Citi banks on digital payment solutions for clients in Asia-Pacific, including S'pore
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Consumers will be able to pay for transactions online in more ways, including cards, e-wallets and bank transfers.
PHOTO: ST FILE
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SINGAPORE - Citigroup has become the latest financial player to widen digital payment offerings to Singapore and the region.
The Spring by Citi service - for corporate clients - will be expanded to key markets in the Asia-Pacific, including Australia, Hong Kong and Singapore, the United States bank said on Wednesday (June 15).
This means that consumers in these markets will now be able to pay for transactions online in more ways, including via local payment methods such as cards, e-wallets and bank transfers.
Spring by Citi is also available in Brazil, Canada, Germany, Ireland, Mexico, the Netherlands, Britain and the US.
Citi said more Asia-Pacific and global markets will be added in the future.
Mr James Lloyd, Asia-Pacific head of Spring by Citi at the treasury and trade solutions business, said Asia is one of the largest and fastest-growing e-commerce markets in the world. He added that the region is a diverse market with each country having its own payment methods.
Some Citi clients in the region, including Singapore telco Singtel, Thai delivery start-up Line Man Wongnai and digital wallet ShopeePay in Thailand, are already using the service to grow their online sales.
Mr Tristan Chiappini, vice-president and head of partnerships for Asia-Pacific at payments infrastructure provider PPRO, said Citi is targeting the large merchants or those businesses that already bank with it.
"Citi is looking at their existing portfolio of banking relationships, and trying to leverage those relationships to unlock further services that they can offer," he added.
When asked about the competitive landscape as fintechs enter the banking space, Mr Chiappini said the fintechs are targeting a different market.
Last week, Chinese financial technology giant Ant Group's digital wholesale bank in Singapore, ANEXT Bank, said it will provide digital financial services to small and medium-sized enterprises (SMEs), especially those with cross-border operations.
"They (fintechs) are more towards the SME space and all those first-time business owners, whereas for Citi, they're not going to say no if that (SME) business comes to them, but it is not specifically an SME target that they're making," Mr Chiappini said.
