SINGAPORE (Nov 28): OCBC is maintaining its “buy” call on CapitaLand on recent news the developer has rolled out on a couple of digital initiatives in China.
These include a cashless payment system, facial recognition security features for its properties and a tie-up with a co-working space.
In China, CapitaLand, in collaboration with China UnionPay, will launch cashless payments through its CapitaStar programme.
Its four million CapitaStar members in the country will benefit from China UnionPay debit and credit card facilities being integrated with the group’s CapitaStar app.
With this initiative, CapitaStar members can simply scan QR codes on their CapitaStar app to make payments from their China UnionPay accounts at CapitaLand’s Chinese integrated developments, shopping malls and serviced residences while earning and redeeming reward points.
CapitaLand also confirmed that it will collaborate with Han Hai Holdings, a high-tech conglomerate that develops science and technology parks in China and the US, to launch a China-focused venture fund, C31 Ventures China.
In addition, CapitaLand entered into a MOU with Megvii to launch Face++, an artificial intelligence-powered facial recognition technology, to provide fuss-free access through the turnstiles at CapitaLand offices and malls in China and Singapore and for users of the CapitaStar app when they log in.
Finally, the group also signed an MOU with IE Singapore and UrWork to facilitate the expansion of Singapore and China companies by supporting them with CapitaLand office and mall spaces and co-working spaces operated by UrWork.
At 1.06pm, shares in CapitaLand are trading 2 cents lower at $3.54 or 9.6 times FY17 forward earnings.
