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Platforms Featured Southeast Asia

Standard Chartered, Bukalapak launch new digital banking service in Indonesia

Jakarta, Indonesia – Global financial services Standard Chartered and Indonesian e-commerce company Bukalapak have announced the launch of a new digital banking service in Indonesia named BukaTabungan. The new digital banking service aims to serve the underbanked segment in Indonesia.

BukaTabungan, which is offered on the Bukalapak platform, will offer services inclusive, easy, and secure banking for the Bukalapak ecosystem which consists of more than 110 million users and 20 million registered businesses. This service also supports completely digital, face-to-face registration.

Through offering its banking access, BukaTabungan also aims to support business continuity and development of micro-small and medium enterprises (MSMEs) that constitutes 97% of the Indonesian workforce, where many of them do not have access to formal financing services and are still recovering from the impacts of COVID-19.

In addition, the collaboration between Bukalapak and Standard Chartered is strengthened by the strong commitments between said parties to a common vision to bridge the financial inclusion gap and promote sustainable impact in developing regions in the country.

Victor Lesmana, president of commerce and fintech at Bukalapak, said, “We are very enthusiastic about this partnership because it supports our mission of supporting the growth of MSMEs in Indonesia and continuing to expand financial inclusion across the country. We convey our greatest appreciation to Standard Chartered for their trust and passion for this collaboration.”

Meanwhile, Andrew Chia, cluster CEO of Indonesia and ASEAN markets at Standard Chartered, “We are proud to partner with Bukalapak to present BukaTabungan as one of the first digital banking services in Indonesia, which combines Bukalapak’s e-commerce ecosystem with the e-commerce banking expertise from Standard Chartered.”

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Platforms Featured Southeast Asia

Standard Chartered, NTUC-backed digital bank Trust Bank launches in SG

Singapore – Trust Bank, a new digital bank backed by Standard Chartered, NTUC Enterprise and FairPrice Group, has officially launched in Singapore. Trust Bank is the first of the nation’s new wave of digital banks and launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance.

Trust Bank brings together reliable banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day. These organisations have more than 200 years of combined experience of serving the community in Singapore.

In addition, TrustBank is integrated into the FairPrice Group ecosystem and brings best-in-market rewards of up to 21% as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity. 

“Trust has been built specifically for Singapore based on the extensive feedback received during its user testing period. This customer-centric approach is at the heart of Trust’s culture and is enabled by the use of best-in-class technology to create a great user experience. Today’s launch is the starting point for Trust and customers can expect further products and features to be developed based on their feedback,” the bank stated in a press statement.

Dwaipayan Sadhu, chief executive officer of Trust, said, “We are hugely excited to launch Trust in Singapore and delighted to introduce a breakthrough client experience enabled by our best-in-class technology platform. Through listening to our customers and by leveraging the strengths of our partners, we are committed to bringing real tangible value to our customers in Singapore through accessibility and convenience, and making Trust a part of their everyday lives.”

Trust offers a differentiated customer experience, designed to make things easy and delightful. Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes and use their digital card immediately to generate significant savings. The Trust app also offers enhanced accessibility, with customers able to switch between English and Mandarin language based on their preference.

Judy Hsu, chief executive officer of consumer, private and business banking at Standard Chartered, shared, “Standard Chartered has been serving clients in Singapore for more than 160 years, and the launch of Trust further extends our commitment to continuously invest in innovative ways to serve the communities in Singapore. Backed by Standard Chartered’s track record in building successful digital banks globally and our partner FairPrice Group’s strong brand and extensive ecosystem, Trust offers at launch a well-rounded suite of savings, credit and protection solutions coupled with rewarding lifestyle offers and benefits. By integrating Trust’s digital-first services seamlessly into customers’ everyday lives, Trust is making banking accessible, secured and effortless for everyone.”

Lastly, Kee Teck Koon, chairman of FairPrice Group, also shared, “Trust’s digital banking solutions will complement FairPrice Group’s omni-channel offerings to meet the needs of our customers better. Trust’s credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group’s Link Rewards programme, while benefiting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest. Together with the trusted partnership of Standard Chartered, we are confident that the synergies created through our combined strengths and heritage will make Trust’s banking solutions convenient and accessible for all.”

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Platforms Featured Southeast Asia

New GoTyme Bank to now officially become a player in PH banking 

Manila, Philippines – GoTyme Bank, a local fintech funded by the Gokongwei Group, has recently received a go signal from the country’s central bank Bangko Sentral ng Pilipinas (BSP) to set up a local digital bank for Filipinos.

GoTyme Bank received its certificate of authority from BSP on July 29 this year, following prior approval from the country’s Securities and Exchange Commission (SEC) and the Monetary Board (MB).

Through GoTyme, clients can open an account in under five minutes through digital kiosks and avail of banking products and services such as bank transfers, shopping rewards, interest savings, trading, investing and customer service.

In addition, it combines the ease of immediate account opening with a personalised debit card released through kiosks located in shopping malls throughout the Philippines, plus the power of self-serve financial solutions accessible through an intuitive ‘all in one’ banking app.

GoTyme Bank is a joint venture by multinational digital banking group Tyme, involving members of the Gokongwei Group namely Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings. 

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Marketing Featured Southeast Asia

Bank Islam Malaysia launches cloud-native digital bank ‘Be U’

Kuala Lumpur, Malaysia – Islamic bank based in Malaysia, Bank Islam, has officially launched its fully cloud-native digital banking proposition ‘Be U’, a cloud-native solution that is anticipated to be the cornerstone of all upcoming digital banks to be introduced in Malaysia.

The all-new banking app allows users to do their banking transactions seamlessly, without the hassle of visiting a branch, thus broadening financial inclusivity by targeting the digital-native, younger generation. Its engaging and user-friendly interface is intended to help users quickly understand and manage their finances.

In addition, Be U uses Mambu Digital Core as its technology backbone and is housed in Amazon Web Service (AWS) cloud. Having zero legacies allows Be U to meet customers’ needs quickly. By leveraging its cloud-based advantage, Be U users can benefit from the agility of the app and enjoy a curated, user-friendly and personalised banking experience.

Mohd Muazzam Mohamed, group CEO at Bank Islam Malaysia, said that Be U is a gamechanger for Bank Islam and the Islamic banking industry, as it is a product that intends to redesign and catalyse Bank Islam’s future growth by leveraging the rapidly changing fintech landscape and further allowing customers access to an affordable and easy-to-use financial solution.

“Through Be U, Bank Islam is shifting from being product-centric to customer-centric in building products that fulfill customer needs. This effort aligns with our five-year business strategic plan (LEAP25), which aims to become the champion in Shariah-ESG total financial solution with leadership in digital banking and social finance,” he added.

He further shared that having taken a holistic approach to meet customers’ needs, the bank has designed the digital bank proposition to be different and complementary to what is presently available in the market. Be U is targeted at the younger generation, offering a savings account that allows zero balance, fund transfer capabilities, and a Nest feature that helps users save for specific goals.

“There will be frequent new functionalities or offerings on the Bank Islam Be U app over the next 12 months, including term deposit, gig marketplace, debit card, personal financial management, micro-financing, micro takaful and much more. We will replicate the learnings from Be U into the entire organisation, which is the bigger picture we’re looking at. We want to turn Bank Islam into an increasingly agile organisation by adopting new ways of working, attracting talents with new skill sets, using the latest technology, and leveraging data and automation. This will, in turn, enable Bank Islam to serve our customers better,” said Mohamed.

Made available to the public since mid-June this year, Bank Islam targets between 350,000 and 400,000 downloads and users of the Be U app within the first 12 months of its operations. With no charge to open a Be U account through the platform, users can download the Bank Islam Be U app free through Google Play Store and Apple App Store.

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Marketing Platforms Southeast Asia

Boost and RHB’s digital bank gets nod to operate

Kuala Lumpur, Malaysia – Boost, the fintech arm of Axiata Group, and RHB Banking Group have secured the digital bank licence (DBL) issued by Bank Negara Malaysia (BNM).

This partnership between Boost and RHB to form a Digital Bank consortium was announced last June 2021, with Boost owning a majority stake of 60%, and RHB owning the remaining 40% in the Digital Bank to drive innovation, increase competitiveness, and fast-track the country’s digital transformation ambition.

To deliver on the key criteria established by BNM, both parties will combine their deep expertise in specific areas – Boost’s extensive fintech experience and RHB’s intimate knowledge in banking services and risk management, to build a comprehensive suite of affordable and accessible digital banking and financial solutions. The aim will be to create greater access for financial inclusion digitally amongst the underserved and unserved segments.

Dato’ Izzaddin Idris, Axiata’s president and group CEO, and is also the chairman of Boost, said that this is a significant milestone for Axiata’s fintech business and validation of the strong value proposition they bring to the table with their partner RHB Banking Group.

“Securing this license in our home ground delivers multi-pronged opportunities to address ongoing digitalisation shifts across our businesses. On one hand, we can now deliver financial inclusion to underserved and unserved segments such as the MSMEs community as they scale for growth to support the nation’s economic recovery. At the same time, we’re able to actively meet demand from our expanding digital-first consumer base seeking convenient, improved, and secure user experiences for banking and credit access. This development also reinforces Boost’s experience and capabilities to pursue regional opportunities in this high-growth segment,” added Idris.

Over the past few years, Boost has been laying the foundation and building the essential blocks for a digital bank, one of which is through a large lending business via Boost Credit. Through this, the fintech player has developed a large digitally engaged core customer base with deep data-driven insights to break new grounds to build strong value propositions that solve the pain points of the underserved. Partnering with RHB, Boost will be able to leverage the latter’s banking expertise, as it has been making significant investments in building technology platforms and hopes to be able to launch the service in the near term.

Both will also leverage RHB’s [email protected] model to achieve speed in delivery and productivity as well as in building successful digital offerings similar to what has already been achieved in existing innovative offerings such as the RHB MyHome app, RHB SME eSolutions, SME Online Financing, RHB Reflex, and eKYC onboarding solutions.

Moreover, Boost has signed an MOU with Credit Guarantee Corporation Malaysia (CGC) in June last year through its subsidiary, Boost Credit for a potential digital bank guarantee. The MoU encompasses two key parts – the first is a commitment to explore extending a Portfolio Guarantee for the future Digital Bank’s MSME focused loans, and the second involves collaboration with CGC in taking up referrals to provide financing for eligible MSMEs without collateral.

Sheyantha Abeykoon, Boost’s group CEO, noted that the Digital Bank will be a catalyst for greater financial inclusion and aligns with the fintech’s core mission to financially empower and support users and merchants. 

“The award of the digital banking licence now fulfils our vision of becoming a full spectrum fintech player in the region to better serve the underserved and as one of the pioneers in the industry, we look forward to this very exciting journey in creating an inclusive digital and financial ecosystem for all Malaysians together with RHB via the digital bank,” said Abeykoon.

Meanwhile, Mohd Rashid Mohamad, RHB’s group managing director and group CEO, commented that they are privileged to be part of this exciting chapter for the financial services industry in Malaysia, as the Digital Banking license granted to RHB and Axiata is an important step in reinforcing their commitment to continuously enhance their value propositions and better serve their stakeholders, particularly in providing quality financial services to a wider range of customers, in this case – underserved businesses and individuals in Malaysia. 

“Our joint customers will gain access to credit that is digital, nimble, and secure. Which ties in well with RHB’s brand commitment to delivering simple, fast and seamless experiences. We look forward to playing our part in charting the industry’s evolution into this exciting era of digital banking and making progress happen for everyone,” said Mohamad.

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Marketing Featured Southeast Asia

WATCH: CIMB Bank PH’s new video ad shows the stark reality of breadwinners

Manila, Philippines – Digital bank CIMB in the Philippines has recently posted a new Christmas-themed video advertisement, focusing on the theme of family breadwinners.

Aptly titled “Breadwinner”, the video centers between an interaction of a mother and her “breadwinner” son. The mother opens up the conversation, asking the son as to when his 13th month pay will arrive, as it will be used to spend on Christmas essentials.

However, the question was responded with silence, as the “breadwinner” son refuses to open up to her mother on what’s bothering him. Finally, after a long silence, the son breaks up and says that he was removed from the job, and that the plans for Christmas won’t be feasible anymore.

Her mother breaks a smile, and leaves for a minute. When she returned, she showed the bank’s app and saying “Nakapagtabi ako” (I have saved some).

The video concludes with the mother and son enjoying time together by dancing, and with a message: “This year has been a challenge like we’ve never seen before, but we will rise and get through this together”.

The “Breadwinner” video advertisement is produced by GIGIL, a local-based advertising agency.