MoneyGram adds Vietnam’s
Sacombank to agent network
Global money transfer specialist
MoneyGram has announced a significant expansion of its money
transfer services in Vietnam with the addition of Sacombank as the
latest agent to join the MoneyGram network.
The tie-up with Sacombank will
provide MoneyGram with an extra 253 locations across Vietnam.
“Vietnam is a leading recipient of
global remittances and a country of significant focus for MoneyGram
in 2010,” said John Hempsey, MoneyGram’s executive vice-president
of Europe, the Middle East, Africa and Asia-Pacific, citing figures
showing that approximately $7bn in remittances arrive in Vietnam
each year, primarily from the US and Canada, according to the World
DongA Bank was the first bank in
Vietnam to join MoneyGram’s agent network. In addition to providing
MoneyGram money transfer services at its 130 branch locations, the
bank also offers the added convenience of home delivery for
Customers in Vietnam can collect their funds at a home or
business with DongA’s delivery service.
CUP teams up with Philippines bank
China UnionPay (CUP) has teamed up
with Allied Bank of the Philippines to launch a new credit card in
conjunction with Philippine Airlines. The Allied Bank China
UnionPay Card, the Philippines’ first tie-up with China’s largest
card association, will ensure 100% acceptance in the second-largest
economy in the world.
The card is aimed at the more than
one million people who travel between China and the Philippines
each year, and also incorporates a loyalty programme.
Allied Bank said it expects to have more than 10,000 cardholders
by the end of 2010, a figure which could rise exponentially as the
bank expands its cardholder base.
Visa Money Transfer partners with Travelex in
Visa Money Transfer has formed a
partnership with foreign currency provider and card issuer Travelex
in Australia, in order to provide Australian consumers with the
ability to convert cash from a retail location into an account
credit on Visa debit, credit or prepaid cards.
Visa Money Transfer now operates
from participating retail locations in fifteen countries, including
China, Russia and the United Arab Emirates.
The service, which carries remittances over the existing Visa
global payment processing network, eliminates the need for
recipients to go to an agent or bank location to receive
remittances in cash.
China Mobile to invest in Shanghai bank
Chinese telecom giant China Mobile,
the world’s largest telecom company in terms of value, is reported
to be planning to make an investment in Shanghai Pudong Development
Bank (SPDB) in order to expand into the e-commerce sector.
China Mobile’s possible investment
in SPDB could cost as much as $5.9bn. SPDB, which is part-owned by
US-based Citigroup, has confirmed that discussions with China
Mobile are underway.
Any such deal would pose a
challenge to Alibaba Group, which currently dominates the domestic
mobile e-commerce segment.
Alipay, owned by Alibaba Group, controls almost 60 percent of
China’s online payment market, according to its website. Chinese
consumers bought more than CNY180bn ($26.4bn) of goods and services
on the internet in 2009.
Strategy and trends
China UnionPay links with Brunei bank
Chinese domestic bankcard network
China UnionPay (CUP) has teamed up with Brunei’s Baiduri Bank under
a partnership agreement which will facilitate CUP card acceptance
CUP cardholders, estimated to
number two billion globally, will be able to use their CUP cards at
Baiduri Bank’s participating merchant locations in Brunei – Baiduri
has the largest merchant acceptance base in Brunei.
With this partnership agreement, Baiduri is now the only bank in
Brunei that accepts Visa, MasterCard, American Express and CUP
Asia-Pacific shoppers more security
According to a new study from
payment network Visa, shoppers in the Asia-Pacific region are
leveraging sound password practices to protect themselves against
online payment fraud.
When asked what the main payment
security issues were, password hacking came out top with 55% of
those surveyed. Half of respondents pointed to identity theft from
loss of personal items, while 49% said they were wary of ATM
The use of different passwords and
PINs for different purposes was one of the top ways consumers kept
fraud at bay over the last 12 months.
Around 31% of those surveyed said
they used separate passwords for various payment options, such as
debit and credit cards and online banking.
Respondents on average changed
their passwords or PINs every two to three months.
Other popular ways online shoppers
in the Asia-Pacific region utilised to minimise the threat of fraud
were the use of online authentication services such as Verified by
Visa (33%) and not shopping with unfamiliar merchants (32%).
Conducted by market research firm
TNS in August and September 2009, the study involved over 5,500
payment cardholders aged between 18 and 65.
Respondents were from 11 countries in the region, including
China, Japan, Malaysia and Singapore.
EON Bank launches cardholder expansion strategy in
Malaysia’s EON Bank aims to
increase its credit cardholder base to 660,000 by the end of 2010
from the 586,000 cardholders it has currently. EON Bank is planning
to roll out more promotional activities and launch value-added
The bank said it was expecting
significant take-up and spending on its credit cards this year as
the economic recovery spurs consumer spending.
It has also revamped a credit card
in conjunction with the Malaysian Association of Tour and Travel
Agents (MATTA) to capitalise on the upcoming MATTA trade fair, an
event which is expected to generate sales of MYR100m ($29.9bn).
The MATTA credit card was launched in 2006 and to date it has
about 120,000 cardholders. EON Bank is expecting a 15% growth in
MATTA credit card usage during 2010.