ecommerce in Malaysia to rise 23% YOY

AT Kearney, the management consulting company, has just released its 2017 Global Retail Development Index in which it expects the Malaysian ecommerce market to grow by 23% year on year until 2021. The company also ranks Malaysia in 3rd place among the top 30 developing countries for retail investment, behind China and India.

Figures from on a government-backed investment plan of USD 280 million to roll out high speed broadband infrastructure to rural areas have been used as the basis of the report. The plan was initiated in 2016 and is expected to be a core for the ecommerce expansion in Malaysia.

Malaysia’s increasing higher disposable income, as well as the government’s investment in infrastructure (growing retail growth in the tourism sector) is another set of key factors. In 2016, the country’s retail industry grew by 3.8% thanks to a 6.1% increase in private consumption.

The company also highlighted Malaysia’s plan to become a cross-border ecommerce hub with the opening of the first Digital Free Trade Zone in partnership with Alibaba, which will allow SMEs to process their online transactions through the Chinese group.


Four Australian banks to use SWIFT gpi

Swift has announced that it has implementation plans in place with four of Australia’s major banks to implement is gpi service.

The four banks named, being Commonwealth Bank, Westpac Bank, ANZ Bank and National Australia Bank have all been reportedly signed up to go live or planning the implementation phases.

SWIFT gpi seeks to improve the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of cross-border payments.

Over 110 transaction banks from Europe, Asia Pacific, Africa and the Americas are already signed up to use the service and more are expected to join. Thousands of cross-border payments are today being sent using this new standard, bringing immediate benefits to gpi banks and their corporate customers.

Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. Thanks to SWIFT gpi, corporates can today receive an enhanced  payments service from their  banks, with following key features:

  • Faster, same day use of funds*
  • Transparency of fees
  • End-to-end payments tracking
  • Remittance information transferred unaltered

GPI concept

The second phase of SWIFT gpi will enable the digital transformation of cross-border payments, by allowing banks to:

  • Immediately stop a payment, no matter where it is in the correspondent banking chain.
  • Transfer rich payment data along with the payment, including additional line item details necessary for compliance checks, in an effort to enhance the reconciliation of a payment with multiple invoices.
  • Use an international payment assistant, to further increase the straight-through-processing rate of cross-border payments, at origination.

For its third phase, SWIFT gpi is already exploring the potential of using new technologies such as distributed ledger technology, in the cross-border payments process.

The announcement is related to SWIFT’s release of a cross-border payments tracker on May 23rd. Since then, gpi service has been used by more than 20 global transaction banks.

Great design translates to dollars

Many years ago my team and I introduced simple one-function page checkouts to one of our largest customers.

The UX/UI team for that customer complained because there were now 5 pages to complete in a transaction.

The marketing team for that customer complained because fancy UI-style accordians and carousels would not be implemented.

And the sales team complained because all of the upselling components were removed as well.

However, the one person that mattered in the customer group was the person who owned the revenue line and the outcome. He mattered.

But the person who mattered the most was the actual customer.

After perservering, we implemented. Sales quadrupled and Net Promoter Scores (NPS) increased significantly – in fact, just short of Apple’s NPS scores. And for our customer, this was the only positive NPS score in their whole organisation!

Great design matters. Especially when it comes to payments, and especially when it comes to fraud. If you can’t detect it properly because it’s buried in marketing and misdirection, then you capture it and stop it.

Here is a great read on more reasons to consider form design in payments and forms in general.

TransferWise removing borders

TransferWise, the UK-based payments money transfer company, is launching a new service allows customers to make cross-border payments in a wide range of currencies.

TransferWise has implemented a “borderless scheme” to improve the efficiency of sending money around the globe. The service will initially only be available for small businesses and freelancers in the UK and Europe, and will be available to those in the US next month.

This type of function will allow businesses who are challenged with moving money from one country to another an alternative to a normal bank transfer process or even PayPal. Normally global financial institutions such as Citibank and HSBC for example, offer such schemes to their customers.