Legacy Credit Emerges as a Substantial Shareholder in VCI Global
KUALA LUMPUR, Apr 24, 2024 – (ACN Newswire) – Legacy Credit Sdn Bhd (“Legacy Credit” or the “Company”), a recognised entity in the financial services sector, is pleased to announce a substantial investment exceeding 5% stake through a private placement in VCI Global Limited (NASDAQ: VCIG) (“VCI Global”). Under this shares placement agreement, Legacy Credit will invest $2.5 million in VCI Global. This positions Legacy Credit as a substantial shareholder, reflecting its strategic commitment to enhancing financial solutions and expanding its influence across the ASEAN region.
VCI Global, known for its expertise in Corporate Finance, has a proven track record of facilitating SMEs in achieving Nasdaq listings, which is critical for companies aiming to tap into international markets. This partnership is expected to leverage Legacy Credit’s robust financial network and VCI Global’s technical prowess to foster substantial economic growth and innovation.
Mr. Nelson Goh, Director and Chief Executive Officer (CEO) of Legacy Credit commented, “Our significant investment in VCI Global is more than a financial venture; it’s a strategic alliance. With this move, we aim to blend VCI’s esteemed capabilities with our innovative approaches to open up new pathways for ASEAN SMEs on global platforms such as Nasdaq.”
Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global stated, ” We are delighted to welcome Legacy Credit as a valued investor. Their confidence in VCIG underscores our reliability and investment potential. Legacy Credit’s investment will boost our business, accelerate our growth trajectory, and drive long-term value for our stakeholders, demonstrating our commitment for further company growth.”
This strategic investment marks a milestone for Legacy Credit, highlighting its commitment to facilitating broader economic opportunities and enhancing its portfolio of financial services. Through this collaboration, Legacy Credit aims to further its vision of delivering innovative solutions that meet the evolving needs of businesses in ASEAN and beyond.
Topic: Press release summary
AEON Credit FY2023 Revenue Up 31.8% to HK$1,623.3 Million with Healthy Sales and Receivables Growth
HONG KONG, Apr 5, 2024 – (ACN Newswire) – AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) today announced its annual results for the year ended 29th February 2024 (“FY2023” or the “Reporting Year”).
During the Reporting Year, the Group’s revenue surged by 31.8% year-on-year to HK$1,623.3 million, as the Group achieved a steady increase in credit card receivables and personal loan receivables, and recorded a significant growth in net interest income despite the increase in funding cost and bank borrowings. With the cost-to-income ratio decreasing to 46.9% from 53.8% in the Previous Year due to the increase in operating income and enhanced operational efficiency, the Group recorded an operating profit of HK$807.9 million for the Reporting Year, representing an increase of 45.1% over the Previous Year. Profit after tax increased by 5.0% to HK$392.3 million in FY2023, with earnings per share increasing to 93.67 HK cents (FY2022: 89.22 HK cents).
The Board has recommended a final dividend of 24.0 HK cents per share, bringing the total dividend for FY2023 to 48.0 HK cents per share, representing a dividend payout ratio of 51.2%.
The Group took a number of timely initiatives during the Reporting Year to drive healthy growth in both sales and receivables for a quality portfolio that provides income, growth and resilience. The Group achieved another year of overall sales growth of 12.4% when compared to the year ended 28th February 2023 (“FY2022” or the “Previous Year”). The total advances and receivables balance continued its upward trend, recording an increase of 19.3% as at 29th February 2024 compared to the balance as at 28th February 2023.
To propel digital transformation, the Group successfully launched the new card and loan system, and the revamped AEON Netmember website and “AEON HK” mobile application (“Mobile App”) during the Reporting Year. This provides a flexible and integrated platform for the creation and delivery of new payment solutions and product benefits. With the rollout of data lake, the Group has developed the ability to utilize data analytics for marketing activities more effectively.
As for customer experience, following the revamp of the new mobile application with biometric authentication and one-time password for online transactions in the first quarter, the Group further added “QR Pay” and “QR Cash” functions to the AEON UnionPay Card and introduced Apple Pay and Google Pay to provide customers with a safer, more secure and convenient way to make payments and withdraw cash. Meanwhile, the Group continued to revamp its branches with dedicated insurance consultation counters and expand its branch network, transforming its physical branch network to a one-stop financial center that delivers face-to-face financial and related advisory services.
The card acquiring business of the Group took a major step forward in FY2023, with more transactions processed for sizeable merchants through cooperation with payment gateways to expand the merchant acquiring channel, which also facilitated the growth of the credit purchase card installment plan business. For the insurance intermediary business, through the development of its sales channels at its branches as well as on its website and mobile application, the Company have enhanced the convenience for customers to access and purchase a wide range of insurance products.
Besides business growth, the Group also places great emphasis on integrating sustainability into its business operations. In the first quarter, new branch uniforms made from environmentally friendly materials were introduced. Since the third quarter, the Group has gradually removed traditional first-use PVC plastics from its credit cards in favor of post-consumer recycled polyvinyl chloride (“rPVC”) plastics approved by the Global Recycled Standard. During the Reporting Year, the Company also renovated its head office, incorporating energy-efficient and environmentally friendly designs such as social hub, motion sensor controls and waste recycling facilities to create a more sustainable and health workplace.
Looking ahead, the Group will strive to accelerate the momentum of sales and receivables growth, while improving the credit assessment and monitoring technique to maintain stable asset quality. On the marketing side, the Group will continue to launch mass promotion initiatives for both its credit card and personal loan businesses. In addition, the Group will continue to refine its credit assessment policy with the aim of maximizing profitability by extending credit facilities to customers on a bespoke and sustainable basis.
As the contactless mobile payment solution is maturing into mass-market deployment in Hong Kong, the Group will invest additional resources to develop related products in the areas of virtual card and e-wallet. With the development of advanced technology in credit assessment and drawdown functions, the Mobile App is expected to become the main channel for credit card and personal loan services.
To further develop the peripheral business, the Group will continue to enhance the operating model of the acquiring and insurance intermediary businesses. The Group expects to secure acquiring licenses from new payment gateways for further expansion of its payment services scope and merchant network. For the insurance intermediary business, the Group will shift the business model to be more customer-centric, with the expansion of the contact center network and the addition of more varieties of insurance products to meet customer needs.
Mr. Wei Aiguo, Managing Director of AEON Credit, said, “We are pleased to have delivered another year of favourable growth despite an uncertain operating environment. We remain committed to meeting the evolving needs of customers and to expand our customer base with more innovative and tailored products. With our responsiveness and strong business relationships with our partners, complemented with a solid liquidity position and balance sheet as well as proven management capabilities, we are well positioned to capture the vast opportunities in the growing consumer finance market and achieve sustainable growth.”
About AEON Credit Service (Asia) Company Limited (Stock Code: 00900)
AEON Credit Service (Asia) Company Limited, a subsidiary of AEON Financial Service Co., Ltd. (TSE: 8570) and a member of the AEON Group, was set up in 1987 and listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1995. The Group is principally engaged in the consumer finance business, which includes the issuance of credit cards and the provision of personal loan financing, card payment processing services, insurance agency and brokerage business in Hong Kong and microfinance business in Mainland China.
For more information, please visit the company’s website at www.aeon.com.hk.
Topic: Press release summary
Japan – JCB and AEON Credit Service Indonesia Launch the AEON JCB Precious Card
TOKYO & JAKARTA, Mar 22, 2024 – (JCN Newswire) – PT JCB International Indonesia, a subsidiary of JCB International Co., Ltd. (JCB), and PT AEON Credit Service Indonesia have launched the AEON JCB Precious Card, targeting the premium segment and focusing on family needs. The credit card is designed to help Indonesian families meet their basic daily needs and still enjoy a life with the card’s dining and travel benefits.
AEON JCB Precious Card consistently prioritizes customer satisfaction and remains committed to providing the maximum benefits to ensure an exceptional customer experience. In line with the upcoming Eid Al-Fitr shopping and Indonesian holiday season, AEON JCB Precious Card has launched a special loyalty program. With a minimum transaction of IDR 10 million within the first 2 months of card approval, the first 100 cardmembers will receive a travel e-voucher worth IDR 1 million. On top of that, the first 500 approved applicants will receive an IDR 50k AEON Store discount voucher. Customers can easily apply for the AEON JCB Precious Card and approved applicants receive the card within one hour at the AEON Service Counter at all AEON Malls in Indonesia.
There are three special days for AEON JCB Precious cardmembers. We begin with Thanksgiving Day, on the 20th and 30th of every month, AEON JCB Precious cardmembers who make purchases at AEON stores in Indonesia will receive 10% cashback. Continuing with Precious Day, on the first Sunday of each month, cardmember will receive 10% cashback on the transactions made at AEON stores. And Your Special Day, where cardmembers can choose one day each month to earn 10% cashback on every transaction at AEON stores.
Not only at the AEON stores in Indonesia, AEON JCB cardmembers will get the added benefit of 3% cashback on the daily dining and gasoline transactions. In addition to the 3% cashback, AEON JCB cardmembers can also enjoy discounts of up to 25% at more than 100 Japanese restaurants participating in the JCB Japan Dining Festival.
As well as the program in Indonesia, cardmembers can also enjoy benefit from the JCB Platinum Concierge Desk, a one-call service for all the services cardmembers want and need, anytime, anywhere. Cardmembers are entitled to enjoy JCB Platinum Airport Lounge services worldwide at lounges selected by JCB. Cardmembers can sit back and relax until departure time.
Takumi Takahashi, President Director, PT JCB International Indonesia, said, “JCB is proud to partner with AEON Credit Service Indonesia and launch the AEON JCB Precious Card, offering its cardmembers benefits for daily needs, shopping, dining, domestic and international travel. We hope that the AEON JCB Precious cardmembers can enjoy the experience of a complete journey with the AEON JCB Precious Card.”
About AEON Credit Service Indonesia
PT AEON Credit Service Indonesia is a subsidiary of AEON Financial Service Co., Ltd Japan operating under AEON Co., Ltd. The Company established in Indonesia on 2006, with focused it business in consumer financing. Started 2013, the Company obtained a credit card issuer licensed from Bank Indonesia then issued its first credit card following the track of its sister companies in Japan and Overseas.
AEON Co., Ltd. itself is Japan’s largest retail business conglomerate, comprising more than 300 companies, as well as overseas operations in 13 countries. In synergy with the growth of AEON Family in Japan, AEON Financial Service Co., Ltd. (AFSJ) offers financial solutions such as credit servicing, banking, e-money and financial consulting services to benefit customers’ lifestyles and their futures. AFSJ is one of the leading credit-card issuers and consumer credit providers in Japan.
Contact
Ray Christian Sugeng
Corporate Planning
Tel: +62-252 3331
Email: ray_sugeng@aeon.co.id
About JCB
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 46 million merchants around the world. JCB Cards are now issued mainly in Asian countries and territories, with more than 156 million card members. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en/
Contact
Ayaka Nakajima
Corporate Communications
Tel: +81-3-5778-8353
Email: jcb-pr@info.jcb.co.jp
Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
AEON Credit Revenue Up 34.4% to HK$1,192.9 Million in First Nine Months of FY2023, Profit Rises 12.8% to HK$282.3 Million
HONG KONG, Jan 4, 2024 – (ACN Newswire) – AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) today announced its results for the nine months ended 30 November 2023 (“first nine months of FY2023” or the “Reporting Period”).
During the Reporting Period, the Group’s revenue jumped by 34.4% year-on-year to HK$1,192.9 million, as the continued increase in credit card receivables and personal loan receivables, driven by the Group’s marketing programs, together with the increase in the interest rate on card credit purchases, resulted in a significant rise in interest income. The growth in revenue was also attributable to the fees and commissions from the credit card acquiring business, which increased by HK$9.4 million to HK$32.1 million, due to an increase in the number of card acquiring merchants and transaction volume. Meanwhile, profit after tax grew 12.8% to HK$282.3 million, with earnings per share rose to 67.40 HK cents.
As the market continued to recover, the Group took a number of customised, proactive measures during the Reporting Period to drive healthy growth in both sales and receivables, with an objective to build a quality portfolio that is expected to provide income, growth and resilience at the same time. As a result, the Group’s overall sales for the first nine months of FY2023 increased by 18.5% compared with the same period last year (“first nine months of FY2022” or the “Previous Period”), and the gross advances and receivables balance increased by 16.8% from the end of February 2023.
In terms of marketing, the Group utilized targeted and attractive promotions to better publicise its competitive products and services to the right customers. Besides, to further enhance the security and convenience to credit card users, new functions such as UnionPay QR Pay, UnionPay QR Cash, Apple Pay and Google Pay have been added in to provide customers with alternative means to make payments and cash withdrawals, in addition to the biometric authentication on the Company’s new mobile application and one-time passwords for online transactions. Regarding the quality of the credit portfolio, the Group continued to enhance its credit assessment model with updated market indicators and adopted up-to-date analytical tools for account management, which has significantly helped control the increase in delinquent receivables.
In parallel with business growth, the Group attaches great importance to integrating sustainability into its business operations. In early September 2023, the Group began to gradually phase out traditional first-use PVC plastics in its credit cards in favour of post-consumer recycled poly vinyl chloride (“rPVC”) plastics approved by the Global Recycled Standard (GRS). This move will provide more environmentally conscious consumers with access to sustainable credit card products.
Looking ahead, in the face of mixed economic signals, the Group will strive to accelerate the growth momentum of sales and receivables, while continuing to improve credit assessment approaches and techniques to maintain a stable asset quality portfolio. On the marketing side, the Group will continue to launch mass promotion initiatives for both its credit card and personal loan businesses with gamification and incentives to capture increasing consumer spending in the market. Meanwhile new mobile payment products and digital services will be launched to enrich the customer journey and ensure that the Group stays ahead in this competitive environment. With regards to sustainability, the Group will seek to adopt more digitalised payment solutions and energy-saving solutions to further reduce its carbon footprint and energy consumption.
Mr. Tomoharu Fukayama, Managing Director of AEON Credit, said, “We are pleased to have achieved continued solid growth in both revenue and profit in the first nine months of FY2023. Our commitment to providing exceptional credit card services remains steadfast, as we strive to meet the evolving needs of our customers. We are also determined to expand our customer base with more innovative and customized offerings. With a strong liquidity position and balance sheet, we are confident of our ability to capitalize on the tremendous opportunities in the growing consumer finance market and sustain our growth trajectory for the future.”
About AEON Credit Service (Asia) Company Limited (Stock Code: 00900)
AEON Credit Service (Asia) Company Limited, a subsidiary of AEON Financial Service Co., Ltd. (TSE: 8570) and a member of the AEON Group, was set up in 1987 and listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1995. The Group is principally engaged in the consumer finance business, which includes the issuance of credit cards and the provision of personal loan financing, card payment processing services, insurance agency and brokerage business in Hong Kong and microfinance business in Mainland China.
For more information, please visit the company’s website at www.aeon.com.hk.
Topic: Press release summary
How to Pick the Right Credit Card for Yourself
Selecting the best credit card from a plethora of options can be tedious. While one may offer benefits like redeemable points, the other may provide attractive cashback options. With so many choices available, choosing one that would help you earn the best rewards as you spend can get confusing.
However, this limitation can be easily tackled by simply narrowing down the choices based on a few factors discussed below:
What to Look for in a Credit Card?
Identify the Reason
Before you apply for a credit card, it is necessary to identify the reason for applying for one. For instance, if you want to get a credit card to simply make purchases and are not too concerned about receiving rewards, you may want to select one with flexible features and a sufficient credit limit. You can then easily filter out the options that do not meet your requirements.
Select the Credit Card Providing the Best Value
Once you have filtered out the options that do not fit your needs, you can further narrow down the choices according to the value they offer. For example, if you have to compare two rewards credit cards, you can select the one that offers points that never expire. If both offer this option, you can compare other factors, such as interest rates and whether the cards come with late fee penalties. You may also want to check if your shortlisted cards offer additional value, such as higher cashback earn rates for specific spending categories, travel privileges or in-store purchase discounts. By comparing credit cards , you can make an informed decision and select the one that aligns with your needs.
Benefits and Features
Almost all credit cards charge an annual fee. While selecting one, it is crucial to know the amount that will be charged annually so it doesn’t come as a setback when you have to pay for it. Apart from these factors, you can compare the sign-up bonus and joining rewards offered by your selected cards to make the best choice. You may also check if your shortlisted credit cards offer additional benefits, such as complimentary airport lounge access, cash rebate, and exclusive discounts and rewards redemption options.
Final Thoughts
Credit cards come with a diverse list of features and benefits, so selecting the right one can prove to be beneficial. Choosing a credit card that aligns with your needs can not only ease the payment process but also allow you to take advantage of attractive rewards and cashback offers. You can check out the different types of cards available on the market and apply for the best credit card online today.
Notice: Opinions, analyses, reviews, or recommendations expressed in this article are those of the select editorial staff alone and have not been reviewed, approved, or otherwise endorsed by any third party.
Contact Information
Sonakshi Murze
Manager
sonakshi.murze@iquanti.com
Topic: Press release summary
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