This document provides an overview of firm behavior in competitive markets according to principles of economics. It defines a perfectly competitive market and explains that in such a market, firms are price takers and can freely enter and exit. It also discusses how competitive firms determine profit-maximizing output, and explains that in both the short-run and long-run the firm's supply curve is based on its marginal cost curve. The document concludes by describing how market supply is determined by aggregating individual firm supplies and how entry and exit leads to a long-run equilibrium with zero economic profit.
Premium Ch 14 Firms in Competitive Markets.pptxaxmedxasancali1
This document provides an overview of firms operating in perfectly competitive markets. It defines key concepts such as marginal revenue, total revenue, and average revenue. It explains that for competitive firms, marginal revenue is equal to price. The document also discusses how competitive firms determine the profit-maximizing quantity of output by producing where marginal revenue equals marginal cost. It describes the factors that would lead a competitive firm to shut down in the short run or exit the market in the long run. Finally, it explains how the market supply curve is derived by summing the individual supply curves of the many competitive firms in the industry.
- Monopolies arise due to barriers to entry in the market such as one firm owning a key resource, government regulations granting exclusive rights, or economies of scale.
- Unlike competitive firms, a monopolist faces a downward-sloping demand curve and sets price above marginal cost where marginal revenue equals marginal cost to maximize profits.
- This results in a deadweight loss to society as the monopoly produces at a lower quantity than would be produced under perfect competition when price equals marginal cost.
This document summarizes key concepts about monopolistic competition from an economics textbook. It discusses how monopolistic competition involves many firms selling differentiated products, with free entry and exit in the long-run leading to zero economic profits. Firms choose price and quantity like a monopoly in the short-run but face a downward-sloping demand curve. The document compares monopolistic competition to perfect competition and monopoly. It also discusses the social costs and benefits of advertising in monopolistically competitive industries.
The document discusses how firms make decisions to maximize profit. It explains that firms aim to produce the level of output where marginal revenue equals marginal cost. The profit-maximizing level of output occurs at the quantity where the difference between total revenue and total cost is greatest, or equivalently where the marginal revenue and marginal cost curves intersect from below. If total revenue does not cover total variable costs, the firm should shut down in the short run.
principles of economics the cost of production.pptSubhanAli78
This document presents information from a chapter on the costs of production in economics. It discusses key concepts like production functions, total revenue, total costs, and different types of costs. It provides examples to illustrate production functions and the relationship between marginal product and diminishing returns. The document seeks to explain costs of production and how firms determine profit maximization at the margin. It compares accounting profit and economic profit, and discusses how costs differ between the short and long run for firms.
Premium Ch 2 Thinking Like an Economist (1).pptxKEHKASHANNIZAM
This document provides an overview of key concepts from Chapter 2 of Principles of Economics by N. Gregory Mankiw. It discusses economists' roles as scientists and policy advisors, how they use models and assumptions to simplify complex economic problems, and two important models: the circular flow diagram and the production possibilities frontier (PPF). The circular flow diagram illustrates how resources and dollars flow between households and firms. The PPF shows the tradeoffs between producing different goods given limited resources, and how opportunity cost is represented by its slope. The document also distinguishes between microeconomics and macroeconomics.
This document contains PowerPoint slides about monopolistic competition and oligopoly. Some key points:
- Under monopolistic competition, there are many producers selling differentiated products. Firms are price makers but face a downward sloping demand curve, so they will lose some customers if they raise prices. In the long run, zero economic profit is achieved.
- Oligopoly is characterized by a few interdependent firms. The degree of interdependence depends on product differentiation. Barriers to entry like economies of scale can protect incumbent firms. Models of oligopoly behavior include collusion, price leadership, and analysis using game theory.
Premium Ch 14 Firms in Competitive Markets.pptxaxmedxasancali1
This document provides an overview of firms operating in perfectly competitive markets. It defines key concepts such as marginal revenue, total revenue, and average revenue. It explains that for competitive firms, marginal revenue is equal to price. The document also discusses how competitive firms determine the profit-maximizing quantity of output by producing where marginal revenue equals marginal cost. It describes the factors that would lead a competitive firm to shut down in the short run or exit the market in the long run. Finally, it explains how the market supply curve is derived by summing the individual supply curves of the many competitive firms in the industry.
- Monopolies arise due to barriers to entry in the market such as one firm owning a key resource, government regulations granting exclusive rights, or economies of scale.
- Unlike competitive firms, a monopolist faces a downward-sloping demand curve and sets price above marginal cost where marginal revenue equals marginal cost to maximize profits.
- This results in a deadweight loss to society as the monopoly produces at a lower quantity than would be produced under perfect competition when price equals marginal cost.
This document summarizes key concepts about monopolistic competition from an economics textbook. It discusses how monopolistic competition involves many firms selling differentiated products, with free entry and exit in the long-run leading to zero economic profits. Firms choose price and quantity like a monopoly in the short-run but face a downward-sloping demand curve. The document compares monopolistic competition to perfect competition and monopoly. It also discusses the social costs and benefits of advertising in monopolistically competitive industries.
The document discusses how firms make decisions to maximize profit. It explains that firms aim to produce the level of output where marginal revenue equals marginal cost. The profit-maximizing level of output occurs at the quantity where the difference between total revenue and total cost is greatest, or equivalently where the marginal revenue and marginal cost curves intersect from below. If total revenue does not cover total variable costs, the firm should shut down in the short run.
principles of economics the cost of production.pptSubhanAli78
This document presents information from a chapter on the costs of production in economics. It discusses key concepts like production functions, total revenue, total costs, and different types of costs. It provides examples to illustrate production functions and the relationship between marginal product and diminishing returns. The document seeks to explain costs of production and how firms determine profit maximization at the margin. It compares accounting profit and economic profit, and discusses how costs differ between the short and long run for firms.
Premium Ch 2 Thinking Like an Economist (1).pptxKEHKASHANNIZAM
This document provides an overview of key concepts from Chapter 2 of Principles of Economics by N. Gregory Mankiw. It discusses economists' roles as scientists and policy advisors, how they use models and assumptions to simplify complex economic problems, and two important models: the circular flow diagram and the production possibilities frontier (PPF). The circular flow diagram illustrates how resources and dollars flow between households and firms. The PPF shows the tradeoffs between producing different goods given limited resources, and how opportunity cost is represented by its slope. The document also distinguishes between microeconomics and macroeconomics.
This document contains PowerPoint slides about monopolistic competition and oligopoly. Some key points:
- Under monopolistic competition, there are many producers selling differentiated products. Firms are price makers but face a downward sloping demand curve, so they will lose some customers if they raise prices. In the long run, zero economic profit is achieved.
- Oligopoly is characterized by a few interdependent firms. The degree of interdependence depends on product differentiation. Barriers to entry like economies of scale can protect incumbent firms. Models of oligopoly behavior include collusion, price leadership, and analysis using game theory.
This document contains PowerPoint slides prepared by V. Andreea CHIRITESCU of Eastern Illinois University for N. Gregory Mankiw's Principles of Economics textbook. The slides cover chapters 1-3 of the textbook, which discuss the ten principles of economics, thinking like an economist, and the gains from trade. The slides include definitions of key economic concepts, diagrams illustrating models, and examples applying the principles of comparative advantage and specialization.
The document discusses key aspects of business marketing including: the types of customers in business markets such as manufacturers, government units, and institutions; factors that distinguish business marketing from consumer marketing like the nature of customers and utility of products; and the importance of relationship building through supply chain management. Business marketers serve fewer but larger customers and must understand how to meet the specific needs of different business sectors.
The chapter discusses planning for electronic commerce initiatives. It covers identifying the benefits and estimating the costs of online business projects. Key aspects include setting objectives, linking objectives to business strategies, and measuring both benefits and costs. Common objectives for e-commerce projects include increasing sales, opening new markets, and improving customer service. Costs include hardware, software, labor, and opportunity costs of foregone opportunities. The chapter also examines how online startups are evaluated and funded, typically through angel investors and venture capitalists seeking high growth. It stresses the importance of comparing estimated benefits to estimated costs when planning electronic commerce projects.
The document discusses strategic management and the competitive landscape. It defines key terms like strategy, competitive advantage, and the strategic management process. The strategic management process involves analyzing internal/external factors, developing vision/mission/strategies, and implementing strategies to achieve competitive advantages and above-average returns. The competitive landscape is increasingly complex due to globalization and rapid technological changes. Globalization has led to new opportunities but also risks as firms must meet global standards. Technology diffusion and disruptive technologies also create unstable environments, requiring firms to constantly innovate.
This document discusses competitive rivalry and dynamics. It defines key terms like competitors, competitive behavior, and competitive dynamics. It describes how firms analyze competitors based on market commonality and resource similarity. Competitive actions are driven by a firm's awareness, motivation, and ability. The document presents models of competitive rivalry and discusses how rivalry affects strategy and varies in different market conditions.
1. The document discusses monopolies, describing them as markets with only one firm and no close substitutes. It explains how monopolies can arise due to economies of scale, legal barriers like patents and copyrights, and network externalities.
2. A monopoly aims to maximize profits by producing where marginal revenue equals marginal cost and charging the price on the demand curve. This results in a higher price and lower output than under perfect competition.
3. The document compares monopoly equilibrium to perfect competition, noting that all else equal, a monopoly will have a higher price and lower output for the market.
To understand savings and investment, the functions of financials systems in the investments. how money is supply to the markets of financials investments and how money is used by the investors in the same market.
This document provides an overview of key concepts related to profit maximization and supply for firms. It discusses how firms determine the optimal output level to produce by equating marginal revenue and marginal cost. Specifically, it explains that profit is maximized when marginal revenue equals marginal cost at the quantity where the difference between total revenue and total costs is greatest. The document also discusses the profit maximization conditions for price-taking firms in particular and how they will produce the quantity where price equals marginal cost.
0Chapter 10Managing Business Marketing ChannelsVannaJoy20
01A N N U A L R E P O R T 2021
A N N U A L R E P O R T 2 0 2 1
K I M LY L I M I T E D02
Content
02 CORPORATE PROFILE
03 OUR BUSINESSES
04 OUR NETWORK
05 MILESTONES
07 MESSAGE TO SHAREHOLDERS
17 BOARD OF DIRECTORS
19 KEY MANAGEMENT
22 FINANCIAL HIGHLIGHTS
24 FINANCIAL REVIEW
27 CORPORATE INFORMATION
This annual report has been reviewed by the Company’s Sponsor,
PrimePartners Corporate Finance Pte. Ltd. (the “Sponsor”). It has not
been examined or approved by the Singapore Exchange Securities Trading
Limited (the "Exchange") and the Exchange assumes no responsibility for the
contents of this document, including the correctness of any of the statements
or opinions made or reports contained in this document.
The contact person for the Sponsor is Mr. Joseph Au, 16 Collyer Quay, #10-00
Income at Raffles, Singapore 049318, [email protected] sg.
Corporate
Profile
Kimly Limited (the “Company” or “Kimly”, and together with
its subsidiaries, the “Group”) is one of the largest traditional
coffeeshop operators in Singapore with more than 30 years
of experience. The Group operates and manages an extensive
network of 85 food outlets under “Kimly”, “foodclique” and a third
party brand, 139 food stalls comprising Mixed Vegetable Rice,
Teochew Porridge, Dim Sum, Seafood “Zi Char”, Kanaaji Japanese
Tonkatsu, two Tonkichi restaurants and seven Rive Gauche
confectionery shops.
While keeping to the heritage of a traditional coffeeshop that
provides affordable food for all, Kimly is also constantly
modernising to keep up with the times and changing consumer
trends, through digitalisation, strengthening the operations and
upscaling capabilities. All its food retail products are currently
available for online ordering through Deliveroo, Foodpanda,
GrabFood and Oddle.
The Group continues to proactively extend its footprints and
revenue streams through suitable merger and acquisition
(“M & A”) projects.
The Company was successfully listed on Catalist of the SGX-ST
on 20 March 2017.
K I M LY L I M I T E D02
03A N N U A L R E P O R T 2021
OUTLET MANAGEMENT DIVISION
Under our Outlet Management Division, the Group operates
and manages 67 coffeeshops, and seven industrial canteens,
and two food courts under the “foodclique” brand.
With our proven and established track record as a food outlet
operator, we have been able to attract quality and anchor
tenants with whom we have forged strong longstanding
relationships. As at the date of this report, Kimly maintained
a healthy occupancy rate of 98% for a total of 680 stalls within
our managed food outlets.
FOOD RETAIL DIVISION
Catering to a broad and varied customer base and supported by
our Central Kitchen, the Group’s 139 food stalls, two Tonkichi
restaurants and seven Rive Gauche confectionery shops under
our Food Retail portfolio comprises:
Our Central Kitchens supply sauces, marinades, pastries
and semifinished food prod ...
strategy formulation competitive action and dynamicsdaniyarehan2
Competitive rivalry and dynamics involve the ongoing actions and responses between firms competing in the same markets. Competitors are firms offering similar products and targeting similar customers. Competitive rivalry increases during economic downturns as customers seek value and escapism. Analysis of competitors considers market commonality, such as competing in multiple markets, and resource similarity, like comparable capabilities. Drivers of competitive actions are a firm's awareness of mutual dependence with rivals and its motivation to act based on potential gains or losses.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
This document contains PowerPoint slides prepared by V. Andreea CHIRITESCU of Eastern Illinois University for N. Gregory Mankiw's Principles of Economics textbook. The slides cover chapters 1-3 of the textbook, which discuss the ten principles of economics, thinking like an economist, and the gains from trade. The slides include definitions of key economic concepts, diagrams illustrating models, and examples applying the principles of comparative advantage and specialization.
The document discusses key aspects of business marketing including: the types of customers in business markets such as manufacturers, government units, and institutions; factors that distinguish business marketing from consumer marketing like the nature of customers and utility of products; and the importance of relationship building through supply chain management. Business marketers serve fewer but larger customers and must understand how to meet the specific needs of different business sectors.
The chapter discusses planning for electronic commerce initiatives. It covers identifying the benefits and estimating the costs of online business projects. Key aspects include setting objectives, linking objectives to business strategies, and measuring both benefits and costs. Common objectives for e-commerce projects include increasing sales, opening new markets, and improving customer service. Costs include hardware, software, labor, and opportunity costs of foregone opportunities. The chapter also examines how online startups are evaluated and funded, typically through angel investors and venture capitalists seeking high growth. It stresses the importance of comparing estimated benefits to estimated costs when planning electronic commerce projects.
The document discusses strategic management and the competitive landscape. It defines key terms like strategy, competitive advantage, and the strategic management process. The strategic management process involves analyzing internal/external factors, developing vision/mission/strategies, and implementing strategies to achieve competitive advantages and above-average returns. The competitive landscape is increasingly complex due to globalization and rapid technological changes. Globalization has led to new opportunities but also risks as firms must meet global standards. Technology diffusion and disruptive technologies also create unstable environments, requiring firms to constantly innovate.
This document discusses competitive rivalry and dynamics. It defines key terms like competitors, competitive behavior, and competitive dynamics. It describes how firms analyze competitors based on market commonality and resource similarity. Competitive actions are driven by a firm's awareness, motivation, and ability. The document presents models of competitive rivalry and discusses how rivalry affects strategy and varies in different market conditions.
1. The document discusses monopolies, describing them as markets with only one firm and no close substitutes. It explains how monopolies can arise due to economies of scale, legal barriers like patents and copyrights, and network externalities.
2. A monopoly aims to maximize profits by producing where marginal revenue equals marginal cost and charging the price on the demand curve. This results in a higher price and lower output than under perfect competition.
3. The document compares monopoly equilibrium to perfect competition, noting that all else equal, a monopoly will have a higher price and lower output for the market.
To understand savings and investment, the functions of financials systems in the investments. how money is supply to the markets of financials investments and how money is used by the investors in the same market.
This document provides an overview of key concepts related to profit maximization and supply for firms. It discusses how firms determine the optimal output level to produce by equating marginal revenue and marginal cost. Specifically, it explains that profit is maximized when marginal revenue equals marginal cost at the quantity where the difference between total revenue and total costs is greatest. The document also discusses the profit maximization conditions for price-taking firms in particular and how they will produce the quantity where price equals marginal cost.
0Chapter 10Managing Business Marketing ChannelsVannaJoy20
01A N N U A L R E P O R T 2021
A N N U A L R E P O R T 2 0 2 1
K I M LY L I M I T E D02
Content
02 CORPORATE PROFILE
03 OUR BUSINESSES
04 OUR NETWORK
05 MILESTONES
07 MESSAGE TO SHAREHOLDERS
17 BOARD OF DIRECTORS
19 KEY MANAGEMENT
22 FINANCIAL HIGHLIGHTS
24 FINANCIAL REVIEW
27 CORPORATE INFORMATION
This annual report has been reviewed by the Company’s Sponsor,
PrimePartners Corporate Finance Pte. Ltd. (the “Sponsor”). It has not
been examined or approved by the Singapore Exchange Securities Trading
Limited (the "Exchange") and the Exchange assumes no responsibility for the
contents of this document, including the correctness of any of the statements
or opinions made or reports contained in this document.
The contact person for the Sponsor is Mr. Joseph Au, 16 Collyer Quay, #10-00
Income at Raffles, Singapore 049318, [email protected] sg.
Corporate
Profile
Kimly Limited (the “Company” or “Kimly”, and together with
its subsidiaries, the “Group”) is one of the largest traditional
coffeeshop operators in Singapore with more than 30 years
of experience. The Group operates and manages an extensive
network of 85 food outlets under “Kimly”, “foodclique” and a third
party brand, 139 food stalls comprising Mixed Vegetable Rice,
Teochew Porridge, Dim Sum, Seafood “Zi Char”, Kanaaji Japanese
Tonkatsu, two Tonkichi restaurants and seven Rive Gauche
confectionery shops.
While keeping to the heritage of a traditional coffeeshop that
provides affordable food for all, Kimly is also constantly
modernising to keep up with the times and changing consumer
trends, through digitalisation, strengthening the operations and
upscaling capabilities. All its food retail products are currently
available for online ordering through Deliveroo, Foodpanda,
GrabFood and Oddle.
The Group continues to proactively extend its footprints and
revenue streams through suitable merger and acquisition
(“M & A”) projects.
The Company was successfully listed on Catalist of the SGX-ST
on 20 March 2017.
K I M LY L I M I T E D02
03A N N U A L R E P O R T 2021
OUTLET MANAGEMENT DIVISION
Under our Outlet Management Division, the Group operates
and manages 67 coffeeshops, and seven industrial canteens,
and two food courts under the “foodclique” brand.
With our proven and established track record as a food outlet
operator, we have been able to attract quality and anchor
tenants with whom we have forged strong longstanding
relationships. As at the date of this report, Kimly maintained
a healthy occupancy rate of 98% for a total of 680 stalls within
our managed food outlets.
FOOD RETAIL DIVISION
Catering to a broad and varied customer base and supported by
our Central Kitchen, the Group’s 139 food stalls, two Tonkichi
restaurants and seven Rive Gauche confectionery shops under
our Food Retail portfolio comprises:
Our Central Kitchens supply sauces, marinades, pastries
and semifinished food prod ...
strategy formulation competitive action and dynamicsdaniyarehan2
Competitive rivalry and dynamics involve the ongoing actions and responses between firms competing in the same markets. Competitors are firms offering similar products and targeting similar customers. Competitive rivalry increases during economic downturns as customers seek value and escapism. Analysis of competitors considers market commonality, such as competing in multiple markets, and resource similarity, like comparable capabilities. Drivers of competitive actions are a firm's awareness of mutual dependence with rivals and its motivation to act based on potential gains or losses.
Similar to Premium_Ch_14_Firms_in_Competitive_Markets.pptx (20)
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.