💻 Bytes Of This Week (22 Apr - 28 Apr)

📊 Market bytes

⬆️ Straits Times Index up from 3188.13 on Monday (22nd Apr) to 3280.10 before closing on Friday (26th Apr)
→ This was up from 3179.51 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. NIO Inc. OV SGX:NIO

2. IFast Corporation SGX:AIY

3. Hor Kew Corporation SGX:BBP

4. Great Eastern Hlds SGX:G07

5. Lion Asiapac SGX:BAZ

6. Jardine Matheson Hldgs SGX:J36

7. Penguin International SGX:BTM

8. Micro-Mechanics (Holdings) SGX:5DD

🌟 Exclusive bytes 🌟

Redefining Banking Experiences: Inside the Exclusive CIMB Pop-up Interview

An Email interview with Merlyn Tsai Mei Ling, Head of Consumer Banking and Digital, CIMB Singapore

1. As the Head of Consumer Banking and Digital at CIMB Singapore, could you elaborate on how the CIMB pop-up aligns with the bank's strategic positioning and its role as a leading focused ASEAN bank?

   CIMB Singapore is proud to be the first bank to curate a ‘phygital’ experience in the form of a pop-up in the heart of the city. With CIMB Pop-up, we are redefining the banking experience, fostering deeper engagement with our customers beyond mere transactions but experiences, and embedded into daily life. By integrating exclusive rewards and a holistic approach to physical, mental and financial wellness, the activities at the CIMB Pop-up offer a differentiated, fun and interactive experience, forging stronger connections with our customers.
   

2. The "House of CIMB x ShopBack" pop-up experience integrates both physical and virtual elements, creating a unique phygital experience. How does this innovative approach reflect CIMB's commitment to redefining banking experiences in Singapore?

   The second phase of the pop-up emphasizes wellness, including financial well-being. Can you elaborate on how CIMB integrates financial education and immersive experiences to empower customers on their financial journey?

   We continuously seek out partnerships to be part of CIMB’s ecosystem to deliver a comprehensive banking experience for our customers while empowering them with the skills and knowledge to take charge of their financial well-being. By partnering with ShopBack in Phase 1, we were able to communicate with customers clearly on how banking services can be embedded into their daily lives and, at the same time, we help our partner to shift from purely digital experience to physical experience. Creating mutual benefits is one of the important partner strategies in CIMB.
   

   For Phase 2, happening from 6 to 21 April 2024, we introduce a wellness hub designed to provide a holistic experience and enhance physical, mental, and financial wellbeing. This is to deliver our Preferred Banking propositions via immersive experiences. Visitors can look forward to deepening their financial knowledge through informative sharing sessions, experiencing mindfulness or relaxation exercises in immersive virtual environments, or join recorded spin classes onsite, and more.
   

   To encourage the adoption of digital banking solutions at our experiential events, we also use our award-winning EVA Chatbot, accessible via WhatsApp, as a channel for visitors to find out more or sign up for CIMB products, and to participate in our lucky draw.

3. The pop-up event includes immersive activities like an AR scavenger hunt and thematic spin classes. How does CIMB see these interactive experiences enhancing its relationship with customers beyond traditional banking services?

   Our objective is to redefine banking experience and create a wholesome engagement with each and every customer beyond products and services. Through the inclusion of exclusive rewards and a holistic experience of physical, mental to financial wellness, activities at the CIMB Pop-up allow us to connect with our customers through a differentiated, fun and interactive experience that goes beyond banking.
   

4. In your role as Head of Consumer Banking and Digital, how do you see the CIMB pop-up experience reinforcing the bank's digital transformation efforts and enhancing the customer journey in the digital age?

   With your extensive experience in digital banking and fintech, how do you perceive the role of such experiential events in driving adoption of digital banking solutions and fostering financial literacy among consumers?

   With more than 90% of our customers signing up for digital banking, and over 90% of our active retail clients digitally active by the end of 2023, we are able to support their daily banking needs through the CIMB Clicks mobile app. In this pop-up, we encourage customers to experience latest technologies and fun digital solutions, to supplement technology with a warm vibe. To connect with our customers as their trusted partner in the financial journey, we believe in creating a fun and interactive experience as a key pillar in our digitalisation efforts, starting with the ‘phygital’ CIMB Bank Express at CIMB Plaza, and extending to CIMB Pop-up today.
   

5. Partnerships seem to be a key aspect of the CIMB pop-up, particularly with ShopBack and various retail brands. How does CIMB leverage such collaborations to provide customers with a seamless and rewarding banking experience?

   How does CIMB ensure that these partnerships translate into tangible benefits for consumers while maintaining financial prudence?

   Partnerships are key to giving our customers a comprehensive banking experience. They enable us to leverage the strengths of our partners and offer our customers a wide range of products, services, and exclusive deals, thereby enhancing their overall experience when interacting with CIMB.

   Beyond shopping/e-commerce, CIMB partners key players in different industry verticals and focus on “ecosystems play” business model, especially in the digital space. We are also the largest bank in Singapore to adopt an “open architecture” framework by working with five major insurers (AIA, Singlife, Income, Manulife, and Tokio Marine) to offer customers more choices and appropriate solutions across different life stages.
   

6. Could you share insights into CIMB's broader sustainability agenda and how initiatives like the pop-up contribute to promoting holistic well-being, both financially and environmentally?

   At CIMB, one of the key efforts in creating a net positive impact in ASEAN is by promoting financial inclusion and sustainable development through partnerships and awareness- building efforts.

   Through this pop-up, we hope to support our customers in achieving holistic well-being by deepening their financial knowledge through informative sharing sessions, improving mental well-being through VR technology which allows them to foster resilience and self- discovery, and more.
   

7. Given CIMB's commitment to digital innovation, what are some upcoming digital initiatives or trends that customers can look forward to, building on the success of the pop-up experience?

   CIMB Singapore is committed to developing digital innovation, and there are several new initiatives in place for our customers. In the pipeline, we are expanding our digital services to provide customers with more convenient and personalised banking solutions as well as digitising various customer contact points including partners’ ecosystem to offer a seamless experience. We aim to be a financial partner that always offers the most suitable products and services with seamless experience whenever customers’ needs arise.

🇸🇬 Main bytes

1️⃣ $4.5M in Savings Await Union Members in May - June

Singapore's FairPrice Group (FPG) is gearing up to deliver substantial savings and discounts exceeding $4.5 million to NTUC union members and Link members this May and June.

This initiative marks a significant increase from last year's commitment, doubling the value of savings offered.

Starting April 25, weekly promotions will feature a 50% discount on selected essential items for union members.

The first week showcases a deal on 5kg Double FP Thai Hom Mali Rice, priced at $6.95 instead of $13.90. More enticing offers will be revealed closer to May 1 and May 9.

In celebration of May Day, FairPrice Foundation has joined hands with Kopitiam, offering union members coffee and tea for a mere 50 cents per cup at selected outlets throughout May and June.

Moreover, children of union members will enjoy a complimentary cup of Milo with any purchase of the discounted beverage on May Day itself.

The group's CEO, Mr. Vipul Chawla, emphasised FPG's dedication to its social mission, ensuring affordability and accessibility of daily staples amid economic challenges.

Recognising the strain on households due to rising inflation, FPG aims to alleviate financial burdens by providing substantial discounts on essential items.

These May Day discounts complement existing programs aimed at easing the cost of living, including a 1% GST discount on over 500 essential items until June 30.

FPG also extends special privileges to seniors and CHAS Blue cardholders, offering discounts on designated shopping days.

Established in 2019, FPG has consistently delivered savings and benefits to its members and the community.

Through its various initiatives, including the "Greater Value Every Day" campaign and evergreen value programs, FPG continues to uphold its commitment to delivering value to its customers.

2️⃣ Changi Airport's Rebound: Q1 2024 Sees Surpassing Pre-Pandemic Passenger Levels

Changi Airport has witnessed a remarkable resurgence in passenger traffic, surpassing pre-pandemic levels in the first quarter of 2024. With 16.5 million passengers passing through its gates, the airport's numbers reflect a promising trajectory towards recovery.

Notably, January, February, and March saw 96%, 104.3%, and 101.7% increases respectively compared to the same months in 2019.

This surge in passenger movements, totalling 0.5% higher than Q1 2019, signifies a robust recovery for Changi Airport.

The resurgence extends beyond passenger traffic, with aircraft movements reaching 94% of Q1 2019 levels.

North America emerges as a standout performer, surpassing pre-Covid levels by 25%. China leads the charge as Changi's top market, fuelled by a mutual visa exemption arrangement.

Amidst this recovery, airfreight throughput rose by 14%, marking the first year-on-year growth after seven quarters of decline.

Strong transshipment performance, especially with China, contributed significantly to this growth.

CAG's executive vice president, Lim Ching Kiat, attributes this success to collaborative efforts with airline partners and strategic initiatives.

As Singapore aims for full traffic recovery, plans include introducing new airline brands and destinations.

In addition, Transport Minister Chee Hong Tat lauds the growth as a significant milestone, expressing optimism for surpassing pre-Covid passenger levels for the full year.

On the other hand, outgoing CAG CEO Lee Seow Hiang receives commendation for his transformative leadership during challenging times.

With Mr. Yam Kum Weng set to take over as CEO on July 1, Changi Airport's trajectory toward full recovery remains promising, bolstered by strategic planning and industry collaboration.

3️⃣ 2.5km Underground Link to Merge Terminals T2 and T5 Together

Singapore's Changi Airport continues to pave the way for seamless travel experiences with plans for a 2.5km underground link connecting Terminal 5 (T5) to Terminal 2 (T2).

This ambitious project, part of the ongoing Changi East development, aims to enhance inter-terminal connectivity and accommodate future growth.

Scheduled for completion in the mid-2030s, the T2 Connection will feature tunnels housing an automated people-mover system akin to the existing Skytrain, alongside a dedicated baggage handling system.

Preparatory work is already underway, with construction efforts expected to intensify in the coming years.

The project, with a total cost exceeding $722 million, highlights Singapore's commitment to bolstering its aviation infrastructure despite challenges posed by the pandemic.

Awarded to Shanghai Tunnel Engineering Co, the contract encompasses design, construction, and restoration works, slated for completion by October 2028.

Inter-terminal connectivity is crucial for a major hub like Changi, facilitating seamless transfers for passengers.

The underground link not only streamlines travel within the airport but also aligns with evolving consumer trends and the airport's expansion plans.

Drawing insights from comparable projects like Hong Kong International Airport's expansion, Changi aims to deliver efficient and advanced transportation solutions.

Future plans include integrating public transport options like the Thomson-East Coast MRT Line extension, ensuring comprehensive connectivity for travelers.

As Changi Airport progresses towards its vision of Terminal 5, meticulous attention is devoted to infrastructural nuances, from road networks to transport systems.

With construction set to commence in 2025, Terminal 5 heralds a new era of aviation for Singapore, poised to accommodate up to 50 million passengers annually, surpassing the combined capacities of Terminals 1 and 3.

🛰️Tech bytes

1️⃣ Tech in Schools: Customised Approaches for Effective Learning, Says Chan Chun Sing

Singapore's approach to technology in education is evolving, with Education Minister Chan Chun Sing emphasising a nuanced strategy tailored to students' needs.

While secondary school students have personal learning devices, primary schools take a more guided approach, introducing digital tools for upper primary pupils under supervision.

Minister Chan highlights the importance of discipline and responsibility in device use, emphasising the need for guidance in self-regulated usage.

Singapore's stance, as discussed at the recent International Summit on the Teaching Profession, revolves around how to use technology effectively rather than whether to use it.

Acknowledging varying learning needs, Minister Chan underscores the role of teachers in selecting appropriate digital tools.

While high-ability students may thrive with technology, others require additional support and guidance, emphasising the importance of personalised approaches.

Research underscores the significance of how devices are used, with implications for brain development.

Teachers' willingness to experiment with different approaches is also crucial in refining digital integration strategies, enabling informed decisions about effective learning tools.

🚗 Transport bytes

1️⃣ Walk-Ins for Some Services to Cease as Traffic Police Moves Services Online

In a bid to enhance efficiency, the Singapore Traffic Police announces the transition of certain traffic-related services to online platforms starting May 13.

Walk-in appointments for tasks such as changing driving license particulars or converting foreign licenses to local ones will be replaced by online booking systems.

Two new online services are set to launch, including an appointment system for driving license photo changes or citizenship status updates.

This system, accessible via the Singapore Police Force website, also facilitates requests for license extracts and collection or cancellation of licenses.

Moreover, individuals seeking to convert foreign driving licenses will complete the process online using FormSG.

Following a successful trial with Malaysian licenses in 2022, applicants will receive email notifications of their application outcomes within six weeks. Successful applicants will then attend appointments at the Traffic Police headquarters in Ubi for verification.

While walk-ins will be permitted until May 12, appointments will become mandatory thereafter, with exceptions for long-term visit pass holders renewing or replacing licenses.

This move towards digitalisation aims to streamline processes, reducing application times and enhancing overall service efficiency, according to the Traffic Police statement.

💬 Editor’s byte

Thank you for sticking with us! We are looking forward to provide you with more exciting coverage and exclusive bytes!

As always, your continued readership is greatly appreciated. If you have any feedback, whether it pertains to the content or any other aspect of bytedot, please don't hesitate to reach out to us at [email protected]

We're excited to bring you more insightful content in the next newsletter. Until then, stay safe and well-informed!

Cheers, D from bytedot

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