Super Apps, Asia's new innovation, to change cities, economies

SINGAPORE (Nov 7): The ability to communicate, shop online, order rides, read books, play games, get food delivery and pay for anything within a single, unified smartphone app is Asia’s defining innovation, technology leaders said at Bloomberg’s New Economy Forum in Singapore.

Singtel, AIS launch cross-border mobile payments alliance

BANGKOK (Oct 2): Singapore Telecommunications (Singtel) today launched its own mobile payment alliance, VIA, as it tries to grow its clout in the highly competitive e-payment industry.

This comes amid growing competition in digital service offerings that have hurt telcos’ bottom-lines in recent years, and led to a privatisation bid for M1 by two of its major stakeholders last week.

Singapore launches unified QR code for e-payments; new rules soon to address likely risks

SINGAPORE (Sept 17): Singapore on Monday launched the Singapore Quick Response Code (SGQR), which combines multiple payment QR codes into a single SGQR label.

Photo: Minister Ong Ye Kung testing out the new SGQR label to make a purchase.

The first of its kind globally, SGQR will be adopted by 27 payment schemes, including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH.

To be deployed progressively over the next six months, SGQR will replace more than 19,000 QR codes currently in use at store fronts and billing statements.

Singapore banks could still win despite e-payment disruption: Morgan Stanley

SINGAPORE (Sept 7): The rise of e-payments might create a potentially existential challenge for banks, but two Singapore banks are expected to emerge winners despite the disruption, according to Morgan Stanley Research.

Across Asean, banks are expected to lose between US$13.1 and $15.5 billion ($18.0 and $21.3 billion) in value to non-bank operators by 2022 as a result of this e-payments disruption, Morgan Stanley says in a recent report.

2 in 3 SMEs expect to go cashless by 2023: OCBC

SINGAPORE (Aug 10): Times are changing for businesses with the boom of the e-payments movement in Singapore.

More than 66% or two in three Singapore-based SMEs say that they are likely to go cashless – including doing away with cheques – by 2023, according to a poll conducted by OCBC Bank, two weeks before the launch of PayNow on 13 Aug for businesses.

What is even more encouraging is that more than 45% of the respondents anticipate going cashless by as early as 2020.

Singtel to collaborate with Razer on e-payments and gaming

SINGAPORE (May 2): Singtel and Razer have signed a memorandum of understanding (MoU) to work together in the areas of e-payments, e-sports and other gaming-related digital media and telecommunication services in Southeast Asia.

The agreement will see Singtel and Razer create Southeast Asia’s largest connected e-payments network.

Asean e-commerce poised for explosive growth on the back of China's tech dragons

SINGAPORE (Jan 31): The entry of Chinese tech giants into the Asean e-commerce scene could see explosive growth for online retailing in the region, according to Credit Suisse research.

While business-to-consumer (B2C) e-retailing, or e-tailing, has already expanded at a compound annual growth rate (CAGR) of 23% over the past five years, Credit Suisse notes that B2C e-tailing penetration is still less than 2% of total retail sales in Asean.

Singapore, Thailand explore e-payment alliance

(Oct 5): Singapore and Thailand are in discussions about connecting their national digital payment systems to forge an unprecedented regional alliance, as officials step up efforts to curb the use of cash.

The link would bring together Southeast Asia’s first national digital-payment platforms, Singapore’s PayNow and Thailand’s PromptPay, said Naphongthawat Phothikit, director of payment systems policy at the Bank of Thailand.

Oei Hong Leong setting up US$5 bil data centre firm; IPC to acquire stake in AI business

SINGAPORE (Sept 18): Billionaire businessman Oei Hong Leong is upping the ante with plans of a US$5 billion ($6.7 billion) data centre business to propel Singapore forward as a new information technology and investment centre.

“Over the past decade, in the field of artificial intelligence, electronic payment and other high-tech areas, Singapore is not really in the leading position,” Oei says in a statement on Monday. “Now in the big data age, to catch up and to lead is imperative.”

Banking on cashless payments to raise profits by up to 9%

SINGAPORE (Sept 18): Even as Singapore gears up on its cashless payments ambitions, Maybank Kim Eng Research says higher adoption of e-payments could raise the banks’ earnings in FY17-19E by as much as 9%.

According to Maybank, the bulk of banks’ cards fees come from merchant discount rates (MDR) and net interchange fees. Assuming that some 70-90% of banks’ card fees in Singapore are related to such fees, this translates to Singapore banks earning between $77 million and $388 million in fees in FY16.

Be informed of the stories that matter


Be informed of the stories that matter