Tag: Asia

Indian firm Elbee Express to invest EUR 35m in expansion

Posted by | Feb 7, 2008 | |

Elbee Express plans to invest Rs 2 billion (EUR 34.82 million) for its expansion over the next three years thanks partly to financing from a new investor.

The expansion plan includes an increase of the company’s branches from 132 to 250 within the next 4-5 months, Elbee Express said in a statement. This will enable it to cover 15,200 locations in India. The company will also upgrade its technology.

Nikhil Shah, Executive Director of Elbee Express, said: “We have an aggressive expansion plan to double the number of branches in the next 4-5 months. Through this we are looking to provide a wider distribution reach to our premium customers in Tier II and III cities.”

Elbee Express signed up telecommunications firm Airtel last autumn to provide a new electronic tracking system for some 400 delivery staff under a three-year contract. Airtel will supply hand-held scanners enabling Elbee staff to record POD data and transmit it by the Airtel GPRS network to the company’s central IT server. Customers will then be able to track their shipments on a real-time basis.

Shah told The Hindu newspaper that Elbee plans to focus on the domestic market but was also looking at entering the Chinese market through a cooperation with a Chinese company.

The initial investment of approximately Rs 250 million with an equal amount will be invested by two shareholders, Clearstone Venture Mauritius, an international investing arm of the US venture capital firm Clearstone Venture Partners, and Rakesh Jhunjhunwala, a well-known Indian equity investor. Previously, Kotak Mahindra Investments also took a minority stake in the company. These shareholders jointly hold a majority stake in the company.

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SingPost now offering Visa Money Transfer

Posted by | Feb 6, 2008 | |

Visa and Singapore Post Limited (SingPost) are now offering a new Visa Money Transfer remittance service from 51 designated post offices in Singapore enabling the transfer of money to nine markets around the world. The SingPost Visa Money Transfer service enables money to be sent to Visa cardholders in nine countries in Australia, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and the United Kingdom. It is the first time Visa Money Transfer has been made available through a postal service provider.

Visa International country manager for Singapore and Brunei, Ms Meranda Chan, said, “We are delighted to partner with SingPost. Customers have traditionally gone to SingPost to send letters, cards or packages – now they can send money with the same ease and security via Visa Money Transfer. With SingPost Visa Money Transfer we are making it easier for people to send funds conveniently to their families and friends in other countries.”

“Instead of having to travel to a bank branch or agent location, recipients can use the funds they receive on their Visa card at any of the 29 million Visa merchant outlets worldwide,” Ms Chan said.

Its ease of use is one of the key attractions of the SingPost Visa Money Transfer service. All the customers need to do is to register for a CASHOME card at any of the 51 SingPost post offices offering Visa Money Transfer. A CASHOME card is an identification card for customers to use to remit funds, removing the hassle of filling out forms each time they wish to transfer funds. Whenever customers wish to remit money, they simply provide the recipient’s 16-digit Visa card number to whom they wish to send the funds.

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SingPost to offer Visa Money Transfer

Posted by | Feb 6, 2008 | |

Visa Money Transfer service allows customers to transfer funds directly to Visa cards in nine markets around the world

Visa and Singapore Post Limited (SingPost) will offer the Visa Money Transfer remittance service from 51 designated post offices in Singapore enabling the transfer of money to nine markets around the world.

The SingPost Visa Money Transfer service is convenient, secure and inexpensive and enables money to be sent to Visa cardholders in nine countries in Australia, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and the United Kingdom. It is the first time Visa Money Transfer has been made available through a postal service provider.

All the customers need to do is to register for a CASHOME card at any of the 51 SingPost post offices offering Visa Money Transfer. A CASHOME card is an identification card for customers to use to remit funds, removing the hassle of filling out forms each time they wish to transfer funds. Whenever customers wish to remit money, they simply provide the recipient’s 16-digit Visa card number to whom they wish to send the funds.

For subsequent money transfers, customers need only present their CASHOME card to the SingPost staff and advise which pre-registered recipient they wish to send the money to. The money transfer will be processed through Visa’s international network and the funds credited to the recipient’s Visa account, who can then use his or her Visa card at any Visa merchant or Visa/PLUS ATM.

The SingPost Visa Money Transfer service maintains cardholder security during the transaction as customer information and account numbers are encrypted throughout the process.

Senders can remit a maximum of SGD 3,500 per day. The exchange rate used will be the prevailing rate quoted to the customer at the point of transaction. A flat fee of SGD 9.00 per transaction applies.

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DHL wins Freight Forwarder of the Year at STAT Times 2008

Posted by | Feb 6, 2008 | |

DHL has won the coveted Freight Forwarder of the Year award at the STAT TIMES International Awards for Excellence in Air Cargo, held in Mumbai. This award reinforces DHL Global Forwarding’s leadership position in the industry and further demonstrates its capability in meeting the increasingly complex air freight requirements by combining global presence with local knowledge, as well as its innovation, service excellence and commitment to providing customers with superior end-to-end express and logistics solutions.

As the market leader, DHL Global Forwarding offers competitive pricing for all time and cost requirements. A core element of DHL’s freight management service offering is the ability to move single or complex shipments by air, at any time and to any destination.

Other prestigious accolades that DHL has clinched in this segment include: Best Lead Logistics Provider (4PL), Best 3PL, Best Air Freight Forwarder, Best All Cargo Airline, and Best Air Cargo Carrier – Europe at the renowned, Asian Freight & Supply Chain Awards; CIO Award at the CIO Asia Conference and Awards; and the Platinum Award at the Reader’s Digest Trusted Brand Awards – the first company to have won it for two consecutive years.

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India Post fights to retain marketshare in small savings

Posted by | Feb 2, 2008 | |

minimum of seven lakh small accounts during the April-October 2007 period to commercial banks.

This has been primarily due to the postal department’s inability to offer market-related interest rates and the withdrawal of 10pct bonus on monthly income scheme (MIS).
This declining trend is, however, expected to change now.

The government has reintroduced the bonus on MIS from December 2007, albeit at a lower 5pct rate, and is going to make the five-year postal term deposits and senior citizen savings scheme eligible for tax rebate under Section 80C of the Income Tax Act from April 2008.

Small post office savings schemes include MIS (at 8pct interest rate), term deposits and recurring deposits (7.5pct interest), senior citizen savings scheme (9pct interest) and savings bank account (3.5pct interest).

Till November 2007, the fall in number of accounts is significant, especially in MIS and senior citizen savings scheme. MIS collection received the first blow in February 2006 when the government withdrew the 10pct bonus on maturity.

The postal term deposits and senior citizen savings had also failed to compete with commercial banks during the period under review as banks were offering significantly higher interest rate on deposits. For instance, the State Bank of India (SBI) was offering a 9.5pct annual rate for 4-5 years deposits while the postal term deposits offer just about 7.5pct per annum.

According to latest available statistics as of October 2007, the number of live savings accounts with the postal department’s West Bengal circle stood at 1.78 crore. This is compared to 1.85 crore live accounts as of March 31, 2007.

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