Tag: finance

Singapore – YouBiz, YouTrip’s financial platform, is teaming up with TikTok for Business to boost its financial and advertising solutions for businesses in Singapore.

The strategic partnership aims to offer solutions tailored for local businesses, driving their e-commerce growth. YouBiz and TikTok for Business intend to help them maximise their marketing and advertising ROI while optimising their operations.

Joining forces, the companies are introducing a cashback scheme to provide more resources to e-commerce businesses. Through the partnership, TikTok advertisers can receive up to US$100 in ad credits, which can be used for campaigns. Businesses can also receive more cashback on TikTok through YouBiz.

The partnership reflects the companies’ commitment to empowering e-commerce businesses in the market. It was announced during a joint event where speakers shared insights on creating effective marketing campaigns while using digital and financial platforms.

YouBiz offers an expense management platform where businesses can streamline their financial processes, making payment processing, tracking, and reporting efficient.

TikTok for Business is a platform that enables businesses to manage solutions for short-form videos, allowing them to market products and services on TikTok.

“Singapore’s e-commerce landscape presents immense growth potential, yet businesses need more than just access to the market—they need the right strategic tools and comprehensive support to truly unlock their success,” said Benedict Khong, general manager of YouBiz, said.

“This partnership with TikTok for Business is designed to bridge that gap. By seamlessly integrating YouBiz’s innovative financial solutions—such as multi-currency accounts, unlimited 1% cashback on all expenditures, and cost-effective remittance services—with TikTok’s dynamic advertising platform, we are empowering businesses to not only survive but thrive in the fast-evolving digital economy, providing them with a distinct competitive advantage,” Khong added.

Singapore – In a significant reshuffling of its leadership team, Manulife Asia has announced key strategic changes across its operations in emerging markets, Indonesia, Japan, Singapore, and its finance division.

As part of the leadership changes, Manulife Asia has appointed Dr. Kah Siang Khoo, currently the CEO of Singapore, as the new CEO of Emerging Markets. In this expanded role, he will oversee operations in Cambodia, Indonesia, Malaysia, Myanmar, and the Philippines.

Dr Khoo, who joined Manulife in 2018, has played a key role in driving growth and enhancing the company’s position in the region. He has also contributed to digital initiatives and new distribution strategies while overseeing a successful bancassurance partnership with DBS. Prior to his new role, Dr. Khoo served as the president of the Life Insurance Association of Singapore.

During the transition, Dr. Khoo will remain CEO of Singapore until he officially hands over the role to Benoit Meslet on June 1. Meslet, who is currently CEO of Japan, will assume the position pending regulatory approval.

Benoit has been with Manulife since 2020, driving four years of core earnings growth, doubling new business value since 2022, and leading a fast-paced digital transformation that boosted customer satisfaction and employee engagement. With over 20 years of leadership experience in Asia’s life insurance sector, he is well-equipped for his new role.

Following this change, Ryan Charland, currently CEO of Indonesia, will succeed Meslet as CEO of Japan, effective May 1, 2025. He will join Meslet in Japan in April to facilitate a smooth transition.

Since taking the helm in 2019, Charland has led Manulife Indonesia to expand its market share and achieve a strong Net Promoter Score. He also launched a new Syariah-compliant company to serve Indonesia’s underpenetrated Muslim population. His extensive experience in product development, distribution, operations, finance, and risk management is expected to support ongoing growth in Manulife Japan.

Meanwhile, Lauren Sulistiawati will succeed Charland as CEO of Indonesia, starting February 24, 2025, pending regulatory approval. She will collaborate closely with Charland to ensure a smooth transition and will report to Dr Khoo.

Sulistiawati joins from Commonwealth Bank, where she led the transition to OCBC while maintaining customer satisfaction. She has held leadership roles in Indonesian and multinational banks, with a focus on transformation, Syariah business, and regional insurance partnerships.

Last on the roster of leadership changes, Adrienne O’Neill, currently global controller and group chief accounting officer, has been appointed Asia chief financial officer, reporting to Colin Simpson, global CFO, and Phil Witherington, president and CEO of Manulife Asia.

O’Neill has been with Manulife for over 17 years, holding various key finance roles, including global controller and group chief accounting officer. She also served as global head of investor relations from 2018 to 2021.

Speaking on the appointments, Witherington said, “These changes showcase the depth and strength of our leadership across Asia and position us to continue delivering high-quality sustainable growth and be the number one choice for customers.”

“We are well on track to achieve our goal of contributing half of Manulife’s core earnings by 2027, and these leaders have consistently executed our strategy. Their leadership in these new roles will help define the next chapter for Manulife Asia,” he added.

Phil Witherington will assume the role of president and CEO of Manulife on May 9, 2025. Until his successor is appointed, members of the Manulife Asia senior leadership team will report directly to him.

Manulife has also announced the departure of Michael Thomssen, chief financial officer for Asia, and Sachin Shah, head of emerging markets. The company thanked both for their contributions and wished them success in their future endeavours.

Manila, Philippines – Security Bank has announced that it has entered into an agreement to acquire a 25% stake in HC Consumer Finance Philippines, Inc. (HCPH), also known as Home Credit Philippines. This strategic move underscores Security Bank’s commitment to enhancing its consumer finance capabilities and expanding its market presence.

Through the agreement, Security Bank will purchase the 25% ownership stake in HCPH from MUFG Bank Ltd. for approximately PHP11b. Krungsri (Bank of Ayudhya PCL and its business units) will continue to hold a 75% ownership stake in HCPH and remain the majority shareholder.

This transaction marks eight years of the Security Bank and MUFG strategic alliance, which started in 2016. It also represents the second partnership between Security Bank and Krungsri, following their SB Finance, Inc. joint venture. 

The acquisition aligns with Security Bank’s strategic vision to become the most customer-centric bank in the Philippines. The transaction is subject to regulatory approvals, with target closing in the first quarter of 2025.

Sanjiv Vohra, president and CEO at Security Bank, said, “As we welcome Home Credit into the Security Bank family, we’re excited by the strategic benefits this acquisition brings. This is a tremendous opportunity to leverage synergies, offer innovative lending solutions, and support financial inclusion. We look forward to driving growth and delivering value to our stakeholders together.”

Meanwhile, Yasushi Itagaki, group COO-I and head of global commercial banking business at MUFG, commented, “We are delighted to enter into this agreement with Security Bank as we believe that Security Bank will complement Krungsri in Home Credit Philippines. Security Bank’s on-the-ground presence and understanding of the local market will bring forth continued growth for Home Credit Philippines.”

Singapore – Regional personal finance group MoneySmart has officially rejected a recent offer from MoneyHero Group to acquire 100% of MoneySmart’s shared through a non-binding offer. It should be noted that MoneySmart released the statement a day after MoneyHero Group released its announcement stating its desire on the acquisition.

The MoneySmart board has unanimously determined that this approach is neither serious nor credible and that it will not be entertained. The manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered MoneySmart’s confidence in, or openness to, such discussions. Moreover, the proposed merger does not align with MoneySmart’s strategic objectives and would fail to deliver value to our shareholders. 

In addition, the adjoining press statement from MoneyHero makes reference to a recent private share transaction which was driven by specific circumstances and not representative of MoneySmart’s market value or future prospects.

Vinod Nair, founder and CEO at MoneySmart Group, said, “Our decision was a clear and definitive no. The two businesses currently operate in a similar space but are on diverging paths in terms of strategy, financial sustainability and outlook. Our focus remains on advancing our products, services and innovation, being a trusted partner to customers and executing our growth strategy. We believe that our current plans set up MoneySmart to succeed in the long term.”

Singapore – MoneyHero Limited, a publicly-traded personal finance and digital insurance platform in Greater Southeast Asia, has made a US$8m non-binding offer to acquire 100% of the shares of its competitor, MoneySmart.

MoneyHero’s acquisition of MoneySmart is designed to strengthen its market leadership and unlock significant synergies in Asia’s rapidly evolving personal finance and insurance sectors.

Under the terms of the offer, MoneyHero values MoneySmart at US$8.0m, with additional potential valuation upside. The US$8.0m will be paid in new MoneyHero shares, while any extra valuation upside will be settled in cash, contingent upon the results of a comprehensive due diligence process.

Although MoneyHero aims to acquire 100% of MoneySmart, the company is also considering purchasing shares from individual shareholders on a case-by-case basis.

The US$8.0m offer in MoneyHero shares, plus additional cash based on due diligence, accounts for MoneySmart’s recent capital reduction noted in filings with Singapore’s Accounting and Corporate Regulatory Authority. MoneyHero’s offer includes a premium, reflecting its confidence in the added value MoneySmart will bring to the combined entity. 

Rohith Murthy, CEO of MoneyHero, said, “Our offer to MoneySmart reflects the strategic value of combining our two companies. This acquisition will further strengthen our leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation. Given MoneySmart’s recent share buyback, we believe we’ve made a fair and compelling offer that benefits both sides. Most importantly, we believe the synergies from this merger will drive significant value for our shareholders and customers.”

Singapore – The first quarter of 2024 saw a 119% year-over-year rise in in-app revenue for finance applications, demonstrating their strong growth trend, especially in regions like Europe and LATAM. Moreover, this growth is being driven by technical breakthroughs, greater user spending and engagement, and targeted market expansions. This is according to the latest data released by Adjust, a global measurement and analytics company.

The research also shows that there is a resurgence of interest in cryptocurrency administration and trading, as evidenced by the 196% annual increase in worldwide crypto app instals from 2022 to 2023. 

Meanwhile, the APAC area has experienced an increase in the use of new digital financial services, which have become more accessible as e-commerce has grown rapidly in recent years. Furthermore, younger and more digitally savvy audiences are boosting demand for novel financial solutions. The region’s strong desire for mobile-first solutions, paired with considerable investments in fintech firms, establishes it as an important player in the global financial sector. 

Significant global finance app growth was recorded in 2024. Q1 instals surged by 36% year on year, while sessions increased by 23%. Furthermore, APAC emerged as a significant contributor to financial app instals, accounting for 59%, with MENA leading all areas with 79%. 

The popularity of cryptocurrencies is still rising. Instals of cryptocurrency apps climbed by 196% globally between 2022 and 2023, indicating growing confidence and interest in cryptocurrencies. Crypto marketers must, however, plan on boosting retention because sessions have decreased by 34%. 

The surge in mobile banking and payments demonstrates a move toward financial solutions that prioritize digital technology. In Q12024, bank app installs soared by 111% year over year, while payment app sessions rose by 27% in 2023. Furthermore, Q1 session lengths increased by 12% year over year, underscoring the critical role mobile apps play in day-to-day activities. 

In terms of finance app session duration, APAC is quite near to the global average of 6.38 minutes each session. Nonetheless, several of the region’s nations have surpassed North America, which is the top region in the world with 7.21 minutes per session. With 22.2 minutes per session, South Korea leads the pack, followed by India (15.64 minutes), the Philippines (10 minutes or more), and both Indonesia and Singapore (almost 10 minutes). 

APAC is set for expansion. While the global median effective cost per install (eCPI) for banking apps was $1.21, APAC had the lowest eCPI at $0.63, indicating a healthy growth environment.

Speaking about the report, Tiahn Wetzler, director, content & insights at Adjust, said, “Despite the tumultuous economic conditions of recent years, the outlook for the remainder of 2024 and beyond is promising. By leveraging next-generation measurement approaches, such as incrementality and media mix modelling, alongside traditional attribution, finance app marketers can unlock new avenues for growth. Emphasising secure, user-friendly experiences with a focus on personalisation will be crucial in retaining users – maximising lifetime value and driving sustained success.” 

Meanwhile, April Tayson, regional vice president for INSEAU at Adjust, said, “Our data show that both financial services’ apps and customer needs are evolving, especially in INSEA. With the right tools and integration of advanced tech, such as AI, personalisation, and next-gen mobile measurement, financial companies, developers, and marketers can boost user acquisition and engagement, and increase transaction volumes. These forward-thinking strategies and investments plus a keen understanding of evolving user expectations position marketers for significant growth and success in this dynamic market.” 

Singapore – AnyMind Group, a BPaaS company for marketing, e-commerce and digital transformation, has today announced two leadership appointments including Steven Tan, managing director of e-commerce enablement for Malaysia, and Koichiro Izawa, managing director of accounting and financial control.

Tan and Izawa’s appointments serve to strengthen the e-commerce business and finance department of AnyMind Group, alongside its goal of consistent global expansion.

Tan joins AnyMind Group through the acquisition of Arche Digital, a Malaysia-based e-commerce enabler that he founded in 2015, and continues to serve as managing director of the company. He also worked as a research scientist and research scholar, before taking up managerial and leadership roles in medical supplies and electronics companies.

Izawa on the other hand, joined Sakura Bank (currently Sumitomo Mitsui Banking Corporation) in 1998. After working for a major audit firm, he joined a venture company in 2005 and took it public, leading the development of its management structure after the IPO. After that, he worked as a finance director for several foreign manufacturers in Japan and Southeast Asia, where he was involved in a wide range of operations centred on accounting and finance.

On his appointment, Tan said, “As we continue expanding synergies between Arche Digital and AnyMind Group, I am looking forward to playing an active role in supporting the management of the wider group. I believe that both companies will continue going from strength to strength, and I’m keen to use my experience gained throughout my career to help AnyMind accelerate business growth in Malaysia and beyond and enhance AnyMind’s BPaaS capabilities.”

On his appointment, Izawa also mentioned, “AnyMind is a rapidly growing company in the global marketplace, and strengthening the finance department is essential to further accelerate our growth. I hope to contribute to AnyMind’s sustainable growth by leveraging my past experience to strengthen AnyMind’s finance structure. In particular, I will help AnyMind to increase the company’s transparency and credibility by improving its accounting processes’ efficiency and accuracy as well as accurate financial reporting.”

Meanwhile, Kosuke Sogo, CEO and co-founder of AnyMind Group, commented, “We have appointed two leaders to strengthen internal structures in our e-commerce business and finance department. We will continue to expand our business globally and advance a borderless world where everyone can do business more easily through our technology.”

Singapore – Visa has announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia-Pacific. For the company, this space enables stakeholders to engage with Visa technologists to co-create payments solutions ahead of demand, deliver scalable innovation, and address the biggest challenges and opportunities in digital payments in the region.

The Visa Singapore Innovation Center represents Visa’s vision of shaping tomorrow’s payments possibilities. Showcasing the transformative power of technologies like artificial intelligence (AI) in retail and payments, and reimagining modern credentials for enhanced security and convenience.

Moreover, it also serves as a springboard for thought leadership in decentralised and embedded finance, offering tailored solutions for businesses and fostering innovative collaborations with startups.

The Singapore Innovation Center is part of Visa’s network of eight regional innovation centres worldwide. It plays a pivotal role in driving regional payments innovation in Asia, addressing the local market needs of Visa’s Asia-Pacific clients, and ultimately driving forward the company’s global mission and strategy to deliver innovative, future-proof and secure payments that enable individuals, businesses and economies to thrive.

Stephen Karpin, president for Asia-Pacific at Visa, said, “At Visa, we’re bringing ideas to life in a way that’s truly unique to the Singapore Innovation Center, a dynamic hub where we transform innovative concepts into practical solutions. We’re dedicated to helping businesses discover valuable insights early so they continue to stay ahead in the rapidly digitalising payments landscape.”

He added, “By combining our expertise with cutting-edge technology and solution architecture, we work alongside our partners to materialise solutions that address payment challenges, driving real business value and growth for our client.”

Meanwhile, Png Cheong Boon, chairman at Singapore Economic Development Board, commented, “The Visa Singapore Innovation Center deepens the longstanding partnership between Visa and Singapore, and enables Visa to tap into our vibrant innovation ecosystem to develop new solutions and create new business opportunities for the global market. We look forward to strengthening and expanding this close partnership with Visa and also hope to encourage more global companies to undertake such activities in Singapore.”

Manila, Philippines – Financial management app Lista launched its new branding to underscore its strategic shift towards offering personal finance services for users. 

Lista’s rebranding introduces ‘Finn the Carabao’, a lovable and relatable character that is set to become a prominent symbol of the brand in its aim to make personal finance more accessible and convenient for its Filipino customers.

The finance management app will also offer an opportunity for its users to access their credit scores for only 10 pesos. This move is Lista’s way to promote financial literacy, as it exemplifies their dedication to making financial education and empowerment accessible to all.

The rebranding efforts come as Lista strengthens their brand’s core mission to empower individuals to make informed financial decisions and achieve their financial goals while solidifying their position as a trusted partner in everyone’s financial journey.

Since its founding in 2021, the financial management app has been providing innovative financial solutions tailored to micro, small, and medium-sized enterprises (MSMEs). Lista plans to expand its range of services to offer more promotions and initiatives aimed at raising awareness about the importance of financial literacy for its users. 

Aaron Villegas, CEO at Lista, said, “We are thrilled to rebrand our logo and overall look as we embark on this exciting journey towards providing easy-to-use personal finance tools and solutions. While we have been proud supporters of MSMEs, we also recognise the pressing need to empower individuals in their own financial journeys. Our rebranding signifies our commitment to this mission.”

Commenting on the new logo, Khriz Lim, co-founder and COO at Lista, said, “Finn the Carabao embodies the spirit of Lista. Finn serves as the personification of Lista’s mission: to help Filipinos effectively budget their money in line with their life priorities. It stands ready to guide and support users on their financial journeys, ensuring they have a trustworthy and friendly companion by their side.” 

Singapore – Yahoo has announced the acquisition of Commonstock, a broker-agnostic social and community-based platform that drives insights for retail investors.

The acquisition advances the power of community for Yahoo Finance and accelerates the brand’s strategy to deliver unparalleled retail investing resources, solutions and experiences to investors of all skill sets and levels.

Through this acquisition, Commonstock will be effectively joining the Yahoo Finance organisation, reinforcing the unique capabilities of Yahoo Finance which is home to one of the largest and most active financial communities on the web, with over 150 million global monthly users.

Commenting on the acquisition, David McDonough, CEO and founder of Commonstock, said, “Joining Yahoo Finance is a tremendous opportunity to build community and products on the largest consumer finance stage, which will positively impact millions of loyal users. This acquisition will allow us to accelerate our mission at scale, emphasising community-driven knowledge and ensuring the amplification of quality insights to separate signal from noise.”

“For me, it’s personal. Yahoo Finance changed my career trajectory during the financial crisis over a decade ago. I was able to teach myself about the stock market and learned from other investors on the Yahoo Finance message boards. The unique blend of Yahoo’s reach and Commonstock’s expertise in creating retail investment communities is an incredibly powerful combination,” he added. 

Meanwhile, Tapan Bhat, president of Yahoo Finance, said, “Our platform caters to every stage of the investment process – from providing pre-trade market news and analysis, facilitating engaging pre- and post- trade conversations within our community of like-minded investors, to offering effective self-directed portfolio management tools and insights. Acquiring Commonstock reinforces this vision.”

“The Commonstock team has built a trusted community, sharing high- quality insights and knowledge that help everyday investors create wealth. Together, Yahoo and Commonstock will further empower investors of all skills and levels through a one-stop shop for smart financial decisions,” added Bhat.