小売業者による金融サービス：アジア太平洋・中東市場

Abstract

What is the research?

Retailer Financial Services in Asia Pacific and the Middle East is a report, based on a survey of 1,310 high profile retail brands in 20 countries, about the activity and partnerships of major retailers in areas of financial services including co-branded and store cards, consumer finance, retail banking and mainstream insurance policies, namely motor insurance, household insurance, accident insurance, health insurance, travel insurance, pet insurance and life insurance. In addition, the study also covers retailer loyalty cards with no payment function.

Countries covered are Australia, Bahrain, China, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, Middle East, New Zealand, Oman, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Taiwan, Thailand, United Arab Emirates and Vietnam. In total, the research identifies over 600 loyalty card programs, over 400 schemes for retailer payment cards and point-of-sale finance, and over 50 product marketing initiatives for retailer insurance.

As such, the study provides a comprehensive and detailed overview of the market for retailer financial services across the 20 Asia Pacific and Middle East countries that goes far beyond the scope of previous published research. Moreover, the PartnerBASE™ database that accompanies the report details each of the many marketing initiatives for co-branded and store cards, loyalty cards, consumer finance, banking products and retailer insurance traced by Finaccord.

Table of Contents

0.0 EXECUTIVE SUMMARY

• The research is based on a survey of 1,310 major retail brands across 20 countries
• Department stores are the most likely to be operating their own co-branded or store card
• Well over a third of retailer card schemes are affiliated to more than one payment network
• Four card issuing groups account for almost one quarter of all retailer payment cards identified
• Almost three quarters of the Chinese retailers surveyed have introduced their own loyalty card
• Multi-partner loyalty schemes constitute an important aspect of the market in several territories
• Only around one in ten retailers have organised stand-alone consumer finance facilities
• Retailer bank. initiatives are currently thin on the ground in the Asia Pacific and Middle East zones
• A significant proportion of Japanese retailers have diversified into the distribution of insurance
• The prospects for retailer finance are strongly influenced by trends in underlying retail markets
• … in which a number of major internat' l and local retailing groups are consolidating their position
• Underlying credit card markets are growing rapidly in a number of the countries surveyed
• Store cards can be internationalised and loyalty cards can be converted into payment cards
• Retailers partnerships represent an important strategic option for banking and insurance entities

1.0 INTRODUCTION

• Finaccord
• Rationale
• Retailer financial services can be broken down between ' traditional' and ' non-traditional' services
• Retailers can take advantage of rapid growth in consumer finance and credit card markets
• Consolidation among conventional banks provides justification for the entry of retailer banks
• The evolution of the retailing market itself is also favourable to the integration of financial services
• Methodology
• Finaccord' s research covers 1,310 major retail brands in the Asia Pacific and Middle East regions
• Product definitions

2.0 REGIONAL OVERVIEW

• Introduction
• Retailer payment cards
• Retailers in Taiwan, Japan, South Korea and Bahrain are most likely to have introduced a card
• A number of major retailers operate payment cards through captive entities
• Well over 50% of department stores have introduced their own co-branded or store card
• Visa is the dominant player in the region' s retailer card market
• … although over a third of cards are linked to more than one of the main networks
• The strength of the main international card networks varies substantially by country
• Aeon Credit Service, Citibank, GE Capital and HSBC account for almost 25% of programs
• … with most other issuers focusing solely on their domestic market
• Retailer loyalty cards
• Almost a half of major retailers in the Asia Pacific / Middle East regions possess a loyalty card
• … with department stores the most likely to have introduced such a program
• Almost three quarters of loyalty cards do not run in parallel to a fully-fledged retailer pay. card
• Consumer finance / personal loans
• Japan is the market with the highest proportion of retailers offering point-of-sale finance
• … although in a number of countries, there is little or no precedent for retailer activity in this field
• Penetration rates for point-of-sale finance do not exceed 40% in any retailing categories
• Most retailers have chosen to partner with single financial institutions
• Captives and joint ventures
• Captive retailer finance arms can constitute attractive acquisition targets for mainstream lenders
• Insurance
• With the exception of Japan, retailer ins. has been subject to limited development thus far
• … a feature of the market that is due to a variety of consumer, market and regulatory factors
• Schemes for life insurance and motor insurance account for almost half of the total identified
• Supermarkets and department stores benefit from high ' footfall' and burgeoning e-commerce
• The example of UK retailers offers a lead for their counterparts in Asia Pacific / Middle East
• The share of supermarkets in sales of pet insurance is in excess of 25% of the market total
• Top 100 retail groups in the Asia Pacific region
• Rankings by sales revenues and growth, 2006
• Well over a half of the region' s leading 100 retail groups are based in Japan
• … although the most rapidly growing are typically those in markets such as China

3.0 AUSTRALIA

• Introduction
• Retailer payment cards
• Slightly over 20% of Australian retailers operate their own store or co-branded payment cards
• … with GE Money having established itself as the preferred partner of a majority of brands
• The David Jones department store chain will launch a new co-branded credit card in 2008
• Retailer loyalty cards
• FlyBuys, offered by Coles, is identifiable as the leading loyalty scheme in Australia
• Consumer finance / personal loans
• GE Money and RentSmart are most commonly used as partners for point-of-sale finance
• Elders Rural Bank was launched in 2000 as a joint venture serving Australia' s rural communities
• Banking products
• Retailers have yet to develop banking products as a part of their financial services activity
• Insurance
• Both organizations in Australia providing insurance at the point of sale are agri-business giants
• … with Coles having discontinued its Source insurance program with CGU in May 2007

4.0 CHINA

• Introduction
• Retailer payment cards
• Less than a quarter of major Chinese retailers have launched their own credit or debit card
• … although a substantial number have developed pre-paid cards
• Retail sales have grown at an average rate of almost 15% during the last 20 years
• … with the involvement of foreign retailers having increased in the wake of market liberalisation
• Foreign card issuers are playing a key role in China' s fast-growing credit card sector
• … undeterred by modest levels of profitability and the regulatory influence of the PBoC
• A number of factors point to continuing growth in the Chinese credit card market
• Retailer loyalty cards
• Loyalty cards have been developed by the vast majority of major retailers in China
• … although it is uncertain whether many maximise the data mining and direct mailing potential
• A variety of multi-retailer discount and loyalty schemes have been established in China
• … including the OK Card and SmartClub programs
• Consumer finance / personal loans
• Stand-alone schemes for point-of-sale finance offered by retailers barely exist in China
• … although some merchants maintain agreements with card issuers for deferred debit facilities
• Banking products / insurance
• Chinese retailers have yet to diversify into either mainstream banking or insurance products

5.0 HONG KONG

• Introduction
• Retailer payment cards
• Both Jusco and Wing On fund and manage retailer cards through captive entities
• HSBC is the leading issuer of retailer cards in Hong Kong and is responsible for the Code Card
• … although it faces competition from the likes of Citibank and Standard Chartered
• Retailer loyalty cards
• Loyalty cards are offered by over 60% of major retailers in Hong Kong
• … although the schemes of individual brands face tough competition from Octopus Rewards
• Consumer finance / personal loans
• As in mainland China, provision of stand-alone consumer finance by retailers is uncommon
• Banking products / insurance
• Hong Kong' s retailers have yet to diversify into either mainstream banking or insurance products

6.0 INDIA

• Introduction
• Retailer payment cards
• ICICI Bank has developed retailer payment cards in association with four major brands
• Rising demand for credit cards should encourage the launch of further retailer payment cards
• … and the increasing influence of major overseas rets. will also help to change the landscape
• Retailer loyalty cards
• Well over a third of major retailers in India have introduced their own loyalty cards
• … with Tata Group' s Empower multi-partner loyalty program among the most successful
• Consumer finance / personal loans
• Citibank has forged relationships for point-of-sale finance with Hypercity, Magna and Metro
• Banking products
• India' s major retailers have no need to expand into mainstream bank. for the foreseeable future
• Insurance
• To date, only Apolllo Pharmacy has attempted to try to sell insurance to shoppers

7.0 INDONESIA

• Introduction
• Retailer payment cards
• Only two major retailers in Indonesia operate fully-fledged payment cards at present
• Foreign retailers now account for around 38.9% of total sales in the formal retailing market
• Retailer loyalty cards
• Almost a half of major retailers in Indonesia have developed loyalty card schemes
• Consumer finance / personal loans
• Local finance house Adira and Citibank are involved in consumer finance initiatives
• Banking products
• Indonesian retailers have yet to expand into the provision of mainstream banking products
• Insurance
• Cigna is attempting to increase its penetration rate through a distribution deal with Carrefour

8.0 JAPAN

• Introduction
• Retailer payment cards
• Over a quarter of retailer cards in Japan are funded by captive finance entities
• … among which Aeon Credit Service is the largest and most internationally diversified firm
• … with around 2.67 million cardholders outside of Japan, including 950,000 in Hong Kong
• Mitsubishi UFJ Nicos is the most commonly used external provider of retailer cards
• … with the newly-merged company having disclosed ambitious targets for future growth
• … although the market fragments rapidly among other captive and non-captive partners
• The vast majority of retailer cards in Japan are linked to more than one payment network
• Retailer loyalty cards
• Over a half of major retailers in Japan have a loyalty card scheme up and running
• Consumer finance / personal loans
• Provision of point-of-sale finance in Japan extends to almost a third of retailers surveyed
• Banking products
• Japan' s major retailers have yet to diversify into mainstream banking services
• Insurance
• … although a significant number intermediate insurance products of one sort or another
• … with a majority of propositions sourced through a panel of two or more underwriters

9.0 MALAYSIA

• Introduction
• Retailer payment cards
• Alliance Bank and RHB Bank each account for a pair of major retailer payment cards
• Malaysia' s retailing sector, worth almost RM59 billion in 2006, is modernising rapidly
• … with restrictions designed to curtail the expansion of foreign entrants having been relaxed
• … thereby, encouraging international retailers, such as Tesco, to expand more aggressively
• Retailer loyalty cards
• Multi-merchant loyalty schemes, such as BonusLink, are a key feature of the market
• … and The Store is now able to issue loyalty cards to customers at the point of application
• Consumer finance / personal loans
• Maybank lays claim to an important relationship for point-of-sale finance with Carrefour
• Banking products / insurance
• Malaysia' s retailers have yet to diversify into either mainstream banking or insurance products

10.0 MIDDLE EAST

• Introduction
• Retailer payment cards
• Bahrain enjoys the highest penetration rate in the region for retailer payment cards
• … with Jawad' s card issued through the National Bank of Bahrain among the most popular
• Elsewhere in the region, initiatives for retailer payment cards are relatively thin on the ground
• Retailer loyalty cards
• More than one in five major retail brands in the Middle East operates a loyalty card scheme
• … and a number of local banks also offer loyalty programs for the benefit of their cardholders
• Consumer finance / personal loans
• Point-of-sale finance is offered by a handful of major retail brands in the Middle East
• Banking products / insurance
• Middle Eastern retailers have yet to diversify into either mainstream bank. or insurance products

11.0 NEW ZEALAND

• Introduction
• Retailer payment cards
• The majority of retailer cards in New Zealand are classifiable as private label schemes
• … although Fisher & Paykel Finance acquired the finance business of Farmers in 2003
• Retailer loyalty cards
• Not one retailer loyalty card is offered in parallel to a fully-fledged payment card
• Consumer finance / personal loans
• New Zealand' s dominant providers of point-of-sale credit are independent finance houses
• …including Five Star Consumer Finance, which is the favoured supplier of the NZRA
• ... and Gilrose Finance although Finance NOW is owned by the Southland Building Society
• The GE CreditLine card and Q Card are viable alternatives to point-of-sale finance for shoppers
• Banking products
• Traditional banking products are not offered by any retailers in New Zealand at present
• Insurance
• The Warehouse department store has initiated brandassurance activities with two insurers

12.0 PHILIPPINES

• Introduction
• Retailer payment cards
• Payment cards have been developed by only a small minority of retailers in the Philippines
• … and much of the local market remains dominated by individually owned sari-sari stores
• … and major foreign retailers have been comparatively slow to expand into the country
• Retailer loyalty cards
• Loyalty cards have been launched by a clear majority of the country' s leading retailers
• Consumer finance / personal loans
• Stand-alone schemes for point-of-sale finance have not been established by retailers thus far
• Banking products / insurance
• Filipino retailers have yet to diversify into either mainstream banking or insurance products

13.0 SINGAPORE

• Introduction
• Retailer payment cards
• As in Japan and Thailand, Isetan utilises a captive finance arm for its private label card
• HSBC benefits from its status as the issuer of Dairy Farm International' s Choice Card
• … although it faces competition from the likes of Citibank, DBS, OCBC and Standard Chartered
• Retailer loyalty cards
• The Courts Guest Club had amassed close to 320,000 members by the end of 2006
• … and a number of retailers adhere to multi-partner schemes such as Genting World
• Consumer finance / personal loans
• Few retailers have entered into arrangements for the provision of stand-alone cons. finance
• … although many maintain deals with card issuers to offer deferred debit facilities to shoppers
• Banking products
• NTUC FairPrice and OCBC launched a retailer banking service in the second quarter of 2007
• … with the aim of targeting consumers preferring uncomplicated, value for money products
• … and with the venture' s brand vals. having been defined as simplicity, transparency and value
• Insurance
• Singapore' s retailers have yet to diversify into the provision of mainstream insurance products

14.0 SOUTH KOREA

• Introduction
• Retailer payment cards
• Over a third of major retailers in South Korea have launched co-branded or private label cards
• LG Card maintains exclusive or shared links with 14 retailers, including Tesco' s local operation
• Other issuers competing for retailer mandates include Hyundai Card and Samsung Card
• Most retailer card schemes in South Korea are linked to more than one payment network
• South Korea has one of the highest pen. rates for credit cards of any market in the world
• … with an average figure of three credit cards per capita and over 92 million cards in circulation
• Retailer loyalty cards
• South Korea' s market is characterised by a high number of multi-partner loyalty schemes
• … including the successful OK Cashbag program which has signed up over 20 million members
• Consumer finance / personal loans
• The widespread use of credit cards in South Korea limits interest in stand-alone credit facilities
• Banking products
• South Korean retailers have yet to branch out into the provision of mortgages or savings deps.
• Insurance
• Dong Bu and Kum Ho Life benefit from relationships with Homeplus and Lotte Mart, respectively

15.0 TAIWAN

• Introduction
• Retailer payment cards
• Over a half of the leading retailers surveyed in Taiwan have launched co-branded cards
• … all of which have been endowed with an international payment functionality
• Chinatrust Commercial Bank is the most prolific partner of retailers in this domain
• … although Taiwan' s fragmented banking sector results in lively competition for mandates
• Taiwan' s credit card market has reached maturity following several years of rapid growth
• … with the vast majority of pay. cards in circulation incorporating a deferred payment option
• Retailer loyalty cards
• The enthusiasm of Taiwanese retailers for loyalty cards lags only to that of mainland China
• … with Far Eastern Group' s Happy Go scheme having grown strongly since January 2005
• Consumer finance / personal loans
• The widespread use of credit cards in Taiwan limits interest in stand-alone credit facilities
• Banking products / insurance
• Taiwanese retailers have yet to diversify into either mainstream banking or insurance products

16.0 THAILAND

• Introduction
• Retailer payment cards
• GE Money has been instrumental in driving Thailand' s retailer payment card market
• … with other competitors including Aeon Credit Service, Cetelem, Citibank and Kasikorn Bank
• 7-Eleven is one of the investors behind the launch of the Thai Smart Card Company
• The co-branded card launched by Citibank and The Mall Group was introduced in July 2007
• Retailer loyalty cards
• Almost two thirds of leading retailers in Thailand have already introduced a loyalty card
• Consumer finance / personal loans
• Aeon Credit Service has linked for point-of-sale finance with both Carrefour and Office Depot
• … with Cetelem also having made progress since its entry into the Thai market in 2000
• Banking products / insurance
• Thailand' s retailers have yet to diversify into either mainstream banking or insurance products

17.0 VIETNAM

• Introduction
• Retailer payment cards
• Asia Commercial Bank has established itself as Vietnam' s leading issuer of co-branded cards
• Rapid growth rates make Vietnam one of the most attractive retailing opps. in the world
• … with consumer expenditure patterns shifting quickly in favour of organised retailing formats
• Retailer loyalty cards
• Over 40% of the country' s leading retail brands have introduced loyalty card programs
• Consumer finance / personal loans
• Carings, Vietnam' s largest electronics chain, is formulating plans to launch consumer finance
• Banking products / insurance
• Vietnamese retailers have yet to diversify into either mainstream banking or insurance products