Technology

GXS Bank launches Singapore’s first and only credit card that charges a flat fee in lieu of revolving interest

Published

2 days ago

October 8, 2024

The GXS FlexiCard is designed to help new-to-credit consumers spend prudently while building up their credit worthiness

SINGAPORE, Oct. 8, 2024 /PRNewswire/ — GXS Bank today announced the launch of the GXS FlexiCard, Singapore’s first and only credit card that charges flat fees in lieu of interest on outstanding balances.

The GXS FlexiCard is designed for consumers who are new to credit or who often struggle with access to credit products due to a lack of credit bureau history. These include individuals who are about to embark on or have just started their careers, gig workers and entrepreneurs. To ensure that these consumers have an option to credit while not being overleveraged, the GXS FlexiCard has a limit of S$500.

GXS FlexiCard-holders can choose to settle their credit card bill in full or make the required minimum payment with a S$5 extension fee. The Bank is disrupting the market practice of charging daily interest on outstanding balances after the repayment due date for credit cards, thereby easing hefty interest payments for consumers.

Ms Jenn Ong, Head of Retail at GXS Bank, said, “We are thrilled to introduce the GXS FlexiCard, our latest product that continues to push the boundaries of financial inclusivity. The GXS FlexiCard is available to eligible Singaporeans and permanent residents, including the one in five workers[1] here who earn less than $2,500 a month and do not meet the income requirement for most credit cards in the market. With the GXS FlexiCard, these consumers now have the opportunity to start building their credit history.

“As Singapore’s homegrown digital bank, we are with our customers every step of the way as they build their credit worthiness and thrive financially. The GXS FlexiCard could be their first credit product and that is why we designed it to safeguard them from the burden of snowballing interest repayments while ensuring flexible repayment options, transparent charges, and instant cashback.”

GXS FlexiCard – a stepping stone to credit worthiness

The GXS FlexiCard is open to eligible Singaporeans and permanent residents aged 21 to 55. There is no income requirement to apply for the GXS FlexiCard. Successful applicants will receive a credit limit of S$500.

Similar to the GXS Debit Card, the GXS FlexiCard offers instant cashback for eligible transactions. Additionally, travellers will benefit from no foreign transaction fees on their overseas purchases.

GXS FlexiCard-holders will also enjoy the flexibility for which the GXS Bank experience is known. At the point of application, they are able to choose their preferred repayment date according to what best fits their preferences and ability to pay.

Given that late credit card repayments will impact an individual’s credit rating, GXS FlexiCard customers will receive timely prompts and nudges via the GXS Bank app before their monthly repayment date.

There may be occasions when customers are unable to repay their outstanding balance in full. To extend their payment, GXS FlexiCard customers simply need to pay the minimum payment amount which can be from as low as S$15[2] and a flat fee of S$5.

At the same time, to encourage good credit discipline and to discourage defaults, customers who missed their repayment or repay less than the minimum payment amount will be charged a late fee of S$50. This is also less than the typical late charge of S$100 in the market today.

A full suite of financial solutions

With the launch of GXS FlexiCard, GXS Bank now offers a comprehensive range of retail banking products that empower customers to save, spend and borrow better.

This includes the GXS Savings Account that credits interest daily and includes a Boost Pocket feature that boosts the interest rate customers can earn on their savings. GXS Savings Account-holders may also apply for the GXS Debit Card that offers unlimited rewards on eligible transactions and no foreign transaction fees.

For customers looking for help to stretch toward their goals, GXS FlexiLoan offers a flexible revolving line of credit that enables customers to make multiple drawdowns. Interest is calculated on a daily non-compounding basis, allowing customers to save on interest when they repay early. In the first year GXS FlexiLoan was launched, customers were able to cumulatively save S$4million in interest by repaying their loans early. GXS FlexiLoan customers can also choose to take a GXS FlexiLoan Balance Transfer where they enjoy zero per cent interest with a one-time processing fee.

More details on GXS FlexiCard can be found at www.gxs.com.sg/flexicard.

[1] Ministry of Manpower Labour Market Statistics: https://stats.mom.gov.sg/Pages/IncomeTimeSeries.aspx

[2] Typical minimum payment in the market today for credit cards is S$50.

About GXS Bank

GXS Bank is a digital bank with a relentless focus to make banking better for the everyday consumer and small business. This includes Singapore’s underserved individuals and businesses.

The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.

GXS Bank holds a banking licence issued by the Monetary Authority of Singapore.

It is owned by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group.

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SOURCE GXS Bank

Technology

Toss Securities Announces Appointment of Gyubin Kim as New CEO

Published

51 mins ago

October 10, 2024

Gyubin Kim steps into new role as CEO of Toss SecuritiesPart of the strategy to strengthen the company’s investment platformDongwan Ko appointed as the new Head of Product… Strengthening product-centric operation

SEOUL, South Korea, Oct. 9, 2024 /PRNewswire/ — Toss Securities announced today that Gyubin Kim, the former Head of Product, has been appointed as the new CEO. The decision, made during a general shareholders’ meeting on the 10th, is part of a strategy to bolster Toss Securities’ standing as an investment platform and broaden its range of services.

Kim has been instrumental in driving service innovation since joining Toss Securities as a Product Owner (PO) in January 2022. His accomplishments include launching real-time fractional overseas stock trading and enhancing the investor community. Kim also contributed to the company’s first quarterly profit in 2023. He has laid the groundwork for Toss Securities services, such as launching overseas bonds, diversifying products, and introducing Toss Securities PC (Web Trading System).

Prior to joining Toss Securities, Kim honed his tech-based service planning skills at Toss (Viva Republica) and eBay Korea.

Following the recent executive appointments, Dongwan Ko, former PO, has assumed the position of the new Head of Product. Since joining Toss Securities, Ko has contributed in spearheading the company’s growth in overseas stock services.

Toss Securities, which began as an easy-to-use mobile stock trading service in March 2021, has grown into a brokerage firm with 6.3 million customers as of September 2024. The company has expanded its scope to cater not only to novice investors but also to professional investors. Focused on overseas stock brokerage services, Toss Securities turned a profit last year and is projected to continue its growth trajectory this year.

[Biography] Gyubin Kim, CEO of Toss Securities

Career Details:2022 – Present: Toss Securities2020 – 2022: Viva Republica2015 – 2020: eBay Korea2012 – 2013: Nanojo (Co-founder)Education: Graduated from Carnegie Mellon University / Electrical and Computer Engineering

About Toss Securities

Toss Securities, a subsidiary company of Viva Republica, which operates the financial super app Toss, launched its customer service in March 2021. As a newly licensed securities company after 13 years in South Korea, it provides user-centered services with UX/UI optimized for the mobile environment. In particular, it is the first in the industry to introduce an integrated account service that allows customers to conveniently trade multiple financial instruments from one account without installing a separate app, and as of September 2024, more than 6.3 million customers have used Toss Securities. Monthly Active Users (MAU) reach over 3.3 million to date. In addition to real-time overseas decimal stock trading, the company offers a variety of services such as community and customized content and is evolving into a data-driven investment platform.

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SOURCE Toss Securities

Technology

Kehua Tech Ranked No. 1 in China and No. 3 Worldwide for Energy Storage Inverter Market Share

Published

51 mins ago

October 10, 2024

XIAMEN, China, Oct. 9, 2024 /PRNewswire/ — According to the report from S&P Global Commodity Insights, based on the 2023 PCS shipment volume statistics, Kehua is ranked as the No.3 energy storage inverter supplier globally and the No.1 energy storage supplier in China. Kehua‘s consistent growth and strong performance in the storage inverter market highlight the leading position in the industry.

Kehua’s rise to the top three global energy storage inverter suppliers is a reflection of the unwavering focus on meeting the evolving needs of customers and industry demands. Kehua’s ongoing technological innovations, especially breakthroughs in liquid cooling technology and grid-forming energy storage solutions, highlight its advanced capabilities and commitment to excellence. As Kehua continues to expand its presence in the global energy storage inverter market, it remains committed to driving innovation and setting new benchmarks for excellence.

In the future, Kehua will strengthen the cooperation with global partners to jointly promote the sustainable development of the energy industry and contribute to build a clean, efficient and sustainable energy ecosystem for the world.

About Kehua
Based on 36 years of experience in power electronic technology, Kehua has diversified solutions and rich project experience in the fields of photovoltaic, energy storage, micro-grids and integrated energy services. By the end of 2023, Kehua´s PV installation has exceeded 46GW and its energy storage installation has exceeded 15.2GW/8.2GWh globally. Presently, Kehua has become the world’s third largest PCS supplier (S&P), a Tier 1 energy storage supplier and a Top 10 solar inverter manufacturer (BloombergNEF). As a reliable PV and ESS expert, Kehua is dedicated to enabling a zero-carbon lifestyle for individuals worldwide.

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SOURCE Kehua Tech

Technology

HD Hyundai Heavy Industries Develops Eco-Friendly Ammonia Duel-fuel Engine

Published

51 mins ago

October 10, 2024

World’s first high-pressure ammonia direct injection engine receives model-based class approval from seven major classification societiesSuitable for marine power generation and propulsion, and land-based power generation, ready to be soonly commercialized for the market”We aim to enhance our advanced technology and take the lead in shipbuilding market”

SEOUL, South Korea, Oct. 9, 2024 /PRNewswire/ — HD Hyundai Heavy Industries aims to lead the eco-friendly shipbuilding market with the development of a zero-carbon ammonia dual-fuel (DF) engine. This is the first ammonia engine in the world, applied with a high-pressure ammonia direct injection method.

On October 7, HD Hyundai Heavy Industries announced that it had completed the model-based class approval testing for the “HiMSEN Ammonia Dual-Fuel Engine,” (model: H22CDF-LA) at its Engine Technology Center in the Ulsan Headquarters. The testing was attended by representatives from seven classification societies including ABS (USA), DNV (Norway), LR (UK), BV (France), RINA (Italy), NK (Japan), and KR (Korea).

HD Hyundai Heavy Industries shared that it will soon start commercialization of the HiMSEN ammonia engine as the detailed examination and compliance review has been finalized with the model-based class approval.

The ammonia engine developed by HD Hyundai Heavy Industries is suitable not only for ammonia carriers, but also for marine power generation and propulsion purposes. The company also plans to supply the engine to land-based power generation markets.

Until now, ammonia engines were based on a “low-pressure premixed combustion method” which burns a mixture of ammonia and air, which has been provided to the engine combustion chamber, through compression. The newly developed “high-pressure direct injection method” compresses air in the engine combustion chamber and then burns it by injecting ammonia with high pressure.

Despite its benefits of having great output and fuel efficiency, along with the mitigation of greenhouse gases such as nitrogen dioxide (N2O), engine companies around the world had difficulty developing this method due to its high technological complexity.

While setting up an optimized fuel spraying time and period to maximize burning rate, HD Hyundai Heavy Industries also utilized the selective catalytic reduction (SCR) system to minimize the amount of nitrogen oxide and unburned ammonia. In addition, the Integrated Scrubber developed independently by HD Korea Shipbuilding & Offshore Engineering, has been widely applied resulting in a drastic reduction of ammonia concentrations.

“The development of this ammonia engine has great meaning as it will be an opportunity for us to lead the market while providing an expanded eco-friendly duel-duel engine lineup,” said an official of HD Hyundai Heavy Industries. “We aim to enhance our advanced technology and take the lead in the future eco-friendly ship market.”

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SOURCE HD Hyundai