A new survey reveals consumers in emerging markets across Asia/Pacific are more likely to choose a product based on whether it is perceived as more socially responsible than those in developed markets. Overall, products which are fair trade have the most appeal.
Malayan Banking Bhd (Maybank) has tied-up with Axis Bhd, one of the largest private banks in India, to introduce remittance services to beneficiary accounts in that country. The new service is expected to benefit both Indian citizens working in Malaysia as well as Malaysians who have to remit funds to beneficiaries in India, which received an inward remittance of more than US$55 billion in 2009 to 2010.
Citibank has launched its “PremierMiles” Credit Card, providing a comprehensive set of travel benefits in Malaysia. Its innovative concept leverages the bank’s partnerships with major airlines and hotels around the world. It offers a best- in-class “Miles Earn Rate,” widest choice of airlines, non-expiring miles, and a host of features and perks specially designed for the frequent traveler. The card offers cardholders the freedom to fly to more than 150 destinations around the world via 53 international airlines, including Malaysian Airlines (Enrich), Thai Airways (Royal Orchid Plus), Singapore Airlines (KrisFlyer), Cathay Pacific (Asia Miles) and Delta Airlines (SkyMiles). Targeted at the affluent segment whose travel, airlines and hotel accommodation take up to 20 percent of their total spend, ” PremierMiles” hopes to attract some 30,000 new customers in the next 18 to 24 months.
Citibank today launched the Citibank Debit and ATM Card,
offering customers global access to cash, free of charge at 13,500
Citibank ATMs in over 100 countries, and convenience to make purchases
at more than 29 million Visa merchant outlets worldwide. Citibank is targeting to issue 100,000 new cards over the next 12 months.
With this card, Malaysians traveling overseas will be
able to obtain cash from over 13,500 Citibank ATMs across 100 countries
worldwide, at no extra costs. Customers can also pay for purchases using
the debit card at over 70,000 VISA merchant outlets in Malaysia and more
than 29 million VISA merchant outlets worldwide. Free Retail Purchase
Protection Plan: Along with the convenience of a large global network of
ATMs and merchants, Citi’s debit card also provides customers with
automatic retail purchase protection of up to 30 days, in the event of
stolen, loss or damaged goods up to the prescribed limit.
Giant and Citibank have launched the “Giant Citibank” credit card,
providing consumers a 2% rebate on all purchases made at Giant stores
nationwide and up to 1% rebate on all other purchases. The new card
additionally provides cardholders member prices, discounts, no annual
fee for the first year, a 10% rebate for first spend to those applying
before July 15 on purchases made before Aug 31. This partnership is part
of Citibank’s regional strategy of establishing and promoting
co-branding partnerships with strong brands that influence their
markets, such as Giant, and was attractive to Citi considering 50% of
its customers use their card to purchase groceries. Giant stores provide
over 8 million Malaysians per month throughout the country with
groceries and essentials.
Previously only available at 58 Maybank branches, the bank has extended
MoneyGram’s transfer service to over 400 of its branch offices. The service
allows global remittance in as little as ten minutes requiring the
sender to fill a form, pay a fee and the accepter to possess valid
and/or the transaction reference number. With $1.16 billion in revenue for
2006, MoneyGram International has 125,000 global money transfer locations
in 170 countries and territories.
Citibank and AirAsia have launched the Citibank “AirAsia MasterCard”. The new card offers cardholders an “evergreen rewards” program which provides, discount prices, privileges and free flights when the customer shops at over 25 million outlets around the world. When using the card for purchases, consumers will earn one “AirAsia Point” for every one “Ringgit” they spend on their card, which can be redeemed for an RM20 AirAsia voucher with as little as 3,400 “AirAsia Points.” In addition, when booking flights, cardholders have access 24-hour-priority booking ahead of the general public. In its 6th year, AirAsia has carried 33 million passengers and serves over 75 domestic and international routes with it’s fleet of 54 planes.
Citibank and AirAsia have launched the Citibank “AirAsia MasterCard”.
The new card offers cardholders an “evergreen rewards” program which
provides, discount prices, privileges and free flights when the customer
shops at over 25 million outlets around the world. When using the card
for purchases, consumers will earn one “AirAsia Point” for every one
“Ringgit” they spend on their card, which can be redeemed for an RM20
AirAsia voucher with as little as 3,400 “AirAsia Points.” In addition, when booking flights, cardholders have access 24-hour-priority booking ahead of the general public. In its 6th year, AirAsia has carried 33 million passengers and serves over 75 domestic and international routes with it’s fleet of 54 planes. Citi has over 200 million customer accounts and does business in more than 100 countries.
Citibank has released a report reflecting the cultural differences in
credit card trends and habits. Findings show that India and China
favor the use of credit cards as ID, Malaysians and Australians
oppose using cards as ID, 3.5% of Australians use cards over 20
times per week, and 81% of South Koreans pay off credit card in
full every month. Other findings reflect that Australians have 2.1 cards
each, Malaysians have an average of 3.26 cards, Australians use their
cards an average of 5.4 times per week, 60% of those in India and
Indonesia use their card once or twice per week, and 65% of South
Koreans use their credit card more often than cash/debit reflecting a
41% increase in credit card usage. Citi has nearly 200 million customer
accounts and does business in more than 100 countries.
Maxis Communications and Maybank expect the new M-money service
to be successful. The service is a mobile money service in Malaysia that
enables customers to securely spend and send money anytime,
anywhere locally using a mobile phone. Each transaction costs 50 sen
and the limit per transaction is RM500. This is the latest development
in m-Commerce and is parallel with the government promotion of cashless
transactions in the future. The joint venture between Maxis and Maybank
is expected to generate RM 500 million worth of transactions by 2010.
Also, one million customers are expected to use the service within the
Al Rajhi, a Saudi Arabian Bank, has collaborated with Malaysian
e-Kencana to create a funds transfer system to comply with Islamic
financial principles, including no interest-based gains and no links to
companies involved with tobacco, alcohol, or gambling. This funds
transfer is the first of its kind, known as Islamic Payment Switch (IPS),
and will first be introduced in the form of a debt card. This will be
marketed to Malaysians making the Mecca pilgrimage and migrant
workers in Saudi Arabia. The Debt card can be used at ATMs in Saudi
Arabia and plans to expand to other banks in Muslim countries.
Maybank has announced deployment of “Maybank Visa Money Transfer”
using Visa’s money transfer service, allowing customers to send funds from
one Visa card to another regardless of global location. The customer will
normally be charged a S$5 fee, however, an introductory fee of S$1 per
transfer is the current rate. A fee of S$8 per transfer applies to
funds to Visa cards issued in foreign countries. The Visa Transfer
service currently conducts 1,500 transactions a day within the Asia
Pacific region. More than 3.4 million Visa cards have been issued in
Singapore and more than 1.5 billion Visa cards have been issued globally.