A proxy war for clients is being fought in Asia via bank cards and the numerous benefits they offer.
Joining the fray is Citi in Singapore who launched their new debit Mastercard® which comes with a market-first online foreign currency trading platform with live rates.
Through this platform, customers will be able to conduct foreign currency transactions as well as utilise what the bank claims in a press release, is a unique auto-buy/sell feature, eFX Order Watch, to pre-set instructions to buy or sell their desired foreign currency at their preferred exchange rate.
Digital Competition
Banks in the region are under pressure from digital payment providers such as Alibaba’s Alipay service and Tencent’s WeChat wallet and are increasingly adding services to retain customer loyalty and drive revenue.
Citi’s minimum threshold for the eFX Order Watch is currently the lowest in the industry at $500, giving customers the full benefit of this feature. The U.S. banking giant is also currently the only bank in Singapore that can quote real-time rates 24 hours a day, 5 days a week for transactions above $25,000.
Demise of The Money Changer
For customers who prefer to effect the foreign currency exchange transactions themselves, they will be able to set-up a Rate Alert in the form of an email and/or SMS to notify them when markets have hit their preferred rate.
Customers are also empowered to lock in their preferred foreign currency rates for up to one minute before making a decision on whether or not to proceed with the transaction.
Banks in Asia have been utilising the voracious client appetite for cards by issuing limited edition versions or cards appealing to selected lifestyle groups. Chinese bank ICBC for example recently issued a «pet credit card» in Hong Kong offering a series of privileges on various pet products and services.
