BankTechAsia 2020 - Payments & Transaction Series
BankTech Asia 2020 – Payments & Transactions Series is making waves in the industry with the latest interesting and exciting technological advancements! Back for the 12th year to maintain its title as the longest running banking technology conferences in Asia, we will be bringing together top minds in banking to expose, analyse and discuss the latest technology trends and issues faced in the payments and transactions sector! Digital payments and transactions hold a huge opportunity in Malaysia as the industry is expected to grow by 10.9%, amounting to USD$ 17.997 million by 2024 according to Statista, this holds a huge opportunity for banks to improve and innovate their payment & transaction services to ride the upcoming wave. The conference will be a one stop location for all things on payments and transaction technology! Be part of the conference to not be left behind!
First Cross Border Collection Service
Converting currencies have always been a headache to anyone that is travelling overseas. The wait at currency converters is unbearable, even worse if they don’t have the currency that is seeked for. OCBC recently launched OCBC OneCollect, Malaysia’s first merchant cross-border quick response code (QR Code) collection service. The service allows consumers with a bank mobile app of Singapore’s PayNow participating banks, will be able to make payments in Singapore Dollars at eligible merchants in Malaysia. This session focuses on:
- What strategies is OCBC using to attract Singapore consumers to use OCBC OneCollect where consumers have the options to walk to a currency converter for a better rate than the bank’s offering?
- With the COVID-19 pandemic fear rising, consumers are opting for contactless payment, as such, is the OCBC OneCollect platform ready to receive a high volume of transactions in one-go?
Panel Discussion: Renaissance of Cross-Border Remittance
Traditionally, customers relied heavily on banks for cross-border payments, however, lately these customers switched to fintech companies as the rate is lower and convenient. As of recently, Malaysian banks have also introduced new online platforms of cross-border payments to accommodate its customers’ demand to transfer money overseas. In this session, hear from the panelists on how remittance fintech players can work along with banks to enhance and provide a seamless transactions for consumers along with providing new innovations that ease consumers to transfer money abroad, making sure financial crime risk is controlled.
Morning Refreshments & Tour of Exhibition Hall
Why Contactless Payments? COVID-19 Could Be Lurking!
Banks have been hit with a tidal wave due to COVID-19. Customers have to face the realities that things are changing, and find ways to do things a little differently. Even countries like Germany, that love their cold hard cash, have increased their adoption of contactless payments from 35% to 50% just from the start of 2020 according to the Association of German Banks. Contactless payments have been around but now due to COVID-19 more people would rather use the contactless payment option. In this session, the panelists will discuss on:
- Will contactless payment be the new mainstream for payments in banks around the world?
- With the high demand of contactless payment, will banks opt to upgrade their payment infrastructure and to partner with fintechs to provide convenient and smoother transactions?
Panel Discussion: Don’t Come In Contact With Your Cash: Go Contactless
Contactless payments are no longer the future but the present of payments. According to the Country Manager of Visa Malaysia, 38% of consumers are carrying less cash than they did 2 years ago, and this number is predicted to rise in the coming years no doubt due to the contactless payment revolution. With the adoption rate of the currently on the rise, it is a perfect opportunity to improve contactless payment for excited users. In this session, the panelist will discuss on:
- What are some of the factors that banks leverage on to innovate contactless payment services?
- What kind of new and exciting features can the contactless payment industry push out in near future?
Transactions in the “New Normal”
Festivals are always looked forward to by everyone, no matter individuals or businesses. Banks have taken this opportunity to create services that provide convenience and better customer experience. With the “new normal”, Maybank expects a 30% increase in volume of eDuit Raya transactions to be performed. Enhancement to the eDuit Raya features were made to make sure consumers were comfortable to use it and to continue to use for the upcoming years. In this session, hear from the expert on:
- On what basis, is Maybank enhancing their eDuit Raya technology to make sure consumers are widely accepting it during the festive season?
- With the MCO in place during Raya celebration and if there were any errors in transactions took place, were customers given the accessibility to customer service or any kind of help online?
- What strategies were used by Maybank to make sure there were no security threats or concerns occur during the rush hour of usage of eDuit Raya features.
Networking Luncheon & Tour to Exhibition Hall
Panel Discussion: Ready! Set! Battle? E-Wallet vs Banks
Last year, to push cashless nation, the Malaysian government disbursed RM450 million via e-Tunai Rakyat initiative, where it benefited 15 million people. The transaction via e-wallets tremendously increase to a total of 89.86 million e-money users as of October 2019. This panel discusses, are banks losing out to e-wallets providers and what innovations that banks may introduce to attract back these customers in using the banks facilities.
The Sudden Surge in Digital Wallets
As of March 2020, a sudden peak of digital wallet transactions were reported by Commonwealth Bank of Australia (CBA). The transactions grew by 17% against the average monthly growth rate of 6.7%. Overall, there were about 36 million digital wallet transactions made in March. In this session, hear from the speaker on:
- How CBA is leveraging this data to understand customers’ preferences to deliver services that are seeked?
- Is CBA looking into partnering with other payment gateways? What kind of criteria do these payment gateways have for CBA to work with them?
Evening Refreshments & Tour to Exhibition Hall
Panel Discussion: It’s Not Only About Banking, It’s About The Ecosystem
Digital banking has contributed to the ecosystem of paperless world and real-time delivery with secured transactions. Going paperless, have provided in-depth analysis of customers’ spending patterns, centralised information for banks to view customers’ background of commitments and payment patterns and many more. In this panel, the panelists will be discussing how banks are using data gathered to assist their customers for managing spending and addressing tax requirements. Hear also on the innovations with digital banking where banks introduce digital receipts for customers to manage a better supply of items needed rather than over shopping.
Panel Discussion: The New Players vs Banking Industry
As of early this year, Bank Negara Malaysia (BNM) proposed to issue up to five digital banking licenses to qualified applicants whether conventional or Islamic banking business. The idea of this license is to provide opportunities to businesses like e-lender and e-wallet to be able to meet the needs of underserved and unserved banking segments. This panel will discuss on, how banks should propose to work along with these license holders in understanding the technologies that are used to attract the market segment and the security concerns that the customers are not worried about.
Panel Discussion: Smart Speakers are Blooming! Will Voice Payment Bloom Too?
Voice activated device usage is increasing in the US where 1 in 10 consumers are using voice activated smart speakers such as Alexa, OK Google and Siri. The age group of 18 – 34 year olds are the highest consumers of smart speakers and 11% of them are using the speakers to conduct bank transactions, 12% are using to pay bills and 10% to send money to others. The percentage of interest in using voice commands is increasing, however, security is the concern. In this panel discussion, the panelists will address the interest of Malaysian banks to allow customers to use voice activation smart speakers to conduct banking transactions and the security concern of using this tool.