China - Big domestic banks to demand tough credit demands
Source: Wall Street Journal, 02 September 2009
China will be rolling out a new agreement on 16 September to govern how banks trade domestic financial derivative products among themselves. However, China's five largest commercial banks are now looking to impose tough credit demands as a condition of dealing with foreign banks. As a result, foreign banks are now facing the prospect of being largely shut out of China's rapidly expanding markets for financial derivatives.
The domestic money market is dominated by Bank of China Ltd., Industrial & Commercial Bank of China Ltd., China Construction Bank, Agricultural Bank of China Co. and Bank of Communications. As much as 80% of market liquidity is supplied by them.
Philippines - Non-credit card users targeted as mobile payments users
Source: Inquirer.net, 02 September 2009
Mobile payment services in Philippines now target a larger segment of the population that do not own credit cards and are seen to benefit small merchants. The number of credit card users in the Philippines is pegged at about 5 million to 6 million. In comparison, there are about 70 million mobile phone subscribers.
The re-introduction of the online payment feature of Smart Money and Globe GCash is expected to spur Filipinos to purchase products and pay for services online. So far, there are six million Smart Money users while GCash has around 1.2 million. Dozens of Filipino online merchants use credit card payment systems for purchases made by customers. However, some also use payment gateways such as PayPal and PayEasy. A few also have ATM debit card systems.
Singapore - Credit card billing and rollovers firmly in check
Source: Business Times Singapore, 04 September 2009
In Singapore, there are more than 6.5 million credit cards swirling around, making it 7.8 cards for every eligible income earner, as credit card issuers wage a desperate battle against the tide of declining plastic consumption. But Monetary Authority of Singapore (MAS) credit card statistics show that not only are Singaporeans continuing to spend less on their cards, they also pay up in full faster than in the past.
July's credit-card billing was down 3.5% from June, while the rollover balance fell 2.8% despite the number of credit cards climbing to an all-time high of 6.53 million. It shows that Singaporeans are very disciplined when it comes to spending. It is noted that Singaporeans are more disciplined than their Asian neighbours.