IBS Journal February 2016


DBS Bank adopts Moneythor for personal finance management


DBS Bank has chosen Moneythor, the Sin- gapore-based creation of ex-Misys director Olivier Berthier, to support its group-wide digital banking initiatives. The bank is using the Moneythor solu-


tion to provide its customers with personal finance management. The first implementations have been


‘successfully completed’ with the solution going live to power core features of the bank’s new online-only Digibank offering in India, as well as DBS Omni, its credit card companion app in Hong Kong.


Came, Moneythor, conquered In June 2013, IBS Journal interviewed


Berthier about his new company. At the time, Berthier said this is not


yet another online banking platform, but is focused on offerings to enrich existing services, allowing consumers to better monitor and manage their finances and opening up additional revenue streams for banks. The idea was prompted by frustrations


from both a consumer and software supplier perspective, said Berthier.


Caixabank launches new mobile-only Imaginbank


Spanish bank Caixabank has launched the country’s first mobile-only bank, named Imaginbank. Available through mobile apps and


social networks, the new bank is aimed at the younger generation. Catering to millennials and those more in touch with digital technology is something that the firm excels at, according to Isidro Fainé, chairman of the la Caixa group that oper- ates both Caixabank and now Imaginbank. Caixabank counts around 2.9 million


customers in the 18 to 35 age group, a third of the total market. The bank is the third-largest in Spain by market capitali- sation. ‘The model is clearly inspired by the


values and aesthetics of the so-called mil- lennials or digital natives,’ states Gonzalo Gortázar, Caixabank CEO. ‘The service is aimed at young people [and] anyone to whom a new innovative model might appeal’. The Imaginbank app is available for


Android and iOS users and will allow users to check their balance, query transactions and view activity among other services. Integration with Facebook means that users can check their accounts via social media, too. Customers of Imaginbank will be


able to use Caixabank ATMs to withdraw cash. After registering, users will get a Visa Imaginbank debit card, and will have the


28 © IBS Intelligence 2016 www.ibsintelligence.com


ability to get a duplicate in an additional format, like a wearable wristband. Users of a smartwatches will also have


their own app which offers an ATM and branch finder.


Alex Hamilton In brief


Maybank and Visa have teamed up to launch Malaysia’s first contactless wearable. The new device, labelled


‘Maybank Visa Payband’, utilises Visa’s Paywave contactless technology and is usable at more than 1,000 locations across the country. Ng Kong Boon, Visa country


manager for Malaysia, says that the creation of a contactless payment method in the country would be well received and would go some way to displacing cash entirely. His sentiments are supported by


a Visa study conducted in Malaysia last year, in which 95% of respondents said that they would be more likely to visit an establishment that accepts contactless payments over one that does not. The Payband, says Ng, will


‘drive Malaysia to become a cashless society’. The new band will be used to ‘displace cash at places that are traditionally [cash-heavy], particularly at events and theme parks,’ he adds. Since the introduction of Visa


Paywave in Malaysia the scheme has seen year-on-year growth of around 250%. 2.5 million Visa cards compat- ible with Paywave are in circulation in the country, according to the cards giant.


Alex Hamilton On the consumer side, while today’s


online banking systems typically have reasonable transaction banking support, the furthest they tend to go with any personal finance management is a few pie charts and categorisation of expenses, he felt. There is very little tailor-made and proactive advice that is delivered without the consumer having to work for it.


Antony Peyton


digital round-up news


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