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Tag: Banking

  • UOB Indonesia Projects 5.2% Growth in 2017

    UOB Indonesia Projects 5.2% Growth in 2017

    Bank UOB Indonesia projects Indonesia’s economy to grow next year despite the global slowdown. UOB Indonesia president director Kevin Lam said Indonesia’s economy will grow steadily at around 5.2 percent in 2017, up from this year’s 5.0 percent.

    Kevin is certain that the government will maintain the country’s growth momentum through various economic policy packages aimed at boosting investments. Several infrastructure projects that are currently underway are also expected to help achieve economic equality and income growth.

    “The projects also create jobs, thus contributing to household consumption,” he said in a press conference after the UOB Indonesia Economic Outlook 2017 event in Jakarta.

    Kevin said the government’s effort to attract investors by releasing policy packages—comprised of relaxations and deregulations—is working. According to the UOB Asian Enterprise Survey 2016, nearly a quarter of the respondents, which were Asian companies, chose Indonesia as a destination for their expansions in the next three to five years.

    Last week, Finance Minister Sri Mulyani Indrawati projected that Indonesia’s economy in the fourth quarter will reach 5.0-5.1 percent, “due to fiscal expansions.”

    The minister said state institutions will have plenty of expenditures ahead of the year-end, and the state’s spending figure will reach 96 percent of the target.

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  • Bank Indonesia launches financial technology office

    Bank Indonesia launches financial technology office

    Bank Indonesias governor Agus Martowardojo has launched the Financial Technology (Fintech) Office that will serve as a think-tank in developing the financial services industry.

    “Technology innovation in financial sector is now a must. Therefore, innovation must be a continuous process,” Agus said in his speech while opening the Fintech Office here on Monday.

    He explained that the Fintech Office will have four roles to play. First, it will serve as a facilitator in ideas exchange among Fintech regulators and industry players.

    Second, Fintech Technology will contribute with business intelligence that will facilitate the system and generate tools to transform raw data into new information for analysis material.

    The third role that the Fintech will play will be to provide assessments besides testing various ideas and regulations. It will also help as a coordination and collaboration platform for Fintech stakeholders.

    “We will make it a one stop service accessible to the financial players where we will explain the policies that we issue,” Agus noted.

    The Fintech Office, he added, would also act as a regulatory sandbox or a policy formulating laboratory.

    “Such a sandbox will be a restricted platform for innovation development as well as policy testing and evaluation,” Bank Indonesias Deputy Governor Ronald Waas noted.

    However, he added, not all Fintech business segments will be included in Fintech Office as it has been specified that the facility will be for the new Fintech businesses which are not regulated by Bank Indonesia as a payment system authority.

    “The businesses included in Fintech Office will be the breakthrough ones or the new ones” Ronald noted.

    Data obtained from Financial Service Authority shows that currently, 120 Fintech companies have a total asset value of Rp100 billion (about US$7.4 million), a 50 percent increase over the early 2015 figure.

  • Eastern Indonesia’s economy propelled by commodities pickup

    Eastern Indonesia’s economy propelled by commodities pickup

    Provinces in the eastern part of Indonesia are seeing robust economic growth in the third quarter thanks to higher commodity prices, but without diversification away from commodities the regions may not sustain such rapid growth, economists say.

    While the nation’s overall economic growth was 5.02 percent in the July to September period yearon-year (yoy), provinces in eastern Indonesia saw higher growth, namely Maluku and Papua with 13.72 percent, Sulawesi with 6.67 percent and Bali and Nusa Tenggara, both with 5.04 percent, according to data from the Central Statistics Agency (BPS).

    President Joko “Jokowi” Widodo said he wants to spread economic contributions from the eastern part of Indonesia to the whole archipelago and pledged to boost infrastructure development in the regions.

    However, economists said the government’s efforts to build infrastructure on the outskirts of the country had yet to bear fruit as they required more time before affecting the local economies. Instead, the rising prices of mining commodities have become the main reason for the spike in growth in eastern parts.

    “Improvements in commodity prices, such as gold in Papua, caused the jumping growth,” University of Indonesia (UI) economist Lana Soelistianingsih said on Monday following the data release.

    The BPS data also showed that the overall growth of the nation’s mining sector reversed its minus 0.72 percent yoy contraction in the second quarter to become a 0.13 percent gain in the third quarter, thanks to the higher production of some mining commodities like gold, BPS head Suhariyanto said.

    The eastern part of Indonesia still relies heavily on the mining sector so that most provinces, such as Papua, Maluku, Central Sulawesi and several areas in Kalimantan, see their economic growth spike when prices and production increase, said Center for Reform in Economics (CORE) research director Mohammad Faisal.

    “Other areas, like South Sulawesi, recorded growth because of their diversified economies,” he said. “Bali, on the other hand, is supported by its tourism sector so that when the overall economy slows down, it is still able to post growth.”

    With the projected stable increase in commodity prices going forward, economists expressed optimism that economic growth in the area can be improved, although concerns over its sustainability remain.

    “The growth will be sustainable if those provinces can transform and diversify their economies. If they’re still commodity dependent, the growth won’t sustain,” Faisal said.

    Apart from the mining sector’s reversal of fortune, the top three sectors that booked the highest growth in the third quarter include information and communications, financial services and transportation and warehousing, according to BPS data.

    In quarter-on-quarter, transportation and warehousing, agriculture, forestry and fisheries, as well as the construction sector, were at the top of the list.

    In West Nusa Tenggara and Maluku, the regions that posted the most growth in the third quarter, the marine industry is enjoying growth, especially in the shrimp and seaweed aquaculture industries, according to the Indonesian Chamber of Commerce and Industry (Kadin). Bengkulu, Lampung and Java are also seeing growth in the same sector.

  • RHB expands e-Retail solution with MPOS

    RHB expands e-Retail solution with MPOS

    Malaysia’s RHB Bank has expanded its SME e-Retail Solution with the introduction of RHB Merchant Mobile Point of Sale (MPOS), which allows SME retailers to begin operating as quickly as seven days.

    SME e-Retail Solution offers Business Current Account for transactional needs, Reflex Online Cash Management system that enables low cost internet banking, cloud-based electronic point of sale (ePOS) system and remote access to back office analytics and CRM for better management for the proprietor.

    Other features include credit and debit card terminals to enable card transactions, customised SME insurance package specifically for retailers to protect their businesses, and business credit card to help SMEs with expenses and payment plans.

    Its latest offering Merchant MPOS is a wireless device that accepts all types of cards transactions, and is Chip & Pin enabled. Users can receive e-receipts via emails or notifications to their mobile phones.

    The MPOS is integrated to the merchant ePOS system to enable fast and convenient payment collection supporting bluetooth and Wi-Fi.

    Meanwhile RHB’s partnership with SAGE software Asia Pte Ltd will see the introduction of SAGE One cloud accounting software. This cloud solution will be synced to the ePOS terminal to enable automatic updates of transactions. SMEs will then have access to the real-time financial position of their businesses.

    “We are the first financial institution in Malaysia to offer a total connectivity solution for SMEs. The SME e-Retail Solution offers SME retailers a holistic solution for seamless connectivity. SMEs are able to achieve cost reduction and increase efficiency in their businesses,” said RHB Bank director of group business and transaction banking Datin Amy Ooi.

  • Mobile financial services booming in emerging markets

    Mobile financial services booming in emerging markets

    The total transaction value of mobile financial services in emerging markets will reach $500 billion in 2021, up from $198 billion in 2016, Juniper Research estimates.

    The estimates include revenue from domestic money transfers, deposits on loans, insurance products, and savings accounts.

    The research argues that by introducing insurance offerings, operators had the opportunity to substantially reduce churn levels.

    It cited the example of Telenor Suraksha life insurance scheme in India, which has seen nearly 50% of its 45 million user base sign up since its December 2015 launch.

    “The model underpinning the Surakhsa scheme – requiring consumers to top-up airtime on a monthly basis to receive the insurance cover – should be widely replicated. It enables operators to maintain average revenue levels within low-income, low-ARPU prepaid environments and allows consumers to reap the benefits of micro-insurance cover,” said Lauren Foye, research analyst, Juniper Research.

    However, the research cautioned that a key challenge would be tailoring financial service products to the needs of individual markets. It cited the case of several early implementations of mobile financial services in markets such as India, the Philippines and Nigeria achieving limited adoption where products were often ill-suited to their target audience.

    Opportunity in New Markets

    The research also highlighted the Asia-Pacific as a region which, while currently under-served due in part to the complexity of national regulations, has strong potential for future product launches.

    Whilst restrictions have been in place previously, largely due to cultural beliefs, Juniper found that attitudes are changing in under-served regions, with Indonesia acquiring its first ever microloans product Kashmi in 2017.

    Additionally, specialized products have been launched to address religious requirements, such as Achuwat in Pakistan which provides interest free loans to meet Sharia requirements.

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  • OCBC Bank is first local bank to win top honours

    OCBC Bank is first local bank to win top honours

    OCBC Bank marked another milestone in its journey towards ever-greater performance and business excellence by earning the World Class Award – the highest award tier – at the 2016 Global Performance Excellence Awards (GPEA), under the “Large Service” organisation classification. The GPEA is administered by the Asia Pacific Quality Organisation (APQO), an autonomous, scientific and technical organisation that brings together professional quality organisations from countries in Asia and the Pacific, including Singapore. For 16 years now, it has given out the Global Performance Excellence Awards – which are the only internationally-recognised honours for performance and business excellence.

    To be even considered for an Award, stringent criteria must be met. An organisation must start by being a winner at its own country’s national quality awards. Then, within two years, it must be recommended as a candidate for the GPEA by that country’s national quality award organising committee. OCBC Bank qualified by first being conferred the prestigious Singapore Quality Award by SPRING Singapore in 2014, following rigorous assessment of OCBC Bank’s consumer financial services business, and then by being recommended by SPRING Singapore for the GPEA.

    The organisations are reviewed by an international team of experienced examiners who assign scores and summarise the results of their assessment. The results and recommendations are then submitted to an international ‘Jury of Judges’ who make the final decision on which Award category each organisation wins.

    Mr Dennis Tan, Executive Vice President and Head of OCBC Bank’s Consumer Financial Services Singapore, said: “This award is an honour for all of us at OCBC, and is testament to our commitment to high standards of service quality. This is a key milestone in our journey towards organisational excellence. Since we embarked on our Business Excellence journey in 2001, we have tightened and enhanced our processes to deliver customer-centric, useful, fast, friendly and simple service to customers. This has earned us local recognition, with our 2014 Singapore Quality Award win, but we have not stopped there. We have continued to pursue even greater heights of business excellence – and this has culminated in our earning the Global Performance Excellence Award. While the team is very encouraged by this, achieving recognition is never a means in itself. We continue to consistently and relentlessly deliver quality products and services to meet our customers’ needs. Chasing excellence is a constant journey, never a destination.” 

    Mr Harnek Singh, President of the APQO, said: “Singapore has established itself as a leading financial centre. OCBC was amongst the first banks to win Singapore’s pinnacle award – the Singapore Quality Award – recently. This speaks volumes about the visionary leadership and well-entrenched, effective systems and processes that steer OCBC’s business excellence journey. With technology and innovation being increasingly a key competitive advantage, OCBC has successfully leveraged on technology and innovation as an enabler to offer innovative customer-centric offerings, cut costs, respond to changing customer expectations and create the agility needed to capitalise on opportunities in the market. OCBC has successfully offered a slew of award-winning, innovative products and services.” 

    OCBC Bank’s strengths in performance and business excellence are underscored by a focus on customer centricity and a competency in mining customer data through analytics to deliver intelligent customer experiences. OCBC was the first bank in Singapore to offer banking facilities at branches on Sundays, developed the ground-breaking OCBC 360 account (a deposit account that rewards customers with higher interest rates for banking more with OCBC Bank) and grew its youth segment – FRANK by OCBC – through intensive data analytics and research on how youths behave and desire to be engaged.

    OCBC Bank is also a leader in banking digitalisation. Over the past three years, it has introduced numerous first-to-market innovations in digital and mobile banking in Singapore to meet customers’ needs. Many of the bank’s customer touch points have been digitalised: Voice biometrics has replaced traditional identity verification when customers call its Contact Centre, the OCBC Open Account app now enables customers to apply for the popular OCBC 360 Account via their mobile phones or tablets without ever visiting a branch, and OCBC OneTouch uses fingerprint recognition to give customers quick and easy access through their mobile devices to their account balances and transactions. OCBC Bank has also launched a mobile application – OCBC One Wealth – that is a one-stop wealth management app providing customers with convenient access to market information, investment ideas, personalised alerts about their existing investments and even the ability to directly purchase unit trusts using their mobile devices.

    Mr Patrick Lim, Director of Business and Service Excellence at SPRING Singapore said, “OCBC Bank’s Consumer Financial Services Division was awarded the Singapore Quality Award in 2014 for having developed innovative new banking products and customised channel delivery, enabling it to be among the top banks in the highly competitive financial sector. Its recent GPEA win highlights the bank’s dedication to achieving business excellence. Recognition at GPEA proves the bank’s ability to demonstrate outstanding management capabilities while delivering superior performance and results.”

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  • PayPal appoints Somwang Luangphaiboonsri as Country Lead for PayPal Thailand

    PayPal appoints Somwang Luangphaiboonsri as Country Lead for PayPal Thailand

    PayPal, a global leader in digital payments, has appointed Somwang Luangphaiboonsri as Country Lead of its Thailand subsidiary. 

    As Country Lead, Mr. Somwang will be responsible for assisting PayPal to capitalize on the explosive growth of cross-border e-commerce in the Thai market. Together with the newly-established PayPal Thailand team, Mr. Somwang will also be focused on educating Thai merchants on the growth opportunities available in the global e-commerce marketplace. 

    Rahul Shinghal, General Manager for PayPal Southeast Asia said, “I am pleased to announce Somwang’s appointment as the Country Lead for the Thailand office. Somwang has been instrumental in many of our partnership dealings with Thai merchants, including Thai Airways.  I am excited to see the growth of our offerings to customers in the market.” 

    Having spent more than 16 years in the finance and technology industries, Mr. Somwang is a veteran in the e-commerce space. Prior to joining PayPal, Mr. Somwang co-founded a domestic online payment service provider and built the company to be the platform of choice for many Thai consumers. He is well-entrenched in the Thai payments scene, and is also a secretary of the Thai E-Commerce Association and the secretary of Thailand ePayment and eMoney Association.

    “Fintech is a hot topic right now and Thai businesses will need guidance to help them navigate through the fast-changing payment innovations in order to tap on the consumer growth opportunity. I am looking forward to PayPal introducing new solutions for its Thai merchant partners for their evolving customer needs and building PayPal’s presence in Thailand,” said Mr. Somwang. 

    The appointment of Mr. Somwang is just one of the latest steps taken by the digital payments company to reinforce its position in Thailand this year. PayPal has been actively building its merchant portfolio to enable Thai businesses to have access to a seamless cross-border payment experience. In August 2016, an MoU was signed with the Department of International Trade Promotion (DITP) to promote and facilitate cross-border trade for Thailand’s small and medium sized businesses. PayPal also onboarded leading travel businesses including Centara Hotels & Resorts, Centre Point Hotels Group, and Thai Airways as merchant partners that same month, being the sole payment provider for their cross-border online payments. 

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  • Ex-UBS Executive Director Joins HSBC

    Ex-UBS Executive Director Joins HSBC

    A former Executive Director, Wealth Management at UBS, Singapore, has crossed the street to take up a senior role with rival HSBC Private Bank.

    In a statement HSBC Private Bank said: «We can confirm the appointment of Shang-Wei Chow as a Market Head, Domestic (Singapore) team at HSBC Private Bank, effective 3 November 2016. His appointment underpins our continued efforts to enhance our client servicing capabilities and deepen our engagement with clients.»

    Chow is a seasoned private banker with nearly 15 years of experience managing client relationships and wealth portfolios in Southeast Asia. As a Market Head of the Domestic team he will be responsible for new business development and deepening existing client relationships in line with HSBC’s strategy. Prior to joining the bank he was Executive Director, Wealth Management at UBS, Singapore.

    A Year of Change

    HSBC has seen numerous changes to its Singaporean private bank throughout 2016 including the departures of HSBC veterans Rob Ioannou to DBS and Michael Hua to LGT Private Bank.

    HSBC Private Bank in the city-state has also appointed several new bankers including a Head of Investment Counselling together with a new Head of Ultra High Net Worth Investment Counselling.

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  • AI, Gamification and Blockchain at DBS Hong Kong Accelerator

    AI, Gamification and Blockchain at DBS Hong Kong Accelerator

    Showcasing innovative fintech solutions that leverage artificial intelligence, blockchain technology, gamification and more, the founders of seven startups from Hong Kong and around the world met with hundreds of potential investors at DBS Accelerator Demo Day, the finale of the second DBS Accelerator programme in Hong Kong.

    Accelerators play a vital role in the Asian startup ecosystem and in supporting innovation. Providing vast resources, mentor support and dedicated work and office space, DBS Accelerator aims to create opportunities for innovators from across Asia and globally.

    Financial Innovation Evolving Rapidly

    The seven startups in this year’s programme are Flowcast, FOMO Pay, Hampen Technology, Mindlayer.io, NetGuardians, Playbasis and XinGuo Technology. They were selected from more than 150 applicants from around the world, including Hong Kong, Singapore, China, Thailand and the U.S.

    «We believe FinTech has the ability to go beyond mere disruption and make a tangible difference to the experiences customers have in using financial products and services,» said Lawrence Morgan, CEO of Nest.

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  • Security is key for mobile wallet adoption in Thailand

    Security is key for mobile wallet adoption in Thailand

    Whether paying with contactless cards or mobile wallets, Thais prioritize security over convenience and are more likely to use contactless payment methods when they know strong security measures are in place, according to a recent study conducted by Visa.

    The Visa Mobile Wallet and Contactless Study found that the majority of Thais (82 percent) believe security is more important than convenience when it comes to mobile and contactless payments.[1] With accelerated growth in financial technology (FinTech), public and private sectors are grappling with ways to increase consumer confidence in electronic payments, particularly when it comes to transactions carried out on mobile devices.

    The average Thai spends around 160 minutes a day on their mobile devices.[2] By the end of 2016, it is estimated that around 20 million people will own smartphones in Thailand, a figure expected to rise to 24.8 million by 2019.[3] Although internet access and mobile device ownership among Thais are on the rise, uptake of mobile financial services has been gradual, partly due to Thai consumers being unaware of advancements in cyber security, and technology. 

    Suripong Tantiyanon, Visa Country Manager, Thailand said: “Based on our study, the more secure the mobile payment experience is, the more willing Thai consumers will be to use it. We’re confident this cautious yet optimistic attitude, coupled with Visa’s multilayered approach to security, will drive the uptake of mobile transactions in Thailand.” 

    The Visa study, independently conducted by YouGov on behalf of Visa, examines Thais’ attitudes towards mobile and contactless payments alongside those of other Southeast Asian markets, namely Singapore and Malaysia. It finds that the three biggest fears in mobile wallet security are hacking of mobile phone (73 percent), theft of mobile phone (65 percent) and getting charged for unintended purchases (63 percent). 

    “Among the respondents, only 39 percent said they would consider using third-party mobile wallets. But within this particular group of potential adopters 74 percent are already aware of how encrypted tokens eliminate the risk of personal data theft,” added Mr. Suripong.

    Visa Token Service (VTS) ensures mobile and contactless payments are secure as well as convenient. VTS replaces cardholder information, such as account numbers and expiration dates, with a unique digital identifier (a “token”) that can be used for payment, via a user’s mobile wallet, without exposing the cardholders’ more sensitive account information.

    Tokenization hides consumers’ confidential account information during digital transactions, making digital payments more secure. According to the study, approximately 55 percent of Thais are familiar with VTS, with awareness highest among those that are also familiar with mobile wallet technology.

    Just under half of Thais (46 percent) believe paying with a mobile device is as safe as with physical cards; a figure likely to increase in the future, as people become more familiar with advancements in Visa’s mobile payment systems. 

    Three in five Thais (61 percent) believe that one day they will no longer need to carry a card or cash and will instead be able to use their mobile wallets for everyday spending.

    “Once Thais become familiar with innovative security measures, such as encrypted tokens, they are much more likely to use mobile and contactless payments more regularly,” said Mr. Suripong.

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  • LANDBANK introduces mobile lending for medicines

    LANDBANK introduces mobile lending for medicines

    The Land Bank of the Philippines (LANDBANK) has introduced a new mobile lending program for the purchase of essential drugs.

    LANDBANK, a  government financial institution, has teamed up with branded generic drugs company RiteMed to expand the use of its electronic salary loans program.

    The LANDBANK Mobile Loan Saver (LMLS) launched in September 2014 and has since gained a large following among government employees, farmers and fishers, small and medium enterprises, overseas Filipinos and private sector employees.

    Under LMLS, customers can easily apply for a loan using their mobile phone and get quick credit decision from LANDBANK regarding their application. As of August 2016, total loans released under LMLS amounted to over 12 billion pesos.

    The RiteMed partnership will allow loan borrowers to allocate a portion of their approved net loan proceeds for the purchase of medicines. RiteMed will also make available a range of maintenance medicines at discounted prices.

    Medicines ordered via LMLS will be delivered for free in sealed packs to the concerned government agency or company office where the borrower is employed, within a week from the time of loan approval and release.

    “We understand the financial burden of high medicine costs on many Filipinos, which is why through this initiative, we hope to provide LMLS borrowers with access to affordable and quality medicines. This is yet another showcase of the endless possibilities in terms of financial technology and digital lending, especially as we hope to reach out and provide financial and other services to more Filipinos across the country,” said LANDBANK Officer-in-Charge and Executive Vice President Cecilia C. Borromeo.

    Started as an initiative in response to the Philippine government’s call for private companies to reduce the prices of essential drugs, RiteMed started manufacturing and marketing 20 off-patent, low-cost essential drugs that were 20% to 70% cheaper than their equivalent counterparts in 2002.

    Today, its product has grown to include almost 200 medicines for diabetes, hypertension, high cholesterol, infection, pain, kidney, gastro-intestinal, asthma and allergy, cough and colds and vitamins.

    Vincent Patrick Guerrero, general manager of RiteMed, said in a media statement that the company is optimistic that with the technology behind LMLS and the nationwide network of LANDBANK, they would be able to fulfill the objective of RiteMed to provide access to quality healthcare for all Filipinos.

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  • OCBC adds Siri, iMessage support to Pay Anyone

    OCBC adds Siri, iMessage support to Pay Anyone

    OCBC Bank has integrated its Pay Anyone e-payment service with Siri and iMessage to enable peer-to-peer payments supported by voice and messaging technology

    OCBC has enabled payment commands on its mobile banking app to be facilitated via Apple’s Siri or iMessage.

    Users can now issue a voice command to Siri, Apple’s virtual assistant, specifying the payee and payment amount to make payments. Customers can also send money to others via iMessage, Apple’s messaging platform.

    The Siri and iMessage services for OCBC Pay Anyone, the payment service within OCBC’s mobile banking app, are available to all OCBC Bank customers using iPhone devices running the iOS10 software and the latest OCBC Mobile Banking app. Payments are authenticated by the customer using their mobile banking credentials.

    To send money using Siri, users need to instruct Siri with a voice command indicating whom from their contact list to send money to, and the amount to send. Upon making this request, the Siri interface will pop up on the iPhone, asking the user to confirm the payment details. Once the payment details are confirmed, the user will be guided to complete the transfer using OCBC Pay Anyone.

    Additionally, users can choose to send money via iMessage while texting their friends, without leaving the conversation by closing the messaging app or opening another app. Within the iMessage conversation screen, users can choose the OCBC Pay Anyone iMessage app to initiate payment directly to the person they are chatting with.

    The app automatically populates the recipient’s name, and the user just needs to indicate the amount to send and complete the transaction with OCBC Pay Anyone. Once the money is sent, the OCBC Pay Anyone app will close and the user can resume chatting within the same iMessage window.

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  • Ant Financial announces global blueprint for digital financial inclusion

    Ant Financial announces global blueprint for digital financial inclusion

    Ant Financial Services Group (“Ant Financial”, or the “Company”), one of the world’s leading digital financial services providers, today announced its global blueprint for promoting digital financial inclusion, and a strategic agreement with Ascend Money, the leading fintech company in Thailand. Under the agreement Ant Financial will invest in Ascend Money, which aims to accelerate the growth of a leading mobile lifestyle and digital financial services platform in Thailand and support its growth in SE Asia.

    Together with Ant Financial, Ascend Money will grow its online and offline payment and financial services ecosystem and strengthen its trusted and convenient payment services for users and merchants. The deal represents Ant Financial’s first–ever investment in a Thailand–based company and demonstrates the Company’s confidence in the financial services sector in Southeast Asia. With this partnership Ant Financial, which also runs Alipay – the largest mobile lifestyle and payment app in China and beyond with over 450 million users – will provide Ascend Money with strategic and technical support for the growth of its business.

    Leveraging Ant Financial’s capabilities in payment, Big Data, risk control and cloud computing capabilities, the partnership with Ascend Money will build on synergies in digital financial services in order to offer Thai consumers comprehensive and equal access to financial services. Ascend Money is Ant Financial’s first partner in Southeast Asia and second globally after Paytm in India, as the Company aims to “bring small and beautiful changes to the world”.

    “Imagination, innovation and information are key to realizing Ant Financial’s goal of promoting equal access to financial services on a global platform,” Eric Jing, CEO of Ant Financial, said. “As we aim to provide services to over two billion users in ten years, we are building an open ecosystem with our global partners. The payment market in SE Asia has vast untapped potential and we are dedicated to contributing our share to bring a greater variety of convenient and reliable financial services to small and micro enterprises and individual consumers. Ascend Money, as a leader in Thailand, is best equipped to build an innovative financial ecosystem in the country.”

    “Ascend Money’s mission is to enable everyone access to innovative financial services, leading to better lives,” said Suphachai Chearavanont, Chairman of Ascend Group. “The shared vision of financial inclusion and company values in creating opportunity and sustainability have lead us to this partnership.”

    “It’s our life purpose to help the under–served, which include digital consumers and the under-banked,” Punnamas Vichitkulwongsa, CEO of Ascend Group, said. “Our goal is to provide innovative financial services to over one hundred million customers and SMEs in Thailand and Southeast Asia by 2020. Our partnership with Ant will help accelerate innovative financial services and platforms, enabling a strong financial services ecosystem.”

    Ascend Money is the leading fintech company in Thailand and Southeast Asia, operating under the TrueMoney brand for payments and Ascend Nano for lending. With its headquarters in Bangkok, Thailand, Ascend Money operates in six countries, including Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia. Ascend Money targets two under–served groups, including digital consumers with its innovative mobile wallet application and the under–banked with its massive agent network. It currently provides payment services such as domestic and international remittance, bill payment, top up services, online and offline payments and payroll services. Future services will include lending, insurance and investment. 

    “Ant Financial is setting its footprint worldwide, not only to provide services for its Chinese users, but to promote equal access to financial services globally,” Douglas Feagin, Senior Vice President of Ant Financial, said. “Partnerships are vital for Ant Financial’s growth and we want to work alongside companies around the world who share our missions.”

    In early 2015 Ant Financial joined forces with Paytm, the world’s fourth largest e–wallet, to promote secured digital payment to local users in India.. Ant Financial’s innovative technologies in payment and risk control are now supporting a mobile lifestyle, ranging from online and offline payment, mobile top–up, utility bill payments and movie ticketing, of over 150 million Indian consumers. Meanwhile, Ant Financial is working with dozens of global payment partners, including Concardis, Ingenico, Wirecard and Zapper in Europe, First Data and Verifone in North America, Paysbuy and Counter Services in Southeast Asia, Recruit in Japan and KICC and ICB in Korea.

    Since late 2014, Alipay has worked closely with local merchants at popular destinations for Chinese visitors and tourists, including Korea, Hong Kong, Taiwan and Macau. In March 2015, Alipay was accepted at approximately 15,000 retailers in those countries and regions. By the end of September 2016, this network had expanded to over 80,000 retailers in 70 countries and regions, where restaurants, malls, duty free shops, amusement parks and O2O sharing platforms accept Alipay’s in–store and other offline payments. The network covers countries and regions including the US, UK, Germany, Australia, New Zealand, Thailand, Singapore, Malaysia, Vietnam, Hong Kong, Macau, Taiwan, Japan and Korea.

    During the Golden Week holiday in 2016 (October 1 to 7), transaction volume processed by Alipay at overseas destinations increased by four times compared to the same period last year. The countries and regions outside mainland China with the largest number of Alipay transactions are, in order, Korea, Thailand, Hong Kong, Japan and Germany.  

  • Iran, Indonesia talk banking ties

    Iran, Indonesia talk banking ties

    An Iranian banking and financial delegation has paid a visit to Indonesian capital city of Jakarta to discuss facilitating banking ties between the two countries.

    During the visit, the sides called for removing the obstacles hindering the expansion of banking ties between the two countries, IRNA news agency reported Oct. 29.

    The Iranian delegation, headed by Ahmad Azizi, a high advisor to Governor of the Central Bank of Iran Valiollah Seif, pointed to the existing capacities for cooperation between the two countries and urged for broadening the ties, particularly in banking and financial spheres.

    The sides further laid great stress on the need for establishing direct banking relations between the banks of the two countries aimed at deepening trade ties.

    The delegations also agreed to keep in touch as long as banking ties are restored between Iran and Indonesia.

    Although the nuclear related sanctions on Iran were lifted following the implementation of the Joint Comprehensive Plan of Action on January 16, Iran still has difficulty establishing banking ties with leading banks as they are worried about running afoul of US regulations.

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  • Bank of Ayudhya Wins Global Business Outlook 2016 Awards

    Bank of Ayudhya Wins Global Business Outlook 2016 Awards

    Global Business Outlook (GBO), a business publication based out of London, has conferred the 2016 awards for ‘Best Commercial Bank’ and ‘Best Retail Bank’ in Thailand to Bank of Ayudhya (Krungsri).

    Krungsri was established in 1945, and its ordinary shares were listed on the Stock Exchange of Thailand in 1977. The bank is currently the fifth largest in Thailand in terms of loans and deposits. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 681 branches and over 28,000 service outlets nationwide. Also Krungsri Group is the largest card issuer in Thailand with 7.8 million credit cards, sales finance, and personal loan accounts in its portfolio.

    Noriaki Goto, Krungsri President and Chief Executive Officer, upon receiving the awards said: “Krungsri is honoured with the Best Retail Bank Thailand and the Best Commercial Bank Thailand for 2016 awards. They are testimony to the strength of both our retail and commercial banking businesses and the fruit of our people’s passion to deliver excellent financial products and services to our valued customers. We are proud that these efforts are recognised by such a large base of professional organizations. Driven by our customer centricity strategy, we anticipate customers’ demands and serve them through innovation and technology. Krungsri remains committed to investing for the future and delivering innovative financial products and services for both retail and corporate segments.”

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