| 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.
Banks missing opportunities to better serve small business - CFIB
Despite saying it wants to increase service to small- and mid-size business, Canada's banking sector is making little progress, the latest research from CFIB shows. Banking Matters reveals dwindling satisfaction with major financial institutions, with only two improving their rating since the previous survey in 2003. "Since the late 1980s fewer and fewer small business owners have applied for bank financing," CFIB President Catherine Swift explains. Small business loan activity has remained fairly stable since 1988 while loan activity for larger businesses has increased significantly. "This trend shows the banks may be missing opportunities for growth with the small business sector that accounts for 45 per cent of the Canadian economy," Swift says. "You have to question whether banks are meeting the borrowing needs of small businesses." CFIB asked members to rank their financial institution on nine performance indicators, including lending terms, service charges, access to full-service branch, online banking and treatment by their account manager.
Online transfer of revenue: SBP agrees to FBR proposal
ISLAMABAD (November 22 2007): The State Bank of Pakistan has agreed to a proposal of the Federal Board of Revenue (FBR) to allow online transfer of revenue from one bank to another for making tax payments.
Sources told Business Recorder on Wednesday that the issue was discussed during a meeting between Revenue Division Secretary General M Abdullah Yusuf and State Bank of Pakistan Governor Dr Shamshad Akhtar held at Karachi on November 20.
The FBR, SBP and National Bank of Pakistan (NBP) have also decided to fully implement the 'collection automation project' from December 1, 2007 for capturing entire tax revenue receipts electronically and its online transmission to the stakeholders.
Sources said that the SBP has accepted the FBR proposal of online transfer of funds from taxpayer bank account to the relevant bank.
Wachovia boosts online offerings for small biz
Wachovia Corp. is expanding its online product offerings to include electronic deposits and bad-check recovery. The Charlotte, N.C.-based bank -- Central Florida's third-largest financial institution -- 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.
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.
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. .
Stocks Rebound On Wall Street Rally, Higher Commodity Prices - Asian Commentary
(RTTNews) - Wednesday, stock markets across the Asia-Pacific region were higher after the U.S. stocks rallied overnight. Wall Street gained on late-day rally, as bargain hunters overlooked record oil prices and credit worries. Higher commodity and base metal prices helped boost resource stocks. Japan's Nikkei 225 Index was gaining 35.09 points to 16,284.72, while the broader Tokyo stock price Index for all First Section Issues or TOPIX was advancing 4.30 points to 1,578.89. Japan Airlines Corp. gained 2.6% after the company's net profit for the first half of the year increased more than five-fold from a year ago. Softbank Corp. surged 4.2% after the company said that its operating profit for the first half-year jumped 49%, on strong growth in its cell phone and online business.
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