Visa Taiwan Co (台灣威士卡) will focus on developing business-to-business (B2B) payment, cross-border payment, and collaborations with local start-ups and fintech firms in the next three years, general manager Michelle Jao (趙麗芳) told a news conference in Taipei yesterday.
Visa Taiwan on Saturday formed a partnership with GoShare, Gogoro Inc’s (睿能創意) electric scooter sharing service, and plans to work with more fintech firms so its cards could be accepted at more platforms, Jao said.
Visa has benefited from its collaboration with about 20 fintech companies in the Asia-Pacific region in the past few years, with new credit card accounts increasing by 1 billion and its partner merchants rising by 65 million, Jao said.
While the company has cooperated with large-scale Chinese fintech firms such as Alipay.com Co (支付寶), Visa Taiwan would seek more local start-ups with great potential, as they would likely develop a global ecosystem, Jao said.
Visa Taiwan would set up its own fintech accelerator to nurture start-ups that could introduce new solutions, especially those focusing on cross-border remittance, cybersecurity, identity authentication, customer loyalty and B2B payments, Jao said.
The company is focusing on B2B payment and cross-border remittance as Taiwan is an export-oriented economy, she said, adding that with the nation’s exports and imports totaling more than US$610 billion a year, business opportunities would be huge if some companies were to adopt Visa’s payment solutions.
The company would also work with the nation’s three virtual banks, which are expected to begin operating by the end of the year, she said.
Visa Taiwan is negotiating with the Financial Supervisory Commission and the Bankers Association to launch its service — Visa B2B Connect, a non-card-based payment network that enables seamless bank-to-bank cross-border business transactions, Jao said.
The streamlined cross-border payment service has been launched in about 10 companies in the Asia-Pacific region, she added.
“As the innovative service is based on blockchain technology, we need to communicate with the regulator and the banks more, but overall, they are supportive and expect the technology to offer more convenience,” Jao said.
The COVID-19 pandemic has sped up digital payment adoption in Taiwan, with online payments growing 16 percent year-on-year, she added.
Visa would expand its network and apply its capabilities across all payment flows, becoming a single point of connection to help consumers, businesses and governments to move money safely and efficiently, she said.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US