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<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today’s interview, Shoma Narayanan, Executive Director- Strategic Marketing &amp; Communications, <keyword id="133737" type="CITY" weightage="20" keywordseo="DBS-Bank">DBS Bank</keyword> India, tells us about their key learnings from the Covid-19 experience so far, a few tips on how to help consumers deal with today’s challenges, and how they are becoming digital-first to connect with their audience. </li></ul>After the COVID-19 outbreak came to India and slowly started spreading across the country, banks were forced to work at limited capacities, while trying to cater to the essential needs of their customers. However, as market forces and consumer behaviour continue to evolve and unemployment increases day-by-day, it is important for marketers to be agile and keep recalibrating their strategy. Applying a few learning from its fellow markets in Asia, DBS Bank was quick to see the writing on the wall. Earlier, it was using an integrated approach to marketing its brand communications. Albeit, in light of the spreading virus, it has shifted all its marketing monies to digital and is replugging some of its old content to keep engaging with its consumers. There is a lot of uncertainty and anxiety around -- the safety of one's family, public health care, and long-term economic impact are some of the key concerns in people's minds. DBS bank is, therefore, using its communications tools to help its audience navigate these challenges. We caught up with Shoma Narayanan, Executive Director- Strategic Marketing &amp; Communications, DBS Bank India to further understand how they are building a connect with their consumers at a time they are scared to step out of their homes, how is the brand doing its bit to help the society and a few learnings that she has picked on her way in these unprecedented days. Excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a lockdown? These are extremely challenging times and with banking being an essential service, our top priority as an organization is to safeguard customers and colleagues while continuing to fully support client needs. We have a wide range of digital solutions that allow both retail and corporate customers to bank from the comfort and safety of their homes. Our branches remain open with extensive safety measures in place to support physical transactions. DBS has also partnered with Bharti AXA to roll out a health insurance plan covering medical conditions including Covid-19. Additionally, we have launched a series of Covid-19 relief measures to help strengthen healthcare infrastructure and support vulnerable communities such as daily wage earners. Q) What is your marketing strategy right now? How have you been trying to continue building a connect with your audience? Consumers are facing more uncertainty today than ever before. Their family's safety and overall public health are primary concerns and there are worries around long-term economic impact. Our marketing strategy therefore focuses on reassuring customers of our support, sharing relevant and useful content and encouraging them to use digital modes of banking as much as possible. While speaking to customers, we found that many of them were keen on helping people less fortunate than themselves, and were not sure how they could do this during a lockdown. We partnered with The Akshaya Patra Foundation to run a programme under which our customers could donate meals to daily wage earners who have been severely impacted. For every donation made by a customer, DBS is making a matching contribution of double the amount, thereby tripling the impact. We have received a higher than expected response to this campaign, and it has helped us strengthen our connect with customers as well as a wider audience. Q) If the lockdown is further extended, will you be tweaking your marketing strategy further? We follow an agile approach, and our marketing strategy will evolve to meet the needs of the situation at hand. Q) How is your brand making a difference in spreading awareness/contributing in whichever way you can? DBS recently launched the ‘DBS Stronger Together Fund’ to provide help to Covid-19 affected communities across its six key markets, namely Singapore, Hong Kong, China, India, Indonesia and Taiwan. In India, DBS is partnering with United Way, Metropolis Labs and others to help scale up public health infrastructure, provide medical supplies and equipment, and sponsor free testing for the underprivileged. DBS is also working with organisations such as Pratham, Akshaya Patra and United Way to provide the equivalent of 2 million meals (in the form of food supplies and pre-packaged meals) to daily wage earners whose earnings have been affected by the temporary closure of factories and workplaces. We plan to roll out more such initiatives in the coming months. Q) TV viewership and digital engagement continue to increase, where are you betting your money? In normal circumstances, we have found that an integrated approach across TV, outdoor and digital gives us the best results. Right now, most of our spends are focused on digital and social media as that is where we are able to best connect with our audiences. We are seeing increased traction on digital even on slightly older content. Earlier this year, around International Women’s Day, we had launched a new episode of our mini-series, SPARKS, featuring our brand ambassador Sachin Tendulkar. The episode traces the journey of a social enterprise that is supported by DBS and is helping women become delivery agents, a profession that was traditionally inaccessible to them. As there is a heightened demand for online content as well as increased interest in cause-related material, we have seen a recent spike in views. Q) What are a few key learnings for you as a brand in the last few weeks? The importance of agility was brought home to us, and we pivoted some of our campaigns really quickly to make sure they were relevant in the current context. DBS is present in multiple countries across Asia, and we had important learnings from our colleagues in Singapore, China and Hong Kong who had faced similar situations in their markets some months/weeks before we did. Our key learnings are around being digital-first, staying true to our brand ethos of ‘Live More, Bank Less’ in everything we do, and ensuring we understand evolving consumer sentiment and respond appropriately.

Marketing in the times of COVID-19: DBS Bank

<div type="image" title="The DBS Bank logo is seen on a building in the Marina Bay Financial Centre in Singapore on June 19, 2020." height="683" width="1024" msid="78027818" hostid="261"></div><ul class="summary-list"><li><keyword id="133737" type="CITY" weightage="60" keywordseo="DBS-Bank">DBS Bank</keyword>, a Singaporean multinational <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> corporation, accelerated its <keyword id="860946" type="PERSON" weightage="60" keywordseo="digital-transformation">digital transformation</keyword> to respond to challenges posed by COVID-19.</li><li>5G-enabled banking has been identified as a new normal as secureand contactless banking continues to grow in demand.</li><li>Jimmy Ng, group chief information officer, elaborates on the bank’s problem-solving culture.</li></ul>In <keyword id="6356662" type="UNKNOWN" weightage="100" keywordseo="singapore">Singapore</keyword>, "normal" banking is becoming more and more invisible.Jimmy Ng, group chief information officer and head of group technology and operations at DBS Bank, a Singaporean multinational banking and financial services corporation, knows this all too well. Named "World's Best Digital Bank" by Euromoney, its digital transformation in the last decade has prepared DBS for a set of unique challenges the pandemic brought to this island-country. The bank that "operates like a technology company" began its transformational journey as early as 2014, when it realized technology will be its key comparative advantage."You can say that in 2020, we have the 20/20 hindsight," Ng said. One of the key ways the bank has transformed in recent years is becoming digital to the core. This investment proved necessary as Singapore went on a soft lockdown in April, described as a "circuit breaker" period. While banks are identified as essential services that will stay open during this period, DBS had shut down a significant number of branches from April to May in response to fewer customers and to protect their staff. <h2>Responding to crisis with technology</h2><div type="image" title="Jimmy Ng - DBS Bank" height="480" width="641" msid="78027821" hostid="261"></div>The bank recently moved from proprietary hardware and software to commoditized hardware and open source systems. This allows the bank to support multiple applications on a single server, making digitization more efficient and scalable as a business. "We're able to meet the strong business demands and volumes with no visible loss of productivity," Ng said, recalling a surge in online search volumes on bank services when the circuit breaker began.Customers wanted to know where and how their banking needs could be met during this period, as movement was restricted to prevent further spread of COVID-19 cases in the community. And DBS' problem-solving culture was kicked into high gear when the first COVID-19 case was detected in the organization after an employee was found infected in early February. "We were already developing a contact tracing application ... to be able to contact-trace all the people who were in contact with this individual in the office," Ng said.This involved compiling data of employee movement from calendar invites and security tags, as well as physical interviews with staff. The bank was able to contain the spread, with no further cases from the infected person. "That has proven to be very pivotal in the way we respond to this crisis," he said. The bank prides itself on having the agility and speed to quickly address customer needs, then establishing a solution just as fast. Rapid prototyping means a concept can go from idea to application in just two weeks.So, as customers expressed concerns about physically visiting a bank branch to hand in trade documents, preferring to limit exposure to the public during the circuit breaker, a digi-doc platform was rolled out within 14 days, allowing documents to be submitted digitally instead. <h2>Accelerating innovation in a new normal for banking</h2>It looks like this digital approach to banking is here to stay. Remote banking, where customers interact with banks through live virtual conferencing, is being implemented in DBS through Video Teller Machines (VTMs). It's the first of its kind in Singapore; one would expect no less from a bank that also functions like a technology company. What does the future of banking look like? From Ng's perspective, the 5G network will unlock many opportunities for seamless collaboration and communication. Trial services from telcos were recently launched in Singapore this year, and Ng predicts adoption will be quick.In fact, the bank's innovation lab has built a 5G-enabled ATM to test the possibilities of this new frontier — quick access to cash anywhere in Singapore from a transportable machine with no cables or setups required. On an industrial level, as digital adoption increases in the sector, Ng recognizes security as an important factor in winning over consumers. "The ability for us to prevent, detect and recover from fraud is also going to be paramount," said Ng. <keyword id="6361948" type="UNKNOWN" weightage="60" keywordseo="cybersecurity">Cybersecurity</keyword> jobs are on the rise to fill roles in threat and vulnerability assessment, and security management in Singapore.The banking industry in Singapore is making headway in digital transformation, led by a government comprising digital champions, and a technologically mature workforce. Ng identifies the two types of organizations on this journey to digitization. Those that are already digitized will accelerate initiatives as demand increases in the new normal. Organizations that are in the process of implementing digitization into its processes will feel the pressure to accelerate, too."What you're seeing is a rush to digitize. And our industry definitely has the bandwidth to do that."

A 7-year digital transformation for this Singapore bank enabled its survival and success in the world's new normal

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Fintech Pro subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li></ul>Trade finance has conventionally been a lengthy and paper-heavy process, and it has come under the spotlight as many banks look to revamp it. Last week, two banks in particular made strides to overhaul such processes by joining networks and forging partnerships.DBS has completed the first digital trade financing settlement on Singapore's Network Trade Platform (NTP), <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzM1MjQ4L2Ricy1jYXJyaWVzLW91dC1maXJzdC10cmFuc2FjdGlvbi1vbi1zaW5nYXBvcmVzLW5ldy1kaWdpdGFsLXRyYWRlLXBsYXRmb3Jt/5d233c18f730436f2414784fBabc99f02" target="_blank" rel="noopener">per</a> Finextra. For the transaction, DBS worked with NTP to offer the digitized service to Audi and its local distributor Premium Automobiles on a $3.5 million letter of credit.NTP aims to help streamline the trade finance and supply chain industry: By using the platform, companies don't have to physically present paper-based trade documents to complete a letter of credit transaction and can instead do so online by leveraging NTP's <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cubnRwLmdvdi5zZy9wdWJsaWMvaW50cm9kdWN0aW9uLXRvLW50cC0tLW50cC1mZWF0dXJlcw/5d233c18f730436f2414784fBcbbde139" target="_blank" rel="noopener">features</a> like its online cloud-based repository offering, and an SFTP connection or API integration for document sharing. Using this process, DBS can complete the financing in under one working day, down from the conventional processing time of around one week.Standard Chartered has teamed up with software provider Infor Nexus to overhaul its supply chain finance process, <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzM1MjQ2L3N0YW5kYXJkLWNoYXJ0ZXJlZC10by1kaWdpdGlzZS10aGUtc3VwcGx5LWNoYWluLXdpdGgtaW5mb3ItbmV4dXM/5d233c18f730436f2414784fB2b998c9e" target="_blank" rel="noopener">per</a> Finextra. Manually matching data for supply chain finance is a time-consuming undertaking as it often includes documents from third parties, which can result in delays of the trade finance process, and potentially reduce the working capabilities of suppliers.However, by using Infor Nexus' network, which includes over 65,000 business members across various industries, Standard Chartered is able to digitize data matching across documents like purchase orders, invoices, and transport documents, thereby speeding up its trade finance processes.While a number of banks have explored blockchain-enabled solutions to streamline trade finance, these two examples illustrate an alternative. Over the last few years, we've seen banks explore and implement blockchain technology to digitize trading processes, including HSBC <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2hzYmMtc2V0dGxlZC0yNTAtYmlsbGlvbi1vZi1meC10cmFkZXMtb24tYmxvY2tjaGFpbi1pbi0yMDE4LXVzLW5lb2Jhbmstam91c3QtbGF1bmNoZXMtZmluYW5jZS1hcHAtZm9yLWZyZWVsYW5jZXJzLTIwMTktMT9jaWQ9c2VhcmNo/5d233c18f730436f2414784fBb32ded6a" target="_blank" rel="noopener">settling</a> $250 billion in forex trades using blockchain technology throughout 2018.And there are reportedly <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuY29pbmRlc2suY29tL2phcGFucy10aGlyZC1sYXJnZXN0LWJhbmstY29tcGxldGVzLWJsb2NrY2hhaW4tdHJhZGUtZmluYW5jZS10ZXN0/5d233c18f730436f2414784fBe54ff0c5" target="_blank" rel="noopener">30 consortia</a> globally, such as R3, looking to leverage blockchain for trade finance. But while blockchain is often praised for streamlining conventionally tedious processes, it has also met a fair share of criticism within the industry, with Bank of America's tech and operations chief Cathy Bessant <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2Jhbmstb2YtYW1lcmljYS1waWxlcy1ibG9ja2NoYWluLXBhdGVudHMtdGVjaC1jaGllZi1iZWFyaXNoLW9uLXRoZS10ZWNob25vbGd5LWJpdG1haW4tYWJhbmRvbnMtaXBvLXBsYW5zLWZvci1ub3ctaG9uZy1rb25nLWFsdC1sZW5kZXItcmFpc2VzLTE1bS0yMDE5LTM_Y2lkPXNlYXJjaA/5d233c18f730436f2414784fB08e791f8" target="_blank" rel="noopener">expressing</a> skepticism about the benefits of blockchain (despite the bank holding numerous patents for the technology) and regulatory uncertainty <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2Jsb2NrY2hhaW4taW4tYmFua2luZy1hbi1pbnNpZGUtbG9vay1hdC1mb3VyLWJhbmtzLWVhcmx5LWJsb2NrY2hhaW4tc3VjY2Vzc2VzLWFuZC1mYWlsdXJlcy0yMDE5LTU_Y2lkPXNlYXJjaA/5d233c18f730436f2414784fBf2aefdd3" target="_blank" rel="noopener">posing</a> a big barrier to blockchain adoption, according to global finance executives surveyed by PwC.Hence, options outside of blockchain to overhaul trade finance processes, such as the NTP and Infor Nexus' offering, could be worthy alternatives for banks to consider.Want to read more stories like this one? Here's how to get access: <ol><li>Sign up for Fintech Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Get Started</a></li><li>Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Check If You Have Enterprise Access</a></li><li>Explore related topics in more depth. &gt;&gt; <a href="https://store.businessinsider.com/collections/fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Visit Our Report Store</a></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/dbs-standard-chartered-look-to-digitize-trade-finance-quickbooks-snags-bofa-as-latest-partner-uk-trading-apps-are-beating-incumbents-20x-on-prices-2020-2">here.</a></li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

DBS and Standard Chartered make strides to overhaul their trade finances operations

<ul><li>At 7:45 am, the SGX Nifty was up 0.18%, indicating a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the Asian markets. At 7:45 am, the SGX Nifty was up 0.18%, indicating a positive start for Nifty50. On Thursday, the US equity markets were closed on the occasion of Thanksgiving. Asian markets are trading in the green this morning — the Shanghai Composite Index was up 0.19%, and the Tokyo Stock Price Index (TOPIX) was up 0.29%. These are the stocks to watch out for during the trading session today: Mahindra &amp; Mahindra Mahindra &amp; Mahindra’s (<keyword id="46869" type="CITY" weightage="20" keywordseo="MM">M&amp;M</keyword>) wholly-owned subsidiary, Mahindra Holdings (MHL) has decided to sell its 100% stake of Mahindra First Choice Services (MFCS) and Auto Digitech (ADPL) to TVS Automobile Solutions (TASL). M&amp;M said after the closure of the sale, MHL’s shareholding in MFCS and ADPL would come down to zero, and MFCS and ADPL would cease to be the subsidiaries of MHL and consequently of the company. The shares of Mahindra &amp; Mahindra ended 1.26% higher on Thursday. <keyword id="90722" type="CITY" weightage="20" keywordseo="Gillette">Gillette</keyword> The National Anti-Profiteering Authority (NAA) has imposed a fine of over ₹58 crore on Gillette India for not passing on benefits of GST rate cut to the consumers. The authorities have asked to deposit 50% of the profiteered amount in the Central Consumer Welfare Fund and the rest 50% in the Consumer Welfare Fund of the states and UT. The shares of Gillette ended 0.23% higher on Thursday. <keyword id="4379311" type="PERSON" weightage="20" keywordseo="AU-Small-Finance-Bank">AU Small Finance Bank</keyword> AU Small Finance Bank has made a strategic investment of ₹7.70 crores in National Payments Corporation of India (NPCI), wherein 61,320 equity shares at a value of ₹1,256 per share are allocated to the Bank constituting 0.44% shareholding of NPCI. The shares of AU Small Finance Bank ended 1.07% higher on Thursday. <keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> JSW Steel is <a href="https://www.business-standard.com/article/news-cm/jsw-steel-to-hike-stake-in-arm-for-rs-35-cr-120112500340_1.html">looking</a> to hike its stake in its subsidiary JSW Vallabh Tinplate for ₹35 crore. The shares of JSW Steel ended 7% higher on Thursday. Tube Investments of India and <keyword id="4243479" type="PERSON" weightage="20" keywordseo="CG-Power">CG Power</keyword> Tube Investments of India acquired a controlling interest in CG Power Industrial Solutions via allotment of equity shares &amp; warrants. The shares of Tube Investments of India ended 4% lower on Thursday, and CG Power was down nearly 2%. Lakshmi Vilas Bank A group of promoters of the ailing Lakshmi Vilas Bank challenged the merger with DBS Bank in the Bombay High Court. However, the court rejected the merger stay plea; the petitions have been placed for hearing on December 14 when the respondents (Reserve Bank of India, LVB and DBS Bank India) shall file their affidavits in reply. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-top-electric-cars-price-from-delhi-mumbai-chennai-bengaluru-kolkata/articleshow/79429631.cms" data-type="tilCustomLink">From Tata Nexon EV and MG ZS EV to Hyundai Kona Electric — here’s how much top electric cars cost in India</a> <a href="https://www.businessinsider.in/science/news/astrazeneca-will-likely-re-test-its-covid-19-vaccine-ceo-says-after-admitting-an-error-in-the-first-trial-that-may-have-skewed-results/articleshow/79434619.cms" data-type="tilCustomLink">AstraZeneca will likely retest its COVID-19 vaccine, CEO says after admitting an error in the first trial that may have skewed results</a>

Top stocks to watch — M&M, Gillette, AU Small Finance Bank, JSW Steel, CG Power, and others

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://pictures.reuters.com/">REUTERS/Beck Diefenbach</a>Fintech companies are disrupting the banking industry.</div></div></div><ul><li>Banks need to transform themselves or they'll be left in the dust by fintech upstarts, a Morgan Stanley report warns.</li><li>Fin tech companies raised $58 billion globally in the first half of 2018.</li><li>US Banks are better positioned in comparison with banks in other regions.</li></ul>Banks need to transform themselves or they'll be left in the dust by new fin tech companies, according to a new report.With fin tech companies raising $58 billion globally in the first half of 2018, banks are feeling more pressure than ever to spend on their own technology. This is compounded by the fact that fin tech companies don't suffer from legacy IT systems and can provide banking services 50% cheaper than big banks. "Pressure is mounting for banks to innovate and disrupt themselves fast, before someone else 'eats their lunch'," Morgan Stanley analyst Betsy Graseck wrote in the report. Big banks are already stepping up their tech investments in response. JPMorgan's tech budget, for example, has grown to $10.8 billion in 2018, an increase of 14% over last year. European banks are most at risk for being disrupted, as they've been burdened by negative interest rates for years and regional regulators are more open to fin tech companies. US banks are better positioned, as they've adopted IT innovations early, the report said.Large banks have for years seen the value in partnering with and investing in fin tech companies. Only 7% of banks are developing their own technology solutions in-house. Big banks are dedicating their IT budgets to data management and digital/mobile banking, while blockchain technology is seeing less investment. The report concluded that banks with "best in class" technology can better defend themselves from fin techs. These banks include JPMorgan, Bank of America, BBVA and DBS Bank. <a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/big-mistake-investors-make-late-cycle-inflection-point-economy-versus-stocks-liz-ann-sonders-2018-8">Beware one huge mistake investors often make when the economy is at a crossroads, says Charles Schwab's investment chief</a></h3> <div> </div> </div>

MORGAN STANLEY: Banks need to disrupt themselves before someone else "eats their lunch"

India's progress toward a $5 trillion economy will be fuelled by the small and medium businesses – the engines of innovation that lie at the crux of our economy. And to acknowledge these powerhouses, at Business Insider India, we are setting the stage for industry leaders and budding entrepreneurs to interact and share their learnings. Day 2 of the event includes a number of panel discussions, fireside chats, workshops, masterclasses, and keynotes. From two engaging fireside chats to panel discussions on tackling MSMEs challenges on finance and technology – let's quickly get to what to expect from day 2. We shine the spotlight on the Indian economy and how <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword>s have served as its skeleton. The Federation of India Micro and Small and Medium Enterprises' Secretary-General, Anil Bhardwaj, will deliver the keynote address – emphasising on the need to improve exports and public procurement to assist the MSME industry. There is evidence that over the past several years, India has experienced an increase in the number of SMEs listed. Ajay Thakur, Bombay Stock Exchange's Head of SME and Startup will provide additional light on what needs to be done in order to alter entrepreneurs' perspectives and why it is important to list small businesses to uncover value and scale higher. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] India is known to be the third-largest ecosystem for startups, but access to funds at the appropriate time remains one of the many difficulties the sector has encountered. You don’t want to miss a deep, insightful fireside chat with Rajnish Kumar, if you have the question, "How can small businesses harness the correct financial instruments and make the most of their finances?" As the former chairman of SBI and chairman of BharatPe, he brings with him more than 40 years of expertise and knowledge. We will also get candid with T Koshy, CEO of ONDC, to obtain a better understanding of how ONDC can be the major game-changer for MSMEs. By linking you with more network partners who will complete your e-commerce solution, ONDC gives you the chance to expand your business through online sales. It is hailed as the next big technological revolution that will enable <keyword id="6359222" type="General" weightage="20" keywordseo="small-business" source="Orion">small business</keyword> owners to define their mission statement. Hear from the man leading this revolution on their mission statement. And this is just part of the action, there's more to come! You do not want to miss the fascinating panel discussion that starts at 6:00 p.m. Top industry experts including Kishor Kharat, Former MD &amp; CEO of Indian Bank and IDBI, Vipul Sharma, Founder and CEO, of Chqbook, and Jinand Shah, MD &amp; CEO of Online PSB Loans discuss innovative finance solutions for small businesses. Since we've just talked about money, it's time to discuss technology, another critical need for MSMEs. And the <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> 2023 has you covered there as well. Do you have queries very much like "Can MSMEs transform and expand more? ", or "Is digital transformation the solution to issues encountered by small businesses? Our panellists, Ketan Gaikwad, MD and CEO of RXIL, Sundeep Mohindru, Founder &amp; Director of M1xchange, and Avinash Godkhindi, MD and CEO of Zaggle, will share their knowledge on how technology is empowering MSMEs. The discussion will start at 6:30 p.m. and will be moderated by NASSCOM Vice President and Head of Membership Srikanth Srinivasan. Finance and technology may be the building elements of a firm, but what keeps it operating long-term is a strong foundation built on sustainability. In his final remarks, Sudarshan Chari, Executive Director and Head of Business Banking at DBS Bank India, will discuss how sustainability is a key tenet for startup companies. The big finale will feature a master class on growing your brand in India from micro to small to big from Spring Marketing Capital's founder and creative partner, Arun Iyer! Small businesses must adapt to the changing times and position themselves well for a digital-first era. You will learn about the foundational elements of marketing and how to create memorable client experiences with this masterclass. If you don’t want to miss out on any of this action, register now on this link: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>

MSME Exchange 2023 goes live on Jan 18: Get insights from leading voices that matter

<ul><li>At 7:45 am, the SGX Nifty was down 0.27%, indicating a tepid start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start lower on Thursday, led by negative cues from the global markets. At 7:45 am, the SGX Nifty was down 0.27%, indicating a tepid start for Nifty50. The<a href="https://www.businessinsider.in/stock-market/news/nasdaq-closes-at-record-high-as-investors-digest-fed-action-and-stimulus-talks/articleshow/79769421.cms"> US equities closed mixed on Wednesday</a> as investors mulled the Federal Reserve’s forecast, disappointing economic data, and progress toward passing new stimulus. The Dow Jones Industrial Average closed 0.15% lower, and the S&amp;P 500 was up 0.18%. These are the stocks to watch out for during the trading session today: Hero MotoCorp The two-wheeler major Hero MotoCorp said it would hike the two-wheeler prices with effect from January 1. The company cited a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals as the rationale behind the price hike. RIL, Airtel, Vodafone-Idea and other telecom stocks RIL, Airtel, Vodafone-Idea and other telecom stocks will be in focus during the trade today as the union cabinet approved a proposal to auction spectrum worth 4 lakh crore in March 2021. A total of <a href="https://www.businessinsider.in/business/telecom/news/indian-government-to-auction-spectrum-worth-4-lakh-crore-in-march-2021/articleshow/79757930.cms">2,251.25 MHz of spectrum</a> will be auctioned across seven bands. Future Enterprises Future Enterprises on Wednesday reported a consolidated net loss of ₹320.56 crore for the second quarter ended September 2020, on account of lower revenue from operations. The company had posted a net profit of ₹21.78 crore in the corresponding quarter a year ago. Wipro IT services major Wipro has completed the acquisition of 83.4% equity stake in Chennai-based Encore Theme Technologies. In October, Wipro announced that it had signed a definitive agreement to acquire Encore Theme, a specialist in providing SaaS and Cloud solutions in financial services, for up to ₹95 crore. IndusInd Bank The Private lender IndusInd Bank said the market regulator SEBI had granted a one-month extension for its promoters to infuse residual capital in lieu of conversion of warrants, issued to them last year, worth over ₹2,695 crore into equity. Computer Age Management Services (CAMS) Computer Age Management Services (CAMS) informed stock-exchanges that it had been considered eligible for selection and a further grant of registration as a Central Record Keeping Agency under the National Pension Scheme (NPS) under the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015. IRCTC The government has proposed to offer up to 16 lakh equity shares to the eligible employees of the company at a price of ₹1,377.55 per equity share. Employee OFS will open from December 18 till December 21. Lakshmi Vilas Bank The Lakshmi Vilas Bank (LVB), which was amalgamated with DBS Bank last month has decided to delist its equity shares with effect from December 18. Jubilant FoodWorks Jubilant FoodWorks forays into the Biryani segment with a new brand ‘Ekdum!’ as part of its portfolio expansion. ‘Ekdum!’ will offer a variety of biryanis from across India along with kebabs, curries, breads, desserts and beverages. Balrampur Chini Mills, Dhampur Sugar Mills, Triveni Engineering, Shree Renuka Sugars and others Balrampur Chini Mills, Dhampur Sugar Mills, Triveni Engineering, Shree Renuka Sugars and other sugar stocks will be in focus during the trade today as the cabinet approved ₹3,500 crore subsidy for sugar farmers and ₹6,000 per tonne subsidy for sugar exports to be given for 60 lakh tonnes of sugar exports. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

Top stocks to watch — Hero Moto, RIL, Bharti Airtel, Future Enterprises, Wipro, Jubilant FoodWorks, and others

Mumbai, May 10 () After the government over the weekend hiked market borrowing by 54 per cent in the wake of the coronavirus pandemic, calls for monetising debt seem to be gaining traction with experts saying that repercussions of not spending to support the economy will be irreparable. Conservative monetary economist and former RBI chief Raghuram Rajan, over the weekend, has also pitched for monetising public debt and higher fiscal deficit in a ''measured'' manner to protect the economy and the poor and the vulnerable in these ''abnormal times''. The first such call came in early April when Kerala Finance Minister Thomas Isaac after the state had to pay a tad less than 9 per cent for Rs 6,000-crore market borrowing to meet the exigencies arising from the pandemic. Coronavirus has snuffed out lives of more than 2,100 people and infected nearly 63,000 in India. Globally, the death toll is over 2.79 lakh and more than 40 lakh have been infected. Another solution for raising funds suggested by Isaac was to launch COVID bonds with under 5 per cent interest rate by the Centre and paying the states from the mop-up. Isaac had said RBI should buy such bonds from the Centre. Many other economists have also called for adopting unconventional tools to help the poor and boost the economy. Monetisation is generally central bank printing more currency by expanding its balance sheet. Monetisation should not be a constraint on public spending, Rajan said, adding, "the government should be concerned about protecting the economy and should spend what is needed". Devendra Kumar Pant, Chief Economist at India Ratings, also backs the idea of government borrowing more and supporting the economy at the cost of fiscal prudence, saying the repercussions of not spending now to support the poor and the economy will be much more severe and irreparable. "The need of the hour is money. The Centre being the best and the largest borrower, it has to do the heavy-lifting in these extraordinary times and should not be constrained by the worries about fiscal deficit and other attendant pains. "Money is the only need now," Pant told without directly calling for monetising debt. According to him, the Centre should bring money from wherever possible and give to the states as loans at a lower interest rate than they are being forced to pay now. That Kerala, despite being the best performing large state in the COVID-19 fight, had to pay 8.96 per cent is not something that the Centre should ignore, Pant noted. He underlined that talking about fiscal prudence now will be suicidal "as the repercussions of not spending now will be so severe that it will take years to return to normalcy". Singaporean lender DBS Bank's economist Radhika Rao also favours higher spending and suspending the FRBM (Fiscal Responsibility and Budget Management Act) goal posts given the extraordinary risks to growth and the need for pump-priming the economy. She also expects a larger fiscal package being offered soon as the so far given support -- Rs 1.7 lakh crore or 0.8 per cent of GDP -- is much smaller than the anticipated economic cost of the lockdown. "The second package should be a combination of higher food and cash handouts to the vulnerable, backstop for MSMEs, shouldering part of the wage burden for smaller enterprises, temporary relief to taxpayers, amongst others," she told . The Reserve Bank should contain the borrowing costs of the Centre and the states by higher bond purchases which will help quell bond yields, she added. Rajan's comments on monetising deficit has came after the finance ministry on May 8 decided to raise market borrowing by 54 per cent to Rs 12 lakh crore for FY21, up from Rs 7.8 lakh crore estimated in the budget. This will take the total market borrowing by the Centre and the states to close Rs 24 lakh crore this fiscal. "Monetisation will neither be a game-changer nor a catastrophe, if done in a measured way. However, the caveat-- it should be measured -- is key," Rajan said. On fiscal deficit, which is slated to top 5 per cent this year, Rajan in his blog post said the government "should also worry about getting fiscal deficit back in shape over the medium term, and the more it spends now, the harder that will be. But its inability to finance itself or fears of monetisation should not be a constraint". According to Rajan, the professor for finance at the Chicago University, large government spending will directly ignite demand which is needed especially "in abnormal times like this when demand is depressed and the environment is disinflationary, and this should not be a central worry". BEN RAM

Calls for debt monetisation gain traction as COVID-19 cripples economy

<ul><li>Facebook has bought 9.9% in Reliance Jio for $5.7 billion. </li><li>The bigger reason for the buy-in is how <keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword> and Reliance Retail can use this partnership to help each other out. </li><li>The payments platform can use Reliance’s massive network of offline stores to monetise its data, while Reliance can use the ‘household’ name to finally yield success with a seamless payments system. </li></ul>Everyone is excited about the deal between Facebook and Reliance Jio in hope that it will result in a new ‘super app’ for India. However, the partnership between Facebook and Reliance Jio has a few more layers than what is visible at first glance. The secret sauce to this deal is the potential for Facebook’s payment solutions — <a href="https://www.businessinsider.in/whatsapp-payments-launching-in-india-against-paytm-google-pay-phone-pe-for-1-trillion-opporunity/articleshow/70376672.cms">WhatsApp Pay</a>. And, this is the reason why <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> is <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">paying top dollar for a stake</a> in <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Jio. “Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India,” said Facebook’s chief revenue officer, David Fisher, and the VP and managing director of India, Ajit Mohan in a <a href="https://about.fb.com/news/2020/04/facebook-invests-in-jio/">post.</a> Zuckerberg’s social network has <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">bought a 9.9% stake</a> in Reliance’s telecom venture for $5.7 billion. However, the second richest man in India — Mukesh Ambani — also owns the country’s biggest retail chain, Reliance Retail. It will now be a force of power to ensure that WhatsApp Pay has a chance of success in the Indian market despite being such a late entrant. “PayTM, PhonePe and other players will be impacted. They don’t have as much e-commerce as these guys will have. That will make a big difference,” Vikram Sud, an independent director at DBS told Business Insider. Retaining employment at brick-and-mortar stores rather than wipe it out “This is an amazing partnership on the payments side. Whatsapp Pay did not have the commercial sides of it as Whatsapp was trying to creep into the business. Now, between Whatsapp, Instagram and Facebook — all the commerce can be done through Whatsapp Pay,” said Sud. Jio’s plan to <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms">pull all kirana stores</a> and combine it with this payment mechanism will be a massive competition to Amazon and all other e-commerce players. You will get delivery from local stores while also helping them retain their employment unlike the advent of Amazon and Walmart, who have been <a href="https://www.businessinsider.in/if-were-living-through-a-retail-apocalypse-why-are-e-commerce-leaders-like-amazon-alibaba-and-jd-com-so-focused-on-building-brick-and-mortar-stores/articleshow/70849067.cms">chipping away</a> at the brick-and-mortar business. “By bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience,” said Facebook. And that’s the play that global IT giant is primarily aiming for, according to a senior industry analyst. They weren’t able to monetise it but that doesn’t change the fact that they're sitting on a huge pile of data. This is something they will now be able to leverage and monetise by using Jio Mart's reach. It’s a win-win situation for Ambani and Zuckerberg “In my mind, Whatsapp Pay and Jio money will all hopefully get rolled into one. It will just make it quicker since there is nobody in India that doesn't have WhatsApp,” said Sud. WhatsApp has been testing its payments platform in India since 2018. It was only available to a million users under a partnership with ICICI Bank. However, the <a href="https://www.businessinsider.in/tech/news/whatsapp-spyware-hack-raises-security-concerns-around-its-upcoming-payments-service/articleshow/71888781.cms">concern for policymakers</a> was whether not it will be responsible to allow a social messaging app — known for being a vehicle of fake news or what’s more commonly called the ‘WhatsApp University’ — to also integrate payments into its platform. In February this year, two years after the company’s first trial, WhatsApp finally got the <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">approval </a>to roll out its digital payment service in a phased manner. In the first phase, it will offer its payment services to 10 million users in the country. See also: <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">Facebook’s investment in Reliance Jio boosts RIL share value by ₹50,000 crore</a> <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio</a>

WhatsApp is the secret sauce in the deal between Facebook and Reliance Jio

<ul><li><keyword id="1132603" type="COMPANY" weightage="20" keywordseo="Zendesk">Zendesk</keyword> has over 2,800 clients in India including Ola, Zomato, Shaadi.com, OLX, Vodafone, Airbnb and ITC Foods. </li><li>But the US-listed company will find big competition from the homegrown Zoho and Freshworks, both of which have also expanded to the US. </li><li>In an interview with Business Insider, Zendesk’s senior management discusses the company’s plans for India.</li></ul>The $9.6 billion Zendesk, the US-based <keyword id="169305" type="ORGANIZATION" weightage="20" keywordseo="customer-service">customer service</keyword> software company, is focussing on the India market now. Zendesk, which has also partnered with WhatsApp for business, also launched two new products globally, including India. First product being Gather, which is a platform where customers can engage with each other and company experts. The second one Sunshine Conversations, an API-based platform through which companies can interact with consumers through social media channels. Some of its clients include Uber, Lyft, Airbnb, and also DBS Bank. India’s new-age tech savvy companies and the thousands of small and medium enterprises also caught Zendesk’s fancy. But the US-listed company will find competition from the homegrown Zoho and Freshworks, both of which have also expanded to the US. Big plans for India The India market was initially clubbed with the overall APAC zone, until Zendesk saw an opportunity in India’s growing small businesses and established an India office in 2016. Having been around in India for three years now, Zendesk has over 2800 clients including the likes of Ola, Zomato, Shaadi.com, OLX, Vodafone, Airbnb and ITC Foods.. “We follow a methodology in the emerging markets. In the beginning, an entire market is is grouped together and then we make small bets. So we have been investing in building a brand and momentum in India. We are very happy with India contribution so far but we have great expectations,” Tom Keiser, chief operating officer, Zendesk told Business Insider at the recently concluded Zendesk Showcase in Singapore. When they started off, they had 1700 customers with just 5 people at work. Today, they have over 30 employees. Ola was one of their early clients. Today, they also have startups like Bounce, Drivezy subscribing to them. And somewhere Reliance Jio which led the unprecedented data growth in India also helped, informs KT Prasad, India head, Zendesk. Challenges and localization in India But of course, India comes with its challenges. “There is an extreme scale in India and almost every client you speak to, their aspiration is always to serve over a billion people. The challenge is always making sure that you give a cost effective solution for the whole market. But India is still so underserved, the middle class population is growing at such a fast rate and something that wasn’t a business a few years ago is a booming one today,” said Sandie Overtveld, VP Asia Pacific, Zendesk. So, they had to turn to localization. Zendesk also offers customer service in Hindi and is looking to offer in other dialects in the future. Social media is also driving change in India. “With the growth of social media, and the ease with which one can turn to one of the platforms and complaint about a product, makes customer service even more important,” said Overtveld. Competing with Zoho, Freshdesk Two Indian startups – Zoho and Freshdesk took over the <keyword id="200550" type="TECHNOLOGY" weightage="20" keywordseo="CRM">CRM</keyword> space and entered the US market. But in a fast evolving Indian market, local players have an advantage – they know the Indian consumer well. However, Zendesk believes that it has a clear value proposition that differentiates it. “It’s a very competitive space and while the competitors have broadened their services – we are completely focussed on the customer and customer service,” said Keiser. Zendesk is also innovating fast to stay in the game. “We are bringing the right value to the consumer. Four years ago, we had 2-3 products, today, we have over 8 products,” said Prasad. It is also deep into machine learning, big data with a team that is based out of Melbourne, Australia. “We are building a more robust set of capabilities for self service. Solutions can be served with commitment and an omni channel approach where everything comes together - voice, text, e-mail etc,” said Keiser.

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