AEC Feed

Credit ratings agency Moody’s said yesterday that Singapore’s launch of the world’s first unified payment QR code, or the Singapore Quick Response Code (SGQR), will accelerate mobile payments in the country.
The move is also credit positive for Singapore’s three largest banks – DBS, OCBC, and UOB – as a single QR code used to process mobile e-payments will encourage more consumers and merchants to adopt mobile e-payments.
“The mobile-payment schemes of the three Singapore banks have the widest market reach among the 27 mobile-payment scheme operators in Singapore. The banks will benefit from wider public acceptance and usage as the SGQR code rolls out,” said Moody’s.
The new code will consolidate multiple payment QR code platforms now used by 27 mobile-payment scheme operators in Singapore into a single common QR code label and will be rolled out over the next six months. – The Straits Times 

Chinese in focus in Cambodia’s new tourism safety measures 

The Ministry of Tourism in Cambodia has announced new measures to insure the safety of foreign visitors in the Kingdom, particularly the increasing number of Chinese tourists.
The ministry’s directive comes as tourist numbers are booming. Government data showed that international tourist arrivals to Cambodia reached 3.45 million in the first seven months of 2018, up 11.1 per cent over the same period last year.
Chinese visitors accounted for more than one million of those arrivals, according to the ministry.
The new safety measures require concerned parties to monitor a range of factors, including weather conditions and tourists’ modes of transport.
The directive called for increased use of safety cameras, emergency call numbers and public safety signs.
It also advised travel agents against taking tourists to places considered to be high risk, especially Chinese visitors. |– Phnom Penh Post 

Budget panel revises rupiah exchange rate assumption

The budget committee of Indonesia’s House of Representatives has revised the rupiah exchange rate assumption in the 2019 state budget bill to 14,500 rupiah per US dollar from 14,400 rupiah per US dollar as previously proposed by the government in a draft bill.
Lawmakers and government representatives agreed on the revised figure after reviewing ongoing economic developments.
The Finance Ministry’s fiscal policy head, Suahasil Nazara, said the government saw potential for rupiah appreciation in 2019, although the currency would still face external pressures next year.
“In our opinion, there is a chance for [rupiah] appreciation, but we also see that, with the current global conditions, depreciation may still continue into next year,” Suahasil said.
With the slight revision, lawmakers took into account rupiah depreciation driven by the United States Federal Reserve’s tightening of policies and a possible increase in the current account deficit. – The Jakarta Post

Singapore’s 4Fingers buys 50% stake in Aust’s Mad Mex
Singapore fried chicken chain 4Fingers announced it has acquired a 50 per cent stake in Mad Mex Fresh Mexican Grill (Mad Mex), an Australian brand of Mexican eateries, for an undisclosed sum.
The move marks 4Fingers’ first step towards its “aggregation of high-quality complementary portfolio of food and beverage concepts with global scalability”, according to its statement.
As part of the partnership, 4Fingers will initially establish Mad Mex’s presence in Southeast Asia and expects to open a number of outlets in Singapore and Malaysia in the next 12 months. 4Fingers has already shortlisted a number of potential locations in both countries for Mad Mex’s rollout, but did not give specific details.
This brand acquisition strategy will enable the group to continue to “aggressively scale up its management bandwidth and further capitalise on supply chain, menu innovation, shared services and other scale economies”, said a statement by 4Fingers.
Mad Mex is said to be a leading quick service restaurant (QSR) brand in Australia, according to the Roy Morgan Customer Satisfaction Survey March 2018. – The Straits Times