Retail News CRM

Tag: bangking

  • OCBC Revolutionizes Digital Banking: Integrates Top Southeast Asian Wallets, Targets 2.72 Billion User Base

    OCBC Revolutionizes Digital Banking: Integrates Top Southeast Asian Wallets, Targets 2.72 Billion User Base

    Singapore’s OCBC bank has significantly advanced its position in the regional payments sector by incorporating eight major Southeast Asian digital wallets into its banking app. This move has established the most inclusive bank-to-wallet ecosystem in the region, according to the bank.

    The decision, facilitated by an expanded partnership with Visa, is designed to simplify remittances, reduce expenses, and bring countless unbanked consumers closer to digital financial services. Now, OCBC customers in Singapore can directly transfer money to top wallets in Indonesia, Malaysia, the Philippines, and Vietnam.

    The recently integrated wallets include the Philippines-based Coins and GCash, Indonesia’s GoPay, LinkAja, and Ovo, Vietnam’s Momo, the Philippines’ PayMaya, and Malaysia’s Touch ‘n Go. This addition builds upon the previous year’s integration of Weixin Pay and Alipay, bringing the total number of wallets to ten. Collectively, these wallets represent a user base of nearly 2.72 billion.

    Addressing the Needs of Singapore’s Foreign Workforce

    This improvement directly tackles the most significant challenges in conventional remittances, namely speed, cost, and accessibility. OCBC points out that a large number of foreign workers still depend on cash agents or manual transfers.

    Through bank-to-wallet connectivity, either the workers or their employers can send funds instantly and without any fees, even if the recipients do not have a bank account or access to physical branches. OCBC anticipates high adoption rates among Singapore’s 1.6 million foreign workers.

    Initial Success: Quadrupled Transfers to China

    OCBC introduced wallet transfers to China a year ago and has since processed more than S$60 million through this feature. Cross-border transfers to China have increased fourfold, with 90% of users avoiding branch visits. Three-quarters of these users are PMETs, primarily Chinese nationals sending money home. This initial success set the groundwork for the current broader rollout across Southeast Asia.

    Visa Partnership to Expand Global Reach

    The expanded capabilities have been made possible by Visa Direct, which links nearly 11 billion endpoints worldwide, including over 3.5 billion digital wallets. According to Adeline Kim, Visa’s Singapore country manager, Visa Direct is helping to “bridge financial gaps”. Moreover, six out of ten Singaporean remittance users anticipate maintaining or increasing their overseas transfers this year.

    OCBC’s Global Ambitions

    Sunny Quek, OCBC’s head of global consumer financial services, has said that the bank is making good on its promise to extend beyond China. He said that “By connecting OCBC accounts to eight of Southeast Asia’s most popular wallets, we are removing friction from cross-border payments and making remittances faster, cheaper, and more inclusive.”

    He further revealed OCBC’s long-term plan to connect its customers to 50 wallets globally, which would make its app “the most comprehensive wallet access of any banking app”.

    Boosting OCBC’s Regional Digital Presence

    This development further solidifies OCBC’s standing as a leading regional financial institution. As one of the world’s most highly-rated banks and one of the largest financial groups in Southeast Asia, OCBC continues to invest in consumer banking innovation in the face of growing competition in the digital payments and fintech landscapes.

    Questions & Answers

    What new capabilities has OCBC Bank added to its banking app?
    OCBC has integrated eight major Southeast Asian digital wallets into its banking app, facilitating direct money transfers to top wallets in Indonesia, Malaysia, the Philippines, and Vietnam.

    What are the benefits of this integration for OCBC customers?
    This integration simplifies remittances, reduces costs, and allows for the instant and fee-free transfer of funds – even if the recipients don’t have a bank account or access to physical branches.

    What is OCBC’s long-term vision for its banking app?
    OCBC aims to connect its customers to 50 wallets globally, with the goal of offering the most comprehensive wallet access of any banking app.

  • UBS To Increase Dividend and Repurchase More Shares

    UBS To Increase Dividend and Repurchase More Shares

    Switzerland’s largest bank posted a better-than-expected profit in the fourth quarter. The bank will also increase its dividend this year and buy back more shares.

    UBS posted a net profit attributable to shareholders in the fourth quarter of $1.653 billion, and $7.630 billion for the year as a whole, according to figures released Tuesday. The fourth quarter result is better than expected, and the annual result improves on the bank’s $7.457 billion net profit in 2021.

    Total revenues in the fourth quarter were $8.089 billion while operating expenses fell to $6.085 billion, down 13 percent from a year ago. UBS said that the fourth quarter of last year included $740 million in litigation provisions for a cross-border legal case with France.

    Excluding the provisions, operating expenses would have decreased by three percent and pre-tax profit would have declined 22 percent, according to UBS.

    The Global Wealth Management (GWM) unit booked a pre-tax profit of $1.058 billion in the fourth quarter, which was marginally better than expected. Compared to the year-ago result of $563 million, it marked an 88 percent increase. For 2022, the net profit for the unit fell to $4.601 billion, a decline of five percent.

    GWM attracted $23.3 billion in new fee-generating assets for the quarter, bringing the total new money for the year to $60.1 billion, according to UBS.

    CEO Ralph Hamers said, «we could achieve this in a year marked by difficult macroeconomic conditions, persistent inflation, rapid monetary tightening, the war between Russia and Ukraine, the impact of the Corona pandemic in China, and other geopolitical tensions.»

    The Asset Management division reported a pre-tax profit of $124 million for the fourth quarter a decline of 63 percent.

    Hamers also said that UBS is starting 2023 from a position of strength despite uncertain macroeconomic conditions.

    After buying back $5.6 billion of shares last year, Hamers said UBS plans to buy back more than $5 billion this year as well. Furthermore, the bank will continue to pursue a progressive dividend payment policy. For 2023, UBS intends to propose a dividend of $0.55.

    UBS will continue to pursue growth opportunities in the United States, Hamers said. In the Americas region, the GWM unit attracted $17 billion in fee-generating money and closed the quarter with strong advisor recruiting efforts.

    UBS said that it continues to see «positive momentum» in private markets in the region, attracting $10 billion of new commitments. Its separately managed accounts (SMA) product contributed $21 billion of new money in the Americas.

    Lees ook:

  • UBS Accepts Verdict for French Subsidiary

    UBS Accepts Verdict for French Subsidiary

    UBS is accepting convictions against its French subsidiary while keeping its legal options open in a tax dispute with French authorities for the group.

    UBS will pay a 1.9 million euro ($2.1 million) fine to French authorities. Last week’s French court ruling against Switzerland’s largest bank entailed a guilty conviction over tax offenses and money laundering, a 3.75 million euro fine plus 800 million euros in damages, and a 1 billion euro corporate bail.

    While the banking group is appealing against these convictions, it has accepted the verdict against its French subsidiary UBS (France).

    In a media statement from December 13, UBS (France) was acquitted of money laundering, but convicted of unlawful client solicitation for which the bank will now pay a 1.9 million euro fine.

    The bank highlighted in Monday’s media release that it’s current approach allows it to analyze the situation and weigh its options in the «best interest of its stakeholders,» which means that the group could still withdraw its appeal.

    Lees ook:

  • China Bond Bankers Flee HSBC

    China Bond Bankers Flee HSBC

    HSBC has reportedly lost four bankers in its debt capital markets team covering Chinese state-owned enterprises as the business faces pressure from the Huawei incident and stressed relations with the U.K.

    Managing directors John Hai and Jiang Song have left HSBC in recent weeks, according to a report citing unnamed sources, with plans to join competing firms after more than a decade with the British lender.

    Hai and Jiang led client coverage of Chinese investment-grade issuers including state-owned enterprises (SOE).

    Two other bankers on HSBC’s China investment grade team have also left.

    The Chinese investment-grade bond team has 12 employees and the overall debt capital market (DCM) unit has about 20.

    According to the sources, HSBC has been missing out on dollar bond deals from Chinese SOE clients following the U.S. probe of Huawei’s chief financial officer Meng Wanzhou.

    Dealmaking was also affected by U.K.-China tensions over political freedoms in Hong Kong.

    Despite the headwinds, HSBC continues to concentrate resources in Asia with reduction or exits from unprofitable operations in the U.S. and Europe.

    In addition to the transferal of three of HSBC’s most senior executives from London to Hong Kong, the bank has also made managing director-leveled hires in global co-head of capital financing Matthew Ginsburg and head of consumer and retail Heidi Chan.

    We continue to invest in our mainland China business – both onshore and offshore – and have seen recent strong momentum for our China DCM business, particularly in [the] public sector, FIG and high yield, said an HSBC spokesperson. As the leading foreign bank in mainland China, we are proud of our track record, and confident and optimistic about our ability to serve the financial and banking needs of our Chinese clients.

    Lees ook:

    Lees ook:

  • HSBC APAC Chief Risk Officer Steps Down

    HSBC APAC Chief Risk Officer Steps Down

    Family reasons were cited as the recent for the exit with an interim head being flown in from the U.K. Ed Jenkins steps down after joining HSBC more than a decade ago and less than a year after being named chief risk officer for the region. He will take a sabbatical after July 1 before returning to the bank in October, according to a report citing an internal memo.

    Marc McKewon, Jenkins’ predecessor, will return from the U.K. to become the Hong Kong-based interim chief risk officer. McKewon is currently the global chief corporate credit officer, head of the wholesale market and credit risk.

    HSBC has been a major receipt of increasing risks across social, economic and political fronts. In addition to the broad-based effects of the coronavirus pandemic, the bank has been spotlighted in reported tensions with pro-democracy protesters; dividend-hungry shareholders; Beijing-backed officials; British Tory members; and internal staff.

    HSBC is also concurrently attempting to restart and deepen an overhaul originally targeting a giant reduction of 35,000 job, $4.5 billion in costs and $100 billion in risk-weighted assets.

  • DBS Sets Date for AGM

    DBS Sets Date for AGM

    The bank will pay its final dividend of S$0.33 per share on May 26, after approval at the AGM. DBS Bank will hold its annual general meeting (AGM) by electronic means on April 30. As no physical attendees permitted in light of ongoing «circuit breaker» measures, shareholders should pre-register to be able to watch and/or listen to the proceedings online, the bank said in a statement on Thursday

    Originally scheduled for March 31, DBS said it would postpone its AGM, following government measures that imposed stricter measures to enforce safe distancing in social settings, given the Covid-19 virus outbreak.

    Earlier this month, Singapore Exchange Regulation said it would automatically extend by 60 days the deadline for all issuers with financial year-end on or before 31 March 2020 to hold their AGMs.

    The date of UOB’s AGM has not been fixed, it is likely to hold its meeting on April 30. UOB investors are due to approve a final dividend of 55 cents a share and a special dividend of S$0.20 per share at the AGM.

    OCBC also said it would defer its AGM, originally scheduled for April 30, to a future date to be determined. The bank was due to pay a final dividend of S$0.28 per share on June 5, with the record date on May 26.

     

    Lees ook:

  • Gamified Banking in Thailand Driving Clients Inflows

    Gamified Banking in Thailand Driving Clients Inflows

    Gamification within Thai banking has proven to be a hit for fintech firm Meniga, which has seen the concept flourish enough to drive clients to top up savings to increase their «level».

    Meniga is focused on developing white-labeled digital user experiences focused on leveraging the power of analytics and transaction data.

    According to Meniga’s APAC head of sales, Kanika Mittal, it had partnered with a Thai financier to power an app that gamified deposits by «leveling up» customers as they saved more in a way akin to popular games like Age of Empire, where users build and upgrade their civilizations.

    When they begin, they are on level one. As they save more they can build a village before upgrading to a town, city and super city, Mittal explained. «The app has a total of 74 levels and it has proven so popular that customers called to increase the savings limit per day to advance.

    A key prerequisite for unlocking the value of transaction data for individual customers is aggregation. While the technology undoubtedly exists, an ecosystem needs to be formed and, in particular, regulations need to be in place to drive industry growth and form trust in the market.

    It is critical to provide consumers and market players a sense of security and safety when such personal data is being shared across banks,» she explained. «That is why regulations play a key role. If it is an organic market for open banking, there will always be hesitation for open banking that is not backed by a regulatory authority.

    Meniga was founded in Iceland within the ruins of the financial crisis when the nation had already seen the worst with three of the top four banks having collapsed. Out of all this chaos, the firm sought to raise awareness about how to manage finances better, not only due to the evident demand for such insights or expertise, but also because «it is the socially responsible thing to do,» Mittal said.

    Proof of its commitment to the value of social responsibility, the firm recently partnered with UN Climate Change to provide customers with data and insights about their impact to the environment. The partnership developed methods to calculate the carbon footprint of users entirely based on their transaction data and the type of products and services consumed.

    Such developments are win-win scenarios,» she added. «That is part of the fabric of this company, based on our roots, and we believe in it.

    Lees ook:

    Lees ook:

  • Standard Chartered launches bold new brand campaign

    Standard Chartered launches bold new brand campaign

    Launched in 2010, StanChart’s ‘Here for good’ campaign showed how a bank could be a force for good by promoting economic activity that has a positive social impact. The new campaign retains the original brand promise but sharpens the bank’s focus on how banks can help tackle some of the problems that stand in the way of global prosperity and commerce.

    Behind the ‘Good enough will never change the world’ campaign is an 18 month deep-dive into the values underpinning Standard Chartered and ‘Here for good’. The project included hundreds of client interviews and collected inputs and values of our 85,000 staff.

    The campaign showcases a series of inspirational short films featuring people who accomplished extraordinary things because they wouldn’t settle for ‘good enough’. Directed by award-winning film-maker Asif Kapadia, the launch video stars Jamaican sprinter and Olympic champion Usain Bolt.

    “I always say ‘never think limits’ and ‘anything is possible’.  It is not enough to dream big – you need to push through barriers to realise your dreams,” said Usain Bolt. “When you have an end goal in mind and you’re passionate about it, you can find the will and the strength to break through boundaries and achieve that goal.”

    Follow-up videos will tell stories of how companies and clients overcame obstacles to deliver stronger performance or make a difference in emerging markets across Africa, Asia and the Middle East.

    “What is really exciting about the next chapter in ‘Here for good’ is that it’s deeply rooted in the Bank’s clients, employees and history” said Emma Sheller, Global Head, Brand and Marketing. “It’s also about being in tune with what’s happening in the world. We set the bar high with ‘Here for good’. Now we are setting it higher with ‘Good enough will never change the world’.”

    The campaign kicked off on 30 April in Hong Kong, Korea, Singapore, Taiwan and the United Kingdom. It will roll out in 2018 in phases across the rest of the Bank’s footprint.

    Lees ook:

    Lees ook: