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NEWS
Singapore first SE Asian country to get Samsung Pay
by Q2 2016, joining the US, China and South Korea as the priority markets for roll-out of the mobile payments service. Samsung made the announcement during April, the day after rival Apple Pay arrived in Singapore.
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“We are extremely excited that Singapore is the first market in Southeast Asia to roll-out Samsung Pay. Singapore’s connectivity and openness are ideal conditions for our new mobile service to thrive, together with the interest and readiness of consumers here in adopting this new method of payment,” says Injong Rhee, EVP and Head of R&D, Software and Services of Mobile Communications Business at Samsung Electronics.
Samsung Pay has partnerships in place with American Express, MasterCard, and Visa, and major banks in Singapore, such as DBS/POSB, OCBC Bank and Standard Chartered. Desmond Tan, Head of Group Lifestyle
Financing, OCBC Bank, says: “Our partnership with Samsung Pay is an opportunity for us to bring the ease and benefits of mobile payments to our customers. This also allows us to provide our customers with more choice in the payment methods they use. Samsung Pay’s interface is simple, swift and safe to use, and coupled with OCBC’s wide network of commercial partners, which includes major supermarkets, departmental stores and dining outlets, 1.5 million of our card customers can soon choose to adopt mobile payments and rely less on cash.”
Scott Thompson PayPal backs mobile investing venture
announced a $30 million funding round, led by PayPal and Rakuten Fintech Fund. The venture, which has seen more than 850,000 people open investment accounts since the app launched 20 months ago, has now raised $62 million. Around 75% of Acorns’ users are between the ages of 18 and 34.
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“Acorns and PayPal share a vision of democratising financial services and offering innovative solutions to help people build financial health,” says Joanna Lambert, vice president of global consumer product and engineering at PayPal. “Technology is breaking down barriers to financial participation. PayPal is excited to support Acorns as they continue to use mobile technology to innovate in micro- investing, and empower millennials to take charge of their finances.”
“Having PayPal and Rakuten as partners will make it possible to bring the benefits of micro-investing to more and more people around the world,” says Acorns co- founder and CEO Walter Cruttenden, who is moving into the role of chairman. “We believe that micro-investing will ultimately comprise the majority of new investment dollars entering the markets.”
Scott Thompson icro-investing app, Acorns, has amsung Pay is set to launch in Singapore
www.ibsintelligence.com © IBS Intelligence 2016
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