| Uganda: Speed Up Credit Reference Bureau
ONLINE trading, an important aspect of business has continued to suffer as banks remain reluctant to issue credit cards. Of the 14 bank operating in the country only Barclays Bank offers credit cards and the service is limited to its prestige-banking customers who are those with a monthly income of more than one million. .
St George best business bank
ST GEORGE Bank has thrashed the majors in the business banking service ranks, particularly Commonwealth Bank of Australia (CBA), which continued to lag the pack, a survey says. Regional banks were rated better business bankers by their customers than the big four in a monthly survey for October of 850 customers by consultant East & Partners. On a scale from one to 10, the best ranked banks were the regionals, which were pooled together in the survey and received a collective score of 6.54. St George came second with a score of 6.05. National Australia Bank got the best score out of the majors of 5.61, while CBA came last with 4.14. "Arguably, these figures are fairly ordinary,'' East & Partners senior manager Robert Morgan said. "At the top end you've got 6.54, but that's only just over the medium point of five.'' Mr Morgan said the increasing competitiveness and complexity of business banking had made customers more discerning.
Taiwan Post Secures Business Continuity With Nortel Metro Ethernet Solution
Taiwan Post, the largest postal, banking and insurance services provider in Taiwan, will ensure customers will continue to be served and catastrophic failure to business operations averted in the event of disaster through a Nortel Metro Ethernet solution. Taiwan Post is ensuring business continuity with Metro Ethernet technology by enabling real-time information backup, access and recovery. In addition to business continuity, Taiwan Post is increasing the effectiveness of its operations by converging multiple existing networks onto a simple, scalable and secure metro infrastructure. The new network, based on Nortel's Optical Metro 5200 DWDM multiservice platform, will enable an efficient and effective information management process to ensure the security of Taiwan Post's valuable information assets.
I(n)Trospection – the new business model?
Globally, banking as a segment has moved into the mainstream. As financial institutions and best practices gain importance in the region, there is a visible shift towards specialisation which has seen banks in the region transform operations in favour of commercial banking or opt to specialise on the fast growing, yet niche Islamic Finance business. Investments in IT and infrastructure are especially contributing to business growth, enabling customers to enjoying the benefit of improved services and faster delivery of banking products. The Islamic Finance market in particular has seen significant growth over the past few years. Having infused a culture of fresh thinking, its growth in the region has also made it necessary for banks offering Sharia-compliance products and services to constantly seek innovation.
Maybank banks on new online service
KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects its trade finance sector to contribute 20% to the group's revenue in financial year ending June 30, 2009 (FY09), following the introduction of its new online trade finance service. The e-trade finance service, expected to be rolled out in April next year, is anticipated to contribute 20% to the group's revenue in its first year of implementation, and 25% for subsequent years, said senior executive vice-president, head of business banking Rozidin Masari after the signing ceremony for online trade finance services between Maybank and HCL (Malaysia) Sdn Bhd on Wednesday. Rozidin said the trade finance sector contributed 16%-17% to the group's revenue for the last financial year. At present, Maybank has more than 17,000 customers utilising its trade finance facilities, with about 3,000 business customers registered with Maybank2e.net, an integrated online enterprise cash management financial portal. "We aim to convert 10% of our Maybank2e.net customers in the first year of rollout to use this service and to grow it by 30% each year," said Rozidin. The online trade finance services via Maybank2e.net would "enable customers to utilise and monitor their trade financing activities and status online anywhere, anytime" said chief operating officer Datuk Johar Che Mat. The new e-trade service, targeted at small-medium enterprises (SMEs) is expected to further enhance Maybank's present SME market, said Rozidin. "We anticipate double-digit growth in SMEs and the commercial market for the financial year ending June 30, 2008 (FY08)," he added, in spite of only 1.1% growth in SME loans in its first quarter results ended Sept 30, 2007.
Wachovia boosts small-business offerings
Wachovia Corp. is expanding its online product offerings to include electronic deposits and bad-check recovery. The Charlotte-based bank says the service will provide small businesses with cash-management services comparable to those available to most large businesses. With online deposits, small-business owners can scan paper checks from their desktops and electronically send the images to Wachovia for deposit. Wachovia says the Internet-based application eliminates the need for software installation. To qualify, customers must have been in business for at least one year and have a Wachovia deposit account. In addition, Wachovia (NYSE:WB) has hired Federal Automated Recovery Systems, a subsidiary of Infinity Business Group Inc., to manage the electronic re-presentment of checks that have been returned for insufficient funds.
Maybank Eyes 30 Pct Trade Finance Market Share
KUALA LUMPUR, No v 21 (Bernama) -- Malayan Banking Bhd (Maybank) expects to grow its trade finance market share to 30 percent in the current financial year ending June 2008 with the launch of its online trade finance services, Maybank2e.net. "Currently, Maybank has about 28 percent of the overall trade finance market share," said its senior executive vice president/head of business banking, Rozidin Masari. Rozidin said this after signing an agreement with HCL (M) Sdn Bhd here Wednesday. HCL, as systems integrator, will implement the online front-end trade finance solution for Maybank. He said trade finance business contributed about 17 percent of Maybank's overall income in 2006 and was expected to grow to 20 percent in the first year of Maybank2e.net roll-out. "Maybank2e.net, which is scheduled to roll out in April 2008, also caters to both conventional and Islamic trade finance needs of its customers in Malaysia and internationally," he said.
TFN NEWS BRIEFING: Banking and insurance highlights to 09:15 GMT
2007-11-21 09:12:28 Japan's Mitsubishi UFJ H1 net profit falls 49 pct TOKYO (Thomson Financial) - Mitsubishi UFJ Financial Group Inc, Japan's largest banking group, said Wednesday its first-half net profit fell 49 percent, reflecting writedowns for its struggling credit card business and losses related to its subprime loan exposure. 2007-11-21 08:54:22 EU mortgage reform white paper to propose making early repayment easier - report FRANKFURT (Thomson Financial) - The European Commission's long-awaited white paper on the mortgage industry will make it easier for customers to pay off their mortgages early, a report in German daily Boersen-Zeitung says. 2007-11-21 08:49:35 Swiss Re CEO sees no 'fundamental changes' at Financial Services ops ZURICH (Thomson Financial) - Swiss Re chief executive Jacques Aigrain said he sees no "fundamental reason" for a change in the reinsurer's strategy regarding its Financial Services segment but pledged to more closely monitor risks.
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