XOX Berhad (XOX) has partnered with Alliance Bank Malaysia Berhad (Alliance Bank) to introduce a wide range of financial services on its Black mobile app. Besides providing access to Alliance Bank’s personal financing products, XOX aims to introduce the “first-in-the-market” virtual credit card that’s integrated into its Black app.
XOX Group CEO Ng Kok Heng said the addition of Alliance Bank’s products and services marks the first step in expanding Black app’s financial offerings beyond its core offerings.
In the first stage of the project, Black app subscribers will have access to Alliance Bank’s products such as credit cards and personal loans. In the second stage, users will be able to make daily transactions with their mobile devices with a virtual credit card integrated into the Black app.
Commenting on the partnership, Alliance Bank Group CEO Kellee Kam said “This collaboration is in line with the Bank’s refreshed areas of focus under Acceler8, which is to expand its consumer banking and broaden its consumer product offerings by providing fast, convenient and personalised solutions that are relevant to customers. To this end, we would continue building strategic partnerships with like-minded partners and create more value for our customers.”
According to XOX, its Black app which is available on both Google Play Store and Apple App Store, offers a range of products and services that allow users to engage in mobile reloads, eCommerce, OTT media and loyalty programs. With the addition of financing products and services, XOX says Black app expanding its suite of offerings and solidifying its position as a comprehensive mobile app for everyone.
A virtual credit card makes more sense for consumers who spend more online on shopping and digital subscriptions. It would be interesting if the upcoming virtual credit card comes with a dynamic number feature that Alliance Bank introduced last month. Designed with security in mind, users can generate a one-time credit card number for each transaction or create a different number for each digital platform. If there’s a data breach, users can take greater control by terminating the virtual number associated with the affected platform without changing other card numbers.