Retail News CRM

Tag: Singapore

  • Bubble-tea chain The Whale debuts in Singapore

    Bubble-tea chain The Whale debuts in Singapore

    Bubble tea chain The Whale has opened its first outlet in Singapore.

    The Nanjing-based brand opened the first franchise in the territory in a basement takeaway kiosk at Lot One Mall in Choa Chu Kang. It is known for its unusual blends, including the Brown Sugar Avocado and Volcanic Sapphire Whale drinks.

    The brand’s marketing and business development manager Clement Low revealed a broad-ranging expansion strategy for The Whale, telling local media outlet 8 Days that the company plans to expand across Singapore.

    “We are currently looking for space where we can have dine-in seats,” said Low.

    The Whale will open its second outlet at City Square Mall, Farrer Park within a fortnight, and a third at Chinatown’s China Square Central next month. A fourth outlet will launch at Rivervale Mall in Sengkang towards the end of the year.

    The Whale’s Singapore partner also operates Thai eatery chain Gu Thai Noodle Cafe.

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  • Fjällräven launches in Singapore with Outside

    Fjällräven launches in Singapore with Outside

    Swedish outdoor apparel brand Fjällräven has launched in Singapore and Malaysia.

    The 59-year-old brand, whose name translates into ‘the arctic fox’ is known for its collections of high-end clothing and equipment which focus on timeless design and long-lifespan.

    Fjällräven collections are now available at the Outside store located at Jumpa@SungeiWang Plaza Kuala Lumpur and at the retailer’s two stores on Singapore’s Orchard Road.

    One of Fjällräven’s most popular products is a backpack called Kånken, which is popular among hipsters and backpackers across the world.

    Outside is an outdoor-lifestyle multi-brand retail store that was launched in July 2017 “to link the gap between people and nature”. Brands it stocks include Patagonia, Keen Footwear, Freitag, Chums, Primus, United By Blue, NatureHike, Ellesse, Diadora, Baggu, Eno, Uttara, Dedicated, Camp Collection and Wildo.

  • OCBC Joins Singtel’s Mobile Payment Alliance

    OCBC Joins Singtel’s Mobile Payment Alliance

    OCBC became the first Singapore bank to join Singtel’s VIA mobile payment alliance, boosting the mobile operator’s regional payment network. Thailand’s Kasikornbank has also joined the alliance earlier.

    By the first quarter of 2020, OCBC Bank customers will be able to go cashless when they travel to Thailand or Japan. They will be able to make QR code payments at more than 1.7 million merchant partners on VIA’s network using the OCBC Pay Anyone app, in Singapore dollars and at competitive and transparent exchange rates.

    This long-term partnership with Singtel is another key milestone in our journey to drive digital payment adoption among our customers and address their digital payment needs. Customers will have the ability to travel overseas and use OCBC Pay Anyone at over 1.7 million merchants’ acceptance points, reducing their need to carry cash, said Ching Wei Hong, OCBC Bank’s Chief Operating Officer in a media statement on Monday.

    The partnership would help the bank’s customers eliminate the hassle of changing and carrying foreign currencies, said Arthur Lang, CEO of Singtel’s International Group.

    OCBC customers stand to enjoy the ease and familiarity of using their local app for cashless purchases when they travel, in turn boosting the customer base of our VIA merchants. Our partnership with OCBC comes from a shared vision to offer a seamless payment experience that caters to the needs of consumers and drive the growth momentum for cross-border mobile payments in Asia, said Lang.

    Currently, the OCBC Pay Anyone app enables OCBC Bank customers to make QR code payments to merchants, and peer-to-peer e-payments leveraging QR codes, any recipient’s Singapore mobile number or PayNow, directly from the customer’s bank account.

    From November 2019, OCBC Bank customers in Singapore who are Singtel Dash users will also be able to top up their Dash accounts quickly and seamlessly with OCBC Pay Anyone integrated on the Dash app. We look forward to deepening our collaboration with OCBC as we build the financial services ecosystem together, added Lang.

    Moving forward, Singtel and OCBC will also explore linking their rewards and merchant programs. The VIA alliance, which was launched in October 2018, aims to unify the region’s fragmented payment scene by creating an interoperable network in the Asia Pacific, both companies said.

    Currently counting AIS GLOBAL Pay and NETSTARS among its alliance members, VIA is expanding to include Thailand’s Kasikorn Bank’s K PLUS, Axiata Digital’s Boost Malaysia and Indonesia’s LinkAja. This will see the alliance grow to reach some 50 million consumers and 2.1 million merchants across Singapore, Thailand, Malaysia, Indonesia, and Japan.

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  • Geox Singapore opens X Store concept

    Geox Singapore opens X Store concept

    Italian shoe brand Geox has opened an X Store concept in Singapore with a new outlet in Paragon, Singapore.

    The concept fuses various design elements under one roof designed to convey Italian quality, contemporary design, sustainability and digital technology. It offers a multi-sensorial shopping experience which uses technology to engage the senses both inside and outside the premises. A wide entrance door is pierced with circular cut-outs alluding to the holes on Geox soles.

    The core of the new store rests on a digitalised screen that explains the principle of breathability to customers, detailing current trends and available collections as well as providing detailed descriptions of the patents for each unique Geox product.

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  • UBS Singapore Rainmaker Departs

    UBS Singapore Rainmaker Departs

    The Singapore-based firm offering end-to-end issuance, custody, and trading of digitized securities, has hired a banking and investment industry veteran as its first chief commercial officer.

    Singapore-based capital markets platform iSTOX has hired Choo Oi Yee as the firm’s chief commercial officer, to commence in January 2020, the firm announced in a press release on Thursday.

    Choo has spent more than two decades in banking, including six years at UBS, where she most recently was the lender’s managing director and head of Singapore corporate client solutions. She has also held senior roles at Morgan Stanley, Nomura Singapore and Parkway Holdings, according to her LinkedIn profile.

    In her new role, Choo will be responsible for driving the platform’s business growth and building its network of issuers and investors, the statement said, noting that iSTOX plans to grow its base of issuers and investors as it works towards graduation from MAS’s Fintech Regulatory Sandbox in early 2020.

    In September, the Temasek and SGX-backed firm hired former Monetary Authority of Singapore deputy director Lim Mei Shen as its chief compliance officer, saying it hopes to leverage her technical expertise and experience to build its position as a trusted and transparent capital markets platform.

    iSTOX shareholders include Singapore Exchange, Temasek Holdings subsidiary Heliconia, ICH Group and Kiatnakin Phatra Financial Group.

     

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  • Singapore’s First Blockchain Trade Financing Platform Launched

    Singapore’s First Blockchain Trade Financing Platform Launched

    CIMB Bank’s Singapore Branch and iTrust have launched Singapore’s First Blockchain Trade Financing Platform, and successfully completed their first structured trade financing transaction on the platform.

    The milestone transaction involves the financing of dairy products imported into China and is expected to generate transaction flows of up to $100 million a year, CIMB Bank said in a media statement on Thursday. iTrust provides secured real-time visibility of the cargo in transit and in the warehouse using blockchain-based IoT.

    Given the rapid technology shifts in the market today, we will continue to focus on digitalization and customer experience to transform the way we finance our corporate customers, thus adding value to our services. This blockchain trade financing with iTrust mitigates fraud risk, and alerts us of any unauthorized movement of the financed cargo, said Mak Lye Mun, CEO of CIMB Bank Singapore.

    All data and documents from the transaction are blockchain in a distributed ledger for provenance and immutability, the bank said. The technology provides all stakeholders with a secured operational dimension of the transaction, which was absent in the past. With iTrust’s security, transparency and visibility for the documents and cargo, CIMB hopes to mitigate risks associated with commodity trade financing and facilitate credit extension for their customers.

    Digitalization is gradually transforming financing. With iTrust, we have used blockchain-based IoT to provide insight into the physical world into a blockchain digital platform. We believe that the day will come whereby all lenders and borrowers would demand to have a secured real-time view of their cargo under financing on a secure and immutable blockchain platform like iTrust,» said Lim Chee Kean, CEO and co-founder of iTrust.

    As much as 80 percent of global flows of merchandise – worth about $9 trillion – is financed by some form of credit, guarantee or insurance, according to a global survey by the International Chamber of Commerce. Trade finance revenues were $39 billion in 2017. Yet, this $9 trillion business of financing global trade has only started to transact digitally.

    While some processes are already being digitalized and banks and commodity traders are experimenting with blockchain technology, paper documentation remains widespread and the risk of fraud elevated. In fact, forgers have become so adept at faking documents used by banks that going digital has become a necessity for the industry, according to OCBC, Southeast Asia’s second-biggest lender.

  • Singapore retail rents will remain subdued

    Singapore retail rents will remain subdued

    With growing economic headwinds and weak retail sales, islandwide Singapore retail-rental rates are projected to remain subdued, according to real estate company Edmund Tie.

    The company is projecting mixed fortunes across the city, ranging from a 2-per-cent decline to a 1-per-cent improvement this year.

    “However, the limited supply pipeline from next year onwards will provide some support to rents and occupancy,” the company said in its quarterly report Real Estate Times.

    “In addition, the continued investment sales activity since early 2019 suggests investors’ confidence in the sector, although the landlords and retailers’ ability to transform and adapt to the changing retail landscape is increasingly becoming more important.”

    Edmund Tie says the net absorption and supply rose of space rose significantly, largely underpinned by the opening of Jewel Changi Airport and Funan malls in the second quarter of this year, and PLQ Mall in the latest quarter.

    “Nonetheless, given current geopolitical uncertainties, islandwide rental rates are projected to remain subdued and mixed,” the report concluded.

    Totalling more than 1 million sqft of retail space, these malls were more than 90-per-cent pre-leased before opening. Accordingly, occupancy rates increased by 1.1 percentage points quarter on quarter to 91.2 per cent.

    However, Edmund Tie sounded a warning.

    “Despite the improved occupancy rates, the retail environment remains challenging with further closure and down-sizing of departmental stores and bookstores. Conversely, food & beverage appears to be ‘bucking the trend’ and continues to play an increasingly important component as part of a mall’s retail mix.”

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  • Fave launches takeaway platform in Singapore

    Fave launches takeaway platform in Singapore

    Southeast Asian digital merchant-platform Fave has launched a food takeaway service in Singapore.

    Fave Takeaway will allow customers to pre-order their meal selection and make payment via the app’s digital wallet FavePay before picking up their order at participating stores. Customers can expect to collect their order within 30 minutes (or less) depending on the restaurants’ speed of service.

    Takeaway is part of Fave’s strategy to further digitize Southeast Asia’s F&B sector by allowing merchants to serve more customers beyond the capacity of their outlets while diversifying their revenue streams and increasing productivity.

    “As the [Singapore] government continues to push for a digital and seamless economy, Fave is helping SMEs adapt to the new landscape and in a more cost-effective way by giving them the tools to enable them to serve their customers in the best and efficient way possible,” said Fave co-founder and CEO Joel Neoh. “The introduction of Takeaway is our way of enabling that our merchants get the most out of the platform by increasing productivity and revenue.”

    “Queueing makes up a large portion of the average Singaporean’s time, but it is not something we would want to do when we are in a rush,” said Fave Singapore MD Ng Aik-Phong. “With the introduction of Takeaway, we hope to bring convenience and efficiency to our consumers while improving our platform for both merchants and consumers.”

    More than 200 merchants are participating in the launch of Takeaway with more to follow in the coming months.

    The new feature follows the launch of Fave’s Table Ordering service in May this year.

  • Singapore Fintech Investments Crossed S$1 Billion

    Singapore Fintech Investments Crossed S$1 Billion

    Investment in financial technology ventures in Singapore rose sharply in the first nine months of 2019, led by fundraising with payments startups and insurtech firms and a shift toward more-mature companies.

    The total value of financial technology (fintech) deals in the nine months ended September jumped 69 percent from the prior-year period to $735 million (S$1 billion) from $435 million, and exceeded the $642 million raised in all of 2018, according to an Accenture analysis of venture-finance data from CB Insights, Pitchbook and Tracxn. The 2019 and 2018 figures included $47 million and $12 million respectively in undisclosed venture capital transaction data provided by the Monetary Authority of Singapore.

    Crossing a billion-Singapore-dollar investment threshold is a recognition from investors around the world of the potential of Singapore’s fintech ecosystem and the outlook for digital financial services not just in Singapore, but also in Southeast Asia, said Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore in a statement.

    Singapore’s active investments into its fintech ecosystem, alongside its annual Singapore Fintech Festival, seems to be paying off: the city-state saw a nearly six-fold increase since 2015.

    It’s encouraging to see the local startups financing their global growth from Singapore. Additionally, several global fintech companies with regional headquarters in Singapore have recently raised sizeable funds to fuel their Asian expansion, Mohanty added.

    However, the number of fintech deals fell by almost one-third (29 percent) in the first nine months of 2019, to 94 from 133 in the prior-year period showing that investors made larger bets into fewer deals as startups grow their business.

    As we’ve seen in other parts of the world, fundraising is shifting to support the scaling up of challenger and collaborative fintech, which will cause lumpiness in some rounds as the market becomes more mature, said Divyesh Vithlani, a managing director at Accenture and head of Financial Services in the ASEAN region in a statement on Monday. Investments in payments startups and those in lending took the bulk of fintech fundraising, accounting for 34 percent and 20 percent of the total, respectively, while insurtechs raked in 17 percent.

    The value of payments deals jumped 113 percent, to $251 million, making the biggest contribution to the overall gains this year. Insurtech funding nearly quadrupled, to $128 million from $35 million, and lending rose more than 50 percent, to $145 million.

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  • Vacheron Constantin re-opens Ion Orchard boutique

    Vacheron Constantin re-opens Ion Orchard boutique

    Timepiece brand Vacheron Constantin is reopening its Singapore boutique at Ion Orchard, debuting its new retail concept.

    The boutique’s revamped interior is designed to convey modern elegance and a refined aesthetic, featuring new design codes accented by contemporary Asian elements. It contains lounge areas and an in-house watchmaker to enable interaction with customers. The storehouses the brand’s complete collection in addition to exclusive boutique limited editions.

    “This new boutique experience exemplifies the maison’s constant search for excellence and aesthetic perfection, embodying the ‘One Of Not Many’ spirit,” said Vacheron Constantin Southeast Asia and Australia MD Yassin Tag. “It will not only be a gathering place for customers, enthusiasts and the public, but to also discover the heritage and transmission of know-how that defines Vacheron Constantin.”

    An exhibition titled “Nicknames” is being held to mark the boutique’s opening, featuring a curation of vintage timepieces with unusual designs and evocative nicknames.

  • Singapore retail sales down in August

    Singapore retail sales down in August

    Singapore retail sales eased down by 1 percent year on year in August, after excluding motor vehicle sales.

    A 20.3-per-cent fall in the value of motor vehicles sold during the month caused the topline figure to decline by 4.1 percent.

    However, month on month, real retail sales rose by 2.2 percent (they fell by 1.3 percent with motor vehicle sales included in the data).

    On a year-on-year basis, sales of furniture & household equipment and watches & jewelry fell by 9.8 percent and 8.6 percent respectively, largely attributed to lower demand for household equipment and jewellery, according to Statistics Singapore.

    Other retail industries that recorded declines in sales included petrol service stations (down 3.3 percent), recreational goods (down 2.7 percent) and food retailers (down 2.3 percent).

    Conversely, sales of apparel & footwear, in department stores, and of medical goods & toiletries rose by between 4 percent and 4.9 percent.

    Online sales comprised 5.5 percent of the total.

    Sales of food & beverage services

    Meanwhile, sales of food & beverage services grew by 3.6 percent year on year in August.

    On a seasonally adjusted basis, sales rose by 1.4 percent, month on month.

    Turnover of fast-food outlets, restaurants and food caterers increased by between 3.7 percent and 10 percent, while sales of other eating places (such as cafes) decreased by 0.4 percent.

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  • Most Singaporeans purchase online overseas every month

    Most Singaporeans purchase online overseas every month

    A recent survey has shown that around 75 percent of Singaporeans purchase overseas products at least once a month.

    According to Southeast Asian and Taiwanese e-commerce platform Shopee’s Global Deals Survey 2019, which polled more than 4000 Singaporeans about their overseas online purchasing habits, more than 90 percent of survey respondents indicated that they buy overseas products on Shopee more today, as compared to three years earlier. Reasons cited include convenience, cost-savings, increased product variety and being able to purchase products not available in Singapore. The survey also found that shoppers prefer to purchase overseas products from sellers who have a wide variety of products available (70 percent) and offer free shipping (30 percent).

    A recent YStats report found Singapore to be the top market for cross-border shopping in Southeast Asia, and according to a Forrester report, 60 percent of e-commerce sales consist of overseas orders.

    Japan is the fastest-growing market for overseas purchases, as demand for health supplements rises. Over the years, Japanese brands have increasingly made inroads in Singapore, gaining ground in the local retail scene with the entrance of a new wave of Japanese fashion labels and discount stores.

    According to Shopee’s survey, when it comes to purchasing Japanese products, quality (70 percent), variety (75 percent) and items that are not available in Singapore (73 percent) are what fuels the appetite of Singaporean shoppers.

    Shopee has recently unveiled a dedicated in-app space where users can access more than 50 million deals from six popular shopping destinations. Named Global Deals, the feature introduced deals from China, Korea, Japan, Taiwan, Malaysia and Hong Kong, and is accessible via a dedicated button on the Shopee homepage.

    “Singaporean shoppers have become globalized consumers who now have the world at their fingertips, and they are constantly on the lookout for convenience, quality and variety,” said Shopee CCO Zhou Junjie.

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  • Louis Vuitton launches online offers in Singapore and Malaysia

    Louis Vuitton launches online offers in Singapore and Malaysia

    Global luxury fashion brand Louis Vuitton has launched an e-commerce offer specifically for Singapore and Malaysia.

    Exclusive products will feature on the brand’s new online service, as well as its ready-to-wear items for men and women, bags, leather goods, shoes, accessories, luggage and fragrances, now available for purchase in the territory at louisvuitton.com.

    The e-commerce store is expected to offer limited edition colorways of popular Louis Vuitton leather goods, as well as hot stamping and engraving personalization services.

    The store’s “White Glove Service” offers complimentary same-day or next-day delivery, with a “Click and Collect” option also available.

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  • New distributor for Salomon Singapore

    New distributor for Salomon Singapore

    Salomon in Singapore has chosen sports retailer Outdoor Venture as its official distributor.

    The Salomon Singapore selection will range from trail running, hiking and performance to apparel. Trail running products are already available across Outdoor Venture’s LivActiv and Running Lab retail outlets. Road Running gear will be sold exclusively at Outdoor Venture-owned stores in January next year.

    “The Salomon trail running line fits perfectly with Outdoor Venture’s portfolio,” said Walter Tan,

    MD at Outdoor Venture. “In our increasingly urbanized society, more and more

    people are heading back to nature in their leisure time. Salomon is a world leader in trail running, and we are excited to be bringing this brand to Singaporeans.

    “We want to give Singaporeans every incentive to reconnect with the great outdoors, and trail running is a great way to do that in a time-efficient manner,” he said.

    Founded in 947 in France, Salomon has been producing and selling premium footwear, winter sports and mountaineering equipment, and sportswear in more than 40 countries.

    Outdoor Venture is a privately owned company based in Singapore, distributing sports gear from major brands, including The North Face and Helly Hansen and now Salomon in Singapore.

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  • McDonald’s Singapore sleepwear deal crashes app

    McDonald’s Singapore sleepwear deal crashes app

    A deal by McDonald’s Singapore offering free sleepwear along with McNuggets and McWings delivery orders crashed the brand’s delivery app and site within an hour, angering customers.

    The deal went live on Monday October at 6pm, offering a set of limited-edition free-sized men’s or women’s pajamas with a bonus sleeping mask for customers who entered a promo code.

    Online commentators blamed McDonald’s for being insufficiently prepared for the surge in traffic, with some suspecting the firm had deliberately taken down the site rather than admit the sleepwear was out of stock.

    Fans are getting a second chance to purchase the limited edition loungewear later today.

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