|WITH Singapore’s efforts to promote payments via mobile phones slow to get off the ground, a local firm is dialling overseas to exploit the market potential of this emerging technology.
Following the success of earlier trials, Cassis International is working with a Malaysian operator on the commercial rollout of its mobile wallet initiative, according to company CEO Chua Thian Yee. This comes on the heels of a similar deployment for Korea’s SK Telecom (stock quote: SKM)in 2007.
The homegrown tech upstart, formed in 2002 by a group of executives from the smartcard industry, plays an integral role in realising the payment promise of near field communication (NFC), the technology that is being used to allow consumers to tap and pay for purchases with their handsets.
This is because Cassis provides the solutions needed to allow financial services players to securely distribute credit-card and other payment applications over the air to NFC-enabled mobile phones. By loading the relevant applications, the phone can be used to pay for everything from train rides to burgers and movie tickets.
Cassis was roped in for all the NFC trials that were sanctioned by Visa International(stock quote: V), and is the only Asian firm on the payment provider’s international mobile payment platform consortium.
Helped by the two overseas projects, the firm is expected to maintain its revenue growth at 30 per cent in 2008, but its big break could come within the next year with more commercial rollouts around the world.
‘2009 will be a big year for us,’ Mr Chua told BizIT in an interview on Tuesday, without disclosing details of the deals in the pipeline.
To tackle its overseas projects, the company currently has a team of 70 staff across Malaysia, China, Korea, France, and its headquarters in Singapore.
While inter-operability and fragmentation issues dogged earlier attempts to promote mobile payments, Mr Chua is confident that the outcome will be different this time around with NFC.
Instead of loading credit-card applications into the chip of a plastic card, the data is instead sent over the cellular network to an NFC handset. There is no need to replace existing payment terminals, Mr Chua stressed.
‘NFC uses a standard that has already been established. It’s not about introducing new equipment but merely using another form factor (the mobile phone instead of a plastic credit card) to pay using the same transaction terminal,’ Mr Chua said.
While telcos in countries such as Japan and Korea have introduced mobile payments, local operators here are just starting to dip their toes into the fledgling technology.
Source Business Times 20 Oct 2008
A follow-up of Ridzuan’s email – “Keep it going. Don’t lose heart!” It is pretty clear that the market is filled with pessimism especially of the poor performance in the US retail sector. The retail sales in US declined to 1.2% in the month of September. (Read article here). It is pretty obvious that export-driven Asia economies will be badly affected as the demand of US falls.
In Ridzuan’s email, I understand the anxiety faced by many startups in Singapore as funding activities will be greatly reduced due to the US subprime crisis. The market sentiment has been worsened when Singapore government has announced that Singapore has entered into a technical recession. A technical recession refers to 2 consecutive quarters of contraction. (Read article here)
For those who are involved in a high burn-rate technology early-stage startup, it is going to possess a really big problem in your venture as many PE/VC are reducing their positions instead of investing more on new ventures. In fact, big MNCs are taking the opportunities to look for “bargain” in the market. M&A will still remain strong despite the global meltdown but that only benefits private companies which have reached a certain scale (Read article here). For those startups that are still in the infant stage, better know how to control your spending. Only the Fittest Survive! If the company can pull through the bad weather, the market will definitely value it differently.
This blog post is not meant to discourage passionate people who are starting up. In fact, I admired people like Ridzuan and Kelvin for taking the path of an entrepreneur. Bad time doesn’t always mean problems. It possesses opportunities too. As mentioned by Ridzuan and Bernard, it is the best time to hire talented people since the big players have already reduced or froze hiring.
If you haven’t read Ridzuan’s email, you can access from here.
This is the new song by JJ – 熟能生巧. So who’s the hot babe in his new song? Her name is Akemi. She is a Taiwanese model. She was born in Brazil, but growed up in Tokyo (wanna know more about her, visit here).
A follow-up from my previous post – 林俊杰的赤壁之战. I think the chinese oriental type of music (which Jay Chow usually sings) may not be suitable for JJ. He sounds too modern for that. What did you guys think?
As I was googling for the game – 赤壁online, I found this song by JJ Lim. The title of the song is called 醉赤壁, theme song for the movie 赤壁. Not too bad but it can be better given the fact that 方文山 has involved in writing the lyrics (you can access the lyrics of the song here).
By the way, 隋棠 and JJ are the celebrities who endorse the game.
The seminar is about effective communication. David Goldwich is the instructor of this seminar. He has a BA degree in political science with a focus on political communication, organisational theory and psychology. He also has an MBA with a specialization in Business Mgt and Organisation and a JD degree. In the United States, David practiced law for more than 10 years and is also trained as a mediator.As a trainer, David’s specialisation is in communications and presentation, negotiations, creativity and innovation.
The seminar is a whole day event yet David is able to make what seemingly long-hours lesson into one that is filled with laughter and learning values. All of us have enjoyed the seminar. Rest assure, you will discover the secret of effective communication.
Basically, David’s seminar can be summarized into the following:
- Communicate to express, not to impress
- Seek first to understand, then to be understood
- you learn more by listening than by talking
- People do things for their reasons, not yours
- People have two reasons for everything: One that sounds good, and the real one
- People often act based on emotion and justify their actions with reason
- Perception is reality. People see what they want to see, and hear what they want to hear.
- Whoever frames the questions wins
- Make it easy to say “YES”
- People don’t care how much you know until they know how much you care.
Something in the seminar that is new to me is the Chinese character shown in the below picture.
The ancient Chinese has placed a lot of emphasis on the importance of listening. Very interesting.
Besides using your ears to hear, listen with your heart, watch very carefully for nonverbal signals and treat the speaker like a king. I think this is the most fundamental of effective communication.
If you want to know more about the upcoming event from LCI Seminars, please visit http://www.lciseminars.com/programmes.htm#SES
LCI Executive Seminars
10 Anson Road
#15-14 International Plaza
Tel (65) 63762018
Fax (65) 6376 2260
Guys, Finally, I am starting up a new organisation. My first event is on this coming Saturday. Please see below.
Want to be in tune with the latest hype in the wireless scene? Then join us @ TAWA Networking Forum
Technopreneurs’ Association of Wireless Applications (TAWA) was set up in 2008 with the main objective of promoting the wireless sector in Singapore. TAWA aims to provide companies, academia, aspiring entrepreneurs and prospective investors focusing on the wireless technologies a common exchange platform through a series of industrial sharing sessions and social networking activities.
TAWA Networking Forum is a series of high-tea style networking event whereby young professionals and students passionate about wireless technology will come together to share their knowledge and opinions on trends and issues in the wireless sector. The main objective of the TAWA Networking Forum is to foster stronger ties between education institutions and the private sector.
Details of the event:
Date: 27th September 2008
Time: 2.00 pm
Theme: Wireless Security in Singapore
Invited speakers: Mr Ken Chua, CEO of iCell Network
Mr Paddy Tan, CEO of BAK2u
Be ready to meet up with other enthusiastic, technology-savvy people and have a fun, fruitful networking session! See you there!
This is the opportunity that cannot be missed! Sign up for our first TAWA Networking forum here!
I need to tell Nicole that I can sell my butt review technology products! That is going to be my blog topic for this week.
We went to the EZY Technologies Product Launch @ Geek Terminal. Yes! EZY Technologies Announces its NoTouch External Storage Devices
(Above) This is the NoTouch NT2500 250G mobile hard disk.
The product is specifically designed for students, travellers, and mobile professionals who need to secure, protect and transport their digital files. Casing is included in the package.
So how portable is it? (See photos below)
Side view of the product
The storage solutions also come with:
- Automatic, continuous backup optional software that works in the background allowing peace of mind
- Synchronization and encryption of data
- LED activity light
- USB 2.0 powered & backwards compatible to USB 1.1
• 3-year limited warranty
I would like to thank Chris for inviting me to the event.
Guys, I walked past Raffles City this morning and got to see a display of F1 car. I believe it is a campaign held by several companies. BMW, Credit Suisse, Intel and Dell are one of the companies participating in this campaign.
I am not sure about this but I overheard some onlookers that there is a free photo taking with the F1 model on 22 Aug from 8pm to 10pm at Raffles City.