Business
Visa expands acceptance of B2B payments using Stripe Connect
![](https://theonlinecitizen.s3.ap-northeast-2.amazonaws.com/uploads/2019/06/27043732/shutterstock_303215903.jpg)
Visa, the world’s leading digital payments technology company, announced on Thursday (8 Oct) that it has teamed up with Stripe, a technology company that builds the economic infrastructure for the internet, to introduce a new set of solutions to help businesses pay and be paid on time.
The new solutions will be on the Visa Payables Automation platform, which allows buyers to enrol, manage, and pay suppliers digitally with a Visa commercial card.
This new feature, which is powered by Stripe Connect, the technology company’s solution for multi-sided marketplaces and platforms, enables buyers on Visa Payables Automation to pay suppliers who are unable to accept digital payments easily and securely through the use of a virtual Visa card.
This helps bring suppliers who are not plugged into the traditional banking infrastructure into the digital economy.
“When a buyer needs to pay a supplier, the enhanced Visa Payables Automation platform allows seamless digital payments experience. The supplier will be prompted to register with Stripe Connect, provide a bank account number, and start accepting payments,” said Chavi Jafa, Head of Business Solutions for Asia Pacific at Visa.
“Migrating to digital payments benefits both buyers and suppliers, as it eliminates manual processing and enhances reconciliation. This improves productivity while reducing errors and fraud. It also allows buyers and suppliers to better manage their working capital, utilising a Visa Commercial Card,” she added.
“We’re excited to see Visa leverage the power of Stripe Connect to facilitate complex payments flows,” said Noah Pepper, Stripe’s Business Lead for Asia Pacific.
“Less than 10 per cent of commerce is online today, and that number is much lower in the B2B space. And when you consider the web has been around for over a quarter of a century, it’s clear that we’ve barely scratched the surface! We are always excited to work with forward thinking companies in developing better tooling for businesses wanting to accelerate their shift to online,” he added.
Citi client, Jebhealth, is the first user of the integrated Visa Payables and Stripe Connect solution.
As an online marketplace for healthcare services, Jebhealth uses the solution to facilitate payments for its clients to healthcare service providers on its platform. By using the solution, health service providers are onboarded, just once, via Stripe Connect to become card-accepting merchants.
This novel solution is now rolled out in phases and will benefit individuals, corporates and healthcare providers, and ecosystem partners in a virtual integrated pay-out network
“The Jebhealth team believes strongly in value creation, innovation and social good. In the backdrop of COVID-19 pandemic, the whole solution was conceptualised, developed and launched with the help of Citi, Visa, and Stripe, while working from home,” said Jimmy Boey, Founder & CEO of Jebhealth.
“With this integrated digital payment method, employees, students and domestic helpers no longer need to bring a medical chit or cash to pay at the clinic desk whenever they visit the clinics for check-ups. This ensures every clinic visit is shorter and smoother and less exposure from the community,” he added.
When Jebhealth initiates a payment, a single-use virtual Citi-Visa commercial card is generated. The virtual card is then sent to the receiving healthcare service provider, after which the provider ‘charges’ the virtual card to accept and complete payment through their Stripe Connect account.
By using a Citi-Visa virtual card, in addition to enabling digital payments, the solution ensures added safety and security. Jebhealth is able to set transaction limits on the virtual cards, including permitted current and merchant types.
This new service is now available in 30 markets around the world.
![](https://theonlinecitizen.s3.ap-northeast-2.amazonaws.com/uploads/2023/03/26202010/TOC_newlogo_small.webp)
Business
ST Telemedia Global Data Centres reinforces commitment to Digital India with US$3.2 billion investment
ST Telemedia Global Data Centres (STT GDC) is investing US$3.2B to expand its data centre capacity in India by 550MW, tripling its IT load. The move supports India’s growing digital economy and aligns with PM Modi’s Digital India vision, discussed during his recent visit to Singapore.
![](https://theonlinecitizen.s3.ap-northeast-2.amazonaws.com/uploads/2024/09/06204308/ST-data.png)
ST Telemedia Global Data Centres (STT GDC), a leading data centre colocation services provider headquartered in Singapore, has announced a major investment of US$3.2 billion (INR 26,000 crores) to significantly expand its data centre capacity in India.
This investment will add 550MW of data centre capacity over the next 5-6 years, nearly tripling the Temasek-backed company’s IT load capacity to meet the increasing demands of India’s rapidly growing digital economy.
The expansion is set to support the surge in data consumption, cloud computing, digital transformation, and the adoption of artificial intelligence (AI) applications across India. STT GDC, which already holds a 28% market share in India by revenue, views this move as a reflection of its confidence in the country’s digital infrastructure needs and the broader vision of Digital India.
“India’s digital economy is growing at almost three times the overall GDP growth rate and is expected to reach US$1 trillion by 2027-2028,” said Bruno Lopez, President and Group CEO of STT GDC.
“As we celebrate our 10th anniversary, this ambitious expansion underscores our commitment to Digital India, and we are confident in our ability to contribute to its long-term success.”
STT GDC India, majority-owned by STT GDC in partnership with Tata Communications Ltd, currently operates 28 data centres across 10 cities with a total capacity of over 318MW.
It serves approximately 1,000 enterprise clients, including many Fortune 500 companies. STT GDC India has also been recognized as a Great Place to Work for five consecutive years and is ranked among the Best Places to Work in Asia.
The announcement follows STT GDC’s participation in a Business Roundtable with Indian Prime Minister Narendra Modi on 5 September 2024, hosted by the Singapore Business Federation.
This strategic engagement further emphasizes STT GDC’s commitment to supporting India’s digital transformation through long-term investment and collaboration.
Prime Minister Modi’s visit to Singapore resulted in various agreements across key sectors, including a healthcare cooperation agreement between India and Singapore to collaborate on healthcare delivery, medical research, and digital health solutions.
Business
Giant to shut Toa Payoh supermarket in September, ninth closure in 2024
Supermarket chain Giant will shut its ninth store in Singapore by September 2024, citing tough competition from online retailers and grocery rivals. The Toa Payoh outlet is part of a series of closures this year, reflecting broader regional challenges for its parent company, Dairy Farm International (DFI).
![](https://theonlinecitizen.s3.ap-northeast-2.amazonaws.com/uploads/2024/09/06100409/giant1.jpg)
SINGAPORE: Supermarket chain Giant will close its ninth store in Singapore by September 2024 as it faces intense competition from online retailers and other grocery chains.
The store, located in Toa Payoh Lorong 4, is the latest in a series of closures that have taken place this year, as reported by The Straits Times.
Since February, Giant has shut down a hypermarket in Sembawang Shopping Centre, supermarkets in Bishan, Ang Mo Kio, and Bukit Panjang, along with four smaller “Express” stores in Nanyang Technological University, Pasir Ris, Redhill, and Punggol.
Following the closure of the Toa Payoh outlet, Giant will operate 45 stores across Singapore, down from 53 earlier this year.
Despite these reductions, the grocer has also opened a new outlet in Tengah in 2024.
From 2020 to 2023, the number of Giant stores in Singapore remained relatively stable, hovering between 53 and 55.
However, the recent closures highlight broader challenges faced by its parent company, Hong Kong-based Dairy Farm International (DFI), which has seen a contraction in its regional presence.
DFI, which first entered the Malaysian grocery market in 1999, exited the country in March 2023 by selling its stake in GCH Retail, the operator of the Giant, Mercato, and Giant Mini chains.
Similarly, in 2021, PT Hero Supermarket, a retail group majority-owned by DFI, closed all of its Giant supermarkets in Indonesia after the group’s revenue fell by 34% year-on-year.
In April, the Business Times reported that DFI had put the 9,731 sq ft Housing Board retail unit in Toa Payoh, currently occupied by Giant, up for sale at a guide price of S$16.5 million.
The company stated that the sale was part of a strategy to reallocate resources and focus on improving customer experience in other stores.
DFI’s half-year earnings report published on 1 August 2024 revealed that its food operations in Singapore experienced declining sales due to challenging consumer sentiment.
Despite this, the group posted underlying profit growth, reaching US$76 million.
The company attributed this profitability boost to an improved product margin mix and effective cost control measures.
In response to the Singapore’s Toa Payoh outlet closures, a DFI spokesperson told ST that the company continuously evaluates its store network and adapts to market trends and consumer needs.
“Giant and Cold Storage remain core businesses of DFI Retail Group, and our commitment to growth and expansion in Singapore remains unchanged,” the spokesperson added.
According to DFI’s official website, the group operates in 13 countries and territories, with around 11,000 outlets and a workforce of approximately 200,000 employees.
In Singapore, DFI operates not only Giant supermarkets but also 7-Eleven convenience stores and the Guardian health and beauty chain.
The group’s parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and is primarily listed on the London Stock Exchange under the equity shares (transition) category, with secondary listings in Bermuda and Singapore.
DFI’s businesses are managed from Hong Kong by DFI Retail Group Management Services Limited, through its regional offices. The group is a member of the Jardine Matheson Group.
-
Opinion4 days ago
Singaporean voters and the ‘Battered Wife Syndrome’
-
Diplomacy3 days ago
India PM Narendra Modi meets with PM Lawrence Wong; Four MoUs signed
-
Food3 days ago
NTU stall food prices questioned after parent pays S$6.30 for meal
-
Politics2 days ago
PAP adopts SDP policies after criticizing them: Dr Chee urges Singaporeans to see through tactics
-
Civil Society5 days ago
CIVICUS Monitor labels Singapore as ‘repressed’ for crackdown on civic freedoms
-
Opinion6 days ago
Is the shuttle bus service at Marine Parade town cluster just a S$1 million political ad campaign?
-
Economy4 days ago
IRAS reports S$80.3 billion in tax revenue for FY2023/24, a 17% increase from the previous year
-
Parliament4 days ago
Workers’ Party to question Govt on Mobile Guardian breach and entry of extremist preacher in upcoming parliamentary sitting