StarHub, in collaboration with DBS, EZ-Link and MasterCard, has launched its near field communication (NFC) app SmartWallet, a seamless and secure digital wallet service, in Singapore. StarHub, DBS and EZ-Link are part of the consortium which received Info-communications Development Authority of Singapore’s (IDA) NFC Call for Collaboration award in October 2011, to develop an interoperable mobile NFC infrastructure and mobile payment services in the city-state.
StarHub’s SmartWallet will allow its mobile customers to enjoy the convenience of using three contactless payment cards on an NFC enabled smartphone: DBS One.Tap, NFC ez-link purse and NFC FEVO Pre-paid MasterCard.
“Singapore ranks first among 34 countries in the MasterCard Mobile Payment Readiness Index, an indication that the foundation is firmly in place for mobile payments to take off,” said Julienne Loh, vice president and country manager, Singapore, MasterCard Worldwide. “With MasterCard PayPass on mobile devices in Singapore, cardholders can look forward to enjoying the benefits of contactless mobile payments.”
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.