Wirecard Issues RHB Bank’s First Digital Multi-Currency Card RHB TravelFX

PR75247

ASCHHEIM, Germany and SINGAPORE, Sept. 18, 2018 /PRNewswire=KYODO JBN/ --

    - Wirecard issues Singapore's first multi-currency card, launched by RHB

Bank which is present in ten Asian countries

    - The payment solution provides an easy-to-use platform that offers

customers competitive foreign exchange (FX) rates to eleven currencies in the

RHB TravelFX app

    Wirecard, the global innovation leader for digital financial technology,

and RHB Singapore, part of the RHB Banking Group and recognized as one of the

region's leading multinational financial services groups with an annual revenue

of EUR 145 bn., are introducing today the digital multi-currency card RHB

TravelFX and the accompanying mobile app. The RHB Group's regional presence

spans ten countries including Malaysia, Singapore, Indonesia, Thailand, Brunei,

Cambodia, Myanmar, Hong Kong (with a representative office in China), Vietnam

and Lao PDR. RHB TravelFX is the first prepaid multi-currency Visa card

introduced by a bank in Singapore. The payment solution provides an easy-to-use

platform that offers customers very competitive foreign exchange rates,

real-time currency exchange and the freedom to use local currency overseas.

    Using multi-currency cards is a safe and smart way to carry travel money.

The product issued by Wirecard and provided by RHB Bank has an enormous

potential to alter the way foreigners pay abroad in the long run. In 2016,

global international tourism revenue reached approximately 1.36 trillion U.S.

dollars, having almost doubled since 2005. Travelers from the Asia-Pacific

region have the largest international tourism expenditure worldwide.

Singaporean customers of RHB will have access to payment in eleven different

currencies via the RHB TravelFX app, thus being able to enjoy traveling without

bringing cash or having to deal with leftover currencies. Wirecard issues the

multi-currency Visa credit card that is distributed by RHB Singapore. The

unique arrangement and partnership between Wirecard and RHB provides card users

with security features to use the card wallet without accessing their bank

accounts.

    Apart from enabling customers to make purchases in national currencies when

overseas, the RHB TravelFX allows them to withdraw local currency from the

widespread Visa/Plus ATM network, to make online purchases in any of those

currencies of choice and to exchange foreign currencies within the card wallet.

Customers can fully manage the card wallet via the app and enjoy 24-hour access

to competitive FX rates. There is also added security, allowing customers to

lock the card when it is not in use or lost.

    Ms Wong Chung Yee, Head of Personal Financial Services and Wealth

Management, RHB Singapore, says: "In our effort to move into the cashless and

eWallet space, we are pleased to launch the RHB TravelFX app, a multi-currency

mobile wallet open to customers with bank accounts in Singapore. Customers will

benefit from the convenience and competitive FX rates offered by this solution.

The app gives customers total control over the FX rates that they want to buy

at, by setting an alert on the app at their preferred rates, and exchange for

foreign currencies anywhere, anytime - enhancing one's traveling experience."

    "Travel is a popular activity amongst Singaporeans. Based on the Global

Travel Intentions study commissioned by Visa, Singaporeans have taken

approximately seven international trips in the last two years. Our data also

shows that 20 per cent of total spend for Singapore Visa cardholders is on

cross-border purchases. Even though Singaporeans are extremely familiar with

digital payments, 95 per cent of them will still visit a money changer to

exchange for foreign cash before they travel. With a travel product like RHB

TravelFX offered to consumers today, we believe more Singaporeans will embrace

the benefits and convenience of using electronic payments, especially when they

travel," adds Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.

    Grigoriy Kuznetsov, Executive Vice President, Global Financial Services at

Wirecard, says: "Digitalization has brought about huge changes in all areas and

especially in financial services. This means that as a bank, it is crucial to

offer your customers smart,  digital products that provide real added value. We

are very pleased that we are able to contribute our expertise as a global

innovation leader in digital financial technology and to realise this great

project together with RHB. This enables RHB Singapore to offer their customers

a fully digital state-of-the-art solution that makes traveling much easier and

more fun. This further reinforces our position as a leading global prepaid

issuer and Bank Identification Number sponsor."

    The RHB TravelFX app can be downloaded via Google Play Store and Apple App

Store. Thereafter, consumers can easily apply for the RHB multi-currency card

through the app and charge their RHB TravelFX card wallet with Singapore

Dollars from any bank account in Singapore. Customers do not need to maintain a

bank account with RHB, there is no annual fee and no minimum balance fall-below

fee.

    About Wirecard:

    Wirecard (GER:WDI) is one of the world's fastest growing digital platforms

in the area of financial commerce. We provide both business customers and

consumers with a constantly expanding ecosystem of real-time value-added

services built around innovative digital payments by using an integrated B2B2C

approach. This ecosystem concentrates on the areas payment & risk, retail &

transaction banking, loyalty & couponing, data analytics & conversion rate

enhancement in all sales channels (online, mobile, ePOS). Wirecard operates

regulated financial institutions in several key markets, holds issuing and

acquiring licenses from all major payment and card networks. Wirecard AG is

listed on the Frankfurt Stock Exchange (TecDAX, ISIN DE0007472060). Visit us on

http://www.wirecard.com, follow us on Twitter @wirecard and on Facebook

@wirecardgroup.

    About RHB Singapore:

    RHB Singapore was first established in 1961 through a series of rapid

expansion and strategic mergers. For more than half a century, RHB has garnered

invaluable financial experience and transferred those insights of service

excellence on to clients, helping both individuals as well as corporations

fulfil their business opportunities. Throughout these years of dedication in

Singapore, RHB has built formidable ties with clients and is established as one

of the Republic's most trusted financial institutions. RHB Singapore's core

businesses are streamlined into eight pillars, namely Personal Financial

Services and Wealth Management, Commercial Banking, Corporate Banking,

Treasury, Structured Finance as well as Investment Banking, Brokerage and Asset

Management businesses. All the eight business pillars are offered through RHB

Bank Berhad (a fully-licensed bank), RHB Securities Singapore Pte Ltd and RHB

Asset Management Pte Ltd. RHB Singapore is the local business operations of the

RHB Banking Group, the fourth largest fully integrated financial services group

in Malaysia. The Group's regional presence spans ten countries in ASEAN

including Hong Kong. It is RHB Banking Group's aspiration to continue to

deliver superior customer experience and shareholder value; and to be

recognised as a Leading Multinational Financial Services Group. For more

information, please visit http://www.rhbgroup.com.sg.

    Wirecard media contact:

    Wirecard AG

    Jana Tilz     Tel.: +49(0)89-4424-1363

    Email: jana.tilz@wirecard.com

    RHB media contact:

    RHB Singapore

    Brand Marketing and Communications department

    Tel.: +65-6320-6192/+65-6320-0637

    Email: bmc@rhbgroup.com

Source:  Wirecard