Rapyd, a global FinTech-as-a-Service provider, announced a partnership with OCBC Bank to enable real-time bank payments for Singapore consumers and online retailers. The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, enabling OCBC Bank customers to make digital payments using the OCBC Pay Anyone app powered by Rapyd’s recently launched Checkout payments solution for e-commerce.
Consumers pay online retailers directly on their mobile devices from deposit accounts
Many customers are increasingly adopting the option to pay retailers directly from their deposit accounts using their mobile phones. Among OCBC Bank customers, such transactions have grown 4.5 times year-on-year, via QR code payments on the OCBC Pay Anyone app.
Today, most online retailers only give consumers the option to check out their online retail purchases using credit or debit cards. There are very few online retailers that enable customers to directly leverage the funds in their deposit accounts to make online payments – and if they do, the process is very complex, requiring the customer to exit the retailer’s app to perform an Internet Banking transaction before navigating back to the app.
The partnership with Rapyd Checkout will provide OCBC Bank customers with more payment options at online retailers’ checkouts, enabling them to directly access their bank account funds by simply choosing “Pay with OCBC Pay Anyone” within a retailer’s app. Payment details such as the retailer name and amount to be paid will then automatically populate in OCBC Pay Anyone, which the customer simply needs to review and confirm before authenticating the transaction biometrically. Customers will not need to input any additional information to make an online payment, and do not need to navigate out of the retailer’s app, making the payment process completely seamless and convenient.
Retailers can receive payments instantly
With the number of real-time payments globally expected to grow from USD$6.8B in 2018 to USD$25.9B in 2023 according to research consultancy MarketandMarkets, digital retailers are actively looking to add more local payment options for customers.
With Rapyd Checkout, these retailers can receive payment immediately from OCBC Pay Anyone users, rather than waiting up to three days to receive money from card-based payments, giving merchants faster access to their working capital.
Mr. Joel Yarbrough, Vice President, Asia Pacific at Rapyd, said: “We are excited to work with OCBC to make instant payments through OCBC Pay Anyone available to our network for online and mobile merchants. We are also thrilled to be leveraging the significant investments Singapore has made in the open loop PayNow real-time payments infrastructure, to make safer bank transfers available for Singaporeans as they shop globally.”
Mr. Pranav Seth, Head of E-Business, Business Transformation and Fintech and Innovation Group, OCBC Bank, said: “Singapore’s eCommerce market is estimated to hit $5 billion this year. The partnership with Rapyd will benefit Singapore consumers and online retailers by expanding payment options for consumers while simultaneously increasing revenue opportunities for businesses. This partnership extends the ability of customers to directly access their bank account funds to pay more than 3,000 retailers via QR codes and PayNow at physical stores, to also access their bank account funds directly to pay online retailers on mobile apps seamlessly. This is a key milestone on our journey to drive digital payments adoption across Singapore.”
He added: “The global movement towards real-time payments through bank accounts continues to grow exponentially. OCBC is at the forefront of the digital payments revolution and working with Rapyd’s payment gateway expands this service, accelerating Singapore’s Smart Nation and cashless society agenda.”
UBS Managing Director Choo Oi Yee To Join iSTOX As Chief Commercial Officer (CCO)
iSTOX, the first regulated platform in any major global financial center to offer end-to-end issuance, custody, and trading of digitized securities, is pleased to announce the appointment of Choo Oi Yee as its first Chief Commercial Officer (CCO).
Choo has over 20 years of experience in the investment and banking industry, most recently as Managing Director and Head of Singapore Corporate Client Solutions for UBS, where she was responsible for UBS Singapore’s investment banking business. In her new role at iSTOX, Choo will be a key member of iSTOX’s management team responsible for driving the company’s overall business growth by building its network of investors and issuers. She will join the iSTOX team in January of 2020.
“I see some truly fundamental changes on the horizon for capital markets and I believe that Singapore — and the iSTOX team — are uniquely well positioned to take advantage of them,” she said. “I’m very excited to be joining the team and look forward to helping iSTOX grow into the platform of choice for 21st century issuance and investment.”
Choo’s appointment comes at a strategically important period for the company; iSTOX has initiated plans to grow its base of issuers and investors as it works towards graduation from MAS’s Fintech Regulatory Sandbox in early 2020.
“It was clear to us that we needed someone with Oi Yee’s stature, reputation, and experience for our CCO role. Among other requirements, we needed someone with deep securities, issuance, and trading experience at a very senior level; someone with outstanding relationships with major institutional investors, business leaders, family offices, and others; and, most importantly, someone with a deep and instinctual understanding of the challenges and opportunities facing issuers and investors,” said Danny Toe, Founder and Chief Executive Officer of ICHX.
“We are pleased to welcome Oi Yee to the team as we open up applications for iSTOX investor accounts and plan an exciting issuer pipeline ahead of our projected sandbox graduation early next year,” said Darius Liu, Co-Founder and Chief Strategy Officer of iSTOX.
Euromoney TRADEDATA Partners With UK FinTech ipushpull to Create On-demand ‘Data-as-a-service’
Euromoney TRADEDATA is pleased to announce a strategic partnership with ipushpull, a powerful data sharing and workflow platform.
Euromoney TRADEDATA recognises that the on-demand model is the future of data consumption, particularly within community chat and messaging networks, as part of a suite of delivery systems required to service all parts of the market that need futures and options reference data.
Through a single connection to ipushpull, Euromoney TRADEDATA can distribute data into a variety of applications including Symphony, the secure collaboration platform, with nearly half a million connected financial market users. The ipushpull platform provides Euromoney TRADEDATA with new distribution channels for secure, audited, access-controlled data delivery.
Mark Woolfenden, Managing Director of Euromoney TRADEDATA, comments:
“This is a very important integration for Euromoney TRADEDATA, as we begin to experiment with embedded, on-demand workflow functionality and delivery systems for our reference data. We recognise ipushpull as a leading exponent in data sharing workflow technology and we expect further benefits from their connections to other community messaging solutions. Also, as part of the offering, we can now offer a functionally rich Excel plugin for desktop users to access our reference data, which integrates seamlessly within users’ existing workflows. In addition, we look forward to working with ipushpull to develop a clutch of bots, to further enhance our customers’ experience in using our data services.”
Matthew Cheung, CEO of ipushpull, comments:
“We’re excited to offer Euromoney TRADEDATA new avenues to deliver and monetise their data to a variety of desktop and cloud services. We see this innovative approach as the first step towards an on-demand ‘Netflix’-style distribution model for data producers and consumers.”
SOURCE Euromoney TRADEDATA; ipushpull
360 Finance’s LendingAdda Launches Diwali Offers
LendingAdda consumer lending marketplace owned by parent company 360 Finance (NASDAQ: QFIN) announces Diwali offer for credit card holders. On 6th October, SBI announced a bumper Diwali offer for its credit card holder; on 10th October, the State Bank of India approved a ten percent discount for its credit card users; on 14th October, LendingAdda launched the credit card function, and AMEX, SBI, Citi banks’ cards are included.
Due to India’s inefficient banking system, most people do not have a credit history, which leads to lower utilization of credit cards and limited accessible for many.
In this condition, fintech companies empower people’s lives compared with banks. LendingAdda, a digital finance platform, has integrated more diversified financial services. Its innovative data-driven and behavioral risk management models can help overcome barriers that arise from a lack of widespread and robust credit scoring.
Prantik Ray, professor of finance at XLRI-Xavier School of Management at the University of Minnesota, has stated that digital finance can be instrumental in providing credit ratings and potentially be leveraged in other areas. In essence, online finance can help create more possibilities in people’s lives.
LendingAdda evaluates a user’s credit based on big data and selects the most suitable loan and credit card product offers for consumers using intelligent matching. So far, it has offered lending services to more than 4 million Indians, and the number of borrowers is multiplying.
Most importantly, LendingAdda’s products cover almost every part of a user’s daily life: microfinance, credit cards, commercial loans, mortgages, auto loans, medical loans, education loans, etc., and its interest rate is usually lower than banks.
Additionally, LendingAdda has a higher credit line (up to 10 lakhs), which can almost always meet the borrowing needs of consumers, and the money arrival rate is less than 5 minutes, which was much faster than the bank.
With the help of LendingAdda, Moham finally got his wish of buying an iPhone for his girlfriend, which he thinks will help him bring greater happiness to his life.
How does LendingAaad help people accomplish their dreams?
Compared with many other enterprises, LendingAdda has world-class technology that enables it to offer a highly secure lending process with tailored products and services that help serve the daily lives of its users.
SOURCE 360 Finance, Inc.
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