Bank Sohar launches relationship banking service

Bank Sohar has launched Al Khaas, a relationship banking service that focuses on personalised service experience through relationship managers, wealth advisors, exclusive banking centers, a dedicated call centre, superior benefits, prize draws, rewards, and more.

Al Khaas will cater to the needs of high networth individuals (HNI) by offering them a differentiated banking experience across all 31 branches across Oman. There will also be dedicated Al Khaas service centers in selected large branches. 

Sasi Kumar, Acting CEO of Bank Sohar said, “In this year aptly named the Year of You we are determined to deliver unique products and services with a firm vision focused on elevating banking experience of our valued customers. To this end, the bank has worked tirelessly to provide an experience that exceeds the highest expectations with a robust commitment to banking excellence. From expert investment advice to personalisation on an exclusive range of products and preferential services, we are positioning ourselves as partners with our valued customers enabling them to attain their financial aspirations.”

Rajeev Arora, Deputy GM and Head of Retail Banking at Bank Sohar, said, “We are proud to announce Al Khaas as a unique value proposition to our HNI customers further fulfilling our promise to our customers as the Year of You. This step truly reflects our vision to become a one-stop financial super mall having boutiques of products and services across various segments, each with a unique set of propositions. By continuously engaging and understanding our customers’ lifestyle, we aligned Al Khaas’ offering to their ambitions and visions, and we will continue on our strategy to keep enhancing and add value to their banking experience with Bank Sohar.”

Preferential banking products and services set customers of Al Khaas apart, with free customised and personalised cheque books, invitations to programmes and social events organised by the bank, higher purchase limits at point-of-sale with debit cards, Al Khaas Signature debit cards with high ATM withdrawal limits, a Signature credit card, free personal accident insurance, travel insurance, SMS, Internet, and mobile banking services, preferential pricing on deposits, foreign exchange and remittances.

Al Khaas Wealth Management delivers qualified wealth management advisors to analyse financial needs and offer tailormade investment and financial solutions. As an exclusive market proposal, Al Khaas also brings customers subscriptions to IPOs and other investment opportunities with special assistance and a faster completion of the formalities. Attractive term deposit rates further deliver a healthy and guaranteed return on investment, with relationship managers sharing the prevailing rates of interest applicable to the minimum amount and maximum period of customer deposits.

Al Khaas’ Ready Cash brings the convenience of instant liquidity through a 24x7 overdraft facility as a hybrid financial solution combining the high returns of a term deposit. Instant interest fixed deposit accounts benefit the bank’s customers in receiving interest upfront. The interest amount for the entire tenor of the fixed deposit is credited to customers’ savings accounts at the time of opening the fixed deposit. Protection and investment products further extend Bank Sohar’s customer benefits to family members through the bank’s insurance partners.

Al Khaas customers will further be eligible to participate in all of Bank Sohar’s Savings Scheme prize draws, including its exclusive draws. 

In The Year of You, Bank Sohar has released credit card and insurance products, an enhanced international remittance facility to India, new branch activations, and service upgrades. 

Details:

Call the Al Khaas call centre in Oman at 2473 0073 with questions.

NBK offers World Cup fans a limited edition prepaid card

Source: NBK website. The NBK FIFA World Cup prepaid
cards.

The National Bank of Kuwait (NBK) has launched a new, limited-edition prepaid card celebrating FIFA and the upcoming World Cup series for football lovers in Kuwait.

The FIFA World Cup Prepaid card is exclusive to NBK customers and includes all standard prepaid card benefits and options. It is available to all NBK customers over 17 years old and Shabab customers who transfer their allowance to NBK.

Customers can apply for the card easily via the NBK mobile banking app, or the NBK website NBK.com. The card will be delivered to your doorstep with no extra fee.

“NBK offers this unique, limited edition FIFA World Cup prepaid card for our customers who are football enthusiasts,” said Mohammed Al Othman, GM, Consumer Banking Group, National Bank of Kuwait. “Holders enjoy all the benefits of an NBK prepaid card including NBK Rewards, Visa Global Assistance and other flexible and convenient offers and benefits.”

“NBK creates the best services and products tailored to suit our customers lifestyle needs,” Al Othman added. “We go the extra mile to show appreciation to our customers. This is part of the bank’s long term strategy to build lasting, loyal relationships with our customers.”

Card benefits include control over budgeting and spending, worldwide recognition and NBK secure Shopping. Card holders can determine how much to transfer to the card, thus setting their own spending limits. The card can also be reloaded via the NBK mobile banking app or NBK.com website. Prepaid card holders also earn cash back and other rewards as part of the NBK Rewards loyalty programme.

The 2018 FIFA World Cup in Russia runs from 14 June to 15 July.

Travel rewards galore with the NBK Miles World Mastercard

Source: NBK. The NBK Miles World Mastercard.

Frequent travellers from Kuwait can earn points and gain airport lounge access with the NBK Miles World Mastercard. 

NBK Miles Points can be redeemed to book flights with more than 800 airlines, 150,000 hotels, and renowned car rental agencies around the world. When encashing miles, cardholders can fly to any destination on any airline, from any point of origin, and at any time of the year. There are no blackout dates, and no limit on the number of seats. Even ticket taxes can be paid using your miles points. 

“NBK’s Miles World Mastercard programme is very convenient, as it allows customers to redeem points and plan their entire trip from booking tickets to hotel accommodation, and even car rentals. It also gives them access to the best lounges across the globe, among many other benefits,” said Hanadi Khazal, Assistant GM - Consumer Banking Group, National Bank of Kuwait (NBK).

NBK Miles World Mastercard credit card holders earn three NBK Miles Points for each KD1 spent in Kuwait and five NBK Miles Points for each KD1 spent while travelling abroad. Cardholders are also eligible for the NBK Rewards Program, the largest loyalty programme in the region with more than 700 partner outlets in fashion, dining, lifestyle and entertainment.

The Miles World travel programme is also open to NBK Visa Signature, NBK World Elite Mastercard and NBK Visa Infinite credit card holders. Other programme benefits include travel insurance, free valet parking, concierge service, travel offers, and discounts.

Details: 

Learn more about NBK credit cards online. A Right for me comparison tool shows the rewards, promotions and benefits available for each card. New cardholders receive 10,000 free bonus points upon using their new NBK Miles World Mastercard for the first time.

Maisarah Islamic Banking Services helps customers go cashless

Maisarah Islamic Banking Services has launched a mobile banking app for retail banking customers, with English and Arabic support.

Ismail Jama Ismail Bait Ishaq, COO of Maisarah Islamic Banking Services said, “In a fast-paced and evolving digital world, customers enjoy the convenience of literally having a bank branch on their phone. This new mobile banking application with many user-friendly features is certain to delight our customers. At Maisarah we are always keen to deliver state-of-the-art products and services to our clients. By investing in technology, we make it easier for our clients to do business with us in an inventive way.”

The app enables customers to view their balance and transactions, as well as request a new cheque book. They can also specify a quantity of cheque books and the point of collection. Customers can also benefit from cardless cash through Maisarah ATMs by making a request for the cash through the app and creating a four-digit cash code. Customers further can execute mobile top-ups for any mobile service provider in Oman, and pay utility bills*. 

With the app, customers can also transfer funds from their accounts to other accounts in Maisarah, as well as to a valid account number in another local bank in Oman. They can even transfer funds to a valid ATM card number of another local bank within Oman.

“Maisarah’s mobile banking app is simple, secure and efficient, and offers our customers 24x7 convenient banking experience. We will continue to offer new banking and value-added services to our mobile channel. Our aim is to offer our customers banking and value added services,” Maisarah Islamic Banking Services' Jamsheed Hmaza, Head of Retail said.

As part of its future growth plan, Maisarah plans to distinguish itself by providing outstanding customer service, developing and launching new products, investing in technology to provide the best customer experience in timely and convenient manner.

Maisarah Islamic Banking Services has 10 branches across the country including in Azaiba, Al Hail, Salalah, Sohar, Birkat Al Mouz, Greater Muttrah, Al Khuwair, Sur, New Salalah and Araqi. 

*Water and electricity at ONEC/OIFC, bills for mobile, landline, and Internet for Omantel and Ooredoo.

UnionPay to up coverage in Turkey via ZIRAAT BANK and Garanti Bank

Turkey's ZIRAAT BANK has signed an agreement with UnionPay International to accept UnionPay cards at all of its ATMs and POS terminals by the end of the year, so as to further expand the scope of UnionPay cards in Turkey and to improve the experience of UnionPay cardholders visiting Turkey.

UnionPay expects that by the end of this year, the acceptance coverage rate of UnionPay cards at ATMs in Turkey will be increased from the existing 50% to near 70%, and that of POS terminals rising from 80% to near 90%. At present, over 6.3 billion UnionPay cards have been issued globally, making UnionPay the world's largest cardholder group.

Garanti Bank is to issue UnionPay credit cards this year as well, UnionPay said.

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

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."

MAS relaxes regulations on finance companies to ease SME financing in Singapore

The Monetary Authority of Singapore (MAS) has announced regulatory changes to strengthen the resilience of finance companies and enhance their ability to provide financing to small and medium sized enterprises (SMEs).

Finance companies complement banks, providing what are often more personalised and customised solutions for smaller-sized businesses. MAS will relax some business restrictions that currently apply to finance companies.

The limit on a finance company’s aggregate uncollateralised business loans will be raised to up to 25% of its capital funds, from the current 10%. At the same time, the limit on uncollateralised business loans to a single borrower will also be raised to up to 0.5% of capital funds, from the current S$5,000. These changes will better enable finance companies to serve their SME customers, many of whom require unsecured credit for working capital, MAS said.

Finance companies will be allowed to offer current account and chequing services to their business customers  They will also be allowed to join electronic payment networks, including Inter-bank GIRO, Fast and Secure Transfers (FAST) and Electronic Funds Transfer at Point of Sale (EFTPOS). These changes will enable finance companies to provide more comprehensive credit and deposit services to SMEs.

MAS will retain other regulatory restrictions on finance companies, such as restrictions on foreign currency exposures and derivatives trading. MAS will also require finance companies to enhance their corporate governance and risk management. This will include stricter rules on related party transactions and limits on exposures to the property sector.

MAS will phase in the above regulatory changes starting from this year.

MAS will further liberalise its existing policy of not allowing a foreign takeover of a finance company. This will accord finance companies greater flexibility to explore strategic partnerships and innovative business models that can strengthen their SME financing business. Specifically, MAS is prepared to consider an application for a merger or acquisition if the prospective merger partner or acquirer commits to maintaining SME financing as a core business of the finance company. In addition, the merger partner or acquirer must be able to demonstrate expertise in SME financing and present proposals to enhance the finance company’s SME lending activities with new technologies, methodologies or business models.

Ong Chong Tee, Deputy MD, MAS, said: “The liberalisation of finance companies will facilitate their efforts to invest in new capabilities to enhance their core SME financing business. These changes are part of MAS’ ongoing efforts to ensure that our financial sector continues to be able to support enterprise development.”

There are three licensed finance companies in Singapore. In Q216, finance companies accounted for just under S$7 billion of outstanding SME loans.

Singapore's MAS discloses efforts to support industry innovation

The Monetary Authority of Singapore (MAS) has highlighted how it will support the digitalisation recommendations of the Committee on the Future Economy (CFE) and help to position the financial sector for the future.

MAS will facilitate infrastructure projects to drive innovation, boost market efficiency, enhance customer service, and extend Singapore’s connectivity with the region. Specific projects include:

An electronic marketplace for trade finance assets
An electronic trade finance platform will enable participating banks to distribute trade finance assets internationally, unlock capital to originate new trade finance lending, and increase the supply of trade finance for the region. A local fintech firm with international experience in trade finance is developing such a platform with a grant from the Financial Sector Development Fund, and aims to go live in the next few months, the MAS disclosed.

Electronic trading platforms for foreign exchange (FX)
MAS is working with banks to anchor e-FX trading platforms that can help to enhance price discovery and FX trade execution, especially for Asian currencies. This will enable market participants to benefit from better liquidity and greater efficiency in executing FX transactions, and sharpen Singapore’s edge as Asia’s leading FX hub, MAS stated.

Data infrastructure for natural catastrophe and cyber risk insurance
The Natural Catastrophe Data Analytics Exchange seeks to expand the availability of high-quality data on catastrophes in Asia by pooling industry loss data and collecting economic data through remote sensing technologies. This enhanced data will help increase catastrophe insurance penetration in the region.

The Cyber Risk Management Project aims to develop industry-wide cyber risk definitions, databases and models to better quantify cyber risks. This will help to accelerate the growth of cyber risk insurance in Singapore and across Asia.

Exploring the feasibility of developing an industry know-your -customer (KYC) utility
KYC is the process by which financial institutions identify and verify the credentials of their clients, an increasingly costly and resource-intensive although critical process. It can also be inefficient – clients are required to repeat the same KYC processes and provide the same information to every financial institution when opening a bank account, or applying for a credit card or insurance policy.

MAS is working closely with the industry and other government agencies to study the feasibility of developing a centralised KYC utility for the industry. Such a utility can enable participating financial institutions to leverage government-registered information based on client consent. It will also help to simplify and automate KYC processes, reduce compliance burden and enhance efficiencies within financial institutions, MAS noted.

Infrastructure for the pervasive use of electronic payments
MAS has been working with the financial industry to promote the broad use of electronic payments to enhance consumer convenience and business productivity. Singapore already has a strong payment infrastructure in the form of Fast and Secure Transfers (FAST), which enables secure, real-time, inter-bank payments. The banking industry will implement in the third quarter of this year a Central Addressing Scheme that will allow users to make fund transfers through FAST by using proxies such as mobile numbers and national identity (NRIC) numbers instead of bank account numbers.

In view of the growing prevalence of QR-code payments in Singapore, MAS is also looking to work with the industry to develop interoperable standards for such payments.

"The underlying thrust of MAS’ various initiatives is to provide a conducive environment for innovation – which is critical for the future of financial services. We do this through a judicious regulatory framework and enabling technology infrastructure. And even as we allow more risk-taking, we want to do so without compromising the safety of financial institutions and the stability of the financial system,” said Ravi Menon, MD, MAS.

Interested?

View the associated infographic (PDF)

PwC launches APAC research centre for asset and wealth management

Source: PwC. PwC is to open an Asset & Wealth Management Asia-Pacific Research Centre in Singapore.

PwC has launched its Asset & Wealth Management (AWM) Asia-Pacific Research Centre, which will be headquartered in Singapore. With the support of the Singapore Economic Development Board, the AWM Asia-Pacific Research Centre aims to build capability in AWM in Singapore and across the region.

As an extension of PwC’s Global Market Research Centre based in Luxembourg, the AWM Asia-Pacific Research Centre will help to address the asset and wealth management industry’s market research needs such as identifying new market opportunities through its dedicated market-entry reports, help asset and wealth managers assess their competitiveness, improve their visibility in the market and monitor key trends.

This will be done through the development of in-depth analytical reports to support players in developing their strategy. It will also provide guidance for new players' market-entry aspirations across the Asia-Pacific region and engage in dialogue with regulators and governments in Asia-Pacific through policy papers.

“We are at the beginning of the Asian decade as global economic power and wealth shifts from west to east. The financial services industry in Asia-Pacific is at the cusp of re-engineering and consolidating. PwC’s AWM Asia-Pacific Research Centre will provide clients and other financial institutions with tools to expand their footprint in this region through the provision of market intelligence and supporting thought leadership,” says Justin Ong, Asia-Pacific Asset and Wealth Management Leader at PwC Singapore.

Barry Benjamin, PwC Global Asset and Wealth Management Leader adds, “The impacts of globalisation, technology advances and changing demographics are leading to dramatic shifts in how people accumulate, manage and distribute their wealth. The Centre will play an integral role in advancing research as well as developing perspectives on these challenges.”

The centre aims to build the analyst and research team to 12 over the next five years.

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

Digital or tech skills? Your salary is probably higher than average

Source: Willis Towers Watson. Report cover.

There is demand for tech talent in the financial sector, which is helping salary budgets for talent in digital roles hold steady amid broader weakness across other industries, particularly the banking sector, according to global advisory, broking and solutions company Willis Towers Watson.

Business in all its forms is becoming more data- and technology-driven, and banking is no exception. In the competition for talent, it is technology rather than finance that increasingly holds sway. Survey findings released today by Willis Towers Watson, drawn from its 2016 Asia Pacific Salary Budget Planning Report, show banking salary budget increases for 2017 are set to be well below those in the tech sector, and also below those of the financial services sector as a whole.

The findings show that salaries in Asia Pacific's banking sector are set to grow by 4.8% in 2017, the second slowest rate of salary growth among industry sectors in the survey. Eleven of the markets in the region have banking pay increases ranked among the bottom three in cross-industry comparison.

"The data, allied with what we're hearing on-the-ground, shows that as traditional banks move services online in the hope of staying competitive by better meeting customers' evolving demands via digital transformation, they are competing for the same pool of skills as the traditional high-tech sector," said Sambhav Rakyan, Data Services Practice Leader, Asia Pacific, at Willis Towers Watson.

Banking salaries in the financial hubs of mainland China, Hong Kong and Singapore are projected to grow by 6.3%, 3.6% and 3% respectively in 2017, well below the expected high-tech salary growth rates of 7.5% for China and 4% for both Hong Kong and Singapore.

"What the data is telling us is that, amid a general slowdown in the banking sector and more broadly across the financial services sector, salaries for digital roles within the financial sector are holding steady," Rakyan said. "It doesn't mean tech talent will necessarily get more in a monetary sense, but it does in percentage terms."

Unlike in pre-financial crisis times, banking no longer stands alone as the industry of choice amongst top-tier university graduates, according to Greg Kuczaj, Asia Pacific Head of Willis Towers Watson's Global Financial Services practice. "There is continued attraction and retention pressure from non-financial services firms, such as those in high tech or fintech, as the pay premium in financial services has decreased to where it is no longer a major attraction," said Kuczaj.

Even at mid- and senior-level positions, technology firms are increasingly attracting key talent away from the financial services industry due to less regulation and scrutiny in the high tech industry, more innovative and entrepreneurial work environments, and highly competitive total rewards packages.

Demand for tech and digital talent is evident elsewhere in the region across many industries, Willis Towers Watson said. As banks move online and adopt mobile solutions, insurance companies are also adopting wearable devices and data analytics technology to tailor policies, pushing insurtech salaries higher. Other areas competing for digital talent include fintech, online-to-offline (O2O) and e-commerce.

"In China, Beijing has been pushing entrepreneurship as a cornerstone of its economic restructuring. Digitalisation plays a significant role in this as a key element of an effective entrepreneurship ecosystem," said Kuczaj. "It's similar in India with the government-backed 'Make-in-India' campaign. India is also home to a huge e-commerce and taxi-hailing market, creating very high demand for talent in mobile payment technology and data analytics."

Digital transformation means there's a need to review and redefine the talent strategy to identify key skills and differentiate compensation for talent in key roles.

"In Silicon Valley, for example, top talent is often rewarded with equity in addition to a competitive base salary and annual bonus. It's very compelling," said Kuczaj. "To truly compete, financial services firms will need to think beyond merely using pay to attract and retain talent. Career opportunities, organisational reputation, security and manager/leadership effectiveness are all critical drivers of attraction and retention."



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*The 2016 Asia Pacific Salary Budget Planning Report is a bi-annual survey compiled by Willis Towers Watson's Data Services Practice. The survey, timed to coincide with companies' compensation planning for 2017, looks at a range of industry sectors and job grades from factory shop floor to executive suite, and focuses on salary movement and review practices.

The survey was conducted in July 2016. Approximately 4,000 responses were received from companies across 22 markets in Asia Pacific.

National Australia Bank introduces enhanced parental leave policy for Asia

National Australia Bank (NAB) launched an enhanced parental leave policy in Asia in June 2016 to ensure that parental leave is available to all eligible employees regardless of gender and marital status. This includes the option for primary carers to take unpaid leave for a period of up to 12 months, of which NAB pays up to 12 weeks leave, without impacting the individual’s job scope or career path.

The types of leave available for eligible* employees include:

 Pre-natal leave
 Primary carer’s leave – paid and unpaid
 Secondary carer’s leave – paid and unpaid
 Adoption leave
 Special parental leave

Kate Colley, Head of People, Asia and International Branches, commented: “At NAB we want to be Australia and New Zealand’s most respected bank – a key way we can achieve that vision is to understand and support our people by making it easy for them to reach their career and life goals.

“The Asia launch of the parental leave policy now aligns NAB in Asia with our group’s efforts in supporting married and single parents of children – biological or adopted – through greater work flexibility when they are the primary or secondary carer. Our enhanced parental leave policy considers the needs of our people from the time they are expecting or adopting a child right through to returning to work after a period of parental leave and provides them with a variety of leave options and working arrangements.

“As our understanding increases of the broader positive cognitive and emotional outcomes for children when fathers are given the opportunity to participate more fully in family life and childcare, we are proud to encourage our male employees in Asia to benefit from the parental leave policy.

“In doing so, we also want to better support and advance women’s careers by creating a culture that provides equal opportunity to all parents, regardless of gender and life goals.”

The policy also includes provision for pregnant employees who are fit for work but who experience illness or risks arising from the pregnancy, or who have identified hazards connected with the position, to be transferred to a safe job.

*Parental leave is available to all permanent employees who have completed at least 12 months continuous service at the time of taking leave. Employees with less than 12 months continuous service or serving the notice period of separation are not eligible for parental leave other than regulatory required, however they may be considered for a period of unpaid leave.

Xero partners with UOB to help small businesses manage cashflow

Xero (@Xero) today announced that its platform is now integrated with UOB, allowing small businesses that bank with UOB in Singapore to connect their bank accounts with their Xero subscription.

Xero and UOB are both passionate about helping small businesses in Singapore thrive and this integration is no a big step toward solving one of the biggest challenges that small businesses in Singapore face: managing their cashflow.

With this integration, small business customers who bank with UOB will be able to choose to have their bank transactions sent automatically from UOB to Xero every day through a secure connection.

This empowers small businesses to manage their cashflow from within Xero, allowing them to check which customers have paid their bills overnight, and which bills from suppliers they need to pay. This will save small businesses the time and inconvenience of having to manually download statements and import them into their Xero subscription.

The integration with UOB is the latest for Xero of more than 80 financial institution integrations around the world to build a financial web that saves small businesses time and administration when dealing with their finances. Many of the world’s banks and financial institutions now share this vision, and are connecting to Xero’s cloud platform to offer small businesses a true view of their financial state.

Xero and UOB’s integration will provide a huge boost to the thousands of small businesses who already use Xero in Singapore, and set the standard going forward.

Alex Campbell, Managing Director for Xero Asia says, “We are delighted to partner with UOB to help make life easier for small businesses in Singapore and connect them to the financial services they need to grow and thrive.”

“At Xero, we have seen how valuable innovations like our banking integrations have been to our more than 700,000 subscribers around the world. We’re proud to be working with UOB, as the first bank to integrate with Xero in Asia, to bring these innovations to markets such as Singapore where small businesses play an important role in the national economy.

“The financial web enables banks and customers to meet and exchange information digitally, to speed timely access to financial services, while providing greater confidence in underlying data. This integration with UOB enables Singapore small businesses that use Xero to readily connect their bank account to Xero and unlock the power of the financial web. We believe this can fundamentally rewire how small businesses operate, lighting a fire under the engine room of our economies.”

UOB’s Country Head of Business Banking Singapore Mervyn Koh says, “As the cost of business increases and competition becomes more intense, productivity enhancements have become a priority for small businesses to achieve sustainable growth. Through an integration with Xero, UOB’s customers will be the first in the market to harness the efficiency of Xero’s latest productivity software to help them save time, cut costs, and make better use of their resources.”

Financial services firms increase focus on building sound risk culture

• Financial services firms increase focus on building sound risk culture
• Majority of banks are planning changes to performance management programmes
• Many are changing employee value propositions to attract a new breed of graduates and retain millennials

Mercer’s latest Global Financial Services Executive Compensation Snapshot Survey* found that most financial services companies are taking significant steps towards fostering a sound risk culture amongst their staff. Of the companies surveyed, 62% have carried out initiatives to penalise misconduct and non-compliance to a ‘great degree’; 60% can show evidence of setting the right tone at the top and 58% are communicating clear (risk) culture objectives.

“It’s encouraging to see companies engaging senior leaders to set an example when it comes to risk taking and compliance behaviours,” said Vicki Elliott, Senior Partner and Financial Services Talent Leader at Mercer. ”The best way to foster a sound risk culture and combat excessive risk taking is with strong, authentic leadership who are willing to manage consequences for good and bad behaviour.”

Mercer research showed that rewarding positive risk behavior continues to be challenging with only a few organisations having taken these steps “to a great degree” (only 11%). “Proactively rewarding positive risk behaviour can be tricky but it is likely to have a more positive impact on culture in the long term compared to punitive measures,” said Elliott.

Mercer’s survey reviewed the practices of 68 financial services companies globally – banks, insurers and other financial services companies – based in 20 countries in Europe, North America, and Asia. The report provides an update on key changes in talent management and rewards practices in financial services

Experience with bonus malus**

Over 90% of banks and 72% of insurance organisations have malus policies in place largely due to regulation which requires that all or a portion of deferred or unvested awards can be reduced or wiped out. Such policies are mostly triggered by individual misconduct (89%), individual breach in compliance (89%) and negative business performance (74%). About half of banks have applied malus for individual performance reasons. However, approximately 60% of them do not retain individuals involved in malus cases, which may call into question their overall effectiveness.

Performance management changes

“Establishing an effective employee performance management system continues to be a highly challenging task for financial services organisations,” said Dirk Vink, Principal in Mercer’s Talent business. “However when done right it can have a greater impact on behaviour and performance than just changing compensation plans. Performance management reform is a key lever to help manage toward desired culture change.”

In Mercer’s study, more than half responded that their performance management approach works well, though only a small proportion indicated that it delivers exceptional value. Mercer’s survey finds that change is on the horizon, with half of all banks planning to make changes to their performance management processes in the next 12 months, this compares to just 16% of insurers. However, 32% of insurers want to change their processes but are unsure when. Almost half of respondents indicate that their feedback process and performance management linkage to development needs work. Most banks are increasingly involving their risk management function in selecting performance measures, goal setting and performance evaluation, which is a significant development for aligning performance with sound risk-taking.

Employee value proposition beyond pay

Mercer’s report found that many financial services companies have made or are making changes to their employee value proposition (EVP) beyond pay in order to better attract and retain talent who might otherwise choose not to work for them. The most prevalent initiatives planned, or already in place, are learning and development programmes (47%) and remote working programmes (43%). Other popular changes include implementing career frameworks (37%), introducing flexible working (37%) and non-monetary recognition programmes (34%).

“Following the financial crisis, the reputation of traditional financial services firms suffered badly. Esteem turned to stigma as a new generation of graduates started rejecting a culture they viewed as aggressive and lacking in integrity,” said Mark Quinn, Partner and Head of Mercer’s UK Talent business. “Banks, in particular, who have since been struggling to attract and retain the best new talent, are realising that these so-called millennials are not just in it for the money. They look for a sense of pride and purpose in their work, as well as flexibility and career support. To attract them, companies need to develop a strong and genuine purpose-led employee value proposition.”

Source: Mercer. Steps taken towards fostering a strong risk culture.

*This edition of the survey looks at changes in annual, deferred and long-term incentives, pay mix and role-based allowances. Forty-seven percent of companies are based in Europe, 32% in North America and 21% in Asia. Fifty percent of companies are in banking, 28% in insurance and 22% in other financial sectors (asset managers, for example).

***Bonus Malus refers to the part of the deferred bonus that has not yet been paid out and can be ‘reclaimed’ because, for example, an acquisition’s due diligence is not carried out thoroughly.

Credit Suisse Hong Kong customers get new digital private banking app

Source: Credit Suisse e-brochure.

Credit Suisse has launched its digital private banking platform in Hong Kong with the release of an enhanced Private Banking Asia Pacific app.

The digital platform creates a new multichannel service delivery model combining a digital and direct client experience. Credit Suisse’s initial digital private banking platform was first rolled out in Singapore in March 2015. More than12 months of client usage analysis and usability testing has culminated in an enhanced version of the app the bank has launched in Hong Kong, with a new design and client user interface as well as additional language capabilities.

Source: Credit Suisse. Monnet.

Francois Monnet, Credit Suisse's Head of Private Banking Greater China, and Lead for the development of the digital private banking project said, “We are delighted to launch an enhanced version of our Private Banking Asia Pacific app for our Hong Kong wealth management hub, building on the experience and learnings accumulated in the past year following the Singapore rollout. Hong Kong is one of the fastest growing hubs for our Private Banking business as well as a hotbed of consumer adoption of digital solutions across many products and services.

"Digital technology is rapidly changing the way people use financial services, they are increasingly using digital channels to contact their banks, execute trades and purchase financial products. As a leading global wealth manager, Credit Suisse is making significant investments in digital technology to capture this opportunity and deepen the relationship with our current and next generation of private banking clients and help drive the growth of our business across the region.

“Asia Pacific has some of the biggest and most rapidly expanding wealth pools in the world. A digitalised multichannel service delivery model will bring the relationship manager and bank significant gains in efficiency and higher value-added productivity, and most important of all, enable us to serve our clients better and cultivate deeper client relationships. In rolling out our digital private banking capabilities, we are redesigning the way in which we interact with and curate content for our clients. It is not just an enhancement to the client experience, but a transformation of our private banking service model.”

According to a 2014 survey*, 38% of high net worth individuals in Asia feel that digital contact with their wealth manager is more important that direct contact, while 83% of them said that they are far more likely to leave wealth management firms that cannot offer an integrated digital and direct channel experience.

Credit Suisse identified that the majority of its private banking clients in Asia Pacific are what it describes as “validators”, that is those who want to understand investment opportunities and trade-offs to validate with their advisors, who think in the mid- to long-term and appreciate support in understanding global markets and refining their views and ideas.

Monnet said, “We designed, developed and prioritised the features of our first product release based on what these clients expect from our bank and our digital offering. We fully engaged with our clients through more than 100 in-depth one-on-one Voice of the Client sessions held with across the region including in Greater China, and their feedback shaped the way we developed and constantly refined the digital private banking app. We also held many Voice of the Business sessions with more than 80 members from the relationship management teams, to get their views, expectations and feedback throughout the process of developing these capabilities.”

Credit Suisse’s new digital platform empowers clients with round-the-clock access to comprehensive information about their accounts, market insights and intelligence personalised according to their portfolios, tools to analyse their risk exposure across portfolios while equipping them with trading tools to respond to moving markets. The new digital private banking solution also facilitates multiple channels of connectivity and collaboration for clients with their relationship manager and Credit Suisse team.
 
Monnet added, “Our data and analytics over the past year from Singapore have indeed shown that we have delivered a digital solution that meets many of our clients’ aspirations in terms of functionality and usability. As a result, the number of clients using the digital channel has increased almost thirty times. They are logging in more often - at all times of the day and night and on average are spending more time on each visit. They are using the platform to access and understand investment opportunities and ideas, and are empowered to act on market opportunities through the trading tool anytime at their convenience. We are confident that the new digital platform will bring significant benefits and efficiencies to all our regional clients whose assets are managed in our Hong Kong hub.”

Interested?

The app is available to regional clients with accounts in Hong Kong and supports English and new Chinese language capabilities. It is accessible across multiple devices including iPad, iPhone, and Web browsers. Android users can access the platform via Web browsers.

Read the TechTrade Asia blog post about Credit Suisse's path to digital transformation

*Capgemini RBC Wealth Management Asia Pacific Wealth Report 2014  

Singapore investors will find it easier to invest in corporate bonds

The Monetary Authority of Singapore (MAS) has introduced two new regulations to facilitate corporate bond offerings to retail investors - individuals who buy securities for personal investment, as opposed to a company for corporate investment.The changes are part of MAS’ overall efforts to widen the investment options available to retail investors through better access to simple investment products that are relatively less risky.

Corporate issuers traditionally look to the wholesale bond market to meet their funding needs due to higher costs involved in tapping the retail market. From today, corporate issuers will find it easier and cheaper to tap the retail market by issuing plain-vanilla bonds through two new frameworks:

First, under the Bond Seasoning Framework, wholesale bonds* released by issuers that meet eligibility criteria stipulated by the Singapore Exchange (SGX) can be offered to retail investors after the bonds have been listed on SGX for six months. These “seasoned” bonds can be re-denominated into smaller lot sizes and offered to retail investors on the secondary market. Eligible issuers can also offer additional bonds to retail investors on the same terms as the “seasoned” bonds without a prospectus. SGX has amended its rules to effect the framework, and issued a practice note to provide guidance to issuers on the relevant procedures and processes**.

Second, under the Exempt Bond Issuer Framework, issuers that satisfy specified thresholds that are higher than the eligibility criteria under the Bond Seasoning Framework*** can offer bonds directly to retail investors at the start of an offer without a prospectus. The new regulations give effect to the policy and legislative proposals consulted on in September 2014 and December 2014 respectively on the Bond Seasoning Framework and Exempt Bond Issuer Framework.

As an additional incentive for eligible issuers under the Bond Seasoning Framework and Exempt Bond Issuer Framework, the Minister for Finance will grant a tax deduction of up to two times to qualifying retail bond issuers for issuance costs attributable to such retail bonds. The tax concession will be available for five years and will take effect today. The MAS has also issued a circular today with further details of the tax concession.

On 1 September 2014, MAS issued a consultation paper proposing changes to the regulatory regime for bond offerings to facilitate greater access by retail investors to bonds.

On 23 December 2014, MAS published its response to feedback on the consultation paper and released a second consultation paper to seek feedback on the draft regulations to effect the proposed changes to the regulatory regime.

MAS has since published its response to feedback on the second consultation paper, which also includes a summary of the eligibility criteria under the Frameworks, the conditions for the prospectus exemptions and the regulations relating to the two new frameworks.

Interested?

Download Eligibility Criteria under the Seasoning Framework and the Exempt Bond Issuer Framework (PDF)

*Wholesale bonds refer to bonds that are offered only to institutional and accredited investors or in large denominations of at least S$200,000. Such offers are exempted from prospectus requirements under sections 274 and 275 of the Securities and Futures Act (Cap 289).

**References at http://www.sgx.com/wps/portal/sgxweb/home/regulation/consult_pub/consult_papers and http://rulebook.sgx.com/.

***For example, an issuer under the Bond Seasoning Framework can satisfy the criteria relating to credit standing if it has issued, or guaranteed the issuance of, bonds listed on SGX of at least S$500 million (or its equivalent in foreign currency) over the previous five years. In comparison, the threshold under the Exempt Bond Issuer Framework is S$1 billion (or its equivalent in foreign currency).

RHB Now Mobile Banking app introduces flexible mobile payments

The RHB Banking Group (RHB) has launched its new RHB Now Mobile Banking app as part of its digital strategy.

Source: RHB. From left: Dato’ Khairussaleh Ramli, Group Managing Director for RHB Banking Group and U Chen Hock, Executive Director, Group Retail Banking for RHB Banking Group at the official launch of the new RHB Now Mobile Banking App. 

"Through our digital strategy, we have been focusing on creating a digital ecosystem around the lifestyle and financial needs of our customers. We are now able to connect directly with our customers, help them in their banking needs and open up innovative payment gateways to cater to the fast-paced modern lifestyles of today’s younger generation. One article reported that today, an average person checks their smart phones at least 150 times a day. And on average daily, Malaysians spend 3 hours 37 minutes on the Internet via a mobile phone," said Dato’ Khairussaleh Ramli, Group Managing Director, RHB Banking Group during the launch.

He also noted that Bank Negara Malaysia statistics show a rise in mobile banking penetration levels in Malaysia from 5.3% of the population in 2011 to 23.5% as at end-2015. "This statistic depicts the changing lifestyle of the population and the changing relationship banks have with their customers today," he said.

"The RHB Now Mobile Banking App provides our customers with a simple, fast and seamless platform to manage their banking transactions. The new and enhanced capabilities of the RHB Now Mobile Banking App will meet the lifestyle demands of our customers and the millenials. They will now be able to manage their money on the move. This is a significant milestone in our digital journey and our commitment to become the next generation digital bank,” Dato’ Khairussaleh Ramli, added.

The app presents RHB Pay Anyone, the first-in-the-market feature that enables customers to send money to familyRH members, friends and any individual using mobile numbers, email or Facebook, without the need for a bank account number. Recipients have the option to accept the transacted amount through an RHB account or any other Malaysian bank account. In addition, the overall number of steps to complete a transaction has also been reduced by 20%, by enabling shortcuts to favourite transactions.

Other highlights of the app are attractive and exclusive privileges that include discounts and purchases made via the app with products delivered to customers’ doorstep. The app also offers all other mobile banking solutions that users are accustomed to such as prepaid top-up and bill payment facilities as well as the convenience to view their account summary.

Interested?

The RHB Now Mobile Banking App is now available for downloading on Android and iOS.

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