credit cards

Singaporeans love their banks but remains wary of other asset managers, finds survey

SINGAPORE (Sept 20): While a majority of Singaporeans view the city state’s financial services sector as more trustworthy than a decade ago, many are cautious towards less familiar sub-industries and new & emerging digital financial services companies.

This is according to the inaugural 2018 Financial Services Reputation Index, launched today by MHP Communications and ORC International, which surveyed over 4,000 adults across China, Hong Kong, India and Singapore in August this year.

Mobile payments in Singapore on the rise despite security concerns

SINGAPORE (Nov 29): Credit cardholders in Singapore are increasing their usage of mobile payment services, compared to other key global markets, according to the JD Power 2017 Singapore Credit Card Satisfaction Study.  

The study found that usage of mobile payments in Singapore has grown to 40% in 2017 as compared to only 26% in 2016, almost on par with Hong Kong, recording a usage of 41%.

This was despite many consumers citing that their concern for not using a mobile wallet is security.

Are you a prisoner in your own bank?

SINGAPORE (Dec 2): “Hidden defection”, they call it. This is the term Bain & Company uses to describe the act of purchasing a new banking product from a competing bank or financial technology (fintech) firm.

According to the American management consulting firm’s Customer Loyalty in Retail Banking: Global Edition 2016 annual report, the phenomenon of hidden defections is running rampant among consumers globally – especially in developing markets where fewer of them have longstanding relationships with their banks.

Singapore is not excluded.

New credit card scrutiny sends Indonesians back to cash

Indonesia ruppiah

JAKARTA (May 29): Indonesia's plan to track all credit card transactions in a bid to crack down on rampant tax evasion is pushing people back to cash, stifling government efforts to track illicit money flows.

A new government decree requiring credit card providers to submit transaction details - including customer and merchant identities - to the tax office as of May 31 appears to be spooking consumers with card activity falling in April.

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