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Today’s online marketplaces might just be tomorrow’s banks, expert says

Platform companies and online marketplaces are the biggest competition faced by banks today, an industry expert from IBM said. If they plan on surviving, players need to look beyond banking to keep profits afloat.
Likhit Wagle, IBM’s general manager for Global Banking and Financial Markets for Asia Pacific, said the likes of Alibaba and Lazada stand as the biggest disruptors in financial services as they could potentially box out banks for payments.

“The really significant issue the banking industry is facing is it is going through substantial disruption, mainly due to what I would call the platform companies,” Mr. Wagle said. “If you look at Alibaba and Tencent, they have substantial financial services businesses.”
Just recently, Chinese billionaire Jack Ma’s Alibaba Group rolled out its Alipay platform, with its asset base already bigger than global banks like New York’s Goldman Sachs.

Today’s platforms, tomorrow’s banks

More than seeing financial technology companies as the threat, Mr. Wagle said banks should take the chance to tap their digital solutions and collaborate to innovate banking products.

E-commerce has been gutting out the need for banks, Mr. Wagle said, as platform firms now offer their own mobile wallets to process payments and shipments.

The edge of these online companies is offering “instant fulfillment” to its customers, particularly as they are able to meet a wide array of needs and services sought by a consumer.

“If you take somebody like Alibaba, when you get up in the morning, you do not turn around and say I want to use my credit card,” Mr. Wagle said. “You get up and you might have to buy a pair of shoes or pay something. What platforms like Alibaba are able to do is satisfy all of those needs in a single platform, including the financial services element.”
Mr. Wagle noted that this could be a pivotal moment for traditional firms.
“If they are able to do that, customers will not come off their platform and onto their bank,” he said. “This is not just business that’s going to disappear from the banks — this could actually take away all of their business.”

Going beyond banking

To keep up, banks should consider embracing artificial intelligence to improve cross-selling and offer ancillary products to clients, which can be tailor-fit to the needs of a consumer through data analytics.
Tapping cloud computing and blockchain could also cut as much as 40% of information technology costs for banks, while also improving security and efficiency.
Mr. Wagle said the Philippines is very much ready to pursue this track given a rapidly-growing economy, wide Internet usage, and a tech-savvy population armed with smartphones.

Efforts towards digitizing government payments, as well as offering a national ID system would do a lot towards boosting efforts to bring more transactions online.
But more than being able to adapt, he says, the local industry will need to adapt to survive.
“It has to happen very fast,” he said, or else the country runs the risk of lagging behind its peers in the region.

Wushu’s Divine Wally comes to the rescue

By Michael Angelo S. Murillo, Senior Reporter

FILIPINO WUSHU sanda athlete Divine Wally saved the Philippines from a medal-less Day Four at the 18th Asian Games on Wednesday with a bronze medal in the -52kg sanda event. — DIVINE MASADAO WALLY FACEBOOK ACCOUNT

DAY FOUR of the 18th Asian Games in Indonesia on Wednesday proved to be a tough one for the Philippines with the country tinkering with having a medal-less day for the first time in this edition of the Games.
In came wushu athlete Divine Wally, who managed to salvage a bronze in the -52kg sanda event late in the day to keep the Philippines’ medal streak going and pad the country’s haul to one gold and five bronze medals.
Twenty-three-year-old Wally, 5’0”, took on a taller and more aggressive Samiroumi Elaheh Mansoryan of Iran but lost, 1-2, in their semifinal match at the Jakarta International Expo to settle for the bronze.
The Benguet native Wally tried her best to get the better of her Iranian opponent but the latter was on top of her game, eluding the Filipina’s strikes while connecting on hers on her way to the win.
Despite the loss, the bronze medal finish was an improvement from Ms. Wally’s fifth-place showing in the 2014 Asian Games in Incheon, South Korea.
On her way to the bronze, Ms. Wally beat Petriwi Selviah of Indonesia, 2-0, and subdued Mimi Yoysaykham of Laos, 2-0.
Attempted to deliver a medal for the Philippines on Day Four but was unsuccessful was the bowling trio of Liza del Rosario, Lara Posadas, and Alexis Sy which finished seventh in the women’s trios.
The Filipina keglers pooled 4026, 300 pinfalls behind the sizzling Malaysian trio of Hamidi Afifah Badrul, Rahman Siti Abdul and Mei Lan Chea, which took the gold with combined tally of 4255.
Chinese-Taipei (4255) settled for silver while Singapore got bronze (4250).
The other Philippine team composed of Maria Lourdes Arles, Rachelle Leon, and Dyan Coronacion placed 10th with a combined output of 3923.
In archery, Amaya Paz-Cojuangco placed seventh in the compound women’s individual ranking round while male counterparts Joseph Benjamin Vicencio, Paul Marton Dela Cruz, and Earl Benjamin Yap ended at 11th, 15th and 40th in the compound team ranking.
Taekwondo jin Samuel Morrison got into the quarterfinals of the men’s -80kg before bowing out while Francis Agojo reached the round of 16 in the men’s -63kg.
Wushu’s Daniel Parantac and Jones Llabres ended at ninth and 15th place, respectively, in men’s taijijan while weightlifter Jeffrey Garcia finished fifth in Group B of the men’s 69kg and wrestler Jeffrey Manatad fell in the men’s Greco-Roman 77kg 1/8 finals.
LOOKING TO ADD
Looking to add to the medal haul of the Philippines on Thursday were gymnast Carlos Yulo who qualified for the finals of the men’s floor exercise competition and the Philippine women’s softball team which was angling for at least a bronze medal.
China scooped its 50th gold medal Thursday as it asserted its Asian Games dominance with multiple victories in wushu and rowing, where a Unified Korea team finished last.
All six wushu finals in a packed morning session in Jakarta included martial artists from China. Four claimed gold in the sport made famous by Jet Li and Jackie Chan, derived from an ancient Chinese warrior code.
On the rowing lake in co-host city Palembang, China were victorious in six of the eight morning medal races.
But the Olympic heavyweights were pipped by Uzbekistan in the men’s double sculls, while Vietnam took its first Games gold in the lightweight women’s quadruple sculls.
A joint rowing team consisting of athletes from North and South Korea came in last in the lightweight men’s four, finishing more than half-a-minute off the pace.
Unified Korea teams will have two more chances at rowing glory Friday.
Olympic swim champion Joseph Schooling battled through fatigue to top the heats for the 50 metres butterfly.
The Singaporean, who defended his 100m butterfly title on Wednesday evening, said he managed less than five hours’ sleep.
“It was rough,” he said. “But it’s normal to feel tired. It just means you’ve got to grind through it. You’ve got to be a man, step it up and not complain.”
China’s half-century of golds came just before noon on day five with Quan Xin’s victory in the men’s kayak final.
Japan is currently second in the medal standings with 20 golds, ahead of South Korea on 11.
About 17,000 athletes and officials are taking part in the two-week, 40-sport Games — the biggest sports event in Indonesia’s history. — with reports from AFP

South Korea’s balance and steady shooting poses problems for Gilas

JAKARTA — Yeng Guiao was on point when he mentioned that South Korea is more than just Ricardo Ratliffe, the former PBA import who is now playing as a naturalized player for the reigning Asian Games champions.
Six players finished in double figures for the South Koreans in their first two games and they even became deadlier in their latest win against Thailand, which they beat soundly by 40 points, 117-77, and drew 20 points or more from three players.
Ratliffe, the 6-foot-8 cager who is also a veteran in the Korean Basketball League, finished with 21 points. In three games, he has averaged 23 points and 13 rebounds to lead his squad.
True enough, South Korea, which is bringing nearly practically a new squad this year, has been getting balance contributions from the rest of the squad.
Jeon Junbeom, one of the few prized acquisitions of the squad, should be another player on the target of the Rain or Shine-Pilipinas’ defense. Turing 27 in a few days, Jeon has been remarkable with his three-point shooting, hitting five-of-eight in their blowout victory over Thailand on his way to finishing 20 points. He also had a solid showing against Mongolia where he knocked down four-of-six treys to end up with 16 markers.
Heo Ung, a promising 6-foot-1 guard, is also a newcomer in the team, but shown a lot of potential following his decent shooting in the first three games. He has averaged 12 points per game for the South Koreans, including a perfect three-for-three shooting from beyond the arc in their latest win against Thailand.
Heo Ilyoung and Lee Junghyun, two of the holdover players from the squad that played four years ago, remained to be solid contributors.
The 6-foot-5 Heo had his best game against in his team’s 108-73 win over Mongolia where he finished with 20 points on six-of-nine shooting from behind the arc. He also had 11 markers in their debut win against host Indonesia. Heo averaged 13 points per game.
Lee is also a solid contributor. The 6-foot-3 forward averaged 11.6 points per game.
Size won’t be much of a problem against South Korea, according to Coach Yeng Guiao, and their familiarity on Ratliffe’s game would also be a plus factor. The biggest worry lies on their rivals’ ball movement and shooting and through the years, they’ve been successful using the same formula.
Hur Jae, the legendary coach of South Korea, who also became a torn on the Filipinos side when he was still playing for their national team, will now have an inside-out game with Ratliffe complementing his wards’ good shooting.
In all the three games they played in the group stage matches, South Korea didn’t shoot below 40% from the rainbow territory. Its best shooting performance was against Thailand where the team hit 47% from the three-point region (15-of-32).
“The best thing about South Korea is they’ve been so patient running their plays. They rely on their ball movement and would wait for an opportunity to break down the defense and attack it,” Guiao told BusinessWorld. “We just have to prepare hard.” — Rey Joble

Tiger Woods and Phil Mickelson confirm $9-million duel in Vegas

LOS ANGELES — Tiger Woods and Phil Mickelson will go head-to-head in a winner-take-all $9 million (€7.78 million) duel in Las Vegas in November, it was announced Wednesday.
Woods and Mickelson, who have 19 Major titles between them, will face off at the Shadow Creek Golf Course on Nov. 23, coinciding with Thanksgiving weekend in the United States.
The match play duel between the two veterans, a head-to-head meeting that has been mooted repeatedly over the years, will be screened on pay-per-view.
“It’s an opportunity for us to bring golf to the masses in prime time during a period where we don’t have much going on in the world of golf,” Mickelson told ESPN on Wednesday.
“It’s a way to show a side you don’t normally see by having us miked up to hear some of the interaction between us.”
Mickelson and Woods had an occasionally frosty relationship during their prime years at the summit of men’s golf but have enjoyed warmer ties recently after working closely during various Ryder Cup and Presidents Cup campaigns.
Mickelson said there was no chance of the duo carving up the lucrative purse between them, insisting that the event would be winner-take-all.
“If you (don’t) do that, it undermines it,” Mickelson said. “The whole point is the winner-take-all thing. That’s the exciting part about it.”
Former world number one Woods only returned to golf this year after missing most of the previous two years due to recurring back problems.
The 42-year-old bagged a second place finish at the PGA Championship earlier this month while 48-year-old Mickelson missed the cut. — AFP

RP Blu Girls succumb to Chinese Taipei

THE RP Blu Girls has split their doubleheader games Wednesday, blanking host Indonesia, 4-0, before losing to world number 5 Chinese Taipei, 3-2, in the women’s softball event of the 2018 Asian Games in Jakarta, Indonesia.
With the defeat, the Cebuana Lhuillier-backed softbelles have spoiled their chance at making an outright podium finish and would need to get past Chinese Taipei and 12th ranked China for another shot at getting at least a bronze medal. All three teams sport identical 4-2 standings at the end of the elimination round.
“While our loss to Chinese-Taipei was very heartbreaking, I still commend the girls for giving their all and for playing with all their heart just to make the country proud. We still have a few games left, and while all these games are against formidable opponents, I know that our RP Blu Girls will do their best for that coveted podium finish,” said Jean Henri Lhuillier, Amateur Softball Association of the Philippines (ASAPHIL) president.
In their first doubleheader game, the Blu Girls peppered Indonesia with seven hits that resulted to four runs while superb pitching from Royevele Palma and Anne Antolihao held the opponents scoreless all throughout the match.
In their loss to Chinese Taipei, which was only decided in the last inning, the nationals only managed to score two runs in the 4th inning courtesy of a Hailey Decker RBI which sent Sky Ellazar home. Sierra Lange, however, kept the other team from scoring with her steady pitching.
The fourth day of the tournament also saw Japan making back-to-back wins, dominating South Korea, 10-0, and China, 14-1, while Chinese Taipei edged Hong Kong, 6-1.

Singapore’s ‘coffee-grinder’ Joseph Schooling roasts Asian swimming rivals

JAKARTA — Singapore’s Olympic swim champion Joseph Schooling shrugged off a horror turnaround yesterday to top the heats for the 50 metres butterfly at the Asian Games after a fitful night’s sleep.
The 23-year-old, who stunned Michael Phelps in the 100m fly in Rio two years ago to win Singapore’s first-ever Olympic title in any sport, got less than five hours of shut-eye after retaining his Asian title in Jakarta on Wednesday evening.
After becoming the first swimmer to deny China or Japan a gold medal at the six-day meet, Schooling admitted to staying up late — and to drinking a few too many coffees.
“It was rough,” he winced, after clocking 23.84 seconds to edge out China’s Wang Peng for top spot.
“I went to bed at 1 a.m. and woke up at 5:57 a.m. — that’s a shitty turnaround but that’s what you’ve got to do sometimes.
“I took a lot of caffeine last night. I had about four cups of coffee, so it was hard to go to bed.
“But it’s normal to feel tired. It just means you’ve got to grind through it. You’ve got to be a man, step it up and not complain.”
Jordan’s Khader Baqlah turned heads by posting the joint-quickest time in qualifying for the men’s 100m freestyle, swimming’s blue riband event.
The 19-year-old, who finished just outside the medals in fourth in the 200m free final earlier this week, clocked 49.30 with China’s Yu Hexin — winner of the 50m free in Jakarta.
USUAL SUSPECTS
Japan’s Shinri Shioura, silver medallist at the 2014 Asian Games in Incheon, was just two-hundredths slower.
“I was kind of frustrated with the 200m,” admitted Baqlah. “That was my fastest morning swim ever today but I’m probably going to have to go mid-48 to win.”
The usual suspects were lurking in the men’s 200m backstroke with China’s Xu Jiayu is second quickest as he looks to complete an Asian Games treble in the discipline.
Xu, who could potentially finish with five gold medals in Jakarta, touched in 2:00.53 behind countryman Li Guangyuan 1:59.87.
Japan’s Satomi Suzuki topped the heats of the women’s 50m breaststroke as she looks to retain her title and complete a 50-100m double.
Japan’s golden girl Rikako Ikee could equal countrywoman Yoshimi Nishigawa’s five swim titles at a single Asian Games when she goes in the 4x100m medley relay later on Thursday.
The 18-year-old, who has emerged as Japan’s brightest swimming hope for the 2020 Tokyo Olympics in her home city, has already won gold in the 50 fly, 100 fly, 100 free, and the 4x100m free, plus two silvers.
A medal of any color will also see Ikee match countryman Kosuke Hagino’s haul of seven, including four gold, at a breakout 2014 Asian Games.
Nishigawa won five gold medals in freestyle and individual medley at the 1970 and 1974 Asian Games. — AFP

Absorbed their first defeat of season, San Beda Red Lions eyeing rebound

SLUMPED to their first defeat in the ongoing National Collegiate Athletic Association season last time around, the defending champions San Beda Red Lions look to rebound when they return to court today against the Arellano Chiefs.
Set to take the floor at 4 p.m. at the FilOil Flying V Centre in San Juan City, the Lions try to return on the winning track after bowing to undefeated Lyceum Pirates, 73-66, on Aug. 21.
The Lions stood toe-to-toe against the Pirates in said game but lost step in the closing minutes of the ball game to see the latter book the win and finish the first round of Season 94 with an unblemished 9-0 record.
Donald Tankoua had a monster game of 19 points and 18 rebounds but it was not enough to lift San Beda over Lyceum.
Robert Bolick had 18 points while Javee Mocon and AC Soberano each had 10 points for the Red Lions (6-1).
San Beda hopes to sweep its last two remaining games in the first round to stay within striking distance of the Pirates and create further separation from the chasing pack.
Arellano (3-4), meanwhile, is also gunning for a win after losing to the College of St. Benilde Blazers, 70-62, in its last game.
Adrian Alban leads the Chiefs with 11.7 points per game, followed by Levi Dela Cruz and Rence Alcoriza with 10.9 points each.
Michael Canete is the other Arellano player in double digits with 10.6 points.
Other games today in the penultimate play date in the first round are the Letran Knights (5-3) against the Emilio Aguinaldo Generals (2-6) at 12 noon and St. Benilde (5-3) versus and the Perpetual Help Altas (5-2) at 2 p.m.
The Knights, Blazers, and Altas are all gunning for a victory to fortify their place in the top four of the standings heading into the next round. — Michael Angelo S. Murillo

Calvin Abueva: Starting over again on the right foot with Phoenix Fuel Masters

By Michael Angelo S. Murillo, Senior Reporter
SIX-YEAR Philippine Basketball Association veteran Calvin Abueva began his new journey in the league, making his debut with the Phoenix Fuel Masters on Wednesday; a solid first game as he helped his new team get off to a good start in the season-ending PBA Governors’ Cup.
Traded by the Alaska Aces in the in-between conference break, “The Beast,” as Mr. Abueva is fondly referred to, posted solid all-around numbers in his debut game with the Fuel Masters, punctuated by a 113-107 victory over the Columbian Dyip.
Came off the bench, the six-time PBA All-Star Abueva played 24 minutes in his first Phoenix game, producing 12 points, 13 rebounds, five assists, and three blocks.
He left his imprint on the game late in the match with his trademark hustle, going for every rebound he could get and putting up solid defensive plays to help preserve the victory for Phoenix.
Following the game, Mr. Abueva shared that it was nice to be back on the floor and that he is looking forward to a very fruitful fresh start with the Fuel Masters.
“This is a fresh start for me, a new beginning. I’ll just do my job and see where it takes me here,” Mr. Abueva shared to members of media.
“In this game I think I was able to show what I can do. I appreciate the trust that Coach Louie (Alas) has given me. It does not matter whether I start or not here in Phoenix. I’m just going to be ready when asked to play,” he added.
And the significance of the arrival of Mr. Abueva in Phoenix is not lost to the team, saying that it intends to make the newly forged partnership with the incendiary forward work.
“We really pushed to get Calvin because he is an extra body and extra energy for us,” said Phoenix coach Alas.
“We know of his past but we are not dwelling on that. I told him, ‘We were pals back in Alaska when I was still the assistant coach there but here I want you to allow me to coach you and be my player.’ The team will be here for him,” he added.
Prior to being traded to Phoenix, Mr. Abueva was suspended by Alaska indefinitely for going AWOL for some time that left many wondering about his whereabouts.
While suspended, Mr. Abueva missed majority of the Aces’ matches in the Commissioner’s Cup, including the playoffs where the Aces eventually fell to the San Miguel Beermen in their best-of-five semifinals in four games.
The trade ended his stay in Alaska where he won a title in 2013 (Commissioner’s Cup) and best player of the conference award in 2016 (Commissioner’s Cup).
DOUBLE-HEADER AT MOA ARENA
Meanwhile, PBA action is set at the Mall of Asia Arena today with the TNT KaTropa taking on the Blackwater Elite at 4:30 p.m. and Meralco Bolts facing off with Alaska at 7 p.m.
TNT (1-1) looks to win back-to-back after losing in its tournament opener. The KaTropa will be parading a new import in Stacy Davis from Pepperdine University in place of original import Mike Glover.
The KaTropa played all-Filipino in their last game on Aug. 19 yet still won, 81-74, over the Meralco Bolts.
Blackwater, meanwhile, makes it tournament debut with returning import Henry Walker bannering its cause.
In the main game, the Bolts (1-1), led by import Allen Durham, try to bounce back from their previous loss against the debuting Aces who will have Mike Harris as reinforcement.

No change to new helmet rules — NFL chiefs

NEW YORK — National Football League (NFL) chiefs on Wednesday vowed to press ahead with the league’s new helmet rule despite a storm of controversy which has erupted during its use in pre-season games.
A statement from Troy Vincent, the National Football League’s executive vice president, ruled out any possibility of changing the new laws ahead of the regular season.
Vincent said the decision to stick with the rule change was taken after a meeting of the NFL’s competition committee.
“The committee resolved that there will be no changes to the rule as approved by clubs this spring, which includes no additional use of instant replay,” Vincent said.
“The committee also determined that inadvertent or incidental contact with the helmet and/or face mask is not a foul.
“As all adjust to the new rule, we will continue to provide video feedback and examples of fouls and incorrect calls to coaches, players and officials over the next two weeks and throughout the season as this new rule is implemented.”
The NFL toughened up its rules concerning tackles involving the helmet in March in a move aimed at reducing the number and severity of concussions and other head injuries.
As of this season, players who lower their heads to initiate contact with the helmet will face a 15-yard penalty and possible ejection. — AFP

Tiger vs Phil

PREDICTABLY, oddsmakers have installed Tiger Woods as a heavy favorite to prevail over Phil Mickelson in their mano-a-mano encounter this November. At any time other than during his injury-plagued seasons, he would have been in the same position. In this instance, the disparity appears even more pronounced, and not simply because his opponent is just two years shy of 50, a milestone formally signaling a swoon in skill set. For all his physical travails, he has been playing outstanding golf of late, punctuated by stints at the British Open and PGA Championship in which he came close to nabbing the hardware.

For the record, the Westgate Superbook has bettors for Woods needing to put in $150 to take $100 in the event of a victory. Meanwhile, those backing Mickelson will find their $100 bringing back $160 following a positive outcome. The numbers will shift depending on the action, but not the prediction on the ultimate outcome. For the record, both have made pay-per-view appearances before, and between 2003 and 2005, the Battle at the Bridges had them pitted against each other thrice, but with partners. Come Thanksgiving weekend, though, they’ll be going head-to-head in match play, with a winner-take-all pot of $9 million at stake.
Significantly, Woods made mention of the spectacle in a tweet yesterday, captioning a poster of “The Match: Tiger vs Phil” with a simple “It’s on.” Mickelson, who literally just opened a Twitter account, wasted no time replying, “I bet you think this is the easiest $9M you will ever make” along with an emoji of a face shedding tears of joy. The subsequent back and forth: “Think you will earn some bragging rights?” “Let’s do this.” Indeed, the promotions have begun. In any case, the personalities involved, their up-and-down history, and the format make for good TV. They’ll be mic’ed up, ensuring that their banter — and, likely as not, trash talking, some of which may even be good-natured — will be broadcast for all and sundry to savor.
Regardless of predispositions, fans will want to tune in and see Woods and Mickelson in a different light. Their relationship has thawed of late, and to the point where they might now actually be friends. Which should lead to the best kind of golf outside official competitions: where pride and ego are at the forefront, and where cameras just happen to be recording the developments.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Cebu Pacific to mount new domestic flights from Clark

Cebu Pacific announced on Thursday, Aug. 23, it will open two new routes from its Clark hub linking to Davao and Tagbilaran in Bohol by November.
“Starting November 9, 2018, Cebu Pacific will mount daily flights between its Clark and Davao hubs; as well as between Clark and Tagbilaran (Bohol) once a day,” it said.
The budget airline will also add more flights between Clark and Cebu by October 28. — Denise A. Valdez

Makati mass transport system to break ground by ‘year end’

The proposed $3.7-billion Makati Mass Transport system is expected to break ground by the end of the year, the Makati City government said.
In a statement on Thursday, Aug. 23, the local government said the Swiss challenge for the subway proposal of IRC Properties, Inc. (IRC) is set to end by September 24, hence the positive outlook that construction may begin by year’s end.
“Makati Mayor Abby Binay yesterday said the proposed intra-city subway in the country’s premier financial district could break ground by year end once the competitive Swiss Challenge process for the US$3.7-billion railway project is completed next month,” it said. — Denise A. Valdez

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