Month: December 2022

Launching Smartpay Bank Direct, Japan’s first digital payment service to offer installments directly from users’ bank accounts

TOKYO, Dec. 29, 2022 /PRNewswire/ — Japan-based fintech Smartpay has launched Smartpay Bank Direct, the country’s first digital consumer finance service that allows customers to pay for online installment purchases straight from their bank accounts. Smartpay Bank Direct emphasizes user security while delivering convenience for the consumer, through a network of 67 partner banks across Japan^[1]. Smartpay is Japan’s first digital consumer finance company to utilize Japan’s open banking system.

Smartpay was founded in June 2021 by seasoned industry professionals who had previously held leadership roles in Instagram, Standard Chartered Bank, Facebook, Stripe, Adyen and Mastercard across the Asia Pacific, and Middle East, and North Africa (MENA) regions. The founding team has worked in digital payments, banking, and fintech which gives the company the right talent to transform the digital consumer landscape for users seeking reliable financial products and payment solutions. They also have experience of working with regulators and central banks which is crucial when building a financial ecosystem.

While Japan remains the third wealthiest country in the world, it has one of the highest credit card penetration rates in Asia, with over 60% of transactions completed in cash^[2].

Smartpay’s application has received wide acceptance from consumers and merchants that prefer beautifully uncomplicated digital payments, which supports the transformation of a cash-based society into a digital one. The company’s strategy was built in two phases. The first phase was focused on financial inclusion, and helping those that don’t have access to credit, to join the digital BNPL economy. It also solved the issue of cash usage and created a platform and an ecosystem to move towards a paperless payment system that would be more efficient.

Smartpay is moving into the next phase of its digital consumer finance journey, which is focused on targeting middle and high-income users and offering them smart financial solutions that are safe, convenient, fast and create real value for the entire ecosystem.

Smartpay’s founder and CEO Sam Ahmed said, “We believe we are driving digital consumer finance to the next phase of its maturity. ‘Buy now, pay later’ has had to grow up from the prospective of a business model, profitability, and consumer value proposition.”

The company’s adaptive UX, accessible technology, eKYC (electronic know your customer), dependable security features and sound business model is built for users that have a need for efficient digital finance solutions, which will transform markets with similar conditions, high inflationary pressures on consumer psychographics, and demographics.

High-income consumers who want to extend their monthly cash flow with smart, digital point-of-purchase, cash flow management tools, and who want to have a better control over their month spending, have been most receptive to Smartpay’s digital solutions.

Its aspirational feel and product features appeal to the high-income segment who have disposable incomes and want to align with smart digital UX brands. The UX has been put together after much consideration, and its design features make consumers feel trusted and accepted for their unique individual traits, instead of being thrown into a mass-made product that does not distinguish between customers. By targeting this segment of society, Smartpay’s unit economics works well as these are low-risk and high-value customers with average transaction value of USD200, non-performing loan (NPL) rates of less than 1%, and who want to avoid a bad credit rating and nonpayment on debt obligations.  The monthly repeat rate of these consumers has already reached approximately 20%.

This combination of high-income users and high-value design makes Smartpay a premium fintech company.  Smartpay’s founder and CEO Sam Ahmed said, “We knew we were on the right track when our key merchant, CEO of TRiCERA Tai Iguchi, had feedback stating: ‘You are the Apple of digital consumer finance, your UX is beautifully designed and makes the consumer feel like you trust them, and respect who they are. This is in a market where other consumer finance companies have made customers feel they are not trusted and undervalued.’”

While currently the focus is on Japan, KSA and UAE markets, in the medium term Smartpay will look towards Singapore, South Korea, Taiwan, and other markets in Southeast Asia and MENA. These markets all have the five common factors which are central to Smartpay’s business model:

• Specific consumer psychographics which include a tech savvy population, smartphone and internet access, high disposable income, increased consumption, and high rates of tech adaption
• An economy that is undergoing a digital transformation
• Merchants that need help to accelerate a successful digital transformation
• Legacy banks that have been disrupted by digital first solutions which have taken away their relevance and limited access to key consumer data
• Governments and regulators that want to work with established digital financial solutions that have existing global partnerships (proof of quality and security) and credible local partners (proof of local interests)

What differentiates Smartpay from other fintech companies is that it works with the existing legacy banks rather than against them. Established banks have been disrupted by financial digital transformation companies that have taken their customers’ relevant details and data. These banks need help in recapturing these consumers with payment innovation and high-quality, digital UX. In the past decade, the legacy banks fell behind the innovation curve with respect to payments, and often focused on wealth management and insurance products targeted almost solely towards high-net-worth individuals. However, payments represent the fundamental basis of a bank’s daily relationship with their consumer.

When fintechs took over payments, they not only took away the transaction values, but also the critical data that had guided the customer acquisition strategy of banks for decades. Without these insights, the legacy banks had to rely on high acquisition cost for insurance and wealth management, which affected their profitability because they were missing the key relevant data to offer the right products and services at the right time. Smartpay is able to address this imbalance and seamlessly integrates with legacy banks to re-establish their relationship with the right customer through a beautifully designed digital UX.

The third side of this stable pyramid is the merchant. In high-growth e-commerce markets, merchants need help to drive e-commerce revenue. Generally speaking, merchants have struggled with high drop off rates at the checkout point due to clunky and slow point-of-purchase checkout, which does not help consumers with cash flow optionality.  At a time when merchants have to increase their website revenue to survive financially, seeing large drop-off rates is potentially disastrous, particularly when considering high-value consumers with large average order values.

Finally, there are the governments and regulators that are looking to help banks and merchants accelerate their digital transformation but need high-quality tech companies that have existing global partnerships and global benchmark security to protect their consumers. Regulators want the legacy banking industry to also benefit from the digital transformation and move towards a cashless society.

Smartpay has spent three years analyzing the success of “buy now, pay later” in homogenous markets and building systems that will be scalable and commercially sustainable. Its engineering and product teams have built the elements that are required for the sustained success of consumer finance. These insights include homing in on the right consumer and linking them to the most suitable merchant. It has also focused on the legacy banks that needed help regaining payment and consumer data of high-income consumers and wanted assistance with digital transformation at in a much quicker time window than the four-year-period they could deliver at. Finally, the right governments and regulators have been identified. These are the ones which need the technology, UX, and value propositions that will help the ecosystem succeed in a profitable, controlled system, in contrast to the boom-and-bust cycles that have negatively affected the industry.

There are clear signs that governments need help fulfilling their agenda for a cashless society and want to help their legacy banks regain some of their power and undergo digitally transformation. However, these governments would only want to work with companies that have designed, built, and executed high-quality technology solutions, with global recognition from the key players in the ecosystem like Adyen, Stripe, and Shopify.

Smartpay has realized that the ideal customer is a high-income consumer that wants control of their monthly budgeting and wants to extend the monthly cash flow without paying fees and interest. These customers want to engage with a brand that is custom built for their usage instead of a one-size-fits-all approach that is for consumers who actually want to borrow money. Instead, Smartpay a brand that is designed for their income group, and designed for smart money management, versus “non-savings” money management.

From its inception, Smartpay has attracted globally renowned strategic investors that include Global Founders Capital (Europe) , Matrix Partners (Silicon Valley) and SMBC VC (Japan) .

The plan is to build on these strong foundations, and with the right technology and back-office support, each market brings a better overall ROI due to shared costs and higher overall returns, a high-tech, low-asset operations business. Smartpay’s founder and CEO Sam Ahmed added, “We have begun discussions with potential banking partners in other similar markets, such as KSA and Korea, to roll out our learnings and robust business model.”

Regarding his company’s business strategy and future plans, Smartpay’s founder and  CEO Sam Ahmed said, “We are delighted to be the first in Japan to provide  digital consumer finance services which supports both credit cards and direct debit through a fully automated, single-click UX at the point of purchase. Our passion is helping consumers manage their cash flow in a smarter way, in a fast, safe and secure click. There are no additional fees or interest for the consumers. Since the launch of Smartpay just over a year ago, as Japan’s first BNPL solution payable by credit card, we have continued to expand our partner ecosystem with new retailers and an expanding customer base with revenue growth over 200% in the last three months. It’s interesting that we have lifted merchant average order value more than 30% in four different merchant categories. We attract higher value consumers for the merchant through our eKYC process.

About Smartpay

Smartpay is a technology company that aims to improve monthly budget control and the financial well-being of people through smart solutions. We empower people with the right tools for their financial growth and freedom, by providing the first all-in-one payment experience and interest free BNPL solution built to solve Japanese consumer payment issues and improve merchant conversion rates. For more information, please visit https://smartpay.co/about/

Media contact

MSL Japan (PR agency)
Yoshifumi Pal
smartpay_jp_pr@msljapan.com
+81 90 2417 9198

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BEIJING, Dec. 29, 2022 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) officially published the “China Energy Outlook 2060” (the “Outlook”) on December 28 in Beijing. This is Sinopec’s first publicly released research findings of their medium and long-term energy outlook, providing a new perspective for the scientific planning of transformation and development of China’s energy and chemical industries. This in the context of the “Dual-Carbon” goals laid out by the Chinese government, with the core goal of achieving carbon neutrality by 2060.

According to the Outlook, a project of the Sinopec Economics & Development Research Institute, China’s primary energy consumption is expected to peak at approximately 6.03 billion tons of standard coal between 2030 and 2035, and reduce to about 5.6 billion tons of standard coal in 2060. The energy-related carbon emissions are expected to peak at around 9.9 billion tons by 2030 after excluding the carbon sequestration of raw material energy use, and drop to 1.7 billion tons in 2060, achieving carbon neutrality through Carbon Capture Usage Storage (CCUS) technology, and carbon sinks, amongst other methods.

The report, detailing China’s energy consumption and carbon emission projections of major stages leading to 2060, has put forward the concept of an “energy balance triangle” based on the comprehensive research of the history of global energy development, key factors influencing energy transformation, major trends, and the future path of energy development.

It has proposed a roadmap for China’s energy transformation based on the energy triangle concept. This is based on tackling any security challenges that may arise in the transition, emphasizing the urgency of making the transformation towards green energy, and coordinating development goals. In addition, it has emphasized the importance of unifying the general direction, objectives and principles of national economic and social progress with the course of energy transformation.

“The Outlook is Sinopec’s latest achievement in exploring the high-quality energy development in China and reflects our observations and understandings on the laws of energy evolution with systematic judgement on the future trends of China’s energy development,” noted Zhao Dong, president of Sinopec. “We hope to work with all partners to further strengthen academic exchanges and deepen all-round cooperation to promote more high-quality energy research and results, and contribute to accelerating the planning and construction of a new energy system and safeguard national energy security.”

For more information, visit Sinopec.

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Company’s Ultra-Premium Appliances Boast Cutting-edge Technologies, Timeless Design and Outstanding Energy Efficiency

SEOUL, South Korea, Dec. 29, 2022 /PRNewswire/ — LG Electronics (LG) will unveil its second-generation LG SIGNATURE home appliance lineup at CES 2023. Offering timeless design and innovative technologies for a more convenient, stylish, and sustainable life at home, the sophisticated, new products will be on show in the LG SIGNATURE zone of LG’s booth under the theme of ‘Live Beyond.’

Seven years after its launch, LG SIGNATURE continues to redefine ultra-premium; delivering elegant, highly-advanced appliances and living solutions that take performance, design and usability to new heights. While remaining true to the brand’s philosophy and craftsman-like quality, the second-generation lineup adds differentiated features and technologies that offer even more convenience, as well as new colors, materials and finishes that bring a sleeker, more minimalist look to the home.

The models on display at CES will include the brand-new LG SIGNATURE 4-Door French-Door refrigerator with Dual InstaView, a washer and dryer pair with 7-inch LCD touch panels, Over-the-Range Microwave Oven with smart InstaView, and the double Oven Slide-in Range with built-in cameras and automatic time and temperature-setting functionality. Among other LG SIGNATURE products appearing in the exhibit are an air conditioner, air purifier, OLED TV and the Wine Cellar.

The LG SIGNATURE zone, comprising of living room, laundry room and kitchen, has been created in partnership with Italian designer furniture brand, Molteni&C. The aesthetically refined, technologically advanced products from the LG SIGNATURE range will be complemented in each stylish appointed interior scene by Molteni&C’s stunning furniture pieces.

“LG SIGNATURE second-generation appliances combine our exclusive technologies, an array of enhanced features of convenience and efficiency, and gorgeous, modern design for a smart, sustainable and more luxurious life at home,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company.

Visitors to LG’s booth (#15501, Las Vegas Convention Center, Las Vegas) at CES 2023 from January 5-8 will have the opportunity to see all of the company’s latest lifestyle innovations, including the LG SIGNATURE gen-two appliances.

About LG Electronics Home Appliance & Air Solution Company

The LG Home Appliance & Air Solution Company is a global leader in home appliances, smart home solutions, air solutions as well as visionary products featuring LG ThinQ AI. The company is creating various solutions with its industry leading core technologies and is committed to making life better and healthier for consumers by developing thoughtfully designed kitchen appliances, living appliances, HVAC and air purification solutions. Together, these products deliver enhanced convenience, superb performance, efficient operation and compelling health benefits. For more news on LG, visit www.LGnewsroom.com.

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BEIJING, Dec. 29, 2022 /PRNewswire/ — China’s Qingdao Port, a subsidiary of Shandong Port Group and the second-largest foreign trade port in east China’s Shandong Province, has seen an increase in anchorage rotations of very large container ships, according to China Media Group.

The port has handled ultra-large container ships more than 300 times. Ultra-large container ships are usually 400 meters long and have a capacity of over 20,000 twenty-foot equivalent units (TEU).

The port has also handled 200-meter-long container ships more than 3,900 times, a 7-percent increase year on year, CMG said.

Handling that much freight under the impact of COVID-19 is challenging, particularly with reduced labor. However, the unloading rate at the Qingdao Port increased by 16 percent from January to November, thanks to the port’s record-setting intelligent system.

The COVID-19 pandemic has greatly impacted the global port and water transportation industry. However, China’s major ports have seen an increase in throughput and made significant progress in digital and intelligent construction, thereby playing a leading role in the intelligent development of ports globally.

Qingdao Port is the world’s first to have an air-track intelligent transporting system capable of handling 1.5 million TEUs annually. The system set a new world record in June for managing as many as 67.76 TEUs in an hour, with an average of 60.18 TEUs per hour, a 14.2-percent jump from its previous record.

China now leads the world in the number of automated terminals, both built and under construction, according to the Ministry of Transport. All the major ports in Shanghai and Tianjin are equipped with automated bridge cranes or tracks.

Coupled with the continuous investment in domestic ports and a large number of high-tech enterprises, the concept and practice of smart port construction have been innovative, Mi Weijian, a professor at Shanghai Maritime University, told Xinhua.

For large corporate ports, such as the Shandong Port Science and Technology Group, in-house cooperation is the key to upgrading existing facilities into a fully automated waterfront container terminal, which helps reduce the overall costs by 70 percent compared with newly built terminals, according to Xinhua.

“Now we have traditional terminals, semi-automatic terminals and fully automatic terminals,” said Wang Yusheng, deputy general manager of the group. “The loading and unloading of a ship can be done in three different kinds of terminals, which maximizes the integration of terminal resources.”

Link: https://news.cgtn.com/news/2022-12-28/Vitality-under-COVID-19-China-s-smart-ports-aid-increased-throughput-1g7OLnTDJtK/index.html

LAHORE, Pakistan, Dec. 29, 2022 /PRNewswire/ — Digitt+, Pakistan’s first agriculture focused Fintech, today announced that the State Bank of Pakistan has formally granted it approval to pilot launch their Electronic Money Institution (EMI). Digitt+ is powered by Akhtar Fuiou Technologies (AFT).

Digitt+ is committed to digitizing the agricultural ecosystem, offering financial inclusion to farmers and unbanked people through its technology, partnerships, and relationships with agribusinesses and FMCGs in Pakistan.

Digitt+ has partnered with FuiouPay, a leading international payment solutions provider, to provide market-based alternative to the traditional banking system. FuiouPay offers holistic enabling solutions through their seventy five intellectual property licenses and several patented software.

Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+ talked about the scale and potential of the venture: “We look forward to providing financial technology solutions to the farmers of Pakistan who will be able to open bank accounts and gain access to credit and modern digital financial services such as bill payments, e-commerce, investments, and money transfers. This effort has the potential to solve food security issues, enhance crop yields, and improve human welfare in Pakistan, directly impacting thousands of farmers and merchants.”

Pakistan has been an agriculture powerhouse for decades. Agriculture employs almost half of the country’s workforce and contributes about 25% to GDP. Despite its size and prominence, the sector does not have commensurate access to financial services from the banking system. Furthermore, recent climate change has devastated farmers and deeply impacted their production, thus making access to financial technology all the more important. Such services can provide much-needed access to formal banking channels and donor agencies to support farmers in adapting to climate change.

“At Digitt+, we are using technology to develop innovative digital financial products focusing on micro services to build a comprehensive platform that will enable the delivery of these solutions to a wide range of users, not only for the retail Agri market but for the corporate sector as well, through the provision of specialized business tools.” added Ahmed Saleemi, CEO of Digitt+, giving further insight on how the company would unlock the potential of the Agri economy.

Digitt+ is braced to embark on a mission to revolutionize the Agriculture Fintech sector in Pakistan. The approval from State Bank of Pakistan is an important milestone in that direction.

CONTACT: Noman Shabbir, noman@toplinepr.com