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!
Mr. Selva Nagappan, Managing Director, BankTech Asia 2020
Turning Your Bank into a Front Runner in Digital Race
No doubt on the significant increment of digital payments since early 2020 as the pandemic crawls in globally. Banks have been encouraging digital payment innovations to continue serve their consumers at their best. However, fintech players are a challenge to banks with the introduction of innovative payment ideas and gateways. In this session, the expert will be sharing on:
- Banks work hand-in-hand with fintech players, using their payment innovation while making sure it’s relevant to the regulation of the country.
- Banks to be ahead in creating and dominating future technologies in banking.
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 early this year, 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 transaction 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
First Cross Border Collection Service
Converting currencies have always been a headache for anyone that is traveling overseas. The wait at currency converters is unbearable, even worse if they don’t have the currency that is sought for. In February 2020, OCBC 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 option to walk to a currency converter for a better rate than the bank’s offering?
- With the COVID-19 pandemic fear to rise, 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: Sustainability of Cash Post COVID-19
Based on a poll done by Mastercard, they have revealed that 51% of consumers in the Asia Pacific are very concerned about health and cleanliness as such they move to practice paying by cards. It has been obvious that people are using the digital payment for more transactions since the pandemic. However, how long will consumers avoid using cash? Are grocery shops and food stalls will continue to offer digital payment or will they eventually use paper notes? Join this panel to understand and hear the point of view from the experts.
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 speaker will discuss on:
- With the sudden surge of online banking, were banks already prepared to receive the high volume users at one time? If not, how did banks curb the problem and made sure customers made seamless transactions?
- With the high demand for contactless payment, will banks opt to upgrade their payment infrastructure and to partner with fintech to provide convenient and smoother transactions?
Networking Luncheon & Tour to Exhibition Hall
Panel Discussion: Ready! Set! Battle? E-Wallet vs Banks
In solidifying a cashless nation and in conjunction to Short-Term Economic Recovery Plan (Penjana) during the pandemic, the Malaysian government disbursed RM750 million via e-wallets such as Touch n’ Go, Grab and Boost, where it benefited 15 million people which started in July 2020. In attracting consumers, the e-wallet providers matched the allocation in forms of additional vouchers, discounts and cash rebates. 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.
Case Study: The Sudden Surge in Digital Wallets
As of March 2020, a sudden peak of digital wallet transactions as reported by the 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 sought?
- 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: The New Players vs Banking Industry
As of January 2020, Bank Negara Malaysia (BNM) proposed to issue up to five digital banking licenses to qualified applicants whether conventional or Islamic banking business. The aim of these licenses are to provide opportunities to businesses like e-lenders and e-wallets 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.
The New Digital Currency Offering
In April 2020, the Chinese government introduced e-RMB which represents digital yuan that is supported by the government and stored in a digital wallet instead of a bank account. Some cities in China participated in the digital currency move by paying salaries in digital currency as early as in May 2020. In this session, hear from the expert on the implementation of digital currency in the country where it has not been regulated by the central bank and the acceptance of the citizens on this new digital currency push.
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 Bank Negara Malaysia and Malaysian banks to allow customers to use voice activation smart speakers to conduct banking transactions and the security concern of using this tool.