Category: Business

What happened? OCBC Bank, one of the largest banks in Singapore, faced a network outage on Monday morning (Aug 28) that affected all of its banking services, including mobile and online banking, PayNow, ATMs, Velocity and cards. The bank said in a Facebook post that it was experiencing “technical problems with our systems” and that customers could visit its branches for urgent transactions. The outage started at around 8.30am and…

Country Garden’s subsidiary in Malaysia has adequate funds to service loans The Bank Negara Malaysia (BNM), the country’s central bank, said on Monday that the domestic banks had limited exposure to China’s largest property developer, Country Garden, and faced low financial stability risk from it. The BNM was responding to queries from Reuters after Country Garden missed two dollar coupon payments this month, sparking concerns over its financial health. According…

Singapore’s second-largest bank, Oversea-Chinese Banking Corp (OCBC), announced on Monday that it had restored all its banking services after experiencing a technical problem that affected various channels. The bank assured its customers that their money and data were safe and secure throughout the disruption. What happened? According to the bank, the technical issue started at 8.33 a.m. on Monday and impacted its consumer and business banking customers. The affected channels…

Inside Retail Asia is a website that provides news, analysis and trends on the retail industry across the Asia-Pacific region. The website is published by Octomedia, one of Australia’s leading B2B publishers, with a portfolio that spans retail, e-commerce, small business, fast moving consumer goods and franchising. What does Inside Retail Asia offer? Inside Retail Asia covers a wide range of topics related to retail, such as: Marketplaces: The website…

Fintech, or financial technology, is a rapidly evolving sector that is transforming the way businesses and customers interact with financial services. From payments and lending to insurance and wealth management, fintech is redefining the customer experience (CX) with innovative solutions that are faster, cheaper, and more convenient. However, to deliver these solutions, fintech companies need to leverage advanced technologies that can streamline their operations, enhance their security, and provide insights…

Medef chief sees signs of slowdown in France’s economy Patrick Martin, the head of France’s Medef business lobby group, said on Monday that there were signs of a slowdown in business activity in France and interest rates were also weighing on businesses. He told France 2 TV that France’s economic growth was resilient in the second quarter, but he added that there were nevertheless indications of slower activity. “But we…

Small businesses face many challenges in today’s competitive and uncertain economy. One of the most critical factors for their success is the performance and engagement of their employees. However, many small businesses struggle to invest time and resources into developing and nurturing their human capital. In this article, we will explore some of the benefits and strategies for unleashing the potential of employees in small businesses. The importance of employee…

A shrinking proportion of young entrepreneurs According to a recent research from the Australian Small Business and Family Enterprise Ombudsman, the proportion of young small-business owners in the country is shrinking. The median age of small-business owners in Australia is at 50 years old, with 22 per cent aged 60 and older. This trend is consistent with the global statistics, as a study by Score, a non-profit organization affiliated with…

A strategic move to expand its smartphone components business Chinese electric vehicle maker BYD Co Ltd announced on Monday that its electronics unit, BYD Electronic (International) Co (BE), has agreed to buy the mobility business of US-based manufacturing firm Jabil Inc’s Singaporean division for 15.8 billion yuan ($2.2 billion). The deal will help BE to expand its customer base, product portfolio, and market share in the smartphone components sector, as…

Wells Fargo, one of the largest banks in the United States, is experiencing a technical issue that has affected its banking system. According to Downdetector, a website that tracks outages, more than 700 users reported issues with Wells Fargo’s services on Thursday, August 24, 2023. Some of the problems reported by customers include transferring funds, declining ATM cards, and missing direct deposits. The bank acknowledged the issue on its Twitter…