Hong Kong virtual bank launches cross-border QR payment solution

Hong Kong’s lifestyle-driven virtual bank livi has launched livi QR Payment for the mainland Chinese market. The technology allows its customers to make cross-border payments in mainland China and other travel destinations such as Japan, South Korea and Thailand. 

The first cross-border QR payment solution launched by a Hong Kong virtual bank, livi QR Payment integrates with UnionPay’s payment and merchant network. It allows customers to pay securely at merchant outlets that display the UnionPay QR label using the livi app. 

“With the easing of border restrictions, our customers are keen on going to the mainland to visit their families and friends, conduct their business or go on an adventure. Livi QR Payment is simple, fast and seamless – customers can simply present or scan their QR code to complete the payment,” said livi Chief Product Officer Carol Hung.

“Livi QR Payment addresses customer concerns about handling fees and the trouble of managing cross-border payments on multiple platforms or e-wallets. We are delighted to introduce another secure payment experience together with UnionPay as we advance our payment offerings.”

Users of the app can:

· Activate mainland QR payment by: 

- Logging into the livi app and clicking “Pay”

- Selecting “Mainland China” at the top

- Tapping “Activate now” to enable “Outside Hong Kong QR Payment”

- Tapping “Confirm”. 

Once on the mainland, they can click ‘Pay’ in the livi app, and the Mainland QR code will automatically be presented for payment.

· All spending with livi QR Payment is settled in Hong Kong dollars at UnionPay’s exchange rates, with no handling fee incurred and no charge on currency exchange.

· Users can set a valid period for using the service, and can turn it off at any time.

· All transactions can be tracked, and customers will receive instant notifications.

· Customers can enjoy ‘shake shake’ rewards after paying with livi QR Payment - shaking the phone triggers the reward.

From now until 31 March 2023, livi customers who pay via livi QR payment will be entitled to shake and earn up to 100% Shake Shake Rewards. Rewards can be redeemed on the next purchase, and customers can enjoy rewards up to HK$500 per calendar month.

DBS/POSB announces Chinese New Year services

DBS/POSB is bolstering its Chinese New Year (CNY) ‘phygital’ gifting services and rewards for customers to usher in the Year of the Rabbit. This CNY, customers will be able to:

- Order their DBS QR Gift cards (QR AngBaos) more simply via the bank’s digibot service and have them delivered to their doorsteps before CNY.

- Stand a chance to win a Tesla Model 3, among other new rewards such as cash rebates, should they switch to QR Gift and other DBS/POSB digital transactions.

- Obtain new and ‘Fit-for-Gifting’ notes¹ (Fit notes) at 72 pop-up ATMs in DBS/POSB self-service branches and community centres2, up from 64 ATMs this year. These pop-up ATMs are in addition to the current network of over 1,200 DBS/POSB ATMs where customers can withdraw cash round-the-clock.

- Get more options on the combination of notes they want to reserve in S$10 and S$50 dollar note denominations. For example, customers can now reserve notes in batches of S$100, up to S$500.

Jeremy Soo, MD and Head of Consumer Banking Group (Singapore), DBS Bank said, “It is particularly heart-warming when generations reunite to celebrate culture and tradition. Chinese New Year is symbolic of this, and we are especially heartened that our ‘phygital’ and eco-friendly gifting solutions can cater to our customers’ needs during this special occasion. As we continually innovate to enhance customer experience, we remain committed to preserving the values, customs, and time-honoured traditions that our customers hold dear.” 

Digital gifts

The complimentary DBS QR Gift order and delivery service for both DBS/POSB and non-bank customers is back by popular demand – now enhanced for a simpler and smoother ordering process via the bank’s chatbot, digibot. From now till 12 January, customers can simply place their orders via digibot and the cards will be mailed to them for free by 20 January.

Customers have increasingly been switching to the bank’s digital gifting solutions, DBS QR Gift (QR AngBao) and eGift (eAngBao), DBS said. In CNY 2022, customers gifted S$100 million in angbaos through DBS QR Gift, six times the amount in 2019 when DBS QR Gift was first launched. In the same period, the number of QR Gifts redeemed tripled. Customers are also increasingly comfortable with exchanging eGifts, with the average amount per eGift continuing to rise some 15% year-on-year to S$68 in 2022. Employers too are increasingly going digital during CNY 73 companies gifted their employees DBS QR Gift cards in 2022, which was double that of the year before.

Companies that have pledged to gift their employees and other stakeholders DBS QR Gift cards for CNY 2023 have loaded more than 56,000 cards to date, which is more than double the cards loaded for CNY 2022. For instance, Ng Nam Bee Marketing is currently running a sure-win cash lucky draw, where customers receive a DBS QR Gift card with every purchase of a packet of Flying Man Fragrant Rice. The cards have been loaded with values from S$1 to S$3,888, and have to be redeemed via DBS PayLah! or PayNow by 28 February 2023.

Digital gifts details

Place an order for DBS QR Gift cards: https://go.dbs.com/sg-qrgift. DBS QR Gift cards will also be available at all DBS/POSB full-service branches and pop-up ATMs, and at all Sheng Siong outlets from 5 January.

Lucky draw

To reward customers who choose to go green and switch to digital transactions or go cash-free this CNY, the bank will be giving away one Tesla Model 3 car as part of the DBS Cashless Lucky Draw.

DBS/POSB customers will be able to earn lucky draw chances when they use DBS QR Gift card, DBS eGift, or DBS Remit up to 31 March³. Fifty additional bonus chances will be awarded to customers who do not make any cash withdrawals in the same calendar month, while those with a DBS Multiplier account can earn double the number of chances when they do not withdraw cash, as well as make qualifying DBS QR Gift, eGift or DBS Remit transactions. The lucky draw will be conducted on 28 April 2023.

In addition, 1,000 eligible users who obtain the highest transaction counts of DBS QR Gift and eGift from 3 January to 5 February will stand to earn S$18 cashback.

Lucky draw details 

Read the terms and conditions for the lucky draw

Lucky draw period	Qualifying transaction	Draw chances for DBS Multiplier customers	Draw chances for all other DBS/ POSB customers
3 January – 31 Mar 2023	Eligible customer loads and gives a DBS QR Gift Card/ eGift of at least S$6 to another unique customer who redeems or receives it during the period	Earn two chances for every QR Gift Card or eGift sent to a unique customer	Earn one chance for every QR Gift Card or eGift sent to a unique customer
	Eligible customer successfully transfers a min. of S$200 or its equivalent using DBS Remit service during the period	Earn two chances for every DBS Remit transaction made	Earn one chance for every DBS Remit transaction made
	Eligible customer makes no local cash withdrawals during the period	Earn extra 100 chances per calendar month	Earn extra 50 chances per calendar month

Collection of notes for angpao

This year, customers will be able to withdraw new notes and Fit notes⁵ at 72 pop-up ATMs – up from 64 ATMs last year – across 47 locations. This service will be available from 10 am to 10 pm daily till 20 January, and from 10 am to 1 pm on 21 January (CNY eve). POSB service ambassadors will be on hand at all 47 locations to assist customers during operational hours, and each customer will be limited to three withdrawals of new and Fit notes throughout this period. 

DBS/POSB’s pop-up ATM map locator provides location details of all pop-up ATMs. Updates on estimated queue times at each location are also available. 

 This year, the bank is enhancing its online reservation and notes collection services in response to customer feedback. Customers who reserve their notes online now have more options⁴. To better cater to seniors who reserve their notes online, five collection slots will be set aside for them every hour per DBS/POSB full-service branch, during branch operating hours. 

In line with the nation’s ongoing efforts to safeguard the health and safety of those who may be more vulnerable to Covid-19, new and Fit notes withdrawal and exchange services via walk-in visits at branches will be restricted to customers aged 60 and above, as well as customers with disabilities. All other customers will need to book a slot online via DBS’ notes reservation system online indicating their preferred branch, date and time of collection, as well as the quantity of QR Gift cards and new and Fit notes in respective denominations they would like. 

Two reservation and collection windows will be available this year and each customer will be given one reservation slot throughout CNY.  

Notes collection details

Reserve a slot 

Source: DBS. Online reservation and collection windows for notes.

DBS/POSB will be extending its suite of DBS PayLah!, POSB Everyday Card and PAssion POSB Debit Card deals and cash rebates on everyday essentials such as groceries, utilities and transport till 31 January 2023.

"We understand that the rising cost of essentials may dampen the festive mood for many. Encouraged that our customers have benefitted from the slew of offerings rolled out over the past few months to help manage growing expenses due to inflation, we now want to continue enabling more customers with options that can help them save as they spend on essentials, so that they can celebrate a worry-free CNY,” Soo shared.

1 https://www.mas.gov.sg/news/media-releases/2022/go-green-with-fit-for-gifting-notes-and-e-hong-baos

2 https://www.dbs.com/pop-up-atm/index.html

3 Refer to section on digital gifts.

4 Customers will be able to reserve S$10 and S$50 denominations in amounts of S$100, $200, $300, $400 and $500 in 2023. In previous years, they could only reserve notes for one amount, S$500.

5 Customers can withdraw cash in lots of S$100 (50 S$2 notes), S$300 (30 S$10 notes), SG$500 (10 S$50 notes) and S$600 (20 S$10 notes plus eight S$50 notes).

6 https://www.mas.gov.sg/news/monetary-policy-statements/2022/mas-monetary-policy-statement-14oct22

7 Social media accounts will need to be set to public for at least three days upon posting, in order for POSB to capture participation and contribute donations thereafter.

	Booking period	Collection period
Window 1	5 January 2023 – 8 January 2023	10 – 13 January 2023
Window 2	9 January 2023 – 15 January 2023	16 – 20 January 2023

Source: DBS. This year’s red packet design is inspired by the anticipation of reuniting with families, friends and loved ones after a two-year break due to the pandemic restrictions. Themed More like a family reunion, Less like a bank, the interior of each red packet reveals a family of nine celebrating together. 

In line with DBS’ commitment to sustainability, the red packets and the sleeves that hold each bundle of eight packets are once again made of environmentally-friendly paper and printed using soy-based ink, which enables easy recycling and encourages a circular economy. Customers can obtain these red packets, as well as DBS QR Gift cards, at DBS/POSB branches or POSB pop-up ATMs. 

 Recycling bins for used red packets and DBS QR Gift cards remain available year-round at DBS/POSB full-service branches to encourage the recycling of used packets for all festive occasions, including weddings, Hari Raya and Deepavali.

Maybank helps SMEs with digital transformation

Source: Maybank. Leong.

In November 2017, Maybank Singapore partnered with Asian Business Software Solutions (ABSS) to empower startups and micro businesses in Singapore with Financio, an affordable cloud-based accounting solution which does not require any accounting knowledge to operate.

Almost a year on, Maybank's Marc Leong, Executive VP and Head SME Banking, Community Financial Services, shares that one in every five small and medium sized enterprises (SMEs) which open an account with the bank is also signing up to use Financio.

"Despite being in Singapore, adoption of the cloud is far from satisfactory," he said at the recent Accounting & Finance Show Asia 2018 in Singapore. He estimated that some 60% to 70% of small businesses are still working with offline software, or even doing their book-keeping manually.

"The bank has a deep role to push the go-digital (trend)," he said. Another digital initiative from Maybank, executed together with Financio, is PayNow-ready invoicing. In September, Maybank Singapore and Financio launched unique PayNow QR codes with embedded payment details, enabling funds received via PayNow to be easily tracked in Maybank’s Business Internet Banking and updated directly in the ledger.

PayNow is a peer-to-peer payment service that has been available to retail customers of nine participating banks in Singapore since July 2017. The generic PayNow QR codes had lacked enough payment details to identify what was being paid for.

More announcements are planned for later in the year, Leong said, around the Singapore government-driven SMEs Go Digital programme, and also a new branch along main tourist belt Orchard Road which will incorporate a digital bank in a cafe.

"We're taking this role seriously," Leong said. "It is an ecosystem play, leading from the SME to the bank to fintechs...This will be the trend. If you don't want to join it you will lose out."

Leong also shared that Maybank is locally incorporating its Community Financial Services business in Singapore. "By November 5 we will be fully incorporated," he said. "It is a huge step for us, a surefire way to tell the world and Singapore that we are here to stay."

Since PayNow Corporate was launched on 13 August 2018, close to 2,000 Maybank customers have signed up for the banking service to receive or send payments between businesses and individuals instantly with just a Unique Entity Number (UEN) or a PayNow QR Code.

Maybank and Financio shared the same booth space at the event.

The Maybank reception counter.

Explore:

Maybank Singapore is promoting Financio and PayNow with initiatives such as:

- Maybank is offering the first 12 months free for Financio. The premium plan usually costs S$9.95/month.

Maybank PremierBiz or FlexiBiz account holders can sign up for Financio by:

Applying and activating Maybank Business Internet Banking.
Registering for Financio upon account opening by completing a consent form.
Completing an ABSS GIRO form for subscription fee deduction (applicable for the Financio Premium Plan).

- From now until 31 December 2018, business banking customers stand to receive S$88 cash credit when they process a minimum of S$10,000 in incoming funds collections via PayNow for three consecutive months.

- Maybank Singapore is waiving all transaction fees on PayNow until December 2019.

SMEs can up for PayNow via Maybank’s Business Internet Banking platform or with a paper form.

DBS can now approve credit card applications immediately

DBS Bank has launched a new online application service in Singapore leveraging the national platform MyInfo. The service enables new-to-bank (NTB) and existing customers to apply for a DBS/POSB credit card with instant approval, as well as open a DBS Cashline account online with immediate access to funds and related DBS Cashline account functions. Both services are a first in Singapore.

The service is accessible to the 3.3 million registered SingPass holders in Singapore on both DBS/POSB Internet banking and websites. Ordinarily it would take up to a week for NTB customers to receive their credit card or receive access to DBS Cashline. Application via MyInfo removes the need for traditional application processes and provides real-time application approval without physical documentation. Back-end operations such as know-your-customer (KYC) processes are also automated, while meeting MAS compliance standards.

To use the service, existing or NTB customers applying for a DBS/POSB credit card or DBS Cashline account can submit an online application via DBS/POSB Internet banking or the bank’s websites, where they will be prompted to use MyInfo by logging in to their SingPass accounts. Upon customer consent, MyInfo will retrieve personal data from relevant government agencies to pre-populate relevant fields such as a customer’s official name and registered address.

“Our focus here at DBS is to ensure customers can access our services with minimum fuss – MyInfo allows us to do this without compromising on quality, speed, and accuracy,” said Jeremy Soo, Head of Consumer Banking Group (Singapore) at DBS Bank. 

“MyInfo adoption has been rapidly increasing since the service was introduced in March 2017. Today, one in four DBS/POSB customers will use MyInfo for online application services when given the option, and we expect this to increase with our latest credit card and DBS Cashline capabilities. We look forward to rolling out more services with MyInfo by the end of this year.”

NTB customers who choose to apply for a credit card with DBS/POSB will be notified of the approved credit limit immediately. They will also receive a DBS/POSB digibank account for Internet and mobile banking as part of the application. Meanwhile, NTB customers opting for a DBS Cashline account will be signed up for a DBS/POSB digibank account during application, where they can instantly access, transfer and withdraw funds, as well as pay bills, using DBS/POSB’s digital token. 

NTB or existing customers can soon use MyInfo to open a current or savings account, and benefit from instant access to the bank’s full suite of banking services via DBS/POSB Internet and mobile banking.

CIMB Bank ups interest rates for fixed deposits in Singapore

In celebration of its ninth birthday and to thank customers for their support over the years CIMB Bank is offering more interest for fixed deposits opened online.

The bank is giving an additional 0.09% per annum (pa) in addition to existing online promotional rates for all Singapore CIMB Fast Fixed Deposit accounts opened online from 1 September till 30 September 2018.

The rates, combined with the 0.09% p.a promotion, are one of the highest in the market, the bank said.

The online promotional rates for the SGD Fixed Deposit are as follows:

Tenure	3 months	6 months	12 months
Rates	1.40% pa + 0.09% pa = 1.49% pa	1.55% pa + 0.09% pa = 1.64% pa	1.75% pa + 0.09% pa = 1.84% pa

Explore:

Register

National Bank of Kuwait offers automated payroll services

Source: NBK website. Salary Portal services
include remote transfer of salary.

The National Bank of Kuwait (NBK) has introduced a salary portal to help business owners pay salaries and comply with all Ministry of Social Affairs and Labor reporting requirements easily.

“NBK is always looking for simple and convenient solutions to make banking easier and more efficient for our customers,” said Faisal Al-Fulaij, Deputy Head of Business Banking National Bank of Kuwait, “We take a lot of time to know our customers’ needs and create innovative, easy-to-use products to that end.”

With the NBK Salary Portal companies can transfer monthly allowances or salaries each month remotely. The salary portal then processes the salaries and creates a record of the payments which is then automatically sent to the Social Affairs and Labor Ministry of Kuwait. This simplifies compliance with government regulations and also creates an audit trail while reducing errors or inconsistencies. NBK charges KD1 per salary for the service.

NBK has 13 dedicated business banking hubs around the country including at the Head Office, Surra, Shuwaikh, Al Tadamoun, Mubarak Al-Kabeer, Jabriya, Arraya Tower 2 (fifth floor), Fintas, Salwa, Sharq, Al Ghazzali, Ras Salmiya and Hawally. The hubs are staffed with relationship officers dedicated to serving the needs of business banking clients. NBK Business Banking also offers point of sale, business credit cards, online banking, insurance, business loans, letters of credit and guarantee and local bill services.

National Bank of Kuwait discounts wearables used for contactless payment

Source: NBK website. Tap & Pay can be enabled on a watch which is then tapped on the payment terminal to deduct money from an NBK card account.

The National Bank of Kuwait (NBK) is offering its Tap & Pay wearables for KD12 instead of KD25 to give more customers an opportunity to experience the technology.

NBK Tap & Pay is a secure payment solution technology that allows small purchases to be made without signing or using a PIN. Instead, customers place a Tap & Pay wristband or Tap & Pay sticker on their mobile phone on the payment terminal to deduct the amount from their NBK credit, debit, or prepaid card. Tap & Pay accepts purchases of up to KD100.

More than 7,000 restaurants, shops, entertainment centres, coffee shops and lifestyle brands now accept the NBK Tap & Pay service in Kuwait, in addition to different locations around the world.

“We’ve launched this promotion, offering a discount on Tap & Pay wristbands and stickers, to give customers a chance to try it out and discover how much easier this stylish and innovative payment technology makes their lives. Tap & Pay technology is convenient to use, seamless and simple. It makes small payments easy and safe while enhancing the checkout experience,” said Naser Alduwaisan, Cards Products Officer, National Bank of Kuwait.

Details:

The offer is available at NBK branches at The Avenues, Grand Avenues, Surra, Qurain, KNPC, Al-Hamra and Mishref. Phone orders are accepted via the NBK Call Center at 1801 801.

Salary transfer promotion in full swing at DIB

Source: DIB. Winners of the first salary transfer
promotion.

- Grand prize winner each month is eligible for one extra salary, up to a maximum of AED100,000

- Ten monthly prize winners will receive AED5,000 preloaded on DIB credit cards

- New customers qualify by transferring a salary of AED8,000 or above

As part of its commitment to the government’s agenda of making the emirate of Dubai the happiest place on the planet, Dubai Islamic Bank (DIB) has announced the first set of monthly winners of its salary transfer promotion, Double Your Salary. Double Your Joy.

The campaign was launched in September 2017 and is focused on new customers who move their payroll or salary account to the bank. Under the promotion, a monthly draw is held with the grand prize winner winning one month’s salary, equivalent to the amount transferred to the bank, up to a maximum of AED100,000. Ten runners-up will receive AED5,000 each, preloaded onto DIB credit cards. New customers who transfer a salary of AED8,000 or more qualify for the prize draws.

Salary Transfer Account customers can also enjoy a range of benefits such as free remittances to their home country, a one month salary in advance facility with a fee discount, an auto finance facility at a competitive profit rate and more. DIB will seamlessly facilitate the opening of a salary transfer account through its branches and digital portals.

Sanjay Malhotra, Chief of Consumer Banking, DIB said, "Imagine your salary doubles in a given month. It would be a dream scenario for anyone. At DIB, we measure our service quality with the happiness of our customers and this desire is intricately linked to our mission to support their financial future, stability, and aspirations. We look forward to welcoming many new customers to the bank as part of this initiative.”

IMDA partners telcos, financial institutions to support SMEs

Seven memoranda of intent (MoIs) have been announced between the Infocomm Media Development Authority (IMDA), telecommunications and financial institutions. These partnerships will help small and medium-sized enterprises (SMEs) accelerate the adoption of pre-
approved robust, secured and interoperable digital technology solutions, particularly in the
areas of cybersecurity and data analytics.

Launched in April 2017, the SMEs Go Digital programme helps advise SMEs on the
adoption of digital technologies at each stage of their growth as well as to boost productivity.
SMEs contribute to almost 50% of Singapore’s gross domestic product and employ
two out of three workers in Singapore. Digital technologies have the ability to transform the
way SMEs function and help businesses improve revenue in the long term by managing
operating costs, improve compliance and financing*.

Telcos M1, Singtel and StarHub will provide SMEs with a one-stop service
through digital technology-bundled packages. These packages offer broadband or Wi-Fi
connectivity bundled with IMDA’s pre-approved digital technology solutions, cybersecurity
and data analytics tools and services.

Through the partnerships with the DBS Bank, Hong Leong Finance, Oversea-Chinese
Banking Corporation (OCBC Bank) and United Overseas Bank (UOB), SMEs will have
access to financial instruments such as bridging loans to help defray costs when investing in building new capabilities. The banks will also work with business leaders to kickstart innovative solutions with SMEs and industry partners.

The collaborative efforts were announced by Minister for Communications and Information, Dr Yaacob Ibrahim, at the Singapore Chinese Chambers of Commerce and Industry’s (SCCCI) Annual SMEs Conference and Infocomm Commerce Conference.

“We believe our SMEs need to embrace technology to thrive in a Digital Economy. Through collaborations between IMDA and key industry partners, SMEs can more easily assess digital technologies and financing support to embark on their digitalisation efforts. We welcome more partners to join us in supporting our SMEs in their digital journey,” said Tan Kiat How, Chief Executive, Infocomm Media Development Authority.

IMDA will continue to work with trade association and chambers such as SCCCI, and government agencies in reaching out to SMEs to provide assistance to help them scale efficiently and enhance their business value. As of end July, close to 200 SMEs have adopted over 30 out of the 56 IMDA’s pre-approved digital solutions through the SMEs Go Digital programme.

DBS aims to leverage various SME initiatives like DBS TechMatch, where SMEs are matchmade with tech partners for more efficient technology adoption, and DBS BusinessClass, an engagement program/app platform to connect SMEs with business mentors from around the world. In addition, the DBS SME banking team will continue to support SMEs with working capital products and technology adoption bridging loans.

“As we look towards transforming Singapore to a digital economy, local businesses must evolve along in this momentum. We continue to focus our efforts to help SMEs build their digital capabilities to seize new growth opportunities.” said Joyce Tee, Group Head of DBS SME Banking.

As an established SME financier, Hong Leong Finance intends to influence customers who are industry leaders to seek and pilot emerging technology solutions to help uplift productivity and competitiveness for their sectors. Furthermore, Hong Leong Finance will reach out to hundreds of SMEs to introduce the SMEs Go Digital programme through its different platforms including events and collaborative clinics with SME Digital Tech Hub Specialists. Hong Leong Finance’s SME Relationship Managers will all be trained by IMDA to enable them to introduce the SMEs Go Digital programme to SMEs.

Under its enhanced SME Capability Ready (CARE) Programme, SMEs keen to go digital will be guided by the Relationship Managers to make the right contact. They will also be introduced to government capabilities grants that can help them defray costs in their capabilities building investments and to bridging loans for them to wait out for grants. “Faced with rising operating costs, increasing competition from the digital economy and changing consumer behaviour, many SMEs are keen to use digital capabilities to improve their efficiency and competitiveness. But they do not know how. With the partnership with IMDA, Hong Leong Finance will be that connector between these SMEs and digital advisers to help them find suitable solutions and provide them financing,” commented Ang Tang Chor, President, Hong Leong Finance.

M1 Solutions that have already identified and are now commercially available include smart fleet management and retail analytics. More solutions will be added progressively. "Our strategic partnership with IMDA will enable us to better serve SMEs through our one-stop smart digital services platform, enhancing their productivity and business value add. We look forward to engaging SMEs and help them tap on M1's selection of carefully curated smart digital services in areas such as fleet management and retail analytics," said Willis Sim, Chief Corporate Sales and Solutions Officer, M1.

OCBC Bank’s collaboration with IMDA on the SMEs Go Digital programme underscores OCBC Bank’s commitment to helping SMEs digitalise, the bank said. OCBC Bank will continue to reach out to their customers and for those who wish to integrate certain digital programmes into their business, OCBC Bank will provide them the necessary financial support via bridging financing, invoice financing and other forms of financial assistance. Activities such as industry sharing sessions and focus group sessions that allow SMEs to hear from experts and learn from each other’s experiences will also be organised.

“Going digital is no longer an option for SMEs today. Companies that embrace digitalisation both in the way they engage and serve their customers and in the way they manage their operations, develop a competitive edge and a more sustainable foundation for their business growth. As banker to one in every two SMEs in Singapore, we are committed to working with our SME customers to deliver digital solutions in cash management, trade finance and working capital management, and to support their transition towards a more digitally-enabled business under IMDA’s SMEs Go Digital programme,” said Linus Goh, Head, Global Commercial Banking, OCBC Bank.

Singtel’s suite of solutions are designed to increase SMEs’ revenue growth, raise their productivity and reduce their operational costs, the company said. The 99%SME e-marketplace allows SMEs to market themselves online for free and tap on a wider online customer base, for example. SMEs participating in the e-marketplace can access digital marketing tools, mobile payment and cyber security services.

Singtel solutions also include a Connected Restaurant that enables food and beverage (F&B) owners to overcome the challenge of operating different devices with an all-in-one interoperable solution that integrates online reservations and ordering; self-serve kiosks; eMenus; payment solutions; staff scheduling; payroll management and accounting systems, and a Connected Workforce solution that enhances business communication and productivity of SMEs in the logistics and security business.

“The IMDA’s SMEs Go Digital programme augments our initiatives to help SMEs progress and advance in their digital journeys. With our end-to-end solutions, from connectivity to cyber security, we are well placed to curate solutions catering to the needs of SMEs in various sectors, easing their adoption of digital technology,” said Andrew Lim, MD, Business Group, Group Enterprise at Singtel.

StarHub is supporting IMDA’s SMEs Go Digital programme with Smart Retail, an integrated offering that makes it convenient and cost-effective for SMEs to get the connectivity services, business transformation solutions and technical support needed to optimise their business operations and enhance customer service. StarHub will help to ease ICT adoption for SMEs by enabling Wi-Fi connectivity as well as sourcing and integrating business transformation solutions such as retail analytics, customer relationship management, point-of-sale, digital ordering, e-commerce and digital signage as a single subscription service. StarHub will also drive awareness programmes, government grant application and claiming, training and support services.

“SMEs play a significant role in sustaining the economic growth of Singapore. To survive and thrive in today’s manpower-lean and competitive economy, SMEs must exploit digital technologies to transform their businesses. In line with IMDA’s SMEs Go Digital programme, StarHub is pleased to launch our Smart Retail initiative to help SMEs accelerate digitalisation by reducing the complexity and cost of IT adoption. With Smart Retail, SMEs will get easy and affordable access to a suite of business applications, broadband and Wi-Fi connectivity and technical support as a single subscription service," stated Dr Chong Yoke Sin, Chief of Enterprise Business Group, StarHub.

As part of UOB’s collaboration with IMDA, the bank will conduct industry-specific workshops where its customers can learn more about how they can tap IMDA’s pre-approved digital solutions to overcome challenges, to enhance their capabilities and to seize opportunities in the digital economy. UOB has been working with its partners to provide SMEs with solutions that help improve productivity, competitiveness and profitability.

Mervyn Koh, MD and Head of Business Banking, Singapore, UOB, cited BizSmart as an example of how UOB's Business Banking customers can achieve cost savings of up to 60% by automating their back office processes. BizSmart is an integrated cloud-based business solution with 5 digital applications to help SME retailers increase business efficiency. For organisations in industry sectors such as property management and education, UOB introduced a mobile payment function on the hiLife and snaapp apps, which enables the electronic collection of monthly fees and in turn reduces the manpower needed for administrative and payment functions.

“As the banking partner to one in every two small and medium enterprises (SMEs) in Singapore, UOB understands the challenges business leaders face and how digital technology can help them address their concerns. Our partnership with IMDA will extend the support we provide to our business and commercial banking customers by connecting them to IMDA-approved digital solutions based on their business needs. These solutions can help SMEs sustain and grow their businesses as they seize opportunities in the digital economy,” said Choo Kee Siong, MD and Head of Enterprise Banking, UOB.

“As an SME, it is important that our business processes are efficient and lean. We have already adopted UOB’s BizSmart solution to integrate and streamline our key processes such as point of sale (POS), accounting and HR/payroll matters. These solutions have also provided insights that help us to make smart, data-driven decisions for the business. Having experienced the benefits of using digital solutions, I look forward to finding out more about other solutions that can help my business become more competitive,” said Angeline Ong, DishTheFish, a new-age fishmonger transforming their business with digital solutions.

*National Business Survey 2016/2017 report

RHB rolls out SME Banking Portal

RHB Bank has introduced the RHB SME Banking Portal, the first online portal that provides small and medium sized enterprise (SME) clients with quick access to information and products relevant to their businesses.

The portal features online account applications, online loan/financing applications, product information for SMEs, an SME Knowledge Centre, and business tools to help make informed decisions. SMEs can now submit their application for a current account and loan/financing through this online platform, and also get up-to-date market insights and treasury reports amongst other information from the portal.

“In line with RHB’s Digital Transformation, the RHB SME Banking Portal was designed for us to reach out to SMEs. With this portal, our SME clients have information at the tip of their fingers on SME products and will be able to submit their applications for a current account without the hassle of going to our branches. To encourage adoption of this new channel, RHB is offering preferential rates to clients who successfully apply for a current account online for limited time,” said Datin Amy Ooi, Head of Group Business and Transaction Banking, RHB Bank.

“We target to have 20,000 unique visits to the RHB SME Banking Portal and 500 new clients via this portal by year end. At RHB, we continuously strive to provide our customers with simple, fast and seamless banking experiences.”

Interested?

Explore the enhanced digital banking experience

posted from Bloggeroid

Alizz Islamic Bank upgrades mobile app

Source: Alizz Islamic Bank. The app.

Alizz Islamic Bank has launched a newly-redesigned mobile banking app and Internet banking platform in line with its expanding role as a leader of customer experience in Oman.

The bilingual app is available for both Android and iOS devices and features advanced security capabilities as well as a self-registration system. Users can use a QR code to log in to web banking, funds transfers, utility bill payments and other transactions. The app is 3D Touch-enabled* and is the first mobile banking app in Oman to offer in app notifications for new transactions, and payment reminders.

Sadiq Al Lawati, Head of Digital and Card Business, Alizz Islamic Bank said, "At Alizz Islamic Bank our key focus is to provide the very best digital banking experience for our customers, whenever and wherever our customers need. Throughout the bank's history we have been at the forefront of digital banking in Oman and we are delighted to further reinforce this with the multitude of useful features offered to our customers via the Alizz mobile banking app and Internet banking platforms, which are available in both Arabic and English."

Source: Alizz Islamic Bank. Al Jadidi.

Moosa Al Jadidi, COO, Alizz Islamic Bank said the new mobile banking application and Internet banking platform reflect the exceptional customer experience and high standards that the bank strives to deliver every day. 

"These platforms enhance our strong relationship with our customers and take our excellence in customer service to a whole new level. With an increasingly young population in Oman who prefer more technologically advanced banking solutions, our wide range of cutting edge digital banking solutions enable our customers to benefit from more convenient and secure self-service channels, 24 hours a day, 7 days a week," he said.

*3D Touch is pressure-sensitive touch technology found in iOS devices.

Alizz Islamic Bank announces 100K Facebook Likes

Alizz Islamic Bank has reached the milestone of 100,000 Facebook likes. The bank is one of only two banks in Oman to experience such popularity on Facebook.

With a strong belief in the power of social media to improve customer service, Alizz Islamic Bank has significantly enhanced its overall social media presence in the past year. In addition to its Facebook achievements, the bank has crossed the 30,000-follower milestone on Instagram. Alizz Islamic Bank is now the second-most followed bank in Oman, ahead of many of the more established conventional banks and one of only two local banks that have a Snapchat presence.

Alizz Islamic Bank's strong social media presence on Twitter, Facebook, Instagram, YouTube, Snapchat and LinkedIn continues to stand out amongst local financial institutions by emphasising the significance of the 'human touch' to start a two-way conversation with the audience, engaging with them on topics of their interest, the bank said. By integrating social media into the banks existing campaigns or creating new ones that capitalize on the spirit of the Omani community, Alizz Islamic Bank has successfully raised the profile of its brand and said marketing using social media has brought solid results.

"We are dedicated to keeping our customers at the heart of everything we do and engaging with them on their platform of choice. Our social media channels give a sense of community with our social media followers; focusing on engagement and listening to what they want. Alizz Islamic Bank is proud to be at the forefront of digital tool adoption. As people rely more and more on social media to receive information and communicate, it is crucial that we as an organisation embrace digital strategies in marketing. Social media enables us to engage with customers more efficiently and with greater precision," said Moosa Al Jadidi, COO, Alizz Islamic Bank.

"Our social media channels are not just about advertising but rather about creating a connection with our customers and providing them with a plethora of channels to interact with us, as well as provide us with feedback and ask questions. We have the best online response time amongst local banks and this is what sets us apart from others and has been central to our success on every social media platform."

Mastercard launches debit card with EMV chip with BOC

Mastercard has teamed up with long-term partner Bank of China to launch the Great Wall International Debit Card, China’s first-ever cross-border, multi-currency debit card with an EMV chip.

This pioneering product has been designed to address key pain points for diverse consumer segments – particularly those who travel, study, or shop overseas – and presents a unique offering in China’s debit card market, with access to Mastercard’s global benefits.

Chinese outbound travel and cross-border e-commerce has grown rapidly in recent years, driving demand for payment products that support international purchases. Yet many consumers still face barriers to owning an international credit card, such as freelance workers, students studying outside of China, senior citizens, or those who have to travel at short notice. Some credit card holders can also face certain limitations, such as credit line restrictions overseas and high charges on currency conversions.

Meanwhile, debit cards are becoming increasingly popular, representing 70% of all payment cards and rising, according to consulting firm Retail Banking Research (RBR). This is being driven in part by the lower fees, easier application process, and flexible spending limits associated with debit cards. However, most traditional debit card products in China offer limited functionality, and cannot cater to the full breadth of consumer needs.

Addressing this trend and the challenges Chinese consumers face, Mastercard and the Bank of China have designed the new Great Wall International Debit Card to resolve diverse consumer pain points. For instance, the streamlined application process and more flexible eligibility enables people who are usually excluded from owning credit cards to obtain the card quickly, requiring only a valid form of identification. The card also allows consumers to spend freely according to the funds available in their bank account, which will be appreciated by consumers who are usually restrained by credit limits.

Adding to the product’s differentiation from all other debit cards on the market, cardholders will enjoy exclusive privileges covering travel, dining, and leisure experiences included in Mastercard’s Priceless Cities programme, as well as discounts on overseas shopping and study. Cardholders also enjoy zero conversion charges on 19 foreign currencies, low overseas cash withdrawal fees, and an exchange rate lock function that secures the most favourable rates.

Meanwhile, Mastercard’s EMV chip technology, password protection and an SMS notification service offer consumers peace of mind with the highest level of security on cross-border transactions.

“As China’s most international and diversified banking institution, Bank of China has a long history of leveraging its advantages to build an exclusive product portfolio with unique features and benefits,” said Yang Yimin, GM, Personal Finance, Bank of China. “The Great Wall International Debit Card we are issuing in partnership with Mastercard supports multiple currencies and caters to a variety of unmet consumer needs. At the same time, this product further strengthens our industry-leading foreign currency and cross-border commerce business.”

“Mastercard is committed to sharing its global resources with partners and collaborating to develop customised products that address real challenges for cardholders,” said Dennis Chang, Division President, China, Mastercard. “We are delighted to be working with Bank of China to introduce China’s first cross-border, multi-currency debit card with EMV chip, which addresses the growing global trend in debit card uptake* and meets the needs of diverse consumer segments. This pioneering innovation marks a major new milestone in our three decades of partnership with Bank of China, and we look forward to further collaborations to provide consumers with more secure, convenient, and rewarding cross-border payment solutions.”

Key advantages of the Great Wall International Debit Card include:

• Streamlined application procedure: An applicant may apply for a card at Bank of China branches by presenting his or her valid identity document
• Cash withdrawal at overseas ATMs at any time of the day; handling fee up to a maximum of US$5
• No service charge on currency conversions for overseas purchases
• Supports conversion of 19 foreign currencies
• Spending limit tied to funds available in the relevant bank account
• Yields income from interest; doubles as a foreign exchange and financial management product
• Exchange rate lock function
• Secure online shopping

*RBR Global Payment Cards Data and Forecasts to 2021

DIB reports outstanding success for Consumer Card

Source: DIB website. Banner for the Consumer Card page.

The Consumer Card introduced by the Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has exceeded all expectations by end-2016 in a highly competitive market, highlighting the importance customers place on the transparent nature of the offering and the customer-centric focus of the card.

Customers are drawn to the transparency the card offers, as they are rewarded for simply doing every day transactions, as opposed to increase their spending in return for rewards. The Consumer Card was launched in June 2016. Over the past six months, thousands of Consumer Cards have been issued, to the point where the card has already exceeded its target for its first year, while the total cashback payouts are at a record high. The highest combined amount of cashback was in the supermarket category, with the highest number of transactions on fuel spends. Salik and Nol payments were also popular.

Mohammed Ali Rashed Lootah, CEO Commercial Compliance & Consumer Protection (CCCP) sector in DED, said: "We are delighted with the success of the Consumer Card as it was launched as part of our strategic objective to make shopping in Dubai a pleasant experience through strengthening trust and productive partnerships between retailers and consumers. The card not only provides a new interface for substituting cash payments with smart payment options, but also enables consumers to avail of attractive discounts from various retail outlets.”

Lootah added that the success of the Consumer Card also underlined the successful co-operation between DED and DIB in stimulating growth and productivity in Dubai. “We are pleased to continue working with the Dubai Islamic Bank towards transforming Dubai into an innovation-driven and diversified economy,” he said.

Sanjay Malhotra, Chief of Consumer Banking at DIB, commented, “We are delighted to see that this unique Consumer Card launched in collaboration with DED has been a success with our customers who have acknowledged this product is not only easy to use but also convenient for them to earn cash back on. When we launched the Consumer Card, our core objective was to offer a low-cost, high-value payment solution in order to appeal to a larger number of customers who can enjoy the many exclusive benefits this product has to offer on their everyday purchases. I can proudly say that DIB and DED have been able to offer not just a product but a great experience to our customers, which is indeed a remarkable feat."

Ibrahim Selim Ergoz, GM, UAE, Qatar & Pakistan, Visa, said: “The Consumer Card is one of the key initiatives under a strategic partnership we have with DED and DIB, and is a great example of the public and private sectors working in tandem to help consumers in the UAE manage their finances in a safe, secure and responsible way. It has been successful because it meets a real consumer need while being easy to use, convenient and rewarding. As Dubai powers on with its Smart City initiative, Visa looks forward to being part of more initiatives like the Consumer Card that help to bring the Emirate’s vision of a cashless society a step closer to fruition.”

Issued in partnership with Visa, there are two variants, the Rewards Consumer Card and the Platinum Consumer Card, both offering discounts in over 450 outlets across the country. Card users are also eligible to receive up to AED1,000 cashback per month on daily purchases from supermarkets, automobile servicing, utility bills, fuel spend and movie ticket transactions. The card offers consumers savings and rewards on their daily supermarket purchases, fuel bills, utility bills, movies and more.

Serving 1.7 million customers, DIB continues to grow as it develops products tailored to changing consumer preferences.

Interested?

Read the WorkSmart Asia blog post about the launch of the Consumer Card

World Bank to support geothermal energy project in Indonesia

The World Bank will give US$55.25 million in grants to support the Geothermal Energy Upstream Development Project in Indonesia, which aims to facilitate investment in geothermal power generation in the country.

The Clean Technology Fund (CTF) is contributing US$49 million to support infrastructure development and exploration drilling. The Global Environment Facility (GEF) contributes an additional US$6.25 million to support technical assistance aimed at building capacity in geothermal exploration, including safeguards for due diligence. The Ministry of Finance and PT Sarana Multi Infrastruktur, a state-owned infrastructure financing company, will match the CTF funding for the project.

Geothermal power is the second-largest renewable energy resource in Indonesia after hydropower and a clean alternative to coal-fired power generation. Some 30 million Indonesians – 12% of the population – lack access to modern and reliable electricity.

“Insufficient energy holds back Indonesia’s growth potential and limits the future opportunities of millions of Indonesians. These grants will help Indonesia develop its abundant geothermal power potential,” said Rodrigo Chaves, World Bank Country Director for Indonesia. “The World Bank fully supports the government’s efforts to achieve100% access to modern, reliable electricity as quickly as possible.”

The Geothermal Energy Upstream Development Project will also support Indonesia’s continued efforts to shift to a greener energy development path and reach its target of increasing the share of new and renewable energy in the primary energy mix to 23% by 2025. Expanding access more equitably across the vast archipelago is another key objective for the project.

“The project has a special emphasis on the eastern part of Indonesia, where the percentage of families lacking access to modern and reliable electricity remains very high,” said World Bank Senior Energy Specialist Peter Johansen.

The World Bank’s support to the development of geothermal power in Indonesia is a key component of the World Bank Group’s Country Partnership Framework for Indonesia, which focuses on government priorities that have potentially transformational impact.

Western Union remittances available digitally to Maybank customers in Malaysia

Source: Western Union Financial Services. Bassem Awada, Western Union VP for Key Initiatives, Middle East, Africa, Asia Pacific, Eastern Europe and CIS (left) and Datuk Lim Hong Tat, Maybank Group Head, Community Financial Services (right) at the launch of Western Union Money Transfer Service via the Maybank M2U Mobile App.

Maybank and Western Union, a global payment services provider, have launched the first digital remittance service in Malaysia via the Maybank2u (M2u) mobile banking app. The digital remittance service is also available on the Maybank2u website.

The feature enables Maybank customers to transfer money to more than 500,000 Western Union agent locations in over 200 countries and territories*. The money transfer service is available 24 hours a day, seven days a week including public holidays, and allows customers to transfer up to RM10,000 in a day. Recipients are typically able to access the money much sooner than through traditional money transfer methods.

Maybank Group Head, Community Financial Services, Datuk Lim Hong Tat said that the new service will reinforce Maybank's online leadership and help the bank to grow its business of enabling transactions on digital platforms. "This new service reflects the same commitment we have as Western Union in providing consumers the best in cross-border financial services. Maybank customers are now able to enjoy fast, convenient and reliable cross-border remittance transfer services digitally around the world," he said.

"We have revolutionised the money transfer processes for Maybank customers when comparing with current practice, where they need to visit a Western Union Agent location in order to transfer money. Now, all they need to do is log in to the M2u App and select the Western Union service, and they are good to go."

Maybank is the leading mobile banking provider in Malaysia with 62% share of all mobile banking transactions in the country, performed via M2u.

Bassem Awada, Western Union VP for Key Initiatives, Middle East, Africa, Asia Pacific, Eastern Europe and CIS, said, "This mobile banking app not only grows our relationship with Maybank, but also strengthens our position in Malaysia's cross-border money transfer market. The combination of Maybank's strong presence in digital banking and Western Union's growing digital network, geographic reach and ability to exchange in 130 currencies enables us to move money quickly and reliably."

*Network data as of September 30, 2016

RHB mobile banking app enhanced for RHB Premier customers

Source: RHB Banking Group. RHB Banking Group at the launch of the enhanced RHB Now Mobile Banking App for Premier customers. From left: David Chong, Head of Affluent Segment, Consumer Finance and Payments, RHB Bank; Rohan Krishnalingam, Group COO, RHB Banking Group and U Chen Hock, Executive Director, Group Retail Banking.

The RHB Banking Group has introduced an enhanced RHB Now Mobile Banking App designed specially for its RHB Premier customers. With 68% of all affluent Malaysians being digital banking users*, RHB believes that the introduction is timely.

“We are pleased to introduce the enhanced RHB Now Mobile Banking App which offers our affluent customers fast and seamless financial and lifestyle experiences. The enhanced app presents additional features and financial solutions that include market updates, messaging features and lifestyle privileges. Our affluent customers do not need to download two different apps; instead they will enjoy the convenience of a single login to access these attractive features,” said U Chen Hock, Executive Director, Group Retail Banking, RHB Banking Group.

“As of October 2016, our RHB Now Mobile Banking App has seen more than 120,000 new downloads with more than 360,000 existing customers having upgraded to this app. With this enhanced app, we aim to sign up a majority of our Premier customers onto this new and exciting mobile platform.”

The enhancements have been put in place to allow RHB Premier customers to conveniently access up-to-date market information and to facilitate engagement between RHB Relationship Managers and its Premier customers. A new functionality in the app allows customers to receive push notifications and messages as well as stay abreast with the latest events, deals and news from RHB Premier.

Interested?

RHB Premier customers can update the RHB Now app at the Play store or App store to obtain the enhancements.

*PwC Global Data and Analytics Survey