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.

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.

Al Rajhi campaign to encourage card expenditure

Al Rajhi Bank has launched its House, Car and Salary campaign with over SR4 million worth of prizes. The campaign is aimed at increasing the usage of Al Rajhi cards (Mada or credit cards) both inside and outside KSA.
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The grand winner, who must be Saudi, will get a house, a BMW 7 Series car, and a monthly salary of SR20,000 for a year. Another four winners will get a BMW 7 Series car, while a further seven will get a monthly salary of SR20,000 for a year.

Al Rajhi Bank is the biggest user of Mada cards in KSA. Mada cards are debit cards issued by KSA banks which have added security features. They can be used globally. Al Rajhi credit and Mada card holders enjoy instant discounts in many stores and shops in KSA. They also benefit from a premium rewards programme.
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Details:

The campaign ends 22 April.

Al Rajhi’s credit cards can be issued immediately from any of the bank’s branches in KSA, or through the bank’s self-service machines. Credit cards can also be requested through the bank’s website.

Sacombank JCB Ultimate Credit Card debuts in Vietnam

Sacombank, one of the largest commercial banks in Vietnam, and JCB International, the international operations subsidiary of JCB, have launched the Sacombank JCB Ultimate Credit Card in Vietnam.

This is the highest JCB credit card family for individual customers in Vietnam and is targeted at those with an income from VND80 million per month. The Sacombank JCB Ultimate Credit Card will offer them promotions and premium privileges.

Sacombank JCB Ultimate Credit Cardholders receive cashback for all transactions on weekends in specific merchant categories such as restaurants and supermarkets, at the rate of 15% for overseas spending, 10% for domestic spending and 0.5% for spending on the weekdays. In addition, cardholders are offered a special dish when dining at high-end Japanese restaurant merchants.

Sacombank JCB Ultimate Credit Cardholders are entitled to a number of other privileges such as travel insurance packages around the world; free use of over 57 lounges in Hong Kong, Singapore, Korea, and Thailand; refunds of 0.5% of all expenditures in addition to food expenses; 24x7 global support through a free hotline when booking car rentals, hotels, restaurants, and golfing in Japan.

DebtorsWatch aggregates information on bad payments in India

DebtorsWatch is India's first online platform for reporting trade defaults. The web-based interactive portal helps businesses report late payments, trade defaults, perform credit checks and monitor a customer's credit-worthiness. The data can also help registered members in performing due diligence checks.

CA Deepanjan Periwal, the founder of Debtors Watch says, "In countries like US, UK, Australia, credit tracking is a very common phenomenon to check the creditworthiness of a person based on the historical payment performance. In India, things are not transparent enough. Shrewd debtors were keeping the market in dark and eloping away after completing the cycle of debt sufficiency.

"We, at DebtorsWatch, are targeted towards introducing a transparency in the market where we are inviting people, by giving them an additional hand to recover money."

Businesses can report bad debts by uploading documents supporting their claim. On reporting a default the portal sends a series of email and text reminders to debtors asking them to clear their dues. Failure to do so result in a default being registered on the platform. The portal also allows customers to respond to the defaults reported against them.

Explore:

Watch the video introducing DebtorsWatch

Affluent Southeast Asians sticking to regional travel

According to the UOB Affluent Consumer Survey 2016*, travel is a significant part of the lifestyle s of affluent Southeast Asians. On average, more than nine in 10 of the respondents from Indonesia, Malaysia, Singapore and Thailand go overseas on holiday at least once a year.

Yet, in the light of slow global economic growth and as their financial considerations grow more pronounced, well-heeled travellers are opting to holiday within the region. The survey found that more than six in 10 polled have chosen Asian destinations for their vacations. In fact, Asian countries, with the exception of Australia, have been the top five travel destinations in the past 12 months.

Francis Tan, UOB Economist, noted that Asian countries benefit from Southeast Asian travellers who are looking to keep within a travel budget as well as increased intra-regional air connectivity. “Given the weak regional currencies, Southeast Asians with a yen for travel could be choosing Asian destinations to maximise their purchasing power. This is aided by the increasing number of flights within the region, resulting in more competitively-priced flights to these destinations,” he said.

The survey also found that travel expenses are a top consideration for respondents when planning their next holiday destination. Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that to stay relevant in serving the affluent Southeast Asian population, businesses must provide cost-efficient products and solutions that suit travellers' needs today. “From credit cards such as the UOB PRVI Miles that help customers earn frequent flyer miles faster to travel deals, wealthy customers in the region want products and services that can meet their lifestyle needs and this includes their travel habits.

“To match the travel expectations of the affluent in Southeast Asia, we have embarked on regional partnerships with strategic travel-related brands to strengthen our offers to these customers. These partnerships continue to enhance our suite of offerings as we increase our market share in this segment,” said Ms Tan.

To meet its regional cards growth ambitions, UOB has partnered established names in the travel sector such as Singapore Airlines and Kaligo, a booking site, for the Bank’s first-ever region-wide travel campaign. The campaign aims to help customers stretch their vacation dollar. With Singapore Airlines, UOB cardmembers across the region stand a chance to receive up to 60,000 KrisFlyer miles** which can be redeemed for a round-trip ticket to London or Los Angeles by spending S$300 in a single receipt***.

UOB is also giving away a n equivalent of 10 million KrisFlyer miles in total until 31 January 2017 which can also be redeemed for SilkAir, Scoot and Tigerair flights. This means that customers will be able to derive more value out of their year-end shopping and travelling, which is traditionally when they spend the most****.

Earlier this year, UOB also introduced the UOB Privileges Passport, a regional rewards programme that offers cardmembers access to exclusive local benefits while travelling in Singapore, Indonesia, Malaysia and Thailand. For example, through partnerships with premier shopping malls such as Bangkok’s Siam Paragon, Siam Centre, The Emporium Thailand and EmQuartier, a Singapore cardmember can enjoy the same suite of benefits and rewards available to a Thai-issued UOB credit card.

Ms Tan added, “As Southeast Asia’s affluent continue to strike a balance between their wanderlust and their economic sensibilities, we anticipate that intra-regional travels will continue to grow among this segment. As such, we will continue to explore partnerships with relevant brands to ensure a robust suite of regional offerings that are relevant to our customers.”

*The UOB Affluent Consumer Survey 2016 polled 2,030 respondents aged 25 years and above with a minimum assets under management of S$150,000 from Indonesia, Malaysia, Singapore and Thailand. 

**Customers will be given the equivalent of KrisFlyer miles won in UNI$, a type of bonus point used for UOB credit cards.

***This is part of UOB’s first-ever regional year-end campaign. From November to January 2017, customers can win over 10 million Krisflyer miles that are up for grabs as well as more than 500,000 prizes, including flights to popular destinations like Bali and Tokyo.

****Source: UOB card data

Business Intelligence Information System to share insights on Dubai businesses

The Dubai Chamber of Commerce and Industry has launched the Business Intelligence Information System (BIIS) smart platform, which aims to change the way business information is shared and used.

The new platform was launched in line with HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai’s vision to transform Dubai into a smart city, and gives users one-stop access to important information about local and foreign businesses, enabling companies to research prospective partners and make more informed decisions.

Users on the platform can access research reports and statistics covering exports, economic data by country, and product groups. The system also features a Trusted Member Label for e-commerce platforms.

HE Hamad Buamim, President and CEO, Dubai Chamber, noted that the new service fills an information gap. He explained that BIIS will also enhance transparency within the local business community, and provide more reliable information about Dubai-based companies to foreign firms and investors, which is essential to securing trade partnerships.

HE Buamim said, “As part of its innovation strategy, the chamber is working to create an intelligent business community which is capable of keeping pace with the emirate’s rapid economic development. This platform is the first of its kind in terms of resources that provide comprehensive access to corporate information. We are confident that it will improve the ease of doing business in the emirate and enhance its reputation as a leading global business hub.”

The launch of the platform follows Dubai Chamber’s innovation strategy announced last year which is focused on supporting creativity and innovative solutions in the private sector. The chamber had previously launched smart business and mediation applications as part of its efforts to build a fully-integrated mobile community and help its members connect to Dubai’s business community.

UOB profiles the modern Singapore woman and tailors card privileges accordingly

United Overseas Bank has released Singapore’s first profiles for the contemporary Singapore woman based on their behaviour and spending patterns. The UOB Leading Ladies report* classes the women as digital natives, young professionals and cosmopolitan leaders.

Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that the report elaborates on the enterprising nature and consumption patterns of Singapore women today. “The average Singapore woman is highly educated and juggles work and family at the same time. From the baby-boomer senior executive in a multinational corporation to the Generation Z Internet entrepreneur, women in Singapore contribute more than 40% to Singapore’s GDP. Their energy and passion help feed their ambition. As the saying goes, ‘Women hold up half the sky’ and for Singapore women, I would add that the sky’s the limit," she said.

“UOB was the first bank to recognise the increasing earning power of women and issued Singapore ’s first card for women only – The UOB Lady’s Card - in 1989. Women are now spending 17% faster than men do on UOB cards**. By 2020, we believe that the amount women spend will contribute close to half of the bank’s total credit card billings.”

The bank believes in understanding what women want and helping them meet their priorities through life’s many stages, from their tertiary years, as they build their careers and through to retirement. Recent data shows that women in Singapore*** are generally spending more on their credit cards as their incomes increase and priorities change through different life stages. There has been a clear upward trend in credit card spend over the last couple of years by women aged 20 to 49 years old, with the biggest increase seen in younger age groups (20 to 29 years old and 30 to 39 years old) . Women in the 40 to 49 year old bracket charge the most to their credit cards.

The Bank has identified three archetypes for today’s Singapore woman:

Rachel, the digital native, is 18 to 25 years old. She spends S$400**** a month. Shopping, beauty and eating make up 55% of her total monthly spend Born in the age of the Internet, Rachel is technologically-savvy and typically an early adopter of new digital platforms and solutions, such as paying with her smartphone. Social media is integral for her to stay connected with friends and is a medium for self-expression.

Rachel is probably pursuing a tertiary education or is a fresh graduate who has just entered the workforce. As a consumer, she is as comfortable in brick-and-mortar stores as she is online, shopping at least twice a month at e-retailers. Rachel values off-the-beaten track travel and dining experiences. When travelling, she seeks to live as the locals do. She prefers short-term rental stays such as Airbnb to hotels.

Michelle, the young professional, 26 to 35 years old, spends S$1,000**** a month where shopping, beauty and dining make up 52% of her total monthly spend. Michelle is well-educated and career-focused. Having worked for a few years, she is likely to be financially independent and interested in long-term investments to build her retirement nest egg.

Michelle is often strapped for personal time and values spending her weekends with family and friends. When travelling, she is likely to indulge in the finer things in life, such as dining experiences and luxe fashion brands.

Christina, the cosmopolitan leader, is above 36 years old. She spends S$2,000**** per month of which shopping, medical services, beauty and fitness make up 64% of her total monthly spend. Established in her profession, Christina is a citizen of the world. Travelling often for work, she can find herself in two different cities in a week. As such, maintaining her health and fitness is of the utmost importance. When travelling for leisure, she prefers customised holiday experiences over typical agency tours. Financially-savvy and independent , Christina also maintains an investment portfolio.

To cater to the contemporary women of Singapore, UOB has enhanced and redesigned its suite of Lady’s Cards. The refreshed card face, by acclaimed designer Vivienne Tam, is the latest generation of UOB Lady’s cards and Singapore’s first and only designer credit card. It features a new, modern rose motif.

The card suite enhancement also includes a new UOB Lady’s debit card for digital natives. To complement their high energy and love of life, the range of benefits includes one-for-one dining offers.

For young professionals, the UOB Lady’s Card benefits are a step up from the UOB Lady’s debit card. Understanding that this segment has more financial responsibilities , the UOB Lady’s Card features the LuxePay Plan, a six or 12-month installment payment plan for luxury goods that does not charge interest or processing fees so that women can manage their expenses more easily, with a fixed monthly amount to pay for big-ticket purchases. Additional lifestyle benefits include free tickets to the Singapore Repertory Theatre and complimentary weekend parking at selected Orchard Road malls such as Paragon and 313@somerset.

For cosmopolitan leaders, UOB unlocks a world of travel privileges to suit their frequent-flyer lifestyles with the UOB Lady’s Solitaire card. Cardmembers can enjoy exclusive access to MasterCard’s World Concierge and Priceless travel experiences, Pan Pacific Hotels and Resorts DISCOVERY BLACK Membership and JetQuay’s Quayside services. For its top women spenders, UOB is also offering Asia’s first rose-gold metal cards to 1,000 UOB Lady’s Cardmembers who spend at least S$45,000 over three consecutive months. In addition to all existing Solitaire benefits, it also offers complimentary limousine airport transfers, airport lounge access and e-commerce protection. The metal card is moulded from Duralumin, a lightweight metal material used to build aircraft, and comes with a brushed rose-gold finish.

As e-commerce is a category where women are spending more, the bank is making it more convenient for them to shop online. All new UOB Lady’s cardmembers will enjoy instant signup for the UOB MasterP ass digital wallet, which makes online payment much easier.

Deborah Heng, Group Head and GM, MasterCard Singapore said, “Women in Singapore are becoming more affluent, with good education, better access to jobs and successful development in their careers. According to the MasterCard Index of Women’s Advancement 2016, women leadership in Singapore ranked the highest amongst Asia’s developed markets and Singapore has shown the most marked advancement in women’s leadership since 2010, in the Southeast Asia region. In recognition of the many roles that women play as drivers of economic growth, it is timely to offer an elevated card platform for women, extending the benefits that the UOB Lady’s Card programme provides.”

“We are excited to partner with UOB on the launch of the first MasterCard World Elite metal card in Singapore. The MasterCard World Elite programme, developed for the discerning cardholder, provides access to luxurious, preferential and personalised experiences, such as a personal travel advisor and private cruise and jet programmes. Cardholders will also enjoy the added convenience of a dedicated concierge service that offers 24x7 seamless support for whatever they may need, from locating a hidden celebrity hangout to arranging a private family tour of a world-famous toy store.”

*The UOB Leading Ladies report presents insights gleaned from UOB card data, proprietary research and industry data.

**Year-on-year comparison, 2014 compared with 2015. 

***RFi Group - Singapore Priority & Retail Banking Council. 

****Source: UOB card data .

DED, DIB launch credit card with consumer rights protection

Source: DED.

The Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, have launched of the Consumer Card in the UAE. DIB boasts today one of the largest retail bases in the UAE with over 1.5 million customers and 90 branches across the country.

The co-branded credit card is dedicated to protecting the rights of consumers and providing them with savings on their daily purchases. The card is an addition to the partnership initiatives being launched by DED along with the private sector and to the ongoing efforts to enhance the shopping experience in Dubai, and across the UAE.

Developed and designed in line with the spending habits and distinct needs of consumers in the UAE, the shari'ah-compliant card is issued in partnership with Visa and carries no hidden charges. It has two variants, the Rewards Consumer Card and the Platinum Consumer Card.

While enabling customers to make savings on everyday spends, the Consumer Card also carries a host of discounts at over 450 outlets across the country. It offers up to 4% cashback across a number of outlets including supermarket or hypermarket, for all automobile servicing, on Etisalat and Du bills, Salik and Nol recharges, fuel purchases, utility bills and cinema tickets. Card users will be able to receive up to AED1,000 cashback per month on their spends across the UAE.

The card was launched today at the Mall of the Emirates in the presence of His Excellency Sami Al Qamzi, Director General of DED, Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, and in addition to senior managers from the organisations.

Mohammed Ali Rashed Lootah, Executive Director of the Commercial Compliance & Consumer Protection (CCCP) sector in DED, said the card highlights the effectiveness of public-private partnerships in bringing added value to businesses and consumers. "The Consumer Card is part of the initiatives of the Department of Economic Development to promote trust and partnership between retailers and consumers. Dubai is a global shopping and entertainment destination and we focus on making the shopping experience in the emirate as convenient and rewarding as possible," he said.

Sanjay Malhotra, Chief of Consumer Banking, at DIB said: "Domestic spending remains today the backbone of the UAE economy and we are keen to invest our expertise and resources in developing payment solutions that are favourable to spurring further growth. As one of the most innovative banks in the market today, we are pleased to offer our client base attractive payment solutions and savings on their daily purchases. Moving forward, we will continue to leverage our partnerships to present a unique banking experience while adhering to the highest standards of service excellence.
"While the market already offers benefits on credit cards, we have focused on areas where customers spend their money regularly thus maximising their gain. With this in mind, we have developed the Consumer Card as a low-cost, high-value proposition in order to appeal to a larger number of customers and allow them to enjoy unique benefits."

Ihab Ayoub, General Manager MENA at Visa, said: "The Consumer Card – a major step in this direction – will help in spreading further awareness about the benefits of electronic payments and the related cardholder rewards through a wide network of customers. Providing consumers with a safe and convenient way to pay is one of Visa's main priorities, and our participation in this initiative is aligned with our ongoing efforts to promote financial literacy on the ways to save, spend and budget responsibly.

"We are confident that through a partnership of public and private sectors, the Consumer Card initiative will support the UAE's efforts to be a leader in developing innovative payment technologies, and drive its transformation into a cashless society."

Ahmed Al Zaabi, Senior Manager - Consumer Awareness, at DED said: "The Commercial Compliance & Consumer Protection sector constantly seeks to strengthen the relationship between the merchant and the consumer, and improve awareness among consumers on their rights and responsibilities. We also focus on regulating the market and launch programmes that protect businesses. The Consumer Card is part of our efforts to raise the quality of services provided to customers and enhance their satisfaction and happiness. Our partnership with Dubai Islamic Bank and the advantages it brings to consumers and traders will strengthen economic activity in the UAE."

Interested?

Ask the DIB Call Centre about the Consumer Card at +971 4609 2222.

Figure out financial products with GoBear in Malaysia

GoBear has launched in Malaysia. The metasearch engine aims to help individuals make sense of financial products like travel insurance policies and credit cards with unbiased side-by-side comparisons. It currently lists over 1,000 financial products and will be adding more.

"GoBear originated from the idea that people today want easy access to service information, and that customers should be able to compare various financial products easily before making a decision. This is where GoBear steps in, to provide a new experience that makes searching for financial products quickly, easily and transparently," said Iskandar Ezzahuddin, Country Director Malaysia, GoBear.

"Today's insurance buyers are mobile-first, multi-screen and social media savvy. To reach them, insurance companies will need to employ an increasing emphasis on simplicity in search."

Andre Hesselink, Chief Executive Officer of GoBear explained, "GoBear is a global brand in the making and we are very focused on being local to serve customers in each of our key markets in the best way. Together with a team of Malaysian specialists, we continue to enhance the seamless user experience, with search, filter and insurance quotes."

GoBear Malaysia currently features travel insurance and credits cards. The site will be expanding into the car insurance and personal loan category in the third quarter of this year. GoBear has recorded a 50% month-on-month growth in usage with over 1.2 million users since it first established itself in Singapore and Thailand. The company plans to expand further into Southeast Asia this year.

Hashtag: #gobearMY 

UOB launches first millennial-focused credit card

The United Overseas Bank (UOB) Young Professionals Survey* has found that millennials’ wanderlust and desire to share culinary experiences with their friends and families are shaping their spending behaviour. UOB hopes to serve one in two millennials over the next three years as they will soon make up the largest demographic of consumers in Singapore. 

UOB defines millennials as individuals aged between 26 to 35 years old. According to the Singapore Department of Statistics, there were more than half a million millennials in Singapore** in 2015. Of these, about 90% have entered the workforce***, many as young professionals****. 

In 2015, UOB’s millennial customers were more willing to spend on dining out and entertainment than their older peers*****. They spent 13% more on food and travel****** as compared with customers above the age of 35. Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that within the next decade, millennials’ spending habits will form the backbone of the future economy as they will become the largest segment of the local workforce. 

“Millennial spending currently accounts for 20% of UOB’s total card spend and one in three millennials in Singapore currently banks with UOB. We expect the number of our millennial customers to increase as we introduce more products and services that meet their lifestyle and banking needs,” said Tan. 

According to UOB’s data, millennials, as digital natives who grew up on the Internet, spent 10% more online in 2015 compared with 2014. Travel accounted for the largest share of all online spend (35%). Top travel websites included Agoda, Tiger Airways, Scoot, Jetstar and Expedia. Based on data gleaned from the spending and lifestyle habits of millennials and a customer poll conducted in January this year of over 600 UOB cardmembers aged between 26 to 35 years old, the Bank is boosting its offering to this group of customers starting with the launch of a new credit card – UOB YOLO. 

The essence of the card is encapsulated in the millennial mantra You only live once. The new card gives millennials priority access to popular bars and clubs such as Kyo and Timbre, access to dining deals at the latest restaurants and rebates on popular travel websites such as Agoda and Expedia. The UOB YOLO also features Southeast Asia’s first ‘quick read’ card face, designed to make customers’ e-commerce experience more convenient. Instead of the 16-digit card number laid out in a horizontal line, the card numbers are laid out in a 4-by-4 stack on the top right hand corner of the card, making it easier for customers to read when conducting online transactions. 

As the long weekend draws to an end, it's time to start making plans for your next break. Our recommendation: the beautiful and remote Gili islands of Indonesia. Book your stay now at Ombak Sunset Hotel - where the iconic swing-in-the-sea is located - at agoda.com/uob and enjoy 7% off! Pic: @miannscanlan #travel #wanderlust #getaway #liveauthentic #travel #finditliveit #letsgosomewhere #lifeofadventure #passionpassport #welltravelled #uob #uobyolo #yolo #youonlyliveonce #igsg #instasg #swinginthesea #ombaksunset #agoda #giliislands #indonesia

A photo posted by UOB YOLO (@iwannayolo) on May 2, 2016 at 12:41am PDT

UOB YOLO customers who are adept in all things digital can also be among the first in Asia Pacific to make contactless payments with tokenised security. All they have to do is tap their Android smartphones at more than 10,000 near field communications (NFC)-enabled terminals in Singapore through the Bank’s mobile app UOB Mighty. The app further offers them access to exclusive local dining deals and authentic food reviews. 

“The UOB YOLO is part of the Bank’s larger strategy to serve young professionals’ financial needs in one of Asia’s most prosperous economies. It demonstrates our commitment to enhancing the banking experience for this group of customers. We are confident that UOB’s digitalisation journey will be relevant and will make banking and payments more convenient for our customers,” said Tan. 

Interested?

Millennials and the young-at-heart who would like a UOB YOLO can visit the microsite. 

*The customer survey polled 621 UOB card members aged between 26 to 35 years old. It was conducted by UOB in January 2016. 

**Age Pyramid of Resident Population, Singapore Department of Statistics 

***Labour force in Singapore 2015, Ministry of Manpower

****Includes professionals, managers, executives and technicians 

*****According to UOB’s data on 2015 credit card spend. 

******Travel constitutes air tickets, lodging and other travel services. 

Thomson Reuters launches solution to maximise tax savings

Thomson Reuters Checkpoint Credits & Incentives Pinpointer: International is a new solution designed to help multinational corporations (MNCs) identify tax credits and incentives that apply to global jurisdictions to maximise tax-saving opportunities.

Although global jurisdictions offer a variety of business tax and credit incentives to attract investors, many of these opportunities are difficult to uncover and often go unclaimed, due to language barriers, hard-to-find information, and the complexity of navigating local websites, Thomson Reuters said. 

“Companies are not realising the full benefits of the tax credits and incentives to which they are entitled,” said Alan Cohen, VP of international markets with the Tax & Accounting business of Thomson Reuters. “This solution offers guidance for businesses operating in global jurisdictions, as well as those looking to expand or relocate by providing important, hard-to-find resources to take advantage of available incentives around the globe.”

Credits & Incentives Pinpointer: International covers more than 20 credit types available in close to 60 countries. Some key features include: 

• Coverage of the most hard-to-find tax credits and incentives information
• A summary table view which compares credits and tax saving opportunities across multiple jurisdictions 
• Additional coverage including potential value from the credits, eligibility requirements, statute references, and links to the statutes online for in-depth research for select jurisdictions. 

ABK adds NFC capabilities to Visa premium credit and prepaid cards

Source: ABK. ABK adds NFC capabilities to Visa premium credit and prepaid cards.

Al Ahli Bank of Kuwait (ABK) recently announced the launch of the all new Tap 'n' Go service that is now available for Visa premium credit and prepaid cardholders. The new service uses Visa payWave, a contactless payment technology that enables cardholders to simply wave or tap their card on contactless payment terminals without the need to physically swipe or insert the card into a point-of-sale.

Tap 'n' Go uses near field communication (NFC) technology and allows customers to conduct low value transactions in a faster, more convenient and secure way at any terminal that accepts Visa payWave.

Stewart Lockie, GM - Retail Banking at ABK said: “The launch of the new Tap 'n' Go service is one step further towards applying the Bank’s Simpler Banking strategy, which has been a priority. ABK’s Emirates Visa Infinite, Signature and Gold Prepaid Travel cardholders can apply for a Visa payWave-enabled card at any of the bank's branches.”

“Visa is pleased with Al Ahli Bank of Kuwait’s decision to implement Visa’s payWave technology, which is in line with Visa’s objectives to provide easy, secure, and convenient payment solutions to our consumers in Kuwait. Delivering a seamless payment experience to our customers is a priority for us. Visa’s innovation leadership means extending the benefits of electronic payments to more people in more places where and when they want them — whether they choose traditional cards, Visa payWave-enabled cards or smartphones with Visa mobile payment functionality,” said Amit Vij, Kuwait Country Manager at Visa.

Visa payWave is accepted globally and is specifically of value when transacting in fast-paced locations like supermarkets, and public transport in cities in Europe and in Singapore. 

ADIB launches Spice credit card for NRIs, NRPs

Source: ADIB. The new Spice Card offers a range of cashbacks if the owner hits a minimum spend.

Abu Dhabi Islamic Bank (ADIB) has launched the Spice Card to complement its tailored product offerings to non resident Indians (NRIs) and non resident Pakistanis (NRPs) in the UAE.

The ADIB Spice Card offers NRI and NRP customers a chance to save more money with a range of competitive offers and discounts. This includes 9% cashback on all dining spends, 7% cashback on all supermarket spends, 4% cashback on fuel and 1% cashback on utility bills. The cashbacks apply on local as well as international spend, and customers also earn up to two reward points for every AED1 spent on other merchant categories.

Venkatesh Srikantan, Head of Retail - Expat Banking at ADIB, said, "While there are banking products in the UAE for Indians and Pakistanis to use in their home countries, there is a lack of products specifically tailored for them in the UAE. Our research shows that the spending habits and financial requirements of NRIs and NRPs centre on some common characteristics. As a customer-centric bank, it is of utmost importance for us to design value added products that suit their financial needs."

The Spice Card adds to ADIB's product offering for NRIs and NRPs. Last year, ADIB launched finance solutions for NRIs to buy properties in India and NRPs to purchase properties in Pakistan.

The Indian community in the UAE totals some 2.6 million people and constitutes 30% of the total population, making it the largest expatriate community in the country. Pakistanis form the second largest ethnic group in the UAE, with a population of over 1.2 million, constituting 12.5% of the country's total population.

A minimum monthly spend of AED3,000 is required on the Spice Card to qualify for the cashback offers with a maximum cashback cap of AED50 on utility payments, AED200 on restaurant bills, AED50 on fuel and AED100 on supermarket spending. ​

Mashreq Bank launches Corporate Credit Card

Source: Mashreq Bank. Mashreq launches new corporate card for businesses.

Mashreq, a financial institution in the UAE, has launched a new premium credit card for corporates that can help to streamline business expense management, while offering more benefits to employees.

The new Mashreq Corporate Credit Card caters to the needs of large companies seeking to maximise control, drive savings and increase efficiency while providing attractive benefits to their employees. Companies may use the credit card for consolidating expenses such as municipality fees, hardware or software purchases, utility payments, stationery bills, insurance payments, import duties etc. The card also helps centralise business expenses of employees relating to travel, hotels and business entertainment, among others.

The benefits for employees include unlimited complimentary access to 500+ premium airport lounges worldwide through the LoungeKey Program and free Marhaba lounge access across the Middle East. Employees can also gain access to professional workspaces in 1,825 locations through the MasterCard business lounge programme, powered by Regus at preferred rates. Also, on offer is complimentary travel insurance covering the cost of medical emergencies, trip cancellations, lost baggage and much more, ensuring absolute peace of mind during business travels.

The Mashreq Corporate Credit Card solution also comes with a state-of-the-art web-based reporting tool for expense and information management through the MasterCard smartdata.gen2 platform, helping companies turn their data into business intelligence with access to customisable templates and reports.

The card can be customised with the company’s name, logo or preferred image on the card face. The card can be issued in the name of the employee, company or a department. Companies can also have online control with cardholder limits and will receive SMS alerts when a card reaches 80% of its credit limit. Corporates can also choose one of four statement billing cycles.

Pankaj Kundra, Head of Payments at Mashreq said, “Mashreq Cards are associated with being unique with the most relevant benefits for our cardholders. We have leveraged our strong experience in this domain and are pleased to offer the Mashreq Corporate Credit Card among our wide suite of card products. The card comes with unmatched security features and is also equipped with attractive reward earnings through the Mashreq Salaam Program. While corporates benefit through immense savings, employees will also benefit with access to the various discounts and offers on travel, dining and retail categories through the Mashreq Travel Easy, Flavours and Privileges platforms.”

Eyad Al Kourdi, Senior Vice President and General Manager – UAE, MasterCard commented, “Commercial payment solutions are a key area of focus for MasterCard, and we are excited to collaborate with Mashreq Bank so businesses in the UAE can streamline their purchasing processes to better manage expenses. Through this partnership, corporates can benefit from simple, safe and secure payments and the power of MasterCard smartdata.gen2, all while offering employees the rewards and benefits synonymous with premium credit cards.”

Interested?

Businesses can find out more about the Mashreq Corporate Credit Card by calling +971 4424 4450 or checking online

RAKBANK launches the RAKBANK RED MasterCard

Source: RAKBANK website. The RAKBANK RED MasterCard Credit Card.

RAKBANK has launched the RAKBANK RED MasterCard Credit Card, its first contactless payment card. Through the Tap & Go contactless payment solution, holders of the RED MasterCard Credit Card can pay by tapping the card at enabled point of sale (POS) terminals to process the transaction in seconds.

“RAKBANK is committed to empowering customers with technology-based solutions that save their valuable time and money,” said Ian Hodges, Managing Director of Retail Banking at RAKBANK. “We always strive to offer our customers a convenient and hassle-free banking experience whether through our award-winning mobile banking, MobileCash, and web chat solutions, or with our recently launched MasterCard contactless Tap & Go facility via the RAKBANK RED MasterCard Credit Card.”

The RAKBANK RED MasterCard Credit Card, which is accepted globally, has no annual fee, offers discount rates of up to 2% on both local and international transactions, and extends one free remittance to India through RAKMoneyTransfer. In addition, cardholders benefit from dining offers at over 220 restaurants and outlets across UAE, various insurance covers such as credit shield, purchase protection and travel accident, and are part of the bank's Dream It. Live It. rewards programme.

In early December 2015 RAKBANK revamped the Dream It. Live It. programme for its conventional and AMAL MasterCard credit cards. The new rewards give cardholders the chance to live a year either rent-free, without paying any utility bills, or are spared their children’s annual school fees. Other lucky winners will drive off with a brand new car or win free fuel or grocery supplies for an entire year. The programme prizes also include free weekend getaways, free airline tickets to the customer's hometown, dining vouchers, the latest gadgets, 100 grams of gold, and a free shopping spree. 

Cardholders automatically enter the draw for the Dream It. Live It. rewards when they use their RAKBANK and AMAL MasterCard credit cards. With every AED200 spent on the credit cards, cardholders earn two chances to enter the draw, and every AED200 spent overseas gives cardholders four chances. The draw is held every two months, with 21 prizes at stake for each draw.

“We always listen to our customers to ensure that we regularly meet their needs,” said Mufaddal Idris Khumri, Head of Cards at RAKBANK. “The enhanced Dream It. Live It. programme reflects the bank’s endeavour to provide customers with unique rewards that add the most value to their lives.”  

The RAKBANK RED MasterCard Credit Card is the third credit card launched by the Bank in less than 12 months. The bank previously launched the RAKBANK World MasterCard Credit Card, which offers up to 10% cashback on travel, hotel dining, and supermarket spends, and a co-branded KALYAN JEWELLERS MasterCard Credit Card, which offers loyalty points that can be redeemed against jewellery purchases at any Kalyan Jewellers showrooms in the UAE.

Dream It. Live It. is available with seven of the Bank’s conventional and AMAL MasterCard credit cards, including the RAKBANK Titanium MasterCard Credit Card and the  RAKBANK KALYAN JEWELLERS MasterCard Credit Card. 

Popular Moody's courses in Singapore include those on credit documentation and credit rating analyses

The following seminars are some of the most popular in Singapore, according to Moody's Analytics:

Covenants and Documentation

November 11 | Singapore | US$1,695 | 

The seminar will focus on how financial professionals should review credit documentation, and what pitfalls to look out for in this process. The course will focus on covenants and other features designed to protect investor interests and emphasize ways in which these defensive tools can be undermined by creative drafting. Moody's methodology for evaluating covenants in bond indentures will be discussed, and participants will learn how Moody's framework for assessing covenant quality can be applied to their daily work.

Register

Corporate Credit Rating Analysis

November 17 to 19 | Singapore | US$3,895 |  

This seminar provides delegates with an understanding of the rating practices employed by Moody's Investors Service for assessing corporate credit risk – from rating methodologies and financial ratios to a rating committee simulation. Designed as an intermediate level course, the underlying goal is to improve delegates' use of ratings in their work.

Register

Interested?

View Moody's Analytics' full Public Seminar suite 

A number of new courses to its portfolio have been added, none of which have upcoming dates listed for the Asia Pacific or Middle East regions as yet. These include:

• Capital Structure From IPO to Distress
• Corporate Governance - Applications and Implementation
• Debt Capital Markets
• Risk Culture Building Workshop
• Understanding Truthful and Deceptive Communication

Mashreq Bank introduces reward-heavy SmartSaver Visa Platinum credit card

Source: Mashreq Bank website.

UAE’s Mashreq Bank has announced the SmartSaver Visa Platinum credit card, a cashback card that offers savings of up to 10%, with no caps or limits, at over 450 partner outlets across 50 leading brands. There are no spend tiers, no thresholds to be met, no complicated calculations and no annual fees.

According to Mashreq, there is a guaranteed return of 1.25% on all domestic and 2.5% on all international spends.

Nimish Dwivedi, Head of Cards at Mashreq said, "SmartSaver is the next generation cashback card with a market-defining proposition that keeps the consumers interests front and centre. Our exclusive and ever-growing ‘smart savings’ partnerships with over 450 partner outlets including leading brands such as Al Adil, Al Maya, Homes r Us, Kalyan Jewellers, Prime Medical Centre, Kinokuniya, BHS, VLCC and Oman Insurance, give us a unique advantage over competitor offerings.

Source: Mashreq Bank. Dwivedi.

"Add the ‘no-strings attached’ give-back on every domestic and international spend, the bonus savings on high-expense categories like school-fees, telecom and utility payments, dining discounts of up to 40% at over 3,000 restaurants in the UAE and abroad, free travel insurance, discounts on cinema tickets, complimentary purchase protection and extended warranty benefits and you have a card for all seasons that fundamentally transforms the savings universe."

Marcello Baricordi, Visa's General Manager for the UAE & Global Accounts Lead MENA, said: "Visa is pleased to partner with Mashreq to launch an all-encompassing product that gives cardholders incredible savings and rewards. A notable feature of the new Mashreq SmartSaver Visa Platinum Credit Card is the cashback on international spends.

"Besides benefiting from savings on essential purchases, cardholders can also make smart purchases on the go using Visa Checkout – the new simple and speedy solution for online shopping. Overall, the SmartSaver card offers benefits every step of the way and at the same time enjoy the peace of mind of safe and secure transactions with Visa."

Interested?

Apply for the card

QIB launches Premium VISA Signature credit card with Qatar Airways co-branding

Source: QIB.

Qatar Islamic Bank (QIB) has launched a Premium QIB-Qatar Airways VISA Signature credit card that enhances the QIB and Qatar Airways range of co-branded cards with a new range of benefits.

Designed with premium customers in mind, the QIB-Qatar Airways Signature credit card offers global concierge services, global airport lounge access, discounts and offers on luxury hotels, and full multi-trip travel insurance.

The VISA Signature co-branded card will enable customers to earn one Qmile for every QR6 spent on purchases made at a point of sale by either the customer or their supplementary card member. These Qmiles can be then used for redemptions including complimentary flights, upgrades and excess baggage on Qatar Airways’ flights, together with purchases made at Qatar Duty Free located at Hamad International Airport in Doha or the Oryx Galleria boutique in Doha, Qatar. Qmiles can also be redeemed for complimentary flights with oneworld airline partners.

The card will also provide multilingual concierge services with a 24-hour personal assistant who can arrange dinner reservations, chauffeur and taxi services, tickets, gifts or anything required in order to enhance the travel experience. The ‘LoungeKey’ Service, on both primary and supplementary cards, offers unlimited complimentary access to over 500 airport lounges worldwide.

The QIB-Qatar Airways Visa Signature Credit Card also enjoys automatic purchase protection covering all purchases made with the card. The protection includes loss, theft or damage of purchased items. The card also comes with peace of mind on purchased items by almost doubling the manufacturer’s or retailer’s warranty on all items bought using the VISA Signature card. In addition, customers can withdraw cash of up to 100% of their credit limit as well as having the benefit of higher transaction limits.

As with all of QIB's credit and debit cards, online security is a major concern of the Bank. To counteract the risk of fraud, QIB has, over the past year, introduced a number of measures such as the use of one time passwords (OTP) that are valid for only one log-in or transaction; a move away from using the magnetic strip on the reverse side of the cards, in favour of chip-based processing; and the use of '3D Secure Technology', which has a password-protected authentication system designed to confirm the identity of the cardholder when a Visa Card is used online.

D. Anand, General Manager of the Personal Banking Group, pointed out that the launch of the VISA Signature Card specifically targets premium frequent travellers who can enjoy all travel benefits the Card has to offer, and will get to be part of Qatar Airways Loyalty Programme – Privilege Club. 

“Aimed at our affluent customers, we are proud to introduce the Visa Signature Co-branded credit card category, providing our clients with unique products and services, aiming as always to surpass their expectations,” he said.

“Further, the introduction of a new tier of QIB–Qatar Airways co-branded cards is a great testament to our successful partnership with one of the world’s five-star airlines.”

Moody's seminars for Q2 2015

A new crop of Moody's training seminars are now available. All courses are available in-house and customisation can be discussed. Email trainingemea@moodys.com (Middle East) or trainingasiapac@moodys.com (Asia Pacific) with enquiries.

Americas
trainingamericas@moodys.com
1.212.553.3898 

EMEA
trainingemea@moodys.com
44.207.772.1569  
Asia-Pacific
trainingasiapac@moodys.com
852.3551.3159
- See more at: http://www.moodysanalytics.com/Breakout-Info/Public-Seminars/Credit-Reasoning-and-Writing?mkt_tok=3RkMMJWWfF9wsRoivq3JcO%2FhmjTEU5z17%2BgsWK%2B2gIkz2EFye%2BLIHETpodcMT8BnMbDYDBceEJhqyQJxPr3MKtEN0dZ3RhLiAA%3D%3D#sthash.qeMQ7tjt.dpuf

Corporate Credit Rating Analysis

This intermediate level seminar provides delegates with an in-depth understanding of the rating practices employed by the Moody's Investors Service for assessing corporate credit risk – from rating methodologies and financial ratios to a rating committee simulation. 

Location     Date                    Price 

Istanbul       Jul 29-31, 2015     £2,495 

Singapore    Apr 20-22, 2015    US$3,895 

Singapore    Nov 2-4, 2015       US$3,895 

Hong Kong  Nov 16-18, 2015    US$3,895 

Dubai          May 19-21, 2015   US$3,295 

Dubai          Nov 24-26, 2015   US$3,295 

Register here.

Moody's Credit Masterclass

This is an overview seminar that brings participants through all stages of the credit process – from obligor analysis, making credit decisions, monitoring credits, and identifying and acting on the early warning signs of deteriorating credit quality, to managing problem credits and mitigating loss during debt restructurings and workouts. 

The course will draw on the insight, research, and rating methodologies of Moody's, and participants will be given practical tools which will serve as work aides when they are back in the field.

Location     Date                    Price 

Dubai          May 10-14, 2015    US$4,995

Register here.

Fundamentals of Corporate Credit 

This seminar provides participants with a foundation of skills that helps them reach sound, reliable judgments of a company's creditworthiness. Applying a structured framework, delegates will be able to identify and assess key qualitative and quantitative factors in determining credit risk. 

Location     Date                         Price  

Hong Kong   May 18-21, 2015        US$4,395 

Sydney        Aug 31-Sep 3, 2015    US$4,395 

Singapore    Dec 8-11, 2015           US$4,395 

Dubai          Jun 14-17, 2015         US$4,395

Register here.

Covenants and Documentation 

The seminar will focus on covenants and other features designed to protect investor interests and emphasise ways in which these defensive tools can be undermined by creative drafting. Moody's methodology for evaluating covenants in bond indentures will be discussed, and participants will learn how Moody's framework for assessing covenant quality can be applied to their daily work. 

Location     Date               Price  

Hong Kong   May 15, 2015   US$1,695 

Sydney        Oct 16, 2015    US$1,695 

Singapore    Nov 5, 2015      US$1,695

Register here. 

Corporate Credit & Cash Flow Analysis 

This seminar explores the importance of cash flow analysis in the credit assessment process. In addition, it reviews credit risk issues of companies with international activities and the challenges of dealing with off-balance sheet and contingent liabilities. It also introduces the concepts of corporate valuation and its usefulness for assessing company solvency.

Location      Date               Price 

Singapore    Jun 3-5, 2015  US$3,895

Register here.

Corporate Credit & Cash Flow Analysis

Hong Kong May 15, 2015  USD 1,695 Sydney  Oct 16, 2015  USD 1,695 Singapore  Nov 5, 2015  USD 1,695 - See more at: http://www.moodysanalytics.com/Breakout-Info/Public-Seminars/Covenants-and-Documentation?mkt_tok=3RkMMJWWfF9wsRoivq3JcO%2FhmjTEU5z17%2BgsWK%2B2gIkz2EFye%2BLIHETpodcMT8BnMbDYDBceEJhqyQJxPr3MKtEN0dZ3RhLiAA%3D%3D#sthash.ddSzN2rB.dpuf

Location Date Price  Hong Kong  May 18-21, 2015  USD 4,395 Sydney  Aug 31-Sep 3, 2015  USD 4,395 Singapore  Dec 8-11, 2015  USD 4,395 - See more at: http://www.moodysanalytics.com/Breakout-Info/Public-Seminars/Fundamentals-of-Corporate-Credit#sthash.dOXMvXC9.dpuf

Dubai  May 10-14, 2015  USD 4,995

Dubai  May 10-14, 2015  USD 4,995