Hong Leong Bank to allocate 60%-70% of capex for digitisation efforts

  • Business
  • Wednesday, 03 Jul 2019

Speaking to reporters after the launch of the bank

KUALA LUMPUR: HONG LEONG BANK BHD (HLB) is allocating between 60% and 70% of its total capital expenditure (capex) of RM220mil in the financial year ending June 30, 2020 (FY20) for digital capabilities enhancement and initiatives.

Speaking to reporters after the launch of the bank’s Digital Day yesterday, HLB group managing director and chief executive officer Domenic Fuda said there was growing customer adoption of its digital platforms.

This was alongside an unrelenting focus on driving the country’s cashless movement forward by providing convenience as a core value within the bank’s entire suite of digital-led cashless ecosystem solutions for consumers and businesses, he said.

“We made significant progress year-on-year (y-o-y) on the growth in digital transactions. In FY18, we saw 20% to 25% growth in people utilising the digital and mobile platforms for banking transactions.

“For this year, we are targeting about the same,” Fuda added.

He said the bank had been focused on delivering solutions that meet the needs, solve problems and remove friction in the lives of its customers, consumers and business owners through digital transformation and innovation.

“The focus to deliver simple, seamless and straightforward solutions to customers has seen the adoption of Internet and mobile banking and other digital solutions, driving significant growth in cashless transactions across HLB’s customer base,” he said.

Earlier, during the media session themed “Bye-Bye Cash! No Cash No Problem: Cashless is Convenience”, in conjunction with Digital Day, Fuda said consumers were now already making conscious decisions on how and what they use to transact, including, when to use cash in their daily transactions.

He said the bank is piloting collaboration with WeEat, a WeChat mini programme for food and beverage solution in Malaysia, where customers can order, pay and eat their meals seamlessly, avoiding queues and long lines for order and payment.

“Vendors can benefit from the analytical tools and data that can be used to analyse the performance of their business, from identifying hot items to rewarding loyal customers.

“At the moment, the WeEat app has been launched at the DC Mall, Damansara City, with selected vendors. If the pilot venture prove successful, there are plans to introduce it to more vendors nationwide,” Fuda said. — Bernama

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Hong Leong Bank , HLB , Domenic Fuda , capex , digitalisation ,


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