by Ferry Bayu | Sep 4, 2023 | Business
Group-IB Exposes Scam-as-a-Service Operation Profiting USD $64.5 Million by Targeting APAC Brands
-Group-IB’s latest findings shed light on an ongoing scam-as-a-service operation known as Classiscam.
-Substantial Profits: This operation has already generated a staggering USD $64.5 million for the scammers.
-APAC Target: The operation’s primary focus has been targeting reputable brands within the Asia-Pacific (APAC) region.
Singapore, August 31, 2023 — Group-IB, a global cybersecurity leader headquartered in Singapore, can reveal that the scam-as-a-service operation Classiscam is continuing its worldwide campaign well into 2023. In a new blog, Group-IB analysts detail how the automated scheme uses Telegram bots to assist with the creation of ready-to-use phishing pages impersonating companies in a range of industries, including online marketplaces, classified sites, and logistics operators. These phishing pages are designed to steal money, payment data, and recently in some cases, bank login credentials from unsuspecting internet users.
According to Group-IB’s findings, 251 unique brands in a total of 79 countries were featured on Classiscam phishing pages from H1 2021 to H1 2023. In addition, the phishing templates created for each brand can be localized to different countries by editing the language and currency featured on the scam pages. As a result, one particular logistics brand was impersonated by “Classiscammers” targeting users in as many as 31 countries.
Within the APAC region, the country with the highest number of brands targeted by Classiscammers was Australia (34.6% of regional total). Other heavily affected countries were India (11.5%), Hong Kong (10.3%), Singapore (7.7%), Sri Lanka (7.7%), and Malaysia (5.1%).
Since the second half of 2019, when the Group-IB Computer Emergency Response Team (CERT-GIB) in cooperation with the company’s Digital Risk Protection unit first identified Classiscam’s operations, 1,366 separate groups leveraging this scheme have been discovered on Telegram. Group-IB experts examined Telegram channels containing information pertaining to 393 Classiscam groups with more than 38,000 members that operated between H1 2020 and H1 2023. During this period, these groups made combined estimated earnings of USD $64.5 million. Group-IB has noted how the threat actors behind Classiscam have worked, since inception, to formalize and expand the scam model’s operations. From 2022 onwards, Classiscammers have introduced new innovations, such as phishing schemes designed to harvest the credentials of victim’s online bank accounts, and some groups have begun to use information stealers.
In line with its mission of combating global cybercrime, Group-IB will continue to share its findings about Classiscam, drawn from the company’s proprietary Digital RIsk Protection solution, with law enforcement authorities. The primary aim of this research is to raise public awareness about the latest scamming methods and reduce the number of victims of this scam operation.
Gone global
Classiscam originally appeared in Russia, where the scheme was tried and tested before being launched across the globe. The scam-as-a-service affiliate program surged in popularity in spring 2020 with the emergence of COVID-19 and the subsequent uptick in remote working and online shopping.
Group-IB experts noticed how the scam scheme was exported first to Europe, before entering other global regions, such as the Asia-Pacific (APAC) region, the United States, and the Middle East and Africa (MEA). As of H1 2021, Classiscammers had targeted internet users in 30 countries. Group-IB experts can reveal that, as of H1 2023, this figure has risen to 79. In the same time period, the number of targeted brands on the global market has increased from 38 to 251.
More than 61% of the Classiscam resources analyzed by Group-IB experts that were created between H1 2021 and H1 2023 targeted users in Europe. Other heavily targeted regions were the Middle East and Africa (18.7% of resources) and the Asia-Pacific region (12.2%). A full breakdown of the share of targeted brands by region can be found in Figure 2 (below).
Within the APAC region, the country with the highest number of targeted brands was Australia (34.6% of regional total). Other heavily affected countries were India (11.5%), Hong Kong (10.3%), Singapore (7.7%), Sri Lanka (7.7%), and Malaysia (5.1%).
The average amount lost by Classiscam victims worldwide was $353, although UK users lost the most, on average, to Classiscammers, as the average fraudulent transaction was $865. Users in APAC and MEA were less likely to fall victim to Classiscam schemes, although victims in Singapore lost $682 on average to the scam. In Australia, this figure was $515, and in Saudi Arabia (MEA), successful Classiscam schemes saw victims lose, on average, $525.
Figure 4: Leaders in average amount charged per fraudulent Classiscam transaction in H1 2023
What’s new?
Classiscam was initially launched as a relatively straightforward scam operation. Cybercriminals created fake ads on classified sites, and leveraged social engineering techniques to trick users into “buying” the falsely-advertised goods or services, whether by transferring money directly to the scammers or by debiting money from the victim’s bank card.
Classiscam operations have become increasingly automated over the past two years. The scheme now utilizes Telegram bots and chats to coordinate operations and create phishing and scam pages in a handful of seconds, and many of the groups offer easy-to-follow instructions, and experts are on hand to help with other users’ questions. A full rundown of how the Classiscam scheme works in practice is provided in the below Figure 6.
Over the past year, Group-IB researchers have seen roles within scam groups become more specialized within an expanded hierarchy. Classiscam phishing pages can now include a balance check, which the scammers use to assess how much they can charge to a victim’s card, and fake bank login pages that they use to harvest users’ credentials. At the time of writing, Group-IB experts found 35 such scam groups that distributed links to phishing pages that include fake login forms for banking services. In total, Classiscam scammers created resources emulating the login pages of 63 banks in 14 countries. Among the targeted banks were those based in Belgium, Canada, Czech Republic, France, Germany, Poland, Singapore, and Spain.
“Classiscam shows no sign of slowing down and the ranks of the Classiscammers are continuing to swell. Over the past year, we have seen scam groups adopt a new, expanded hierarchy, and roles within organizations are becoming increasingly specialized. Classiscam will likely remain one of the major global scam operations throughout 2023 due to the scheme’s full automation and low technical barrier of entry,” Afiq Sasman, Head of Group-IB’s Computer Emergency Response Team in the Asia Pacific, said.
Group-IB will continue to monitor global Classiscam campaigns, engaging with both law enforcement and affected brands to assist in efforts to take down these scams. Companies whose brand and likeness are impersonated by scammers are recommended to leverage Digital Risk Protection solutions that can actively monitor, identify, and take down phishing domains.
PINPOINT PR is assisting Group-IB with media relations.
Group-IB, with its headquarters in Singapore, is one of the leading solutions providers dedicated to detecting and preventing cyberattacks, investigating high-tech crimes, identifying online fraud, and protecting intellectual property. The company’s Threat Intelligence and Research Centers are located in the Middle East (Dubai), Asia-Pacific (Singapore), and Europe (Amsterdam).
Group-IB’s Unified Risk Platform is an ecosystem of solutions that understands each organization’s threat profile and tailors defenses against them in real-time from a single interface. The Unified Risk Platform provides complete coverage of the cyber response chain. Group-IB’s products and services consolidated in Group-IB’s Unified Risk Platform include Group-IB’s Threat Intelligence, Managed XDR, Digital Risk Protection, Fraud Protection, Attack, Surface Management, Business Email Protection, Audit & Consulting, Education & Training, Digital Forensics & Incident Response, Managed Detection & Response, and Cyber Investigations.
Group-IB’s Threat Intelligence system has been named one of the best in its class by Gartner, Forrester, and IDC. Group-IB’s Managed XDR, intended for proactively searching for and protecting against complex and previously unknown cyber threats, has been recognized as one of the market leaders in the Network Detection and Response category by KuppingerCole Analysts AG, the leading European analyst agency, while Group-IB itself has been recognized as a Product Leader and an Innovation Leader.
Gartner has named Group-IB a Representative Vendor in Online Fraud Detection for its Fraud Protection. In addition, Group-IB was granted Frost & Sullivan’s Innovation Excellence award for Digital Risk Protection (DRP), an Al-driven platform for identifying and mitigating digital risks and counteracting brand impersonation attacks, with the company’s patented technologies at its core. Group-IB’s technological leadership and R&D capabilities are built on the company’s 20 years of hands-on experience in cybercrime investigations worldwide and over 70,000 hours of cybersecurity incident response accumulated in our leading DFIR Laboratory, High-Tech Crime Investigations Department, and round-the-clock CERT-GIB.
Group-IB is an active partner in global investigations led by international law enforcement organizations such as Europol and INTERPOL. Group-IB is also a member of the Europol European Cybercrime Centre’s (EC3) Advisory Group on Internet Security, which was created to foster closer cooperation between Europol and its leading non-law enforcement partners.
Group-IB’s experience in threat hunting and cyber intelligence has been fused into an ecosystem of highly sophisticated software and hardware solutions designed to monitor, identify, and prevent cyberattacks. Group-IB’s mission is to protect its clients in cyberspace every day by creating and leveraging innovative solutions and services.
For more information, please contact:
**@******ib.com
+65 3159-3798
https://www.group-ib.com
https://www.group-ib.com/blog
by Ferry Bayu | Sep 2, 2023 | Business
Transforming Business IT Support: 4 Tools Leveraging Azure, Kubernetes, Docker.
In today’s fast-paced digital landscape, businesses rely heavily on robust IT support to drive efficiency, scalability, and innovation. With the advent of cloud computing and containerization, a powerful trio of tools has emerged: Azure, Kubernetes, and Docker. In this blog, we will explore how leveraging these tools can revolutionize your business IT support, enabling you to stay ahead of the competition and achieve remarkable success.
Azure: Empowering Scalability and Flexibility Microsoft Azure, a leading cloud computing platform, offers a wide range of services and tools to streamline IT operations. With Azure, businesses can leverage scalable infrastructure, robust data storage solutions, and seamless integration capabilities. From virtual machines and serverless computing to AI services and IoT capabilities, Azure empowers businesses to scale their IT support according to their evolving needs. Harnessing the power of Azure enables organizations to optimize resource utilization, enhance productivity, and reduce costs.
Kubernetes: Orchestrating Efficient Application Deployment Kubernetes, an open-source container orchestration platform, has gained immense popularity in the world of IT support. It simplifies the deployment, scaling, and management of containerized applications, offering unparalleled efficiency and flexibility. With Kubernetes, businesses can automate the deployment process, ensure high availability, and seamlessly manage containerized workloads across multiple environments. This results in enhanced agility, improved resource utilization, and accelerated time-to-market for new services or applications.
Docker: Simplifying Containerization and Development Docker, a leading containerization platform, revolutionize the way applications are built, shipped, and deployed. By encapsulating applications and their dependencies within lightweight containers, Docker eliminates compatibility issues and simplifies deployment across different environments. Docker provides a standardized and portable runtime environment, allowing developers and IT support teams to collaborate seamlessly. With Docker, businesses can achieve faster development cycles, consistent deployment processes, and improved resource utilization. Leveraging the
Synergy: Azure, Kubernetes, and Docker The true power lie in leveraging the synergy among Azure, Kubernetes, and Docker. By combining these tools, businesses can create a highly efficient and scalable infrastructure that optimizes application development, deployment, and management. Docker containers can be orchestrated and managed seamlessly using Kubernetes, which can be deployed and scaled effortlessly on Azure’s robust cloud infrastructure. This powerful combination enables businesses to achieve unprecedented levels of scalability, agility, and cost-efficiency in their IT support operations.
Conclusion: In the realm of business IT support, leveraging the combined power of Azure, Kubernetes, and Docker can transform the way organizations operate, innovate, and grow. Azure provides the foundation for scalable infrastructure, while Kubernetes orchestrates containerized applications, and Docker simplifies containerization and development processes. By embracing these tools, businesses can unlock unparalleled efficiency, agility, and scalability, gaining a competitive edge in the digital landscape. Harness the potential of Azure, Kubernetes, and Docker to revolutionize your business IT support and pave the way for remarkable success.
We are a highly productive and skilled team of IT professionals with expertise in Cloud solutions, DevOps, software development and all other IT services.
www.tekrella.com
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by Ferry Bayu | Sep 2, 2023 | Finance Tips, Work Tips
Cloud Services a 5 Step-by-Step Guide to Boost Your Business.
As businesses embrace the digital age, leveraging technology to enhance efficiency and productivity has become essential. One transformative technology that has gained significant popularity is cloud services. In this comprehensive guide, we will explore how you can boost your business to new heights with cloud services. We will cover everything from understanding cloud services to choosing the right provider and implementing them effectively.
1. Understanding Cloud Services
Before delving into the benefits and implementation steps, it is crucial to understand what cloud services entail. In simple terms, cloud services refer to the delivery of computing resources over the Internet on a pay-as-you-go basis. These resources can include servers, storage, databases, software, and more.
2. Benefits of Cloud Services
Cloud services bring numerous advantages to businesses of all sizes. Let’s explore some of the key benefits:
Cost Efficiency:
One of the primary reasons businesses opt for cloud services is the cost-efficiency they offer. By moving to the cloud, businesses eliminate the need for upfront investments in hardware and infrastructure. They can pay for the resources they use on a subscription basis, which significantly reduces capital expenses.
Scalability:
Cloud services provide unmatched scalability, allowing businesses to scale their resources up or down as required. Whether you experience seasonal spikes in demand or anticipate rapid growth, cloud services can accommodate your changing needs. This flexibility ensures optimal performance without overprovisioning or underutilization of resources.
Accessibility:
With cloud services, businesses can access their data and applications from anywhere, at any time, using any device with an internet connection. This level of accessibility enables remote work, collaboration, and improved productivity.
3. Types of Cloud Services
Cloud services are typically categorized into three main types:
Infrastructure as a Service (IaaS)
IaaS provides businesses with virtualized computing resources, including servers, storage, and networking. It offers a foundation for businesses to build and manage their own IT infrastructure while leveraging the benefits of cloud computing.
Platform as a Service (PaaS)
PaaS offers a complete development and deployment environment for businesses. It provides a platform on which businesses can develop, test, and deploy applications without worrying about infrastructure management.
Software as a Service (SaaS)
SaaS delivers software applications over the internet on a subscription basis. Businesses can access and use these applications without the need for installation or management on their own systems.
4. Choosing the Right Cloud Service Provider
When it comes to selecting a cloud service provider, careful consideration is essential. Factors to evaluate include pricing models, service level agreements (SLAs), data security measures, compliance certifications, customer support, and the provider’s reputation and experience in the industry.
5. Steps to Implement Cloud Services
Implementing cloud services requires a systematic approach. Here are the key steps involved:
Assess Your Business Needs
Before implementing cloud services, assess your business requirements thoroughly. Identify areas where cloud services can bring the most significant benefits and align them with your overall business goals.
Research Cloud Service Providers
Conduct thorough research on various cloud service providers. Evaluate their offerings, pricing models, security measures, and customer reviews. Shortlist providers that align with your business needs and values.
Evaluate Security and Compliance Measures
Data security and compliance are critical aspects of cloud services. Assess the security measures and compliance certifications of your chosen cloud service providers to ensure your data remains protected and meets regulatory requirements.
Execute the Migration
Execute the migration according to your planned strategy. Ensure proper testing, validation, and user training are conducted to minimize disruptions and ensure a successful migration.
Conclusion
In conclusion, embracing cloud services can propel your business to new heights of efficiency, scalability, and accessibility. By understanding the types of cloud services, choosing the right provider, and following a well-defined implementation process, you can harness the power of the cloud to optimize your operations and drive growth. Stay proactive in adopting best practices, overcoming challenges, and continuously.
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by Ferry Bayu | Sep 1, 2023 | Awards and Competitions
The Asia Artist Awards 2023 will be held in the Philippines
The Asia Artist Awards 2023 (AAA) will be held in the Philippines.
Various Korean outlets have first reported the happy story with Star News saying the 2023 AAA will take place on December 14 at the Philippine Arena.
Running the same press release, Naver says the event is “where you can meet the movie, drama, and K-pop stars who have shined this year in one place.”
Both outlets have said the event will be co-hosted by Pulp Live World — alongside Star News, the Asia Arts Awards Organizing Committee, and TONZ Entertainment.
While the Philippine concert promoters have yet to announce anything on social media, a representative from Pulp Live World has confirmed the news to be true.
“Yes it is true,” the Pulp representative said to GMA News Online on email and SMS, adding they will be sending more details in the days to come.
Yes, we also cannot wait!
Asia Artist Awards is “the first integrated awards ceremony in Korea” that recognizes actors and singers. It first took place in 2016.
starnewskorea.com2023 아시아 아티스트 어워즈(AAA), 12월 14일 필리핀 개최[공식] – 스타뉴스글로벌 NO.1 시상식 ‘Asia Artist Awards(아시아 아티스트 어워즈)’가 오는 12월 14일 필리핀에서 열린다. 스타뉴스가 주최하는 ‘2023 Asia Artist Awards IN PHILIPPINE'(이하 ‘2023 AAA’)는 오는 12월 14일 필리핀 ‘필리핀 아레나(PHILIPPINE ARENA)’에서 개최를 확정, 차원이 다른…
by Ferry Bayu | Sep 1, 2023 | Business
Easy Franchise unveils programs for PH entrepreneurs
EASY Franchise, the Philippines’ first go-to platform for franchising, kicked off its annual “Franchise Day” last August 28, marking the third consecutive year of the pioneering online franchise sale.
As the first and only online franchise sale in the country, Franchise Day aims to make franchising more accessible to Filipino business owners and investors.
Since its inception in February 2019, Easy Franchise has been helping interested franchisees to choose the right franchise or package that fits their needs.
Ongoing until September 28, interested franchisees can apply for franchises online and take advantage of deals and discounts, with savings of up to P100,000 on select franchises such as Mister Donut, Ate Rica’s Bacsilog, Razon’s by Glenn, Aquaskin, H2O Mineral Plus, Cha Tuk Chak milk tea and many more.
Easy Franchise also introduced its Franchise Incubation Program to help starting business owners expand and become the next big franchise. This program offers end-to-end solutions, distinguishing it from traditional franchise packages.
In addition, the Easy Franchise Brand Awards was also launched in this year’s edition of Franchise Day. These awards aim to recognize collaborative and fast-growing franchisor brands that are making notable contributions to the franchising industry.
For more information on the Easy Franchise Brand Awards winners and for franchising inquiries, visit www.EasyFranchise.com or Easy Franchise’s social media.
by Ferry Bayu | Aug 31, 2023 | Business
AirAsia Philippines, stakeholders, join hands vs. human trafficking
AirAsia Philippines’ PAA-TALK session – internal talk series shared and highlighted the best practices from BI, NBI, and MIAA in profiling, identifying, and handling possible victims of human trafficking. The World’s Best Low-Cost Airline deemed the topic necessary despite the fact that the Philippines remained as among the top countries recognized by the U.S. State Department for meeting its standard in eliminating human trafficking.
“AirAsia Philippines is one with the government in safeguarding our fellow Filipinos against human trafficking. There will be no room for complacency. To ensure the safety of our guests, we have 20,000 Allstars across ASEAN trained to identify signs of human trafficking during check-in procedures and onboard flights,” AirAsia Philippines Communications and Public Affairs Country Head First Officer Steve Dailisan said.
Data from the Bureau of Immigration revealed that 6,000 Filipinos were suspected to have fallen victim to human trafficking for the first two months of 2023 alone. Of the said figure, only 0.6% were offloaded while the rest continued with their journey ending in other ASEAN countries and the Middle East.
MIAA Assistant General Manager for Security and Emergency Services Manuel Gonzales said international airport terminals, NAIA Terminals 1 and 3 are the usual gateway used by human traffickers victimizing mostly women and children.
For this reason, Airport Police are being trained to implement thorough inspection and surveillance. “We know that handling fraudulent travel documents happens before the victim enters the airport and even inside the terminal. We will intensify our monitoring and policing to save more Filipinos against human trafficking,” he said.
Immigration Spokesperson Dana Sandoval commended AirAsia’s efforts to combat human trafficking,saying the face of human trafficking has changed throughout the years.
Sandoval added that the bureau has also stepped up in its efforts to save human trafficking victims.
“We value our airline partners’ work in screening victims posing as legit travelers. For this reason, we also seek the understanding of travelers, especially those undergoing stringent verification by our Immigration Officials (IO). They should present themselves and allow them to be processed by our IOs,” she said.
National Bureau of Investigation International Airport Investigation Division Acting Chief Jimmy De Leon stressed the important role of airline personnel as the first line of defense against human trafficking. He added that being proactive is the key in saving lives.
“Forty individuals were saved for the month of August alone. Imagine the number of lives we will save if the airlines and the Inter-Agency Task Force will strongly work together,” he stressed.
Meanwhile, AirAsia Philippines showed support for the new travel guidelines, requiring guests to present more travel documents.
“We fully support the government’s intensified drive against human trafficking and understand the wisdom of our partners in its implementation to create a safer travel landscape for all. In fact, we too are strengthening awareness and training measures among our Allstars (employees) as part of our robust efforts to prevent and clampdown on trafficking across air travel,” Dailisan said.
“AirAsia has always been dedicated to enabling safe, seamless, and accessible travel experiences together with our partners in government. As a key airline bridging connectivity across the Philippines, ASEAN, and beyond, AirAsia Philippines remains dedicated to continually engaging all our stakeholders as we collectively work towards improving the travel and tourism industry and serving the best interests of every Filipino”, he added.
Dailisan said “Preventing Human Trafficking” is AirAsia’s third PAA-TALK internal talk series which is also part of the airline’s Corporate Sustainability and Social Responsibility that also addresses the United Nations Sustainable Development Goals (SDGs).
by Ferry Bayu | Aug 31, 2023 | Business
Worried about losing or damaging your valuables on your next overseas trip? The KoverNow app has you covered!
Travel is added to popular mobile phone insurance app
A trip overseas can quickly turn from an
opportunity to a disaster, not only due to flight interruptions or medical
needs but if the traveller loses or damages their valuable belongings like a laptop,
camera or watch. To go overseas with peace of mind, travel insurance may not
provide sufficient cover for more valuable items due to its low limits. That´s
why KoverNow now offers a combination of both travel insurance and dedicated
items insurance in just one app.
KoverNow is well known for providing items
insurance to protect against theft, loss and damage. With the addition of the
travel insurance option, customers will not only be covered for incidents such
as flight delays, medical treatment or the loss of their passport, but if they
plan to travel with higher value items, such as luxury watches, jewellery or
designer handbags, they can simply use the item insurance module to purchase
cover. Because of the flexible policy term of 30 days for items cover, customers
do not need to commit to a long-term contract to get their valuables covered
for a single trip.
Purchasing travel and items insurance using
KoverNow is easy. After downloading the app, all the customer needs to do is to
click on the travel tab adding the travelling dates and destination. This takes
less than a minute and can be done just before leaving home.
Adding cover for valuables is also easy. After
the customer has added the valuables to the KoverNow vault, they need only switch
on coverage for the items they want to travel with, accept the quote and it´s
done. After the trip, the customer can either switch coverage for the items off,
or – if coverage is also needed at home because most home insurance policies carry
a cap for high value items – leave it as it is, and coverage will be automatically
renewed every 30 days. At renewal KoverNow checks if the value of the items has
changed. This ensures that the customer is never over- or underinsured.
Another distinctive feature of the KoverNow
app is its integrated Singpass capabilities. Once the customer’s personal
details have been securely ported from Singpass during sign-up, they do not
need to be re-entered, which reinforces data accuracy and enhances convenience.
Underwritten by renowned insurer, QBE
Singapore, the KoverNow travel and items insurance app provides peace of mind
to travellers, whatever their destination. And if they are travelling with
family, these family members can be included in the travel cover easily.
“We always intended to provide a variety of
insurance policy types through the easy-to-use KoverNow app, and this new
addition makes it ideal for travellers,” said Stephan Kaiser, CEO at KoverNow. “They
can even secure cover quickly in the app as they make their way to the airport
without the need for time-consuming paperwork or third parties being involved.
Why take the risk when securing travel insurance is so easy to get?”
Users who download or update the KoverNow app,
can learn more about the available insurance policies.
KoverNow is headquartered in Singapore, centred within its core markets in Asia Pacific. The company’s digitally enabled insurance platform dramatically improves the customer journey for purchasing and managing different types of personal insurance by streamlining processes and speeding up renewals, approvals and claims. The KoverNow platform can achieve these efficiency gains whilst providing transparency, speed and value to existing ecosystems, channel partners and policy holders. KoverNow’s insurance platform provides features and functionality that reflect changing consumer behaviours, such as greater control, flexibility and convenience in a truly mobile format. https://kovernow.com/
Julie Kirby
Ascendant Communications
jk****@*********ms.net or co***@******ow.com
by Ferry Bayu | Aug 31, 2023 | Business
Asiamoney affirms RCBC’s digital dominance with 4-Peat win
MANILA, Philippines – For a fourth consecutive year, Rizal Commercial Banking Corporation (RCBC) was named once again the Philippines’ Best Bank for Digital Solutions by Asiamoney for 2023, solidifying its position as the undisputed digital banking trailblazer in the country.
RCBC is recognized for its roster of Innovations with Empathy, an array of digital solutions which champions massive digital transformation and supports the financial inclusion efforts of the government, all whilst cultivating a culture of customer service excellence.
“RCBC isn’t just building sustainable, impactful, and inclusive digital finance solutions, it is also working hard to expand digital access for every Filipino by positioning itself as a strong ally of government efforts to increase financial inclusion; catalyzing digital payment transformations; bringing financial services to unbanked and underserved communities; and reinvigorating innovation,” Asiamoney said in a statement.
“Anytime RCBC reports earnings these days, analysts immediately turn to its digital transaction growth. Indeed, its digital focus is a key reason why RCBC is one of the fastest-growing banks in the Philippines,” Asiamoney added.
Asiamoney hailed RCBC as The Best Bank for Digital Solutions in the Philippines for delivering digital financial services based on a contextual banking strategy that aims to understand the Philippine landscape. Through this, RCBC has effectively implemented pioneering, high-impact, human-centric and demand driven digital financial innovations through RCBC Digital, RCBC DiskarTech, RCBC ATMGo and RCBC Moneybela Barangayan Banking, successfully marked with speed and scale.
“We are delighted with the recognition, and it further inspires us to serve more of our countrymen with our innovative digital solutions. And with our intensified use of data science and artificial intelligence, we continue to be committed to make a difference in the lives of our customers,” RCBC President and CEO Eugene S. Acevedo said.
RCBC’s series of wins come from the success of RCBC Moneybela Barangayan Banking, the country’s first physical-digital or phygital blended banking service. Fusing the warmth of physical banking with the ease of digital, RCBC’s banking experience support agents delivered vital financial services to thousands of rural barangays nationwide. Through MoneyBela, RCBC was able to introduce RCBC DiskarTech to low-income, geographically-disadvantaged communities. This was regarded as the world’s first multi-lingual financial inclusion super app in the vernacular catering to the mass market. The Philippines’ mass market is comprised of approximately 98 percent of the socio-economic class in the country. Financial services such as savings, fund transfers, mobile loads, telemedicine, insurance, and loans are made accessible and convenient to the Filipino mass market.
RCBC also launched ATMGo, the country’s first grassroots-based, bank agnostic, and last mile automated teller machine. ATMGo utilizes mobile point-of-sale devices to dispense financial services in remote and disadvantaged communities at village hotspots like the public markets, sari-sari stores, and public transportation hubs. RCBC is the only private universal bank to have the most extensive reach covering all provinces in the Philippines even covering the entire Bangsamoro Autonomous Region in Muslim Mindanao, boasting over 1,400 terminals deployed at the end of 2022 and poised to grow to 10,000 units or a projected year-on-year growth of 614%.
ATM Go has been the Philippine government’s trusted digital payment disbursement partner even before and at the onset of the COVID-19 pandemic, which continues until present for the withdrawals of social welfare benefits for Conditional Cash Transfer household recipients under the Pantawid Pamilyang Pilipino Program (4Ps) of the national government. Close to 70% of its transactions are cash withdrawals of Pantawid CCT household beneficiaries done in rural areas. Even conflict-prone communities such as Lake Sebu in South Cotabato are able to enjoy convenient and real-time banking within the comforts of their community.
Through RCBC’s phygital services, it was able to boost bank onboarding in underserved areas by 210%. ATMGo has reached a total of 13,116 barangays or approximately 31% of the 42,000 total barangays nationwide, only six months since the program was launched last November 2022.
“We are incredibly grateful to be recognized once again by Asiamoney for our dedication towards scaling inclusive digital finance, and our determination to make digital banking more accessible and convenient for every Filipino, especially empowering our micro, small and medium enterprises,” said Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.
“Prestigious awards such as this validate our constant hard work and efforts in bringing banking to the people. This solidifies our unwavering commitment to providing innovative, socially-sensitive, and tailor-fit digital products and services that are not only cutting-edge, but most importantly, created with our clients’ needs in mind,” Villanueva added.
Despite the challenges posed by the COVID-19 pandemic and the economic impacts of the global health crisis, RCBC emerged as one of the fastest growing banks in the Philippines after it leaped from its 8th position in 2018 to 5th position in 2022 in the list of the country’s biggest banks in terms of assets.
RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations. It is now the Philippines’ 5th largest privately-owned universal bank that breached the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic. RCBC’s continuing digital and business transformation further enhanced its value and reach. With this, RCBC has become the most awarded bank in the Philippines. Among its global and local recognitions include a four-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million. Just recently, RCBC was also hailed as Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.
Bianca Therese Libinting
bj*********@**bc.com
+63 927 130 5976
by Ferry Bayu | Aug 31, 2023 | Business
Jollibee Group, San Miguel Foods in long-term cooperation to nourish Filipinos with delicious quality food
For 45 years, home-grown Jollibee Foods Corporation (JFC) strived to only work with reputable suppliers that share the same passion for food quality, food safety, and go beyond these to extend themselves towards driving sustainable operations.
It is no surprise then that San Miguel Foods Incorporated (SMFI) has been a partner to JFC across decades with SMFI supplying fresh, quality poultry products for Jollibee Chickenjoy, and providing other products such as pizza toppings, hams, bacon, butter, cheese and flour for the different restaurant brands of JFC .
As Filipino-owned companies deeply rooted in the value of malasakit or concern for others, both SMFI and JFC work hard every day to nourish and nurture Filipinos by providing food that is fresh, delicious, safe, high in quality, and offer value for money. Both companies are proud in being Filipino-born companies competing in the global arena, being professionally managed, customer-centered, strategic and yet, flexible.
Beyond common values, the longstanding cooperation of JFC and SMFI is attributable to strategically aligned goals further strengthened by mutual respect, transparency of business directions and challenges, and commitment to find solutions to address ever-changing consumer demands.
Sustainability
Both JFC and SMFI’s commitment towards improving its impact towards society and environment has been manifested in each company’s sustainability architecture. For Jollibee Group, it has made significant strides over its 45-year history in various community and energy saving projects, and is now consolidating all its sustainability efforts into “Joy for Tomorrow,” the company’s Global Sustainability Agenda.
The “Joy for Tomorrow” centers on three pillars—food, people, and the planet. This is a more cohesive framework that unites the Jollibee Group community, including employees, business partners, suppliers, vendors, and other stakeholders, toward a set of shared sustainability goals.
On SMFI’s end, its sustainability agenda focuses on four overarching goals which are to establish a circular economy approach by 2040, to achieve Net Zero by 2050, to uplift the lives of at least 15 million people by 2030 and have a fully sustainable and ethical supply chain by 2040.
To achieve these targets, it has implemented key initiatives that help reduce its impact on the environment and improve the quality of life of Filipinos. These include repurposing some by-products from its production as raw materials for feeds, installing rainwater harvest systems in its facilities to conserve water, and tapping renewable energy sources such as solar energy and biomass.
Outlook
As the two companies further extend its collaboration, both remain focused on being customer-centric, from the area of product innovations to market reach expansion.
SMFI lauds JFC for prioritizing listening to its consumers and knowing them well, enabling it to develop the most innovative products that directly meet the customer’s wants and needs. Hence, it sees JFC not only retaining its market leadership in the Philippines but also continuing its successful expansion to other parts of the world.
JFC recognizes the depth and breadth of SMFI’s initiatives to instill high standards of quality in its food offerings and new product development and to deliver these with minimal impact to the planet while maximizing its positive effect to communities. It applauds SMFI for exhibiting characteristics of a world-class food producer and counts on it as one of its top suppliers that helps the Jollibee Group fulfill its mission to serve great tasting food that brings joy to everyone.
by Ferry Bayu | Aug 31, 2023 | Business
Kyndryl and Twimbit reveal APAC banks’ remarkable progress in purpose-driven growth, achieving an impressive 9% aggregate revenue growth
The Bank of Tomorrow 2023 report, produced in collaboration with Kyndryl, aims to uncover the journey of the top 44 banks across the Asia Pacific region. Here, we meticulously assess the growth drivers that have propelled their success, benchmarking them based on five foundational pillars. Moreover, this report offers a strategic view, highlighting how top APAC banks can triumph in the market by capitalising on purpose-driven growth opportunities.
Within the top 44 banks across the region, fee-based income accounts for an average of 13.66% of revenues
SINGAPORE — Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, today announced the launch of the Bank of Tomorrow 2023 report in collaboration with research and advisory firm Twimbit. The report offers a thorough assessment of Asia Pacific (APAC) banks and outlines the projected 2023 outlook, tracking their advancements across five purpose pillars — Shareholders, Employees, Partners and Suppliers, ESG, and Customers.
Centred around Twimbit’s Purpose Index, which helps APAC’s leading banking and financial institutions migrate to the future desired state of being purpose-driven organisations, a couple of key trends emerged. Among the 44 top banks in APAC, a remarkable 16 new entrants were found to be making significant strides in both purpose-driven initiatives and growth. Additionally, spanning four purpose pillars — Customer experience, employee experience, supplier satisfaction, and ESG impact — DBS Bank retained its leading position. The bank not only commands the highest purpose score but also boasts above-average profitability. In close pursuit, Siam Commercial Bank (SCB) secured the second-highest purpose score while maintaining a commendable level of profitability.
Chinese banks remained the most prominent, with the highest revenue size and above-average profitability whilst banks in India were seen to enjoy higher growth rates than many of their peers in other countries. Highlighted in Exhibit 1 are some of the key highlights.
Exhibit 1: A benchmark of the 44 banks according to the Twimbit Purpose Index
Source: Twimbit
“These insights are poised to exert substantial influence on the strategies of businesses and financial institutions, shaping their trajectory towards innovation and expansion. In the case of SCB’s strong performance, credit is largely attributed to their proactive endeavours in bolstering fee-based incomes,” said Manoj Menon, CEO at Twimbit. “We believe fee-based income will become a key growth driver for banks, enabling the generation of alternative revenue streams to drive profitability.”
Exhibit 2: Top 4 Banks to champion fee-based income via digital channels
Source: Twimbit
The importance of fee-based income in driving revenues
In APAC, banks allocated an average of 2.96 percent of their revenues toward information and communications technology (ICT) while the recommended benchmark should hover around 10 percent of revenues.
An example of such divergence is the Bank of Philippine Islands (BPI), which recently announced a significant 50 percent surge in IT spending, propelling its status as a digital frontrunner. Additionally, the National Australia Bank (NAB) stands out as a paragon, showcasing a growth of 16 percent in ICT spending year-on-year.
This increase in investment will drive digital transformation and boost fee-based income growth. Currently, fee-based income is at an average of 14 percent contribution to total revenues, with expectations that the four leading banks will increase their total contribution to 35 percent of revenues by 2030.
“Kyndryl is dedicated to designing, building, managing, and modernising the mission-critical technology systems that the world depends on everyday. We are proud to unveil the Bank of Tomorrow report in partnership with Twimbit, which will significantly impact how businesses and financial institutions will drive innovation and growth moving forward. This industry-wide initiative is aimed to drive invisible banking, achieve a ‘Carbon Neutral 2030’, champion sustainability and promote employee well-being.,” said Susan Follis, Managing Director of ASEAN at Kyndryl.
A purpose-driven future pressures banks to reassess their growth journeys
The report also highlighted that the increasing emphasis on adopting digital-first strategies has gained substantial traction, especially in the advancement of the four purpose pillars. This surge in digital channels has marked a transformative shift within the banking sector.
Prominent aspects include DBS’s sustained leadership in CX banking, evident through the accomplishments of DBS Rapid, DBS BetterWorld, and DBS PayLah. SCB’s efforts to harness state-of-the-art technology to propel sustainable financial practices and ESG initiatives, as demonstrated through applications and initiatives like Robinhood and SCB SME Academy. National Australia Bank’s (NAB) digitalised supply chain supporting invoice automation and online catalogues and BPI scoring 90 percent on employee engagement for implementing comprehensive training programs that significantly enhance EX.
“The financial world is undergoing a tectonic shift fuelled by fintech innovation, new technologies, volatile markets, digital finance, and rising cyber threats. In this transformative era, banks must be empowered to navigate change and unlock the true potential of data and AI to improve products and services for their customers. Kyndryl stands at the forefront of this change and is ready to steer businesses towards data-driven innovation and customer-centricity for banking success,” said Susan Follis.
Read the full report “The Bank of Tomorrow 2023: A Benchmark of the leading banks in APAC” for more information.
Twimbit is a research and advisory firm driven by a singular mission: to empower businesses making a difference. We specialize in providing invaluable industry intelligence to executives and teams, acting as a catalyst for innovation and growth. Twimbit’s proprietary research platform seeks to revolutionize the way enterprises consume insights, making it effortlessly enjoyable and accessible to all.
More information on twimbit is available online at www.twimbit.com. Follow news and updates from Twimbit on Twitter and LinkedIn. Members of the media can find additional information in the Twimbit newsroom.
Vansh Sehgal
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