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BI to hold alien registration at Robinsons Manila

THE Bureau of Immigration (BI) tapped Robinsons Manila as the official venue for the agency’s annual registration of foreigners.

In a statement, Robinsons Land Corp. (RLC) said its Manila mall will be the venue for BI’s alien registration program from Jan. 2, 2023 to March 2, 2023.

Foreigners can go to the BI’s registration area at the second level, center atrium of Robinsons Manila, 9 a.m. to 5 p.m., Monday to Friday.

Under Republic Act No. 562 or the Alien Registration Act of 1950, all registered aliens are required to report in person to the BI within the first 60 days of every calendar year “with the aim to strictly enforce compliance with the Immigration Law for the interest of national security, public safety and public order.”

The BI also extended services in district offices located at Robinsons Ilocos, Robinsons Palawan, Robinsons GenSan and Robinsons Dasmariñas. 

These services include extension of temporary Visitor’s Visa, issuance of emigration clearance certificate, special work permit, provisional work permit, and student study permit, and processing and payment of annual reports.

The district offices can also receive applications for changes to or renewal of immigrant and non-immigrant visas, as well as application for dual citizenship.

Bank lending growth picks up to 27-month high in September

BW FILE PHOTO

CREDIT GROWTH picked up to its fastest in 27 months in September as economic activity continued to rebound despite rising borrowing costs, and with liquidity also rising.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) on Monday showed outstanding loans by big banks, net of reverse repurchase (RRP) placements with the central bank, rose by 13.4% year on year in September to P10.494 trillion, picking up from the 12.2% growth logged in August.

The September pace was the fastest in 27 months or since the 11.2% expansion recorded in May 2020.

On a month-on-month seasonally adjusted basis, lending net of RRP placements with the BSP increased by 1.7%.

Meanwhile, including RRPs, bank lending grew by 12.5% in September, faster than the previous month’s 11.6%

Broken down, outstanding loans to residents net of RRPs grew by 13% to P10.169 trillion in September from 12.1% in August.

Borrowings for production activities rose by 12.3% to P9.203 trillion in September, fueled by an expansion in loans for real estate activities (16.3%); manufacturing (16.2%); information and communication (25.5%); and wholesale and retail trade, repair of motor vehicles and motorcycles (10.8%).

Consumer loans to residents also jumped by 20.5% to P965.994 billion, faster than the 18.3% growth seen in August, amid an increase in credit card loans (26.1%), motor vehicle loans (4.3%), and salary-based general purpose consumption loans (56.8%).

Meanwhile, outstanding loans to non-residents net of RRPs expanded by 26.6% to P324.808 billion in September, faster than the 16.3% growth seen the previous month.

“The continued expansion in lending activity and ample liquidity will support the recovery of economic activity and domestic demand. Looking ahead, the BSP will ensure that liquidity and lending conditions remain consistent with its price and financial stability mandates,” BSP Governor Felipe M. Medalla said in a statement.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that credit growth continued to pick up in September “as the economy reopened further towards greater normalcy.”

“Loan growth again sustaining double-digit growth rate recently … has become one of the bright spots in the Philippine economy and also fundamentally supports faster economic growth, going forward,” Mr. Ricafort said.

“However, offsetting risk factors include higher inflation and higher local and global interest rates that fundamentally increase borrowing costs of consumers, businesses, government and other institutions,” he added.

BSP Governor Felipe M. Medalla last week said the central bank could match the Federal Reserve point by point to support the peso and prevent it from feeding into price pressures.

Mr. Medalla said the Monetary Board could raise benchmark interest rates by 75 basis points (bps) at their Nov. 17 meeting if the Fed delivers a hike of the same magnitude at their Nov. 1-2 review.

The central bank has so far raised benchmark interest rates by 225 bps this year as it seeks to rein in rising inflation, while the Fed has hiked borrowing costs by 300 bps since March.

The BSP sees inflation averaging 5.6% this year, well above its 2-4% target. In the first nine months, the consumer price index averaged 5.1%.

For October, the BSP expects headline inflation to have settled within 7.1-7.9%, up from 6.9% in September.

MONEY SUPPLY
As lending growth continued to pick up, M3, or the broadest measure of liquidity in an economy, expanded by 5% to P15.35 trillion in September, preliminary BSP data released on Monday showed. This was slower than the revised 6.7% growth in August.

On a month-on-month seasonally adjusted basis, M3 decreased by 0.2%, the BSP said.

Domestic claims rose by 10.8% in September, slower than the revised 11.4% in August. Claims on the private sector grew by 10.1% from 8.9% the previous month amid increased lending to non-financial firms and households.

Meanwhile, net claims on the central government grew by 15.3% in September, slowing from 21.2% in August, on sustained borrowings by the National Government.

On the other hand, net foreign assets (NFA) in peso terms contracted by 1.7% in September following the 0.8% decline the prior month.

“The NFA of banks declined mainly on account of higher bills payable. Meanwhile, the BSP’s NFA position was broadly steady year on year,” Mr. Medalla said. — Keisha B. Ta-asan

Rihanna makes music comeback after six years with new song ‘Lift Me Up’

LONDON — Chart-topper Rihanna released her first solo music in six years on Friday, an emotional ballad written in tribute to late actor Chadwick Boseman.

“Lift Me Up,” Barbados-born Rihanna’s first new song since her 2016 album Anti, features on the soundtrack of upcoming Marvel film Black Panther: Wakanda Forever.

The movie is a sequel to the 2018 box office hit Black Panther in which Mr. Boseman played the lead King T’Challa.

The actor died in 2020 after a four-year battle with colon cancer that he had kept private. He was 43.

“Blessed to have written this song in honor of Chadwick Boseman and even more blessed to hear the baddest @badgalriri voice it to perfection,” Tems, the song’s co-writer, wrote on Instagram, referencing Rihanna.

Rihanna’s fans have been waiting for a follow-up to Anti, her eighth studio album. While the singer, born Robyn Fenty, has featured on songs “Lemon” and “Believe it” in recent years, “Lift Me Up” is her first solo release since Anti.

Early last week, the 34-year-old Grammy Award winner, who will perform at the Super Bowl halftime show in February, had teased the new track, in which she sings: “Lift me up / Hold me down / Keep me close / Safe and sound.”

In recent years, Rihanna, whose chart-topping hits include “Umbrella,” “Diamonds,” and “Work,” has developed her makeup and lingerie lines. She welcomed a baby in May with her rapper partner A$AP Rocky. — Reuters

Holiday spending to lift mall operators, retailers

SM CITY San Mateo launched the Bears for Joy, an annual charity program of SM Supermalls, Oct. 29. — PHILIPPINE STAR/ WALTER BOLLOZOS

HOLIDAY spending is expected to bring some much-needed cheer to Philippine mall operators and retailers, according to Colliers Philippines.

In a Oct. 27 report, Colliers said major mall operators are now reporting that foot traffic is now at 85-95% of 2019 levels.

“Consumer traffic is reverting to 2019 levels and we see more retailers now willing to take up physical mall space. Holiday-induced spending should further buoy the retail sector’s recovery, which should translate to higher mall rents and declining vacancies,” Joey Roi Bondoc, Colliers associate director for research, said in the report.

In anticipation of more consumer traffic ahead of the holiday season, Colliers noted that many retailers took up more physical mall space in the third quarter. For instance, Skechers and Superga opened in Rockwell’s Powerplant Mall, while Ever New Melbourne opened in Ayala’s Trinoma mall.

Collier said food and beverage, and clothing and footwear segments still dominated the physical space take-up in the third quarter.

At the same time, mall vacancies are still expected to go up to 16% by end-2022. Vacancy in Metro Manila malls inched up to 15.4% in the third quarter, from 15.2% in the first quarter of 2022.

“We attribute the (vacancy) rise to the completion of 356,000 square meters of new supply. We project vacancy to inch up further to 17% in 2023 before receding to 14% in 2024,” Collier said.

Collier said vacancy rates are expected to improve by 2024, which will raise leasing rates.

Mall leasing rates inched up 0.4% in the third quarter, and are expected to rise 1% by yearend, Collier said, a reversal of the combined 15% decline from 2020 to 2021.

Amid rising inflation, Colliers said mall operators and retailers should keep a close eye on retail segments that may be most affected by higher prices and those that will be able to withstand the impact.

Developers should also reassess the ideal sizes for upcoming retail outlets, as well as use their event spaces and activity centers for events that will attract more consumers.

“High-density retail spaces were greatly affected by COVID lockdowns. Now that restrictions have eased and consumers are starting to go out and gather, Colliers recommends that retailers continue encouraging social distancing measures and implementing regular sanitation and other health and safety protocols. Now is an opportune time to ramp up marketing of these high-density retail spaces,” Colliers said. — Cathy Rose A. Garcia

Allianz PNB Life hopes to sustain strong performance for rest of year

ALLIANZ PNB LIFE Insurance, Inc. is hoping to sustain its strong performance to end the year as it continues to invest in technology and upskilling their agents and financial advisors, an official said last month.

Allianz PNB Life Chief Marketing Officer and Head of Sustainability Gino Riola said the insurance company hopes to maintain its robust performance for the rest of the year.

“The results that recently came out were extremely humbling. Of course, we have our growth targets, but for it to have been achieved this early in our existence as an organization (is quite surprising),” Mr. Riola said.

“We just (have to) continue. And what we’re doing is very clearly working, both in terms of recruitment, getting the brand out there, and making sure that people can relate to Allianz,” he said.

Mr. Riola said part of the firm’s advocacies is to broaden insurance awareness and educate the public as industry concepts can be a bit “daunting” for consumers.

“The government back in 1998 targeted that by 2020, insurance penetration should be at 20%. But insurance penetration at the Philippines is still below 2%,” he said.

Still, he noted that a research report commissioned last year by Allianz PNB Life showed the global health crisis has led to an increase in insurance awareness among Filipinos.

To widen its reach in the insurance sector, Mr. Riola said the company has launched new solutions and enhanced its digital tools.

Allianz PNB Life has also invested in training programs to boost the expertise of their agents and financial advisors and help them better address the protection and health needs of the customers, he said.

Asked if high inflation has dampened demand for insurance products, Mr. Riola said it has not happened so far.

“Part of our message is that when it comes to financial wellness, you have to attend to your different needs. And we of course, believe that tending to your financial needs, is equally important,” he said.

“This is where financial advisors, our life changers, come in and make sure that the product that our customers and policyholders purchase is relevant to their needs,” Mr. Riola added. 

Allianz PNB Life was the country’s fourth-largest life insurer in terms of New Business Annual Premium Equivalent in 2021 with P3.87 billion, Insurance Commission (IC) data showed.

The firm also registered a 47% increase in annualized net premiums, ending with P30 billion in gross written premiums last year.

Allianz PNB Life’s premium income stood at P115 million as of end-2021, data from the IC showed. This put the firm at 13th place in terms of premium income among life insurers last year.

Allianz acquired 51% of PNB Life Insurance, Inc., the life insurance arm of the Tan-led lender, in June 2016. — Keisha B. Ta-asan

Regulators step up supervision over financial firms

THE Financial Sector Forum (FSF) started working on a second “supervisory college” this month that aims to design a plan for more effective supervision of financial conglomerates.

A supervisory college is a forum that seeks coordination among the country’s financial regulators to better watch over businesses that operate at least two types of financial institutions.

The FSF is composed of the Bangko Sentral ng Pilipinas (BSP), Insurance Commission, Securities and Exchange Commission (SEC), and Philippine Deposit Insurance Corp.

According to the BSP, the second supervisory college is expected to end by January next year.

It added that the members of the supervisory college will “discuss the conglomerate structure, identify emerging risks and issues that pose safety and soundness concerns.”

In a press release posted on the SEC website, the BSP said that the FSF concluded the pilot run of the supervisory college, which started in the second quarter, and with the results presented during the forum’s meeting on Aug. 22.

“The pilot run of the supervisory college enabled the financial sector supervisors to gain a deeper understanding and holistic assessment of the risks to safety and soundness regarding financial conglomerates,” a BSP representative said in a Viber message.

“This exercise reaffirms the commitment of member-agencies of the FSF to strengthen collaboration in promoting financial stability,” the representative added.

Back on Jan. 25, the FSF members signed a memorandum of understanding establishing an interagency, cross-sectoral supervisory college that will facilitate cooperation and coordination among member agencies. — Justine Irish D. Tabile

Prince Harry’s memoir to be published in January, titled Spare

LONDON — Britain’s Prince Harry’s memoir will be published on Jan. 10 with the title Spare and will tell with “raw unflinching honesty” his journey from “trauma to healing,” publisher Penguin Random House said on Thursday.

The book, which was originally due to be published later this year, will be “full of insight, revelation, self-examination, and hard-won wisdom about the eternal power of love over grief,” the publisher said.

The title refers to Harry’s position as the younger brother of Prince William, who has been heir to the British throne since their father Charles become king last month following the death of Queen Elizabeth II. Until William and his wife Kate had their three children, Harry was next in line to his brother in the order of succession, hence the phrase “the spare to the heir.”

A photo of Harry looking directly into the camera features on the cover, along with the words “Prince Harry” and “Spare.”

Harry and his wife Meghan, who are formally known as the Duke and Duchess of Sussex, stepped down from royal duties in early 2020 and moved to the United States.

The pair sent shockwaves through the British monarchy in a 2021 interview with Oprah Winfrey when Meghan accused an unnamed member of the royal family of having raised concerns about how dark their son’s skin might be and said her life as a royal had left her on the brink of suicide.

Harry has also spoken about being on a “different path” to his brother, although he and his wife appeared with William and Kate after Queen Elizabeth’s death last month.

The book will be published in 15 languages, including Spanish, French and Chinese, while the English-language edition will be available in the UK, Ireland, Australia, New Zealand, India, South Africa, and Canada.

It will be priced at 28 pounds ($32.43) in Britain, the publisher said, and an audio edition, read by the author, will be released.

Harry will support British charities with donations from his proceeds, the publisher said. — Reuters

Christmas comes early at Greenfield District

GREENFIELD Development Corp. (GDC) recently launched its annual Christmas festivities called “A Christmas for Generations” at Greenfield District, Mandaluyong City.

A 60-foot Christmas tree is now on display at the Greenfield District Central Park.

“After two years of not having face-to-face yuletide celebrations, Filipinos are surely excited to once again gather with their loved ones to celebrate the country’s festive Christmas season,” GDC President and Chairman Jeffrey D.Y. Campos said in a statement.

Filipinos of all ages can enjoy holiday activities at the Greenfield District until Dec. 25. Children can meet Santa Claus on Dec. 17, while adults can shop at weekend bazaars.

“At GDC, we are committed to not only building properties for generations but also creating verdant, spacious neighborhoods where Filipino families can create beautiful memories together throughout the years. Christmas is a special occasion for many Filipinos, and we want Greenfield District to be part of their memorable Christmas experience every year,” said GDC Executive Vice President and General Manager Atty. Duane A.X. Santos.

Most Filipinos use BNPL for small purchases

MOST FILIPINO consumers use buy now, pay later (BNPL) services for making small purchases, a survey from financial app UnaCash showed.

UnaCash said in a statement that 36% of Filipino BNPL users buy products worth up to P5,000, while 26% said their average purchase amount ranges from P5,001 to P10,000, and 19% answered P10,001 to P20,000.

“An average BNPL purchase is about 42% of respondents’ average monthly income, 14% the most typical. The arithmetic mean size of a BNPL check is P13,500 (median – P7,700, mode – P3,900),” UnaCash said, adding that the declared mean monthly income of respondents is around P32,000.

Meanwhile, BNPL has seen the most demand in durable goods purchases. According to the survey, consumers mainly buy electronics and household appliances (39%).

Filipinos also buy household and interior items (21%), food (15%), medicines and medical services (7%), cosmetics and perfumes (6 %), travel vouchers (5%), and goods for hobbies and entertainment (4%).

“Convenience remains the determining factor, with integrated BNPL services in online stores seeing the most demand as a payment option with installments. 61% of consumers choose to use it in need of extra money. Another 20% borrow from friends/relatives, whilst 14% pay with a credit card,” UnaCash said.

“The amount borrowed in installments is offset by the frequency of purchases, with 48% of respondents using BNPL services at least once a month,” it added. — KBT

Ayala Land to roll out EV hubs in residential estates by next year

AYALA LAND, Inc. will put more focus on its residential estates for the second phase of the rollout of its electric vehicle (EV) charging stations next year.

“We are looking at new sites like the residential because right now we focused on the commercial areas [such as] the community estates, malls, offices, hotels and industrial parks,” Ayala Property Management Corp. (AMCP) Technical Manager Marc V. Magbitang said in a chance interview.

“So, we are looking into our residential properties. That’s our next project,” he added.

According to Mr. Magbitang, Ayala Land is currently studying how the EV hubs’ rollout in the residential estates will work.

“[This is because] a lot of the residents of the Ayala properties are very interested in electric vehicles,” he said.

Meanwhile, Mr. Magbitang said that Ayala Land will wait for the issuance of the Comprehensive Roadmap for the Electric Vehicle Industry (CREVI) next year before it starts the rollout.

“Basically, we will have to wait for the government’s directive, for the CREVI,” he said.

The Department of Energy (DoE) with partner agencies — Department of Transportation, Department of Trade and Industry, and Department of Science and Technology — will be issuing the CREVI by the first quarter of next year.

CREVI, with its aim of promoting EV use in the country, will outline the annual targets in line with the DoE’s vision of the country becoming a full EV society by 2040.

Ayala Land recently rolled out the first phase of its EV charging hub rollout with more than 20 charging hubs activated across its estates in seven cities in Luzon.

To finish the first phase, Ayala Land is looking to complete the ones in Vermosa Cavite, Circuit Makati, and Laguna Technopark before the year ends.

Ayala Land has committed to becoming net zero by 2050 or to reduce its greenhouse gas emissions possibly close to zero. — Justine Irish D. Tabile

Entertainment News (11/01/22)

INDIE-folk band The Ransom Collective (TRC)

The Ransom Collective releases comeback single

INDIE-folk band The Ransom Collective (TRC) has released its comeback single titled “3 AM” — its first song release in over three years. Composed of Kian Ransom (main vocals, guitar), Redd Claudio (drums), Jermaine Choa Peck (percussions, vocals), Leah Halili (bass, vocals), Lily Gonzales (keyboards, vocals), and Muriel Gonzales (violin, vocals), TRC remained solid in spite of being apart for the past few years since some of them decided to leave the country. According to the group, the song outlines a journey from resistance to acceptance, touching on the struggles of letting go, and the triumph and growth that eventually come out of the process. The band plans to reunite and play live shows again next year. “3 AM” is available on all digital platforms under Mustard Music, a Universal Records Philippines sub-label.

Maria Clara at Ibarra now livestreamed

THE PORTAL fantasy series Maria Clara at Ibarra will now be livestreamed exclusively on GMA Network’s official website. Fans of the show, which is set within the story of Jose Rizal’s novels Noli Me Tangere and El Filibusterismo, may catch the show at any time via the Kapuso Stream on GMANetwork.com (www.gmanetwork.com/entertainment/tv/kapuso_stream/videos/). Barbie Forteza plays Klay, a 21st century woman who is transported to the 19th century and now works as a house helper of Ibarra (played by Dennis Trillo) and she finds herself slowly falling in love with him. His fiancé Maria Clara (Julie Anne San Jose) is becoming more curious and jealous of Klay, the mystery woman and so-called cousin of Ibarra. Maria Clara at Ibarra airs weeknights on GMA at 8 p.m. and on GTV at 9:40 p.m.

Malaysian singer tackles depression in new single

MALAYSIA-based singer-songwriter liesl-mae reflects on her struggles with mental health in her new single, “Raincloud.” Addressing the cyclical nature of depression and its effects, the young artist hopes to engage in a discussion to dismantle the social stigmas surrounding mental health. On writing about mental health, a topic she handles with care and consideration, liesl-mae approaches “Raincloud” as if it were an “open letter to depression,” steering clear of accusatory language or being overly critical of herself. “For the first time, I channeled anger into my music… [It’s] an emotion I’m not used to outwardly expressing,” the artist said in a statement. “Raincloud” is now available on all digital music platforms via OFFMUTE.

Araneta City kicks off Christmas season

KICKING off its celebration of the holiday season, Araneta City lights up its iconic giant Christmas tree — all 100 feet of it — in a star-studded celebration on Oct. 28. This year, the giant Christmas tree sparkles in mostly red and gold, is adorned with 3,000 LED bulbs, 2,000 Christmas balls, 100 hot air balloon ornaments, 1,000 pine garlands, and other Christmas ornaments. Apart from the giant Christmas tree, two classic Christmas attractions in Araneta City — the Christmas on Display and Fiesta Carnival — will make a comeback this year. The traditional outdoor Christmas on Display features life-size animated mannequins portraying the classic story of the Nativity. Meanwhile Fiesta Carnival, once a popular amusement theme park, now has modern carnival rides and attractions. “Araneta City is a place of memorable Christmas nostalgia. As we revive COD and Fiesta Carnival that the batang ‘70s to ‘90s used to enjoy, we want the City of First to bring the most joy and excitement to people even to the younger generations,” Marjorie Go, AVP for Marketing of Araneta City, said. Araneta City’s Christmas on Display and Fiesta Carnival will open in November.

Post-Halloween special: Midnight Series @QCinema

AS A SPECIAL treat for lovers of genre and fantasy movies, QCinema is relaunching its Midnight Series section with three spine-tingling titles. First introduced in 2017, the section offers chills and thrills for its late-night festival screenings. To be screened is Lorcan Finnegan’s psychological thriller Nocebo, the first co-production of Ireland and the Philippines, with Epic Media and Film Development Council of the Philippines as co-producers. The film focuses on a fashion designer (Eva Green), who’s suffering from a mysterious illness. A Filipino caregiver, played by Chai Fonacier, arrives and soon offers traditional folk healing. The immediate recovery of Ms. Green’s character soon leads to a revelation of a horrifying truth. The second film is the Spanish-language supernatural thriller, Huesera, starring Mexican actress Natalia Solian as a woman who finds herself pregnant and is soon threatened by occult forces. British-Iranian director Ana Lily Amirpour returns to local screens with her latest cult hit, Mona Lisa and the Blood Moon, starring Kate Hudson and Jun Jong-seo. Korean star, Jong-seo, plays a girl with unusual powers who escapes from a mental asylum. A chance encounter with Ms. Hudson’s prostitute character soon gives way to a strange alliance, as they go on a crime spree, roaming neon-streaked New Orleans streets. QCinema film festival will run from Nov. 17-26.

Season 2 of Gossip Girl arrives Dec. 1

THE SECOND season of the Max Original Gossip Girl debuts on Dec. 1, available to stream on HBO GO. Developed by showrunner Joshua Safran, a writer and executive producer on the original series, the new series is based on the bestselling novels by Cecily von Ziegesar and the original show, developed by Josh Schwartz and Stephanie Savage. It’s the second semester of Junior year, and Gossip Girl is leaving no stone unturned in her effort to control the scandalous lives/spin the scandalous lies of Manhattan’s elite. She’s learned what her audience wants, they shall get, and will turn the heat up on what’s been simmering as well as look at her own impact, and how she can make it more catastrophic than it was before. The cast of Season 2 includes Jordan Alexander, Eli Brown, Thomas Doherty, Tavi Gevinson, Emily Alyn Lind, Evan Mock, Zion Moreno, Whitney Peak, Savannah Lee Smith, and Grace Duah. Michelle Trachtenberg guest stars. Stream or download Gossip Girl Season 1, which debuted in July 2021, on HBO GO (https://www.hbogoasia.ph/).

RHB aims to launch digital bank in 2023

RHB Bank Bhd. plans to introduce its digital banking platform as early as the second half of next year, its top executive said, as Malaysia’s fifth-biggest lender looks to hold back a tide of fintech startups.

The bank and its partner Boost, an arm of communications giant Axiata Group Bhd., could invest as much as one billion ringgit ($212 million) in the venture, RHB’s Chief Executive Officer Mohd Rashid Mohamad said in an interview at his office in Kuala Lumpur. Boost and RHB were among five groups that won digital bank licenses from Bank Negara Malaysia, the country’s central bank, in April. The others chosen include ventures led by Singaporean tech firms Grab Holdings Ltd. and Sea Ltd.

“We plan to launch the digital bank in the second half of next year or latest by the first quarter of 2024,” said Mr. Rashid, who assumed his current role in April. The other four license holders haven’t given a timeline on their rollout.

Established firms like RHB are facing pressure from fintech upstarts that move quickly to embrace new technology and are often more willing to burn through piles of cash to peel away their clients.

Asked why the digital bank will have such a long gestation period, Mr. Rashid said, “We are building the digital bank from scratch. We need to put up a new core banking system and infrastructure product proposition that are in line with Bank Negara’s requirements.” 

SERVING THE UNBANKED
For Malaysia’s central bank, the licenses are an opportunity to encourage lenders to help people outside the traditional banking system to have access to credit and more chances to build wealth.

Through the digital bank, RHB hopes to expand its business to include the “unserved and underserved community” by providing financing as well as a host of banking services. “We will be using more of AI and technologies to assess their credit based on the data points and models that we have put in place.”

RHB is also looking to spread its digitization push beyond Malaysia to the rest of Southeast Asia, home to more than 650 million people. The lender aims to launch a mobile app offering full banking services in Cambodia later this year, pending regulatory approval, as it seeks to position itself among the top 10 banks in the country, Mr. Rashid said.

The international business contributed 9% to pretax profit in the first half of this year versus 3% in 2021, Mr. Rashid said, adding that RHB aims to have the segment accounting for 15% of pretax earnings by 2024. For Cambodia, Singapore and Indonesia — its three key markets — the group expects to have 1,379 employees by the end of this year, up from 1,230 as of the end of 2021, he said.

In Singapore, RHB plans to expand its corporate and wealth management business while in Indonesia, it will focus on capital market activities and to be in the top 10 stockbroking firms there by 2024, Mr. Rashid said.

The lender also has a presence in Thailand, Brunei, Vietnam and Laos. — Bloomberg

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