Manilla: The New One-Stop Bill Payment Website
This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
A big hello to our viewers across China, I'm Saijal Patel and you're watching "Asia Market Daily".
HSBC shares were hit hard today - as investors responded to the bank's earnings report.
The firm said profit more than doubled last year, but downgraded its outlook for 2011. Earnings at the banking giant came in at $19 billion, up from $7.1 billion a year earlier. But that fell short of expectations, and the bank also cut its profitability target - warning tougher banking regulations will weigh on its bottom line.
(SOT) Peter Wong, Asia CEO, HSBC:
"No matter how you look at it, we make $19 billion and that's gone up by 169 percent. We have the quality 1 ratio going from 9.4 to 10.5 after paying $6.3 billion worth of dividends. The dividends also gone up by 6 percent this year for 2010 and also it's going to go up by 12.5 percent next year for the first three quarters."
Meantime, shares of Hang Seng bank outperformed the market, after the Hong Kong based lender posted a 14 percent rise in full-year profit to $1.9 billion dollars. The result was thanks to a rise in fee income, and a fall in costs related to bad debts. The bank is 62 percent owned by HSBC.
Well it's already March, so have you paid all your bills from last month yet? Just when you're going through all your mail for that, imagine using one single website to pay all your dues. CNBC'S Julia Boorstin has more.
Julia Boorstin, CNBC, Los Angeles:
Magazine giant Hearst just launched a beta version of a new service to manage all your accounts and slash companies mailing costs. It's called Manilla and it allows you to access everything from credit cards and utility bills, to cable and magazine subscriptions — all on one page, with a single login.
It'll show the full statement you'd receive in the mail, it allows you to pay bills, and sends you reminders, all without leaving Manilla.com. The site can access your information from any company where you have an online login.
Manilla's signing corporate partners to support the free service — charging companies a monthly fee for each customer converted to receive bills online instead of in the mail. They're addressing a major market: more than eighty five percent of U.S. households receive bills and statements through the mail, costing businesses more than $30 billion annually. A cost Hearst bears since it sends mail on behalf of sixty percent of American magazines.
(SOT) George Kliavkoff, EVP, Hearst Entertainment & Syndication:
"We send out about 500 million pieces of mail a year. So even if we solve a little piece of that problem, it would be worth the effort and cost that we put into building the service".
Comcast and Citibank are on board, as Manilla rolls out they'll encourage customers to switch from paper mail. Citi saying it's partnering with an innovative service like Manilla because it "helps customers better manage their household finances, while also providing a new way to go paperless".
And as to security concerns — it's just as safe to access accounts through Manilla as through individual sites. Manilla earning approval from all the security watchdog groups.
Manilla's competition is similar services like 'pageonce'- which has four million subscribers, and does sell some of its apps on iTunes. Now the advantage of Manilla is that it's partnering with these major companies that have millions of customers that it will try to bring onto the Manilla platform.
From CNBC Los Angeles, I'm Julia Boorstin.
Thanks for watching "Asia Market Daily". I'm Saijal Patel from CNBC.
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