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.

Participation banks must adopt fintech innovations to grow: EY

• The Gulf Cooperation Council (GCC) region’s share of participation banking grew to 72%
• KSA, the UAE and Malaysia are the three largest participation banking markets, in terms of assets

According to EY’s recent Banking in emerging markets report, the assets of global participation banking, also known as Islamic banking, has reached US$924 billion in 2015, with growth rates declining across all regions compared to previous years.

The GCC region’s share of participation banking increased to 72%, as the size of assets in the Association of Southeast Asian Nations (ASEAN) countries declined during 2015. KSA, the UAE and Malaysia are the three largest participation banking markets in terms of assets, representing 34.2%, 17.2%, 13.3% of the global market share respectively.

Gordon Bennie, MENA Financial Services Leader, EY, says: “Today, more than 2 billion adults still do not have a bank account. There are also more than 200 million micro, small and medium size businesses (MSMBs) with unmet financing needs. The demand for a responsible, shari'ah-compliant financial system is huge. There is also a wealth of business opportunities offered by fintech innovations for participation banks, particularly in emerging markets.”

In the GCC region, fintech innovations have the ability to enhance market access and profitability of banks, dramatically. A starting point for participation banks is to activate a bold strategy for the finance function – inclusive of advanced data analytics, robotic process automation, the cloud, artificial intelligence and Blockchain.

Ashar Nazim, Partner, Global Islamic Banking Center, EY, says, “The fact that almost one-third of the US$3 trillion global shari'ah-compliant assets are either reported as ‘informal or ‘best estimates’ demonstrates the limitation of participation banks in making sound strategic decisions. Chief Financial Officers (CFOs) need reliable information and we are seeing a strong desire to improve data management and analytics at participation banks through fintech innovations.”

Some of the key areas for fintech innovation that are relevant for participation banks include: SMB and peer-to-peer lending platforms, payment-related innovations such as person-to-person payments, digital authentication and digital wealth management.

“There has been a clear evolution for CFOs from having the primary role of analysing historical data to one whose focus will be providing forward-looking insights. In-memory computing and big data are the clear direction forward, with predictive analytics being a key driver of these changes. Given that there is more fintech innovation going on outside of the banks than inside, the opportunity is for participation banks to win through collaboration. The bank of the future could be a consolidation of fintech boutiques under a single brand,” comments Ashar.

If banks were to consolidate with fintech companies, it could propel participation banks to become mainstream across 20 promising markets by 2021, up from five markets today, representing a jump from 100 million customers to 250 million customers over the same period.

Source: EY report.

Digital-only banks for Millennials are another fintech trend. The Millennial generation has a clear preference for conducting their financial services on an end-to-end digital platform. Using fintech innovations, banks worldwide are stepping forward to offer digital-only banking services to meet the differentiated needs of this customer segment.

Digital-only banking could become a significant client segment for participation banks. There is a case for participation banks to evaluate collaborative ventures with fintech firms to launch digital-only banks in their respective countries.

“The adoption of fintech innovations is not an option, but an absolute imperative for participation banks to continue to gain market share. Consumer technology penetration (mobile phone, tablet, laptop) in the GCC region is now comparable with that of consumers in most developed countries. Based on their familiarity and use of consumer technology, their behaviour patterns are modifying, with increased expectation to interact with banks using digital channels. Participation banks cannot realistically expect to gain sustainable future growth in their market share if they lag behind their conventional counterparts in digital transformation through the use of fintech innovations,” concludes Ashar.

Interested?

Download the Banking in emerging markets: GCC FinTech Play 2017 report (PDF)

Read the TechTrade Asia blog post about DBS' mobile-only bank in India

Asia Pacific is the fastest-growing region for SWIFT

SWIFT announces that 29 new corporates in Asia Pacific had joined the co-operative from May 2015 to December 2015.

SWIFT provides a single communication channel for corporates to exchange financial information with all their domestic and global banks. This allows corporations to gain value from additional global visibility and maximum efficiency from their financial and treasury operations. Through the connection with SWIFT, they are able to collect and achieve greater automation through standardisation.

Today, more than 1,500 corporate groups are already on SWIFT globally, representing an estimated 30,000 underlying legal entities that are using SWIFT to manage multiple banking relationships. The past year saw expansion in SWIFT’s engagement with its corporate customers. Compared to the first half of 2015, the second half increased the number of corporates who joined SWIFT by 50% making Asia Pacific the fastest growing region of new corporate connectivity. Besides multinational corporates SWIFT welcomed Cgnpc and Max Money, which connected to take advantage of SWIFT for Corporates offerings.

Some of the corporates that joined in second half of 2015 include:

China:

Air China
Finance Company of Ansteel Group
Konka Group Company
Volkswagen (China) Investment Company
Yanfeng Global Automotive Interior Systems Co.

Japan:

Nomura Research Institute
Ricoh Company
The Yokohama Rubber Co.

Hong Kong:

CGNPC Huasheng Investment

Malaysia:

Max Money

India:

Tata Consultancy Services

Singapore:

Singapore Power

Korea:

Hyundai Mobis Co.
Lotte Data Communication Company
Hotel Lotte Co. (Duty Free)
Samsung Engineering Co.

Eddie Haddad, Managing Director, Asia Pacific, SWIFT says: “We have been working very hard to assist corporates of all sizes to reduce costs, manage risks whilst increase operational efficiency and visibility in all of their treasury operations. With this new wave of corporate groups joining us, the benefits are clearly pervasive across treasury professionals and we are glad this offering is permeating across all segments in Asia Pacific.”

The Overseas Integration Building Task Force Team of Lotte Duty Free says, “Lotte Duty Free is the top leading corporation in the Korean duty free business. As a global business player with operations in Asia Pacific and United States, we are currently aiming for a country by country rollout plan targeting communication with all our banking partners through an automated environment to increase our efficiencies in operations and management. After a successful implementation in the Japan market, it had proven that having SWIFT connectivity clearly benefited us. We are now able to gain global cash visibility, minimise operational risks, and align a single platform that enables communication to all our banks globally with distinct international standards. We expect that SWIFT will become a key business partner in our global business expansion.”

SWIFT for Corporates offers a range of products and services for multibanked corporates to connect with banks and financial institutions through a single, secure and reliable channel.

posted from Bloggeroid

OCBC launches fingerprint-secured business banking mobile app

Source; OCBC. A finger is all that is needed to check business
account balances.

OCBC Bank has become the first Singapore bank to launch a business banking mobile app, the bank said. The OCBC Business Mobile Banking app, that uses biometric authentication, enables smartphone users to:

 View balances for business accounts, including current accounts and time deposits 

 Check the status of incoming and outgoing funds 

 View business debit card transactions. 

Business customers have indicated that they would like to perform the above three tasks while on the move, the bank shared, as they want to be in control of their company’s operating cashflow; have the assurance that payments are being made, and funds received; and get quick access to related information. Enquiries relating to the three tasks accounted for more than 15% of calls made to the Bank’s call centre for businesses, the OCBC Business Banking Commercial Service Centre, in 2015. 

The new app, featuring OCBC OneTouch which leverages Apple’s Touch ID technology, will allow Singapore-registered users of the Bank’s business Internet banking portal, Velocity@ocbc, to access their account balances and transactional activities using fingerprint recognition. OCBC estimates that over 120,000 customers will benefit from the app, which can be used anytime and anywhere, even overseas. 

Said Gregory Trotter, Head of Cash Management, Global Transaction Banking, OCBC Bank: “With banking information at their fingertips, this new OCBC app will empower business owners to make decisions on the go. 

"Our studies have shown a 30% increase in the number of calls from customers enquiring about their business account information in the last three years. The need to know their account balances and status of incoming and outgoing funds are clearly critical for business owners to effectively manage their day-to-day operations. Understanding this need, we developed this app to provide control, assurance and accessibility to our customers, which fits their business requirements as well.” 

Velocity@ocbc customer Fanny See, Chief Marketing Officer and co-founder of Detrack Systems said: “I like the simplicity and convenience that the new OCBC app offers. I can now check my company’s balances and the status of our payments and receipts – especially business debit card transactions – when I’m on the go. All it takes is the touch of a button and I’m on top of my company’s cashflow.” Detrack Systems developed a mobile app-based tracking system for logistics companies.

Interested?

OCBC OneTouch is available on Touch ID enabled Apple iPhones, such as the iPhone 5s and newer models that run on at least iOS 8 operating system (or later versions). To get started, customers need to download the OCBC Business Mobile Banking app from the Apple App Store. They will need to perform a one-time activation by keying in their Velocity@ocbc organisation ID, user ID and password, followed by a one-time password (OTP) sent via SMS or security token. Thereafter, within the app, customers need only to place their finger on the home button to view their account balances and transactional activities. 

The OCBC Business Mobile Banking app is also available for Android phone users on Google Play. Customers using Android phones will need to perform a two-factor authentication (2FA) using their security token or SMS-OTP to log in. 

Download the OCBC Business Mobile Banking app

Read the WorkSmart Asia blog post on Touch ID and OCBC's mobile banking and OCBC Securities apps

Hashtags: : #ocbcbank, #ocbcbusinessmobileapp, #ocbcbusinessbanking

Source; OCBC. A finger is all that is needed to check business account balances.

Mashreq releases v4 of Snapp banking app

Source: Mashreq. From left: iPhone and Apple Watch displaying Snapp screens.

Mashreq, the UAE financial institution, has upgraded the mobile banking app Mashreq Snapp. Snapp v4 can now be accessed using the secure fingerprint login option for iPhone, and can also now sync with the Apple Watch. A new layout is designed for ease of use.

Aref Al Ramli, Head of Electronic Business & Innovation, Mashreq, said: “We took a bold step in animating the application which will provide best in class user experience. Snapp has never been just a standard banking app; the fingerprint access and sync with the Apple Watch are proof of Mashreq’s ability to break boundaries and deliver the best of today’s mobile world to customers. We understand that time is precious and convenience is what everyone seeks, therefore, we have updated our app to offer our customers the most innovated service solutions that can be integrated and accessed with just one touch.”

The authentication process by fingerprint enhances security and makes the login process easier and faster, Mashreq notes, while the sync function for the Apple Watch allows customers to get the latest updates on their account at a glance. Information that can appear on the smartwatch includes Mashreq Card offers, Salaam rewards, locations of the nearest Mashreq branches or ATMs and the latest Mashreq news.

“The fourth and newest version of Snapp boosts a stylish new appearance as well. Brighter, more contrasted colours will help users monitor their finances easily and accurately across accounts, as information becomes more visible to the user,” Al Ramli added.

Interested?

Download the app

Protecting yourself when banking online

HSBC has shared some best practices on using their security device with Internet banking:  

• The bank encourages clients to use a different PIN for their ATM card, phone banking and Internet banking, and not to reuse them for other purposes. "Do not disclose your Internet banking password or security code to anyone (including parties claiming to be bank staff or the police)," HSBC said in a statement.

• Unusual screens requesting additional personal information or an unusually slow response is cause for concern, HSBC said, suggesting that clients should scan their systems for malware.

• As a rule, clients should always access Internet banking by keying in the HSBC website address at the address bar of the browser, or bookmark the website and use that function to access to their HSBC Internet Banking accounts. This eliminates the risk of visiting faked websites through hyperlinks embedded in emails, pop-up windows and search results from search engines, for example.

• Keep computers updated with the latest security software, which can help to prevent problems from clicking on attachments or embedded URLs in suspicious emails. "HSBC will not display your personal information in emails or ask you to provide any personal information including username, password and security code by replying emails," the bank said.

• Avoid sharing personal details such as full name, passport details or credit card numbers. "HSBC Internet Banking will not ask you to provide CVV/CVC code and expiry date of your credit card. You should exercise caution in communicating your personal information," the bank noted.

• Irregularities can be caught through regularly reviewing online transaction records regularly and reporting anything unusual to the bank. Clients are also asked to review transfer limits regularly as this can limit any losses.

Interested?

Clients which have disclosed personal details to suspicious parties should immediately report the incidents to the bank or to the police, HSBC advises.

Suspicious websites encountered in Hong Kong can be reported to HSBC's customer service hotlines at +852 2233 3322 for HSBC Premier customers, +852 2748 8333 for HSBC Advance customers and +852 2233 3000 for other customers.

Review online security tips published by HSBC Singapore

Global Payout extends MoneyTrac support to the Philippines

Global Payout, which provides B2B e-payment solutions, has expanded the reach of its proprietary MoneyTrac consolidated payment gateway (CPG) platform to the Philippines. 

MoneyTrac users can send secure payments to their employees and business partners through virtual accounts that they can configure to meet their specific payment needs, sending funds to their bank accounts in supported countries, to a debit card or a credit card, or to another person on the system, for example.  

Bill Rochfort, President and VP of Sales, commented, "The Philippines has a population of approximately 98 million people and there are over 10 million more Filipinos living around the world in 170 countries whom are labeled as Overseas Filipino Workers (OFWs). With nearly 3.4 million OFWs in America, 2 million in the Middle East, and over 1.6 million in Pacific Rim countries, the opportunity to provide financial services to 'unbanked' and 'under-banked' Filipinos is very significant. 

"By providing mass payment services, payroll capabilities, automated clearing house (ACH), prepaid instant issue debit cards, and easy to use money transfer and remittance capabilities, we are able to provide valuable access to financial services to a considerable percentage of the 2.5 billion unbanked and under-banked adults in the world. We consider the Philippines as pivotal to our growth," he concluded.
 
The Philippines joins a growing list of countries supported by Global Payout, including China, Malaysia, Canada, Germany, England and SEPA (Single Euro Payments Area) within the European Union.