, gets released, you will be able to set it up for 30, 60, or 90 days. It will archive these old tweets according to your settings.

  • Disney raises prices at Hulu effective October 8

    Disney raises prices at Hulu effective October 8

    Hulu was one of the few streaming services that didn’t increase prices this year. Unfortunately, that’s about to change as Disney has just confirmed that Hulu price tiers will be increased effective October 8.

    The price of Hulu’s live TV service plans will increase by $1 starting October 8. Taking into consideration the new price hike, Hulu’s ad-supported tier will cost $6.99 per month, while the ad-free tier will be going up to $12.99 monthly.

    The Hulu price hike follows the other increases in recent months at ESPN+ and Disney+. The report mentions that the reason for the price increase could be the addition of thousands of Bollywood titles and Hotstar originals to the streaming service.

    Also, the new price for Hulu’s tiers might make the Disney Bundle more appealing for those who wish to save some bucks (36% to be more precise). Hulu confirmed that the price of the Disney Bundle will not change due to the price increase. It’s also important to mention that the price hike won’t affect Hulu + Live TV plans.

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  • Digital media startup raises another $2.7 mln

    Digital media startup raises another $2.7 mln

    Vietcetera, a digital media startup, raised $2.7 million in a pre-series A round last month after earlier raising $700,000 in March.

    The pre-series A round was attended by U.S. venture capital firm North Base Media, Indonesian investment company Go-Ventures and early-stage venture capital firm East Ventures, Philippine digital lifestyle network Summit Media, Japanese venture capital firms Genesia Ventures and Z Venture Corporation.

    Vietcetera plans to use the money to expand its content catalog by adding new shows and podcasts, and further developing its mobile app.

    In March, Genesia Ventures had led the seed funding round with an investment of $700,000.

    Established in 2016, Vietcetera produces content in Vietnamese and English, ranging from articles about business and stories about lifestyles to podcasts.

    Vietcetera said it has over 20 million users a month, mostly from Vietnam, of whom 60 percent are women. It also said it has witnessed “rapid audience and revenue growth” as users in Vietnam, especially from Gen Z (those born in 1996 or later), demand high-quality multimedia content.

    One of Vietcetera’s most viral content is a rap music video featuring former U.S. ambassador to Vietnam, David Kritenbrink. The video was released in February to welcome the Lunar New Year.

    According to a report by Google, Temasek Holdings Pte and Bain & Co, Vietnam’s digital media market is expected to surge to $7billion in 2025 from $3.3 billion in 2020, and its digital economy to $52 billion, including $29 billion from e-commerce, from $14 billion.

  • AirAsia extends unlimited flights

    AirAsia extends unlimited flights

    As IATF Resolution 136-F allows interzonal travel from GCQ to GCQ or GCQ to MGCQ areas subject to restrictions of the local government unit of destination and strict health and safety protocols such as the presentation of a negative RT-PCR test upon arrival, AirAsia Philippines is giving its 12,000 UNLI Flight Pass holders great value for money and great ease especially with the return of leisure travel in the National Capital Region.

    Beginning September 8-30, 2021, AirAsia will start to fly travelers to Cebu, Davao, Zamboanga, Panglao, Tacloban and Caticlan.

    UNLI Flight Pass’ is extended until 17 January 2022.  Consequently, the travel period has been extended from 30 October 2021 to 31 January 2022.

    In a press release, AirAsia Philippines said UNLI Flight Pass was tremendously welcomed by travel enthusiasts, mostly young professionals and families during its launch in November 2020.  It has also become the travel partner of essential travelers and Authorized Persons Outside Residence such as medical frontliners and members of the uniformed services like different branches of the Armed Forces of the Philippines, Philippine National Police, Philippine Coast Guard, Bureau of Fire Protection and Bureau of Jail Management and Penology.

    More than 5,400 flights have been booked using the UNLI Flight Pass to leisure destinations such as Boracay, Cebu and Bohol.  However, AirAsia reminds the public that the promo is also open to all their domestic destinations including Davao, Cagayan de Oro, Zamboanga and General Santos City.

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  • Airlines sells in-flight blankets and pyjamas for ‘first-class’ experience

    Airlines sells in-flight blankets and pyjamas for ‘first-class’ experience

    As aviation geeks, many of us have a tendency to want to take some aspects of the flying experience home. For example, this is something United had a huge issue with when they introduced their new Polaris experience, as they found a lot of people were removing the blankets and pillows from the plane, given how comfortable they are.

    United then started selling some of the Polaris amenities online, and I know it has been popular with many. For example, I really love the Polaris duvet, and think it makes a great gift for any aviation geek (and it’s not horribly priced for a duvet either).

    It looks like Emirates is following in United’s footsteps, as Emirates is now selling some of their first-class amenities through their online store.

    The Emirates online store in general has some awesome merchandise for anyone who likes Emirates branded great, but the addition of some first class items is cool as well. Here are the first-class items you can expect to see online:

    Bowers & Wilkins PX Headphones

    The Bowers & Wilkins PX headphones are made to suit every environment you’re in. With 22 hours of battery life, and 3 noise cancellation modes – these headphones have you covered whether you’re in the office, city streets or any flight. Available in two colors with an exclusive Emirates travel case – grab a pair quickly before your next adventure!

    Available in all Emirates Official Stores and www.emirates.store, these must-have headphones retail at AED 1,799.

    Hydra-active Sleepwear (First Class Pyjamas)

    Relax in the world’s first moisturizing sleepwear range to ever be developed for an airline, and drift off like you’re up at 40,000 feet in hydra-active sleepwear pyjamas. Designed to prevent skin dehydration, you’ll feel rested and refreshed every morning. The fabric is crafted with the use of natural ingredients – Shea Buter and Argan Oil – which are released with every motion, keeping your skin moisturized and protected.  The patented Microcapsule Technology locks in the natural benefits, allowing you to wash the pyjamas and use them again them again.

    Catering to female and male sizes – the pyjamas come in four sizes and in a jersey travel pack. The dark grey men’s pyjamas come with wide leg pant and ribbed collar, while the female’s pyjamas come in a light grey tapered pant and reverse darker color collar.

    Available in all Emirates Official Stores and www.emirates.store, the First Class pyjamas retail at AED 200 per piece.

    First Class Blanket

    As the winter and the festive season approach, grab yourself a warm blanket for those special chilly nights spent at home with family and friends. When open, the cream-colored, furry blanket has armholes and pockets to keep hands and feet warm.  This essential item can also be converted into a travel pillow, providing ultimate comfort and support for the neck.

    Available in all Emirates Official Stores and www.emirates.store, the First Class blankets retail at AED 225.

    The Bowers & Wilkins PX headphones are good, but at the price I think there are better ones out there.

    I find Emirates’ new pajamas to not be particularly comfortable.

    And I also don’t think their blankets are great, and actually prefer the United Polaris duvet, if you are in the market for an airline blanket for home.

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  • Amorepacific alligns on offline experiences for online shoppers

    Amorepacific alligns on offline experiences for online shoppers

    Amid difficult times for traditional offline retailers, Amorepacific is charting a new course for its operations across many of its most important brands. The goal is not simply to adapt to the so-called New Normal, but to embrace it with new and meaningful experiences for consumers.

    There is no doubt that the foot traffic in offline stores is falling sharply as more and more consumers find what they need via e-commerce. This long-term trend has accelerated due to the prolonged pandemic, and the beauty industry has not been immune. Many retailers have shuttered branches and shopping centers like Seoul’s Myeongdong district, which has long been a hub for attracting tourists from around the world, are experiencing unprecedented difficulties as tourists have stayed away.

    As Korea’s leading beauty conglomerate, Amorepacific has moved quickly to provide differentiated experiences for consumers, seeking to overcome the shock of the crisis with new distribution channels and strategies that embrace a combination of enhanced offline and expanded online approaches, while at the same time pioneering new markets overseas.

    In this new approach, the offline environment takes on an added role as an experience platform. More than just for buying products, it’s a place where customers can begin to explore a new world of beauty through new contents and services. Amorepacific’s aim is to create synergy between online and offline environments in creative ways that strengthen brand loyalty while also attracting new customers.

    “We know that consumer needs are changing and it’s time for us to embrace new and creative ways to approach them,” said Suh Kyung-bae, Chairman & CEO of Amorepacific Group, in his new year’s address, “Amorepacific continues to evolve but we will always focus on providing outstanding beauty experiences for our customers.”

    Amorepacific’s offline stores with outstanding beauty experiences

    • Amore Store Gwanggyo is an experience-based beauty store whare customers can meet and experience 40 brands and 2,000 products of Amorepacific. REFILL STATION opened in October 2020 at Amore Store Gwanggyo which enables customers to choose from 15 shampoo and bodywash products to refill recycled containers made from coconut shells. It is economical, environmentally friendly, and the contents are always at a discount from regularly bottled products.
    • Amore Seongsu is a place where customers can get to know beauty trend and experience Amorepacific’s latest beauty science and technology. BASE PICKER is a new service launched on April 6th at Amore Store Seongsu. Customers can create personalized foundation and cushion products from a choice of 2 textures, 2 product types and 100 colors. BASE PICKER was developed in collaboration with the Korea Advanced Institute of Science and Technology after conducting three years of research on skin tones and foundation colors. Tailored products are mixed on the spot with a special robot operated by patented technology in a fast and hygienic process.
    • IOPE lab is located in Seoul’s Myeongdong shopping district. It’s a place where customers can receive personalized measurement and genetic analysis of their skin type, and obtain personalized skincare solutions. Customers can also try the store’s personalized hydrogel mask service. Created with a 3D printer on the spot, the service received a 2020 CES Innovation Award.
    • FACEFIT by ARITAUM is located in Seoul’s Times Square Mall. Operated with professionally trained face-fit consultants, the store offers one-on-one personalized service optimized for each customer’s individual facial features. Customers can choose from key Amorepacific brands such as HERA, IOPE and HANYUL, and experience “face-only-fitness” as they learn how to exercise their facial muscles. The store also provides mini-makeup services and precise diagnosis of each customer’s skin problems.
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  • Citi Commercial Bank Opens China Desk in Singapore

    Citi Commercial Bank Opens China Desk in Singapore

    The new China desk in Singapore adds to CCB’s network of six Asia desks in the region, which supports clients’ banking needs across intra-Asia growth corridors.

    Citi Commercial Bank (CCB) Asia Pacific has set up a China desk in Singapore, facilitating access to the cit-state and wider ASEAN region for emerging corporates from China, it announced on Monday.

    Mona Zhang, previously parent account manager for mid corporates in CCB China’s office, is leading the desk. Zhang brings a wealth of knowledge and experience in understanding the business landscape in China and serving the needs of Chinese corporates.

    She will build the bank’s relationships with China-based clients and support their expansion plans into Singapore and as well as the rest of ASEAN, Citi said in a statement.

    Citi highlighted CCB’s growth across China to Singapore as well as China to ASEAN corridors. Last year, it more than doubled revenue in the China to Singapore corridor, supported by 35 percent growth in new client acquisition. Momentum in new client acquisition also resulted in a doubling of revenue in the China to ASEAN corridor last year, Citi said.

    Singapore and the broader ASEAN region are key markets for growth for expanding Chinese emerging corporates. A majority of these clients set up holding companies in Singapore for their ASEAN units, with the market serving as a treasury and funding hub, Lin Hsiu-Yi, CCB ASEAN and Singapore head, said.

    Other CCB desks in the region include a Korea desk in China, Hong Kong, India and Vietnam; a Greater China desk in Hong Kong; and a China desk in India.

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  • StanChart Announces Details on Digital Bank Venture with NTUC

    StanChart Announces Details on Digital Bank Venture with NTUC

    A StanChart veteran has been appointed to lead its digital-only bank in Singapore. Standard Chartered Singapore’s head of consumer, private and business banking, Dwaipayan Sadhu, has been appointed CEO of the bank’s new digital venture with NTUC Enterprise, details of which were released on Monday.

    Sadhu, who has more than two decades of experience across wealth management, payments, deposits, consumer lending, and digital banking, will hold both roles concurrently while transitioning to his new position by the end of the year.

    Standard Chartered will take a 60 percent stake in the venture, worth S$144 million ($107.28 million), with the NTUC’s enterprise arm taking the remaining 40 percent stake, worth S$96 million.

    Singapore is Standard Chartered’s second-largest market after Hong Kong. The bank announced plans for the digital venture with NTUC about a year ago, soon after it obtained the Significantly Rooted Foreign Bank (SRFB) status in Singapore, which gives it significant advantages such as the ability to set up a digital-only unit, lower amounts in paid-up capital and a greater number of places of businesses.

    Four other digital banks, which obtained licenses under a different process, are set to be launched in the republic in the coming year.

    With the new digital bank, Standard Chartered will be the only entity to operate a virtual bank in the region’s two largest hubs. In Hong Kong, it runs Mox – jointly owned with telecom firms PCCW and Hong Kong Telecom, and online travel agency trip.com.