Retail News CRM

Tag: Finance

  • Apple Card holders can buy an iPhone and make 24 monthly interest-free payments

    Apple Card holders can buy an iPhone and make 24 monthly interest-free payments

    Sure, Apple iPhone buyers can purchase an iPhone from their carrier and pay it off interest-free by making 24-monthly payments. Starting tomorrow, that option will be available to Apple Cardholders purchasing a new iPhone from the Apple Store. The monthly amount owed for the phone will be added to each month’s minimum amount due for 24 months. Cardholders using the Apple Card to make purchases at the Apple Store will receive a 6% cashback bonus until the end of this year. That is twice the usual 3% that they get back on Apple Store purchases made with the card.

    Apple CEO Tim Cook, after Apple reported its fiscal fourth-quarter results in October, announced that the company was going to allow Apple Cardholders to pay for iPhone purchases monthly. At the time, Cook said, “One of the things we are doing is trying to make it simpler and simpler for people to get on these sort of monthly financing kind of things. That’s a part of what we announced with the Apple Card earlier in the call and so we are cognizant that there are lots of users out there that want sort of a recurring payment like that.”

    The company does offer the iPhone Upgrade Program, which includes 24 interest-free monthly payments for an iPhone bundled with the AppleCare+ extended warranty. After 12 monthly payments, the iPhone being paid off can be exchanged for the latest model and the payments continue. For example, those signed up for the upgrade program are paying $54.08 monthly for the 64GB iPhone 11 Pro Max.
    Apple posted a message about installment payments inside the Wallet app on Monday that read “Installments are not subject to interest like other purchases made with Apple Card. If you pay more toward your installment balance, you may reduce the overall number of payments, but are still scheduled to pay your installment payment the following month.” The tech firm introduced the Apple Card in March and launched it in August. The card is the result of a partnership between Apple and securities firm Goldman Sachs. In addition to receiving 3% back on purchases of Apple products using the card (as we pointed out earlier, until the end of the year this is doubled to 6% for Apple Store purchases), users get a 1% cash back bonus on purchases while Apple Pay transactions give users back 2% of the amount charged. These cashback payments are computed and added to the user’s account daily. And there are no fees for Apple Cardholders; Apple does not collect late fees, annual fees, or over-the-limit fees.
    Apple iPhone users can apply for the card through the Wallet app or from the Apple Card site. And once they are approved, the card can be used immediately using Apple Pay and the Wallet app. While those approved can use the card immediately, a physical titanium card is subsequently mailed to the account holder. And while most credit card companies clap their hands together in glee and drool when customers pay the minimum amount due each month, Apple will show users how much interest they can expect to pay overtime based on the amount they are paying each month. This might give cardholders the incentive to pay down more of their balance each billing cycle.
    With the Wallet app, users can see their account as it stands right at that moment. And if a subscriber spots a charge that he or she doesn’t remember, tapping on it will show the location where the transaction took place on a map.
    So if you have an Apple Card, starting tomorrow, you can purchase a new iPhone from the Apple Store and make 24 monthly installment payments interest-free; there’s no additional application required to finance the purchase of an iPhone using the card.
  • Tencent’s WeBank to Power China’s Blockchain Network

    Tencent’s WeBank to Power China’s Blockchain Network

    The Shenzhen-based firm will provide the tech for the country’s national blockchain consortium. WeBank, China’s first digital bank, will provide the technical infrastructure for the country’s nationwide blockchain-based service network (BSN), according to a Chinese state media report.

    BSN plans to offer infrastructure services for any Chinese or international entity that uses blockchain. According to the agreement, BSN will use WeBank’s open-source FISCO BCOS blockchain application ecosystem, and WeBank will provide technical support and training for BSN developers, the report said.a

    China is attempting to build a nationwide blockchain network to serve a range of state-controlled public services across the country, including telecommunications and energy management.

    Users in various industries often face dilemmas such as high cost of forming a chain, heterogeneity of the underlying platform, and inability to interact with data. Promoting the construction of public infrastructure at the bottom of the blockchain has become the meaning of pursuing the development of the digital economy, the report said.

    Led by the State Information Center, a think tank affiliated with the National Development and Research Commission, China’s highest central planning agency, the BSN consortium includes firms like WeBank, Huobi China, UnionPay, China Mobile and China Telecom.

    The project has been tested in 25 cities across China as well as Hong Kong and Singapore. It is expected to be tried out in more than 200 cities by 2020.

    Lees ook:

  • Broking Pressures Prompt Cuts at Maybank Kim Eng

    Broking Pressures Prompt Cuts at Maybank Kim Eng

    The job cuts are part of a broader review that also affects Maybank Kim Eng’s regional institutional sales and research, and Hong Kong investment banking and advisory businesses.

    Maybank Kim Eng (KE), the investment banking arm of Maybank, is restructuring its retail brokerage operations, and 5 percent of its staff in Singapore, or about 30 people, are being laid off, the firm said in an internal memo circulated.

    About 3 percent of its global workforce of 2,000 are affected by the latest exercise. The firm has about 600 employees in Singapore, which includes 400 full-time staff and self-employed remisiers, though none of the latter were affected, «BT» reported. Back office staff are among those being let go.

    The restructuring was prompted by changes in the investment banking landscape, including shifting customer preferences, increasing automation and digitalization of brokerage offerings, and changes in the regulatory environment, a spokesperson told the newspaper in a statement.

    Lower trading commissions and the growing popularity of passive investing with robo-investors are putting a strain on securities brokers like Maybank KE, which reported a pre-tax loss of 7.3 million ringgit ($1.75 million) for the first nine months of 2019, compared to a pre-tax profit of 227.4 million ringgit for the same period last year.

    Singapore, however, continues to be the firm’s largest market outside its home base Malaysia. Maybank KE is the city-state’s 15th-largest broker, with a 3.38 percent market share.

  • UBS Optimus Foundation Launches Singapore Office

    UBS Optimus Foundation Launches Singapore Office

    UBS Optimus Foundation has established its first office in the city-state to expand its philanthropic offerings to clients in Asia. This is the foundation’s seventh office worldwide and third in Asia, after Hong Kong and Beijing.

    UBS said the Singapore office will engage the bank’s clients on philanthropic activities related to health, education and the protection of children, as well as sustainable and environmental causes. The foundation, which counts as one of the world’s largest international donors in China, supports over 200 programs around the world that are worth more than 200 million Swiss francs (S$274.5 million).

    Philanthropy and sustainable investing are an increasing focus of our clients in the region, many of whom are seeking investment opportunities in sectors including healthcare, oncology, and affordable education, said August Hatecke, co-head of UBS Wealth Management Asia-Pacific and the country head of UBS Singapore in a media statement on Monday.

    To mark the launch of the new office, UBS employees in Singapore raised a sum exceeding S$100,000 which, together with matching contributions from UBS, will fund the foundation’s first program in Singapore. Last year, the UBS Optimus Foundation raised 65 million Swiss francs (S$89.2 million) and committed to 92 new programs to reach out to close to 3 million children.

    We expect unprecedented amounts of wealth in Asia to be transferred across generations over the next 20 years. This will be a significant boost on philanthropy as many entrepreneurs are committed to using their wealth to create a legacy that has a positive social impact, said Desmond Kuek, the chairman of the UBS Optimus Foundation Singapore.

  • Vietnam second among ASEAN members in attracting fintech funding

    Vietnam second among ASEAN members in attracting fintech funding

    Vietnam’s fintech firms secured $410 million, or 36 percent of the global capital pouring into Southeast Asia between January and September, behind Singapore.

    The country’s share of regional venture capital funding devoted to fintech soared from just 0.4 percent in 2018, according to a report prepared by the United Overseas Bank (UOB), PwC and the Singapore Fintech Association (SFA).

    Singapore remained the top destination for regional fintech investment, with 51 percent, down from 53 percent in 2018, with Indonesia in third place with 12 percent, down from 37 percent last year.

    ASEAN Fintech Funding 2019PercentageSingaporeVietnamIndonesiaOthersSource: Tracxn

    By the end of the third quarter this year, ASEAN had received $1.14 billion in funding for fintech firms, up sharply from $35 million in 2014, the report said.

    The surge in investments in Vietnam this year is attributable to two large deals, both in digital payments. In July, digital payment firm VNpay received $300 million in investment from Japanese multinational conglomerate SoftBank and Singaporean sovereign wealth fund GIC.

    And in January, e-payment app MOMO Pay landed $100 million from investors led by American private equity firm Warburg Pincus in its Series C funding round. The two deals accounted for 98 percent of Vietnam’s total fintech funding in the first nine months.

    In terms of the number of funding deals in 2019, Vietnam came third in ASEAN at 8 percent of total deals, up from 2 percent in 2018, behind Singapore and Indonesia with 51 percent and 28 percent respectively.

  • UBS and Credit Suisse Rediscover Their Clients

    UBS and Credit Suisse Rediscover Their Clients

    UBS and Credit Suisse have courted the richest of the rich for many years – it became an end in itself. Now, the signs are that a rethink is underway.

    The two big banks have not been shy to show off their efforts to cater to ultra-rich clients, hoping to attract even more of what they claim is a lucrative business.

    Despite the fact that margins take a nosedive when banking with demanding clients, investors were told that the ultra-high net worth (UHNW) segment was lucrative and more stable than other segments. The investment banks are depicted as a competitive advantage for uber-rich clients to use their infrastructure for complex transactions.

    Still: the story as it was told by the banks didn’t convince their shareholders. They seem to put a lower value on the big banks than on private banks such as Julius Baer and Vontobel, with its focus on investment-related business.

    The two Swiss wealth management giants seem to have come around belatedly and now both simultaneously announced the launch of a push into the business with clients who have a little less money to invest.

    UBS, for instance, pledged to serve clients with assets of $500,000 to $5 million in a faster and more targeted fashion – and no longer according to the classic high net worth (HNW) approach. Credit Suisse will subsume the business with the not-so-rich in a sub-division. The banks say that this will help them respond better and more efficiently to demands in this segment.

    Two major areas of concern can be identified in the strategies and developments at the big banks, which prompted the repositioning. «Big banks realized that the focus on the UHNW business wasn’t enough to make successful and full use of their capacity,» said Robert Buess, financial services practice adviser at Oliver Wyman.

    With the focus on the richest clients, the erosion of margins accelerated despite the higher volumes of net new money.

    Lees ook:

  • HSBC Brings Clients to Borneo

    HSBC Brings Clients to Borneo

    HSBC Jade invited clients to a trip traditionally reserved for senior staff and private banking clients to promote climate change awareness.

    The HSBC Sustainability Expedition was based in Malaysian Borneo where clients ventured into the Danum Valley’s rainforest encountering various animals including orangutans, Borneo pygmy elephants, flying squirrels and gibbons. The expedition was done in partnership with Earthwatch Institute and joined by science from the Royal Soci<ty South East Asia Rainforest Research Partnership (SEARRP).

    High net worth individuals in Asia are showing increased interest in sustainable living and incorporating ESG factors when investing, said Toby Chan, group head of Jade and Top Tier, HSBC retail banking and wealth management.

    We created the Sustainability Expedition for Jade to improve our clients’ knowledge of climate change and deepen understanding of sustainability through hands-on scientific research and expert conversations.

    The bank invited HSBC Jade clients from mainland China, Hong Kong and Singapore to engage in a myriad of activities including habitat assessment; the gathering of evidence on plant and animal life; and the planting of 80 Dipterocarp trees, a species prevalent in Borneo. In addition, the bank educated clients on sustainable investing and its role in transitioning to a low carbon economy.

    Five days in Danum Valley allow you to be really immersed in the whole ecosystem, the greenery, taking in what is living on earth, and how we should save our planet, said one Singapore client, according to the bank’s release.

    I will remember these particular actions on sustainability that I can do in my own ability – for example, decision making in terms of vendor purchasing, renovations, and any other matters where I’m responsible.

  • UOB Acquires Vietnam Asset Manager

    UOB Acquires Vietnam Asset Manager

    UOB Asset Management will acquire VAM Vietnam Fund Management Joint Stock Company, pending regulatory approval.

    UOB Asset Management has agreed to initially acquire 1.13 million ordinary shares from VAM Vietnam Fund Management Joint Stock Company from individual Nguyen Xuan Minh. The deal for the firm’s 24.53 percent shareholding is valued at VND113,680 million ($4.9 million), according to a report.After regulators approve the deal, another 3.47 million ordinary shares, or 75.47 percent of issued share capital, will be acquired by UOB Asset Management making VAM Vietnam Fund Management Joint Stock Company its subsidiary
    RegionalizationAccording to a release, the acquisition considered various factors including capital, net asset value and asset under management of VAM. The acquisition is also expected to further strengthen UOB Asset Management’s presence in Asia, in line with its regionalization plans. As of October 31 this year, VAM’s net asset value was around VND26 billion ($1.1 million) and it had assets under management of approximately VND114 billion ($4.9 million).
    Lees ook:

  • How to Invest Online in Best SIP Plans

    How to Invest Online in Best SIP Plans

    Investing in a systematic investment plan (SIP) is a smart thing. In SIP, an investor invests a pre-determined amount into a mutual fund scheme each month. These investments could be made on a weekly, quarterly, or even on monthly basis. Further, they have the flexibility of diversifying your investments by investing in different SIPs.

    Key Benefits of Investing in a SIP

    Investing in a mutual fund, and especially in a SIP scheme comes with its own benefits. Some benefits which you can reap by investing in a mutual fund SIP online include:

    • Cost-efficiency

    By planning the amount of money, you want to invest in different SIP schemes each month, you can eliminate the need to invest a lump sum amount, thus, cutting down on the costs involved in your investments. So, by starting a SIP online, you don’t have to invest huge sums of money at once, but you can still reap huge benefits.

    • Low Average Cost

    One of the biggest benefits you can get out of these investments is a low average cost. That is, investing in such schemes tend to improve your average cost of investment as they work in both bullish and bearish market trends.

    • Disciplined Investments

    With SIP online, it’s possible for the investor to make controlled investments. This means the investor doesn’t have to time the markets for making the investments. He or she can invest even during volatile market conditions.

    • Professional Management

    One other major advantage of investing in mutual fund SIP online is that most of the mutual funds are managed by experienced experts. Therefore, you don’t have to do all the work.

    Achieve your Goals with SIP investments

    To get the most out of your SIP investments, you need to ensure that you have set goals. You also need to ensure you have calculated the amount you must save each month from achieving these goals. Next, you must determine the amount you are going to invest each month or quarter in the scheme, so it can help you achieve all your financial goals.

    Once you are done deciding on your savings and the amount you are going to invest each month or quarter, it’s now time to do some homework on the different schemes available. When conducting your research, make sure you check and compare different schemes that have performed well in the markets in the last couple of years. By comparing the different schemes, you can determine which scheme you should be investing.

    When you have finished doing all the above steps, you can actually start investing. But before you do that, you must complete all the Know Your Customer or KYC documentation processes, in addition to other formalities, including submission of cheques and forms. Also, always try to choose long-term SIP plans so that you can reap maximum benefits. Don’t forget to diversify your investments to get optimal returns.

    Choose the Best Mutual Funds

    In India, there are currently over 5,500 different types of mutual funds available. Mutual funds that come under the equity scheme alone are over 300 in number. There are other types of schemes including gold and debt schemes. So, while choosing a scheme to invest can be hard, here are a few things you must keep in mind before investing.

    • Objective of Investment

    Ensure that all your investments are objective-oriented. These objectives could range from buying a house to marriage to simpler things like buying a car or funding your children’s education. Based on your objectives you must then decide whether to invest in a short-term or a long-term scheme. For example, planning your retirement is a long-term goal; therefore, you must invest in a long-term scheme.

    • The Fund House

    The second thing you should know is who your fund manager is. Your fund manager is usually a fund house that helps you manage your mutual fund investments. So, you must have adequate knowledge about them as they are the ones who take different investment decisions on your behalf.

    • Expense Ratio and Load

    The expense ratio and loads are small costs you must pay for making investments in SIP online. However, they tend to have a huge impact on your returns, especially for long-term investments. You can know more about them by reading the scheme documents or fund fact sheets.

    • Experience of the Fund Manager

    Your fund manager is the one who manages all your investments. So, besides knowing about your fund house, you should conduct thorough research on your fund manager. A good fund manager can help you get better returns for your investment. Hence, it is important that you choose a fund manager with expertise in handling diverse types of mutual fund investment schemes.

    Investing in SIP online has its own advantages. So, before making an investment, ensure that you are investing in a fund that has performing well in the past. These funds can be either equity funds, liquid funds, debt funds or tax-saving funds. Also, ensure you choose the right manager for your fund, and more importantly, ensure you choose the right funds for your investments, so you can reap higher benefits from them.

    Lees ook:

  • Cyberattack-Prone Banks Risk Over Half of Profits in Singapore

    Cyberattack-Prone Banks Risk Over Half of Profits in Singapore

    Banks that lack measures to withstand cyberattacks risk up to 65 percent of their quarterly profits, according to a recent stress test study by the Monetary Authority of Singapore.

    Direct and indirect impact from cyberattacks against banks is estimated to cause losses of 35-65 percent and 20-50 percent of quarterly profits, respectively. According to the study, profit declines are attributable to reputational impact, funds were stolen, legal charges and marketing expenses.

    The stress tests revealed likely vulnerabilities from theft and disruption-related cyberattacks. Examples of theft-related attacks include hacking of ATMs to dispense cash and bank payment systems. Disruption-related impact includes denial-of-service (DoS) attacks to prevent access to the internet and mobile banking apps or disruption to internal payment processing systems. Damage or corruption of client data was also cited as another example of a cyberattack.

    The aforementioned figures reflect costs without contingency measures and when included, risks are significantly improved with banks expected to lose quarterly profits of 20-35 percent and 12-25 percent from direct and indirect impact, respectively. In order to reduce risks from cyberattacks, banks have adopted multiplied layers of security controls to protect data and funds; added DoS mitigation measures such as clean pipe services; and backed up critical data regularly.

    In-house measures aside, it is also heeding greater attention to third-party service providers. Periodic audits are made to verify the ongoing effectiveness of existing security and business continuity measures are in place for a switch to an alternative provider or to in-house operations in the event of a disruption.

    Lees ook:

    Lees ook:

  • HSBC Grants Extra Day Off in Hong Kong

    HSBC Grants Extra Day Off in Hong Kong

    Due to «unprecedented circumstances» British lender, HSBC is giving its Hong Kong employees an extra day off in 2020. The bank employs about 21,000 people in the city.

    In a gesture of encouragement as six months of continuing street protests have roiled the financial hub, British bank HSBC is giving its Hong Kong employees an extra day off next year. The decision was announced in an internal memo on Monday by Diana Cesar, the bank’s local chief executive. The memo was confirmed by a bank spokeswoman.

    Thanks to your perseverance and dedication, HSBC has been able to sustain our operation and stand by our customers in these unprecedented circumstances, Cesar said in the memo. HSBC employs about 21,000 people in the city and makes around 90 percent of its profit in Asia.

  • HSBC Private Bank Makes Key Appointments

    HSBC Private Bank Makes Key Appointments

    The bank has made two appointments that support its growth ambitions in Asia Pacific. HSBC Private Bank has appointed Jackie Mau as regional head of UHNW, Asia Pacific and Abdel Ben Tkhayet as head of investment services and product solutions (ISPS), Asia Pacific, the firm announced in a press release on Thursday.

    Mau was most recently co-head of ISPS, Asia Pacific for HSBC Private Banking. He joined HSBC in 2003 and has held senior client-facing roles across Investment Banking and Private Banking in both Hong Kong and Thailand.

    In his new role, Mau will be responsible for leading UHNW business in Asia, ensuring that coverage and propositions for clients with sophisticated wealth needs are met. He will report to Asia Pacific head of private banking Siew Meng Tan.

    Ben Tkhayet will be responsible for leading the products and investment counselor teams in Asia and will continue to develop products and investment solutions for clients in the region, the announcement said.

    He joined HSBC in 1997 and has held senior roles in the Private Bank and Global Banking and Markets divisions. He was most recently the private bank’s head of FICC and Equities, Asia Pacific. Ben Tkhayet will continue to report to chief investment officer Stuart Parkinson and to Asia Pacific head of private banking Tan.

    Since renewing our strategic focus on the UHNW segment, clients are already seeing the benefits of a new coverage model, new solutions specialists and segment management teams, and an enhanced product set for sophisticated needs, Tan said.

    HSBC said it is hiring for 700 roles over five years to the end of 2022 and investing $100 million in digital and technology over 2019 and 2020 to grow its Asian private banking business.

    In September, it announced a slew of appointments to strengthen the bank’s investment counseling coverage for Taiwan and mainland China.

  • Singapore Fintech SaaS Raises $3 Million for Expansion

    Singapore Fintech SaaS Raises $3 Million for Expansion

    The AI-backed platform hopes to expand to the U.K. and Hong Kong and has already started testing in those markets.

    Osome, a Singapore-based business services firm that aims to digitize traditional corporate management processes, has secured $3 million in funding led by Target Global, with participation from Phystech Venture and AdFirst, the company announced on its blog on Tuesday.

    The raise follows $2 million secured in December 2018 for product development and market testing in Australia and Hong Kong. It was also led by Target Global, a venture capital firm based in Berlin, Germany, with 700 million euros in assets under management.

    Osome is led by Singapore-based serial entrepreneur Victor Lysenko, who has two exits as CEO and founder: Russian neobank Rocketbank and Groupon Russia.

    The firm uses a cloud-based platform to help business owners and entrepreneurs with legal compliance and tasks such as payroll, accounting, taxation, company formation, and filing reports.

    Launched in 2018, the firm has already amassed 2,300 customers in Singapore. It now has its eyes on other global financial centers.

    «The company’s exponential growth in Singapore both in terms of revenue and customer base validates the business model and represents a solid ground for further growth both inside and outside of the region,» said Phystech Ventures partner Olga Maslikhova.

    Lees ook:

    Lees ook:

  • Citigroup President Getting a $12.5 million bonus

    Citigroup President Getting a $12.5 million bonus

    Jane Fraser is landing a $12.5 million bonus as the bank looks to retain a likely successor to Chief Executive Officer Michael Corbat.

    The board’s compensation committee granted the award «in recognition of Fraser’s recent promotion to president and to enhance leadership continuity and management succession planning,» according to the firm’s regulatory filing on Wednesday. Half of the award is in cash and half is in stock, and both will vest in annual installments over four years.

    Fraser, who was promoted to the number 2 job at Citigroup last month, puts her in position to become the first woman to lead a major U.S. bank as the industry is under pressure to improve diversity. In April, a congressional hearing questioned the heads of the largest U.S. banks on why their companies never put a woman in charge.

    Several banking chiefs, including Corbat, responded that they could envision one succeeding them. In Asia, Theresa Foo became the first Asian female chief executive at Standard Chartered, according to the website Singapore Women’s Hall of Fame. In 1997, she was the first woman in the Bank of America’s Singapore operations to be made a vice president.

     

    Lees ook:

    Lees ook:

    Lees ook:

  • Citi Scores Two Investment Bankers in Asia From Rival

    Citi Scores Two Investment Bankers in Asia From Rival

    Citigroup hired two investment bankers from HSBC Holdings in Asia as part of its efforts to strengthen its Chinese real estate advisory business. Kara Wang has joined Citigroup as managing director and co-head of real estate investment banking for Asia, according to an internal memo. The move was confirmed by James Griffiths, Citigroup’s Hong Kong-based spokesman. Dayday Zhou, a director of Wang’s team at HSBC, will join the bank in January, the spokesman added. The latest Citigroup hires will raise the number of Asia corporate and investment banking hires to six since December.
    The U.S. bank is hoping to bolster income in the region, its biggest market outside of North America. In the third quarter, Citigroup’s revenue in Asia grew 6% to $4.02 billion from a year earlier. Meanwhile, HSBC is undergoing huge changes as acting chief executive Noel Quinn undertakes cost-cutting and business transformation Citigroup ranks ninth advising share sales by real estate companies in Greater China, down from fifth in the same period last year, according to data compiled by Bloomberg.
    Lees ook: