Maybank Singapore launches mobile transaction app

Maybank Singapore launches mobile transaction app



Local banks are not resting on their laurels when it comes to online transactions.

Maybank Singapore has launched a new service that allows its customers to transfer or collect money through their mobile phones.

Customers can use Maybank Mobile Money to pay, for instance, online purchases.

All they need is a smartphone with a Maybank app.

The free service also reduces the reliance on cash or cheques among Singaporeans.

It also protects data privacy such as bank account details which are not required for this service.

Maybank said each transaction comes with a personal identification number (PIN) to ensure security.

The money receiver will have to obtain a PIN from the sender to get the funds transferred to their account.

By making the request for a PIN, the sender will ensure that the money is going to the correct party.

~News courtesy of Channel Newsasia~

POSB to offer new HDB loan option

POSB to offer new HDB loan option from April 1

Starting April 1, there will be a new loan option for HDB home buyers.

The new POSB HDB Loan will offer a floating interest rate capped below the HDB's concessionary rates for ten years.

The HDB concessionary interest rate is pegged at 0.1 percentage point above the prevailing CPF interest rate.

DBS said the POSB HDB Loan allows buyers to benefit from the current low interest rates and at the same time, gives a ten-year protection against rising interest rates.

The majority of HDB home buyers took a direct loan from HDB last year.

However, when compared to other bank loans in the market, analysts says the new POSB loan starts at a higher interest rate.

"It's anywhere from 0.3 per cent to 0.6 per cent higher than what's in the market rate, but the compromise is there is an interest rate cap at the CPF Ordinary Account level, so that justifies the slight premium," said Timothy Kua, director of Smartloan.sg.

Kua added: "Especially for people who don't think they'll be living in the HDB flat beyond ten years, and they are going to move to another place, upgrade to an EC or a condominium, this package is a quite a no-brainer for them."

HDB says a residential property loan is a long-term financial commitment and so it advises flat buyers to take a long-term view and assess the monthly loan repayments based on different interest rate scenarios.

It adds that regardless of whether they are taking a loan from HDB or a bank, flat buyers should look at their own financial position carefully and plan prudently before purchasing a flat.

~News courtesy of Channel Newsasia~

POSB & DBS tea parties

POSB and DBS clients, get ready for tea parties

Don't be surprised to hear of talks on fengshui, or even a tea party, being held at a POSB or DBS Bank branch near you.

Under a new operating model, managers at all POSB and DBS branches have been given the autonomy to organise and tailor activities to cater to the interests of their customers.

This was revealed at a media briefing held yesterday at DBS Building. Piloted at 12 POSB branches last year, the initiative was rolled out to all 67 POSB and DBS branches in January.

For instance, Ms Joycelyn Tan, POSB business manager at the Compass Point branch, organised a fengshui talk in January to complement the Chinese New Year festivities.

But such activities are not solely for fun and games, as they allow the branch's staff to interact with customers, and gain a better understanding of their banking needs, said Ms Tan.

Each POSB branch spans about 2,600 sq ft and serves some 120,000 regular customers. POSB said it has enhanced its centres which are smaller versions of its branches that do not provide financial-planning services.

Two service staff members have been assigned to each centre to provide basic banking services, such as ATM-card replacement and account opening.

At the briefing, POSB and DBS also revealed that their automated teller machines (ATMs) are being upgraded to read the EMV (Europay, MasterCard and Visa) smart chips that are being installed progressively in all their ATM cards.

~News courtesy of Omy~