Global Transaction Finance Re-Invented Conference by RadioFinance

Lawrence Chan, Group CEO of the Network for Electronic Transfers Singapore (NETS), discussed how the group is helping to shape the cashless payments in Singapore by focusing on merchant acquisition and servicing, especially in the small and underserved areas that account for most of the daily transaction volume.

In this RadioFinance session, Yasushi Itagaki, president director of Bank Danamon discussed how Indonesia responded to the COVID-19 pandemic, and how the bank intends to grow by building on local branding and management expertise, serving domestic SMEs, corporates and consumers, as well as the prospects of future acquisitions to improve returns.

Patrick Cao, president of GoTo Group, the largest technology player in Indonesia, talked about the company’s strategy to improve its bottomline following its successful market debut and how it copes with challenges brought about by rising inflation, interest rates, and tightening financial conditions

Risk management experts and practitioners shared their perspectives on the expanded spectrum of threats and elaborated on their changing role as they respond to new challenges.

Head Of Retail Convention by RadioFinance

Chief executives of leading Asian banks discussed how they navigated their institutions through the challenges of COVID-19 pandemic, supply chain disruptions, geopolitical conflicts, rising inflation and economic slowdown, towards recovery in their respective markets.

Vietnam’s Digital Transformation Journey – Rethinking Disruption In A Hyper-Connected World by RadioFinance

Heads of digital banking, cards and lending from leading financial institutions and technology companies in Asia Pacific discussed the evolution of cards as alternative types of digital payments become prevalent in 2022.

Vipin Agrawal of CIMB Bank Berhad, Calvin Wong of RHB Banking Group, Frans Verdinan of PT. Bank Tabungan Negara (Persero) Tbk, Vishal Gupta of Mastercard, Albert Naranjo of Tonik Digital Bank and William Cheong of Entrust discussed the rapid rise of digital payments and their potential to disrupt card usage. Various initiatives introduced by issuers in navigating this fast-changing digital payments landscape were also considered to re-imagine the positioning of cards.

Agrawal described the growth of debit cards in Malaysia where the chip and pin security feature is considered an important driver for usage as it facilitates the safety of transactions. Debit card-based transactions have continued to grow in the country to offset the widening market share of various digital payment alternatives. Verdinan added that issuers need to be cognizant of customers’ payment experience and the value-added benefits that can be realised. Naranjo explained that different ways of catering to the needs of customers require effective engagement through product/service enhancements and robust assessment of risks. Gupta highlighted that convenience was a central feature of cards-based payment experience and that incentive and reward schemes such as cashback, loyalty points and frequent flier miles were effective tools in maintaining customer loyalty. Wong underscored the need to exploit the synergies across the digital payment landscape, given that superior customer service was built on understanding customer pain points. Cheong proposed a “hybrid model” where the interplay of digital and physical cards would enable customers to transact in real-time through online or physical stores using contactless mobile or card payments.

Mobasher Zein Kazmi, head of Research of The Asian Banker, in summary said that cards still have a role to play within the remit of digital payments. Re-imagining its positioning has become an imperative for the digital banking and card business teams across banks and card schemes, working to ensure that customer pain points are being meaningfully addressed. He added that consumer adoption of digital has transformed expectations over the last decade and card issuers will need to keep up pace by leveraging digital innovations to provide a seamless, interactive and intuitive payments experience.

The following key points were discussed:

• The shift to digital and growth of e-wallet transactions started well before the pandemic

• The relevance of card as a payment instrument is predicated on its ability to adapt to and offer new use cases amid the emergence of new payment schemes

• Effective issuer and customer engagement is essential for improvement in the overall payment experience

• Embedded card security features provide customers with reassurance on safety of transactions

• Card retention and usage are key determinants of card portfolio profitability

Nicolas Louvet, CEO, Coinhouse explores the idea of a crypto bank, discusses the steps the company is taking to apply for a banking license in France and Luxembourg, and argues that while a cryptocurrency bank is feasible, they can never operate on a global level because of state intervention, regulatory requirements, and issues of taxation.