New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

Experian leads Over-Subscribed US$28m Series C Investment in C88 to Drive Financial Inclusion Across Southeast Asia

Experian leads Over-Subscribed US$28m Series C Investment in C88 to Drive Financial Inclusion Across Southeast Asia
  • C88 scores one of the largest venture capital Series C fintech rounds in Southeast Asia; takes C88’s funding till date to over US$45 million. C88 is the parent company of Indonesia’s CekAja.com and Philippines’s eCompareMo.com – both are their respective country’s top financial marketplaces.
  • Experian’s strategic investment also comes with a commercial partnership with C88 and its brands, aimed at empowering millions of Southeast Asia’s consumers with enhanced financial access.
  • It reinforces Experian’s commitment to financial inclusion in Asia, following its lead in a US$30 million Series D investment in India’s BankBazaar in October 2017.

SINGAPORE, 30 July 2018 – Experian, the world leader in information services, has led an over-subscribed US$28 million Series C investment in C88 Financial Technologies Group (C88). Singapore-headquartered C88 is one of Southeast Asia’s largest and fastest growing fintech companies. It operates Indonesia’s CekAja.com and Philippines’s eCompareMo.com – both are their respective country’s top financial marketplaces. C88 is also opening a third marketplace in Thailand. Other investors in the Series C round, among others, include responsAbility Investments AG, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital as well as existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.

 

Asia has been one of the strongest growth regions for Experian globally. The Asia Pacific region has seen double-digit growth over the past five years, with plans to expand the Innovation Hub in Singapore. With nearly a half of all unbanked in the world living in Asia, it boasts among the highest internet penetration rates in the world at 330 million internet users in Southeast Asia alone. It also facilitates driving financial inclusion through data and analytics.

 

Ben Elliott, Chief Executive Officer, Asia Pacific, Experian said: “In Southeast Asia, as little as 48 percent of more than 600 million people have access to a bank account. Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money; significant barriers towards social and economic progress. Experian has been working closely with financial institutions and start-ups across Asia, including C88, to progress this. Together we are building an ecosystem in countries where traditional data is not readily available, and in the process making important leaps towards empowering consumers with enhanced financial access. We are delighted with this partnership, as this demonstrates our further commitment to Indonesia and the Asia Pacific region as a whole.”

 

As licensed financial marketplaces for consumers and small and medium businesses, CekAja.com and eCompareMo.com have served over 50 million consumers since 2013 - a number which is fast-rising and fueled by an exponential growth in Indonesia’s middle class. Experian’s strategic investment and partnership provides C88’s brands with the ability to deploy Experian’s best-in-class demand generation, analytics and digital on-boarding technologies directly via CekAja.com and eCompareMo.com platforms.

 

John Patrick Ellis, co-founder and CEO of C88 said: “We are immensely proud to have closed one of the largest Series C fintech rounds in Southeast Asia, particularly from investors who share our vision of empowering consumers and driving financial inclusion in the region. There are over 350 million consumers in Indonesia and Philippines alone. We’re confident that we can drive a positive impact in our societies and communities by unlocking previously inaccessible financial products and services.”

 

Market leading Experian software and decisioning solutions will be embedded into CekAja.com and eCompareMo.com financial marketplaces and with its large partner distribution network. For consumers, this means they will be able to be better matched to products they are eligible for. This will be particularly applicable to those consumers with little financial history. For financial institutions, this means they will be able to deploy best-in-class demand generation, analytics and digital on-boarding technologies directly via C88, powered by Experian. This extends C88's current offering to financial institutions to bring digital banking and seamless consumer engagement to Indonesia and the Philippines, with plans to expand to Thailand.

 

CekAja.com is also the official partner for financial transparency of the Indonesian FinTech Association, working in collaboration with the Financial Services Authority of Indonesia, also known as OJK; a registered partner of Bank Indonesia; as well as a Board-member of the Indonesian FinTech Association.

 

Read full article

Experian

By Experian 07/30/2018

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