DBS Hong Kong and Yedpay collaborate to launch the DBS MAX Merchant Solutions with all-in-one sales management
Hong Kong, 16 Sep 2024 -
DBS Bank (Hong Kong) Limited (“DBS Hong Kong”)
and
The Payment Cards Group Limited (“Yedpay”)
today announced the launch of “DBS MAX Merchant Solutions”, a one-stop solution for managing sales operations, featuring a suite of tools that streamline payment collections and enhance operational efficiency for merchants in Hong Kong. The payment collection settlements proceed as quickly as 1 day after the transactions
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.
Recent research by DBS Hong Kong
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highlighted that nearly 70% of merchant respondents are currently utilising digital payment methods, with 86% planning to adopt new digital payment methods in their operation within the next 12 months. However, inaccurate financial records due to reconciliation challenges (35%) and inefficient settlement time from their payment acquirers (31%) were the main challenges for businesses.
The new “DBS MAX Merchant Solutions” address these pain points by offering swift onboarding, where business accounts can be opened in as fast as 1 working day, and collection settlements processed as quickly as 1 day after the transaction. The solution is compatible with a wide range of 21 payment options, and provide a flexible integration with various sales channels. By consolidating sales operation data and bank account information into a single platform, “DBS MAX Merchant Solutions” allow merchants enhancing efficiency, gaining data-driven insights, and advancing their digital transformation, while providing banking-level security safeguards.
Boris Chan, Managing Director and Head of Global Transaction Services, DBS Bank Hong Kong
, said, “We are excited to partner with Yedpay to make business operations easier for merchants. This solution addresses two critical merchant pain points - reconciliation challenges and slow settlement time. By combining the strengths of DBS and Yedpay, ‘DBS MAX Merchant Solutions’ enable them to manage collections seamlessly, while expanding their range of digital payment options and providing a comprehensive support to the merchants.”
Beatrice Tai, Chief Operation Officer, Yedpay
stated: “Over the past few years, Yedpay has evolved from a payment service provider into an acquirer. We have developed a comprehensive understanding of the challenges, complexities, time constraints, and costs that merchants face in payment and settlement processes. We see tremendous opportunity to collaborate with DBS Hong Kong, combining our new cloud-based processing technology with DBS’ banking expertise to jointly develop solutions that streamline processes for merchants. By working hand-in-hand, we can deliver seamless settlement solutions that reduce friction and costs for merchants.”
As businesses continue to navigate the evolving landscape of digital payments, DBS Hong Kong remains dedicated to providing tailored solutions that enhance operational efficiency and support sustainable growth.
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A recent DBS Hong Kong survey in August titled “Merchant Collection Solutions and Challenges for Local Businesses” interviewed 200 representatives from Hong Kong to examine the payment landscape, pain points and customer expectations and the level of satisfaction with current collection solutions.
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Only be applicable to offline transactions completed through Yedpay Portable POS Device and is subject to the actual cases of individual merchants. For more details, please consult the service provider Yedpay. DBS Bank (Hong Kong) Limited (“The Bank”) is the provider for payment collections via Faster Payment System (“FPS”) and other payment collection methods under DBS MAX Merchant Solutions are provided by The Payment Cards Group Limited (“Yedpay”). The Bank is not liable for the services/products provided by the third party service provider. For the full disclaimer of the service, please visit:
go.dbs.com/3RZKTaC
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “
World’s Best Bank
” by Global Finance, “
World’s Best Bank
” by Euromoney and “
Global Bank of the Year
” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “
World’s Best Digital Bank
” by Euromoney and the world’s “
Most Innovative in Digital Banking
” by The Banker. In addition, DBS has been accorded the “
Safest Bank in Asia
“ award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit
www.dbs.com
.
About Yedpay
Yedpay, a brand under The Payment Cards Group (PCG), has firmly established itself as a leading payment acceptance business in Hong Kong. The end-to-end payment infrastructure complies with ISO 27001, PCI DSS, and PCI CPoC standards in the cloud environment. Additionally, the payment application is certified with EMV Level 2 and Level 3.
Yedpay’s mission is to connect the disconnected. By leveraging PCG's proprietary acquiring processor solution to streamline end-to-end payment processes, Yedpay is dedicated to unlocking the potential of payment data across the entire payment acceptance industry while maintaining the highest standards of security. For more information, please visit the Yedpay website:
https://www.yedpay.com/zh/
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
