Cambodia’s largest commercial bank, ACLEDA Bank Plc, has partnered with FSS Technologies Singapore Pte Limited to streamline and consolidate its merchant management systems as it plans to take the business to the next stage.
The leading provider of banking and payment technology solutions will deploy its multi-product solution comprising FSS Merchant, FSS ADM (Active Device Monitoring) and FSS Smart Recon to put all the lender’s merchant-related data across multiple systems under one application.
The fintech firm will also provide real-time insights into the multi-estate POS network of ACLEDA and reduce downtime as it plans to digitally transform its nationwide merchant operations and automate its terminal monitoring, reconciliation and settlement processes.
With a massive base of 150,000+ merchants and an increasing number of POS terminals, ACLEDA was already handling one of the largest merchant portfolios in the country.
However, the bank needed a reconciliation and transaction settlement solution that could match up to its scale and growth, which was why FSS was the next point of call.
“It was imperative for us to first streamline and consolidate our merchant management systems before we could focus on the next phase of growth in our business.
“ACLEDA was looking for a reliable technology provider who could not only provide a comprehensive solution but could also handle the scale and help us optimize our current operations.
“FSS was quick to understand our core issues and identify business needs. FSS’ years of experience providing similar technology solutions, product credentials, demos, and a strong relationship with our regional partner Conscala, gave us the confidence to go ahead and partner with FSS and transform our merchant systems and reconciliation operations,” the President and Group Managing Director of ACLEDA Bank Plc, In Channy, stated.
Conscala is one of the growing technology consulting and services companies in Singapore, specializing in the banking and payments domain and having a dedicated focus on the emerging markets of the Asia Pacific.
It had an existing partnership with ACLEDA and further entered a partnership with FSS to provide local account management support and ensure timely completion of milestones while working closely with FSS’ delivery team.
Commenting on the latest partnership, Jaishankar A L, CEO of FSS said “We have ambitious plans for the ASEAN region and are proud to have ACLEDA Bank as our first client in Cambodia. To have ACLEDA as the latest addition to our customer base is a testament to FSS’ capability to deliver in new and growing markets.
“We, along with our partner Conscala, are determined to deliver a strong merchant management system that not only transforms the bank’s current merchant business operations but also provides a strong base for scalability for its future business growth.”
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Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.
Heritage Bank Plc has taken a step further in promoting sustainable banking practices by helping to mitigate hunger by providing for the less privileged and reducing the adverse effect of food insecurity in the country.
The financial institution recently collaborated with Adyva Foods’ project tagged Feed a Kid by feeding no fewer than 500 underprivileged children.
According to the CEO of Adyva Foods, Ms Anyagwa Adanma, the idea of the partnership was to feed over 500 less privileged kids with cooked food and provide them with goody bags containing stationery, and educational materials to mention but a few.
“I will advise parents to ensure they educate their children and teach them the savings culture and financial literacy for future benefits,” she said.
Also, a partner with Adyva’s Feed a Kid project, Ms Nkechi Toluwani, described Heritage Bank as “a supportive bank,” noting that the incentive behind feed a kid is huge, therefore, for Heritage Bank to partner with Adyva Foods to feed kids shows how compassionate, kind, and responsible the bank is to people’s welfare.”
On her part, the Acting Group Head of Corporate Communications of Heritage Bank, Ms Ozena Utulu, said the lender has “continued to put sustainability at the heart of our decision-making for the sake of humanity and the bank’s own bottom line because a healthy planet is the backbone of nearly every industry on earth.”
“Heritage Bank’s partnership in this event offers us an opportunity to fulfil our quota in adherence to the sustainable banking practices that ensure that banks and related institutions have the interest of their stakeholders at the core of their strategies,” she added.
Ms Utulu also advised parents to explore the advantages and utilize the huge benefits the bank’s BUD account hold for their children.
“Access to cash-backed loan by parent/guardian/sponsor for school fees/education loan. You can access up to 70 per cent of your balance held with the bank as cash backed loan.
“The customer must have run the BUD account for a minimum of 6 months to access the cash-backed loan. Ease of saving through standing order instructions; access to exclusive events, free participation in the BUD MINI career mentoring and coaching sessions once a year, and an opportunity to act as a Heritage Bank executive committee member for one day,” she stated.
Statistics show that an average Nigerian lives on less than a dollar per day and this makes it difficult for a lot of families to feed properly. An estimated 2 million children in Nigeria suffer from severe acute malnutrition (SAM).
In an analysis of 91 countries, including Nigeria, the UNICEF report finds that half of the children aged 6-23 months globally are not being fed the minimum recommended number of meals a day. Two-thirds do not consume the minimum number of food groups they need to thrive.
Customers of Stanbic IBTC Holdings Plc have been given some useful tips that will enable them to always have safe online financial transactions, especially at a period cybercrime is on the rise.
At an engaging and eye-opening virtual lecture held recently, the company highlighted the measures to take to ensure maximum safety and management of their information in cyberspace.
In his presentation, the Head of Information Security at Stanbic IBTC Pension Managers Limited, Mr Abayomi Oluwole, informed participants that activities on the internet are increasing daily and online activities attract the intrusion of fraudsters, and hackers on the internet, hence the importance to enlighten people on safety while online.
“The internet is a wonderful space, with boundless possibilities. People use it for different purposes, including payments and other business transactions.
“Therefore, Stanbic IBTC, as a technologically driven institution, recognises the importance of educating people about being security conscious while using the internet for transactions on different platforms,” Mr Oluwole said.
He added that, “In line with our commitment to keeping our customer’s transactions secure, we always utilise top-notch technological algorithms to verify every financial and business transaction that goes through our channels.”
The IT expert also stated that Stanbic IBTC leverages novel innovation and technology to optimise its products and services with a focus on efficiency and convenience aided by the internet, urging participants to always ensure that they verify any information before proceeding.
Business Post gathered that the event, hosted by Tobi Ayeni, popularly known as Miss Techy, was themed How Secure Are You Online? It was held as part of the commitment of Stanbic IBTC to ensure the safety of its customers by providing secure platforms for business transactions.
The United Bank for Africa (UBA) Plc has extended its operations to the United Arab Emirates (UAE) with the official launch of its new branch at the Dubai International Financial Centre (DIFC).
UBA Plc (DIFC Branch) will operate under the Category 4 license and will be regulated by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone.
The UBA branch in the DIFC will service corporate & financial Institutions and customers across the Middle East with a core focus on correspondent banking, relationship management and advisory services.
According to a press statement on Monday, the lender noted that, “Through this new expansion, the UBA Group will be able to harness opportunities in the Middle East, Africa and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of $7.7 trillion and thereby, reinforce its strong franchise as Africa’s Global Bank, facilitating trade and capital flows between Africa and the rest of the world.”
Speaking during the launch of the new subsidiary in Dubai, the Chairman of UBA Group, Mr Tony Elumelu, explained that with the Group’s foray into the Gulf region, UBA continues to focus on its strategic intent to lead the way when it comes to doing business in Africa.
“Collaborating with our franchises in 20 African countries and the major financial centres of London, New York and Paris, UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments,” Mr Elumelu said.
“We have been looking forward to this day as it is the first time we will have a presence in this part of the world. We know that our international expansion is incomplete if we are not present in the gulf,” he continued
On his part, UBA’s Group Managing Director/CEO, Mr Kennedy Uzoka, who also spoke at the event said, “Today, we are formally on four continents across the globe, operating in 24 countries, serving over 35 million customers and still growing.”
“We are the only bank of Nigerian origin that has extended out of Nigeria to the UAE. Those before us have come through other locations and that shows the strength and respect the Dubai authorities have for UBA. Our presence in Dubai affirms that UBA is a strong franchise, expanding its reach across the world.
“The authorities and business environment here in the DIFC is phenomenal and UBA is seeing Dubai as the gateway for Africa and that is why we are here, to be closer to our clients, to be partnering with them and facilitate businesses and trade flow into Africa through the UBA franchise. So, we are super excited,” Mr Uzoka added.
On his part, the CEO of UBA (DFIC), Mr Vikrant Bhansali, said; “Trade, commerce and investments in Africa are expanding in the Gulf region and Asia. Leveraging the presence of UBA Group in global financial centres, UBA (DFIC) will enhance the ability of the group to facilitate access of Gulf investors and banks to African markets. We will finance trade, facilitate commerce and help grow investment in Africa, across all sectors.”
Adding his input, Mr Arif Amiri, the CEO of DIFC said, “UBA (DFIC) attests to the strong relationship between Dubai and Africa.
“It is a beautiful start as we are looking forward to achieving more interaction, channelling more trade and investments into Africa, and with UBA DIFC, we are closer to achieving our objectives. DIFC will continue to seek partnerships that will deliver winning relationships as we have just witnessed with UBA Group.”
UBA has been in operation for over seven decades. Today, the group is present in 20 African countries as well as the United Kingdom, the United States of America and France.