UnionPay International to Launch Tajikistan’s First Contactless E-Wallet

UnionPay International (UPI) has announced that it is partnering with International Bank of Tajikistan to launch the country’s maiden contactless e-wallet. This will make UnionPay the very first payment brand to offer mobile contactless payment services in the country.

This expansion into Tajikistan will mean that UnionPay mobile payments will now reach to 10 million. UnionPay’s standard e-wallets are present in over 20 countries and regions, including Macao, South Pacific, Hong Kong, and Southeast Asia. The company has rolled out an astounding ten e-wallets in the second quarter of this year.

UPI is continuously applying its technology, specifications and market experience of the Chinese mainland mobile payments to the international market successfully. It offers a variety of wallet products such as the UnionPay App, mobile QuickPass and QR code e-wallets outside the Chinese mainland. Users can enjoy diverse payment experiences with a scan, tap or click.

“The e-wallet launched in Tajikistan reflects these features. Local POS terminals supporting UnionPay QuickPass account for over 80% of the total, and the International Bank of Tajikistan has also issued a large number of UnionPay cards within the country over the past three years,” said UPI’s press release.

 

HSBC to Acquire AXA Singapore for $575 Million

HSBC’s Asian arm has entered into a definitive agreement which will see them acquire 100% of the issued share capital of AXA Singapore. HSBC is buying the life insurer for a reported $575 million.

HSBC in its press release has said that the acquisition of AXA Singapore is a “key step” in becoming the leading wealth manager in Asia. Post the completion of the transaction HBSC Life Singapore and AXA Singapore will combine their operations.

“This is an important acquisition that demonstrates our ambition to grow our Wealth business
across Asia. Wealth is one of our highest growth and highest return opportunities, and plays to our strengths as an Asia-centered bank with a global reach. We are acquiring a good business that fits well with our existing operations, and which strengthens our status as one of Asia’s leading wealth and insurance providers,” said Noel Quinn, Group Chief Executive, HSBC Holdings plc.

There is a growing population of affluent and high net worth population in Singapore and across Southeast Asia that is driving the demand for health and insurance solutions for individuals, their families and SMEs. HSBC’s expansion in Singapore will help it reach this demography in Singapore and the region.

The acquisition will create a combined business that will make HSBC the 7^th largest life insurer and 4^th largest retail health insurer with over 600,000 policies in-force covering life, health and P&C1.

 

CIBC Innovation Banking to Provide Karbon with Credit Facility to Support its Growth Plans

CIBC Innovation Banking, in a recent press meet, has announced that it has provided a $5 million credit facility to Nevada-based Karbon Inc. ("Karbon"), which predominantly offers industry-leading practice management software for various accounting firms. The company plans to use this facility to support its hiring plans and to further improve and invest in its diverse product set.

Founded in 2014, Karbon's cloud-based solution enables accounting practices to manage internal workflows and communications more efficiently. It currently has employees across the USA with extensive experience in the accounting and software development industries and offices in New Zealand, the UK, and Sydney, Australia.

Desktop legacy solutions have historically dominated the workflow software market, and the immediate shift to 'work from home' provided an opportunity for Karbon, which saw its active users double in 2020. Accounting practices with cloud-based workflow versus legacy desktop solutions immediately realized the value of having the flexibility to work from anywhere efficiently. With the support of the CIBC Innovation Banking team, Karbon will continue building its product set and become the premium cloud-based workflow solution for accountants.

 

How to Handle Credit Card Debt?

Credit cards come with lots of benefits; that’s why a vast number of people use these cards for different purposes. But the customers should understand their responsibilities while taking advantage of the fantastic benefits of credit cards. You may start facing financial issues if you’re constantly transferring balances, missing the deadlines of your credit card bills, and using a supplementary card for paying your card debt.

A report shows that more than nine million credit cards were issued in Singapore in 2015. That’s the reason why the total debt of credit cards has reached over five billion dollars. Therefore, you must learn to handle your credit card debt and improve your credit score.

Here are a few tips you can use to keep on track.

1. Determine the Interest Rates and Balances If you are clear about the amount you owe on each of your cards, you will find it easier to take control of your debt. You need to create a list of interest rates and balances for each credit card. Consider transferring the balance to lowest “interest giving” account if the interest rate of a card is above 9%. Thus, you’d be able to repay off the remaining debt at an affordable interest rate.
2. Buy Your Credit Report You must carefully analyze the situation of your credit score by looking at the credit report. You can also use this report to determine the total amount you owe. The record of your late payments, credit facilities, defaults, payment history, and bankruptcies is usually available on the credit report. Make sure that you get in touch with relevant authorities to fix if there are any problems or inconsistencies found on your credit report. You can easily change any past errors that are found on your credit report.
3. Debt Consolidation Repayment Plan If you’re converting your unsecured loans and outstanding balances into a debt consolidation repayment plan, you must inform your bank about your situation. The debt repayment plan helps reduce the burden by allowing you to pay the card debt by installments. In the beginning, you must consider paying off the debts that have higher interest rates. Once these debts are paid off, you can move to the debts that have lower interest rates.
4. Pay more than the Minimum You’re supposed to pay more interest if you’re making the lowest possible payment. If you want to stay safe from these dilemmas, you must consider paying more than the minimum requirement. For example, if you have an outstanding balance of two thousand dollars on your card with an interest rate of 18%, you’re supposed to pay a minimum 2% of your balance every month. In this situation, it will take around five years to pay off your debt if you’re paying the minimum of forty dollars every month. And without even realizing, you’d be paying an additional four thousand dollars in interest during that time. If you want to pay off the debt fast, you must increase your payment.

5. Seek Professional Help

If you’re still feeling confused about paying off your debt, you may get help from debt counseling to solve this issue. Fortunately, many experts can help you with your financial problems in a smooth way.