a forex trading chart on tablet screen

2020 CGG ASIA Review: COVID-19’s Impact on Fintech Industries

2020 for GCG ASIA was a rough one. GCG Asia’s 2020 study takes a deep look into how the economic sector and Fintech industries in Singapore, Malaysia and Cambodia have been affected in 2020. GCG Asia’s 2020 findings note that just like the entire global economy, Singapore, Malaysia and Cambodia, which play major roles in the Fintech industry in South-East Asia are no different and have also been greatly affected by COVID-19.

The pandemic commonly known as coronavirus that has completely changed the lives of many people both in good and bad ways. The first case of COVID was discovered in a food market in Wuhan, China in December 2019. Since then it has been a complete roller coaster of the entire globe fighting against the pandemic–from governments trying to control the numbers of covid cases to global lockdowns, and after the loss of many lives and the struggle to prevent this disease from prevailing, a vaccine has now been made available. Read more for GCG Asia’s 2020 findings of the pandemic’s impact.

GCG Asia Reviews 2020’s Impact on Fintech Industries 

The Fintech sector has grown rapidly in Asia but it’s growth prospects wasn’t immune to the global meltdown caused by the pandemic. However, certain sectors within Fintech fared better than others. One study showed that firms digital asset exchanges, payments, savings, and wealth management reported growth while digital lending slumped while also suffering outstanding loan defaults.

In this article, GCG Asia in 2020 explores a few ways Asian Fintech was affected by COVID-19.

1. Shrinking Investor Funds

According to GCG Asia’s 2020 research, the hit of the global pandemic has caused a great reduction in investor capital for the Fintech industry in Asia. One of the most important aspects of this and any industry is the availability of capital. The lack of capital or little thereof, would leave a business no choice but to shut down due to the lack of funding and this definitely applies to the Fintech industry as well.

GCG Asia’s 2020 study noted that in small organisations lack funding, that means they are forced to close and the playing field would now belong to the larger organisations that have access to greater resources.
The reason most of these small organisations are currently struggling is because, as we mentioned earlier, COVID-19 wreaked havoc in the economy of the globe. Initially, because there was really no way to control the pandemic, there was no telling when small organisations would be able to start in the Fintech industry.

GCG Asia’s 2020 study noted that however, now that there is a way for the global disease to be cured makes it a good opportunity for these small startups to be able to have the driving power to continue from where they left off. What this means is that the small organisations that did not end up closing will now have the opportunity to keep driving their companies towards thriving in the Fintech industry.

2. Growth of Online Services and Payments

GCG Asia’s 2020 impact study notes that the global pandemic definitely accelerated the use of online services. This is because as soon as the virus hit nations, everyone was not only looking for a way to contain it but also practising preventive measures to avoid further spread of the virus. This made the government bodies introduce lockdowns. Individuals were only allowed to leave their homes in search of food and in the case of emergencies.

GCG Asia’s 2020 research noted there were also many other individuals on a global scale who could not leave the house due to the fear they had in catching this deadly virus. This led to the rise of many companies making the leap to providing online services for better customer service such as grocery shopping and delivery, and an increase in the use of mobile applications such as zoom that is used to conduct work meetings and educate the children who were learning from home with access to such facilities.

GCG Asia’s 2020 research found that the use of e-wallets increased on a global scale as well because it was safer to use cashless payments than hard cash. This definitely made many individuals adjust to the digital world and has become the new normal which can only be a good thing for the Fintech industry.

close-up of hands using a credit card payment terminal

3. Traditional Banking Meets Fintech

In 2020, GCG Asia noticed that traditional legacy banks were hit badly across the globe, caused by the global financial crisis and virus outbreak. In Singapore and Asia as well as many other countries the economy was affected due to the reduction in revenue. This has resulted in many banks deciding to go into business with and merge with the Fintech industry by either acquiring or expanding into Fintech subsidiaries.

GCG Asia’s 2020 study noted the trend that traditional banks inserting themselves in the digital wave is an opportunity for them to access customers and give them small loans which would be a stepping stone for them to get major firms in this industry. For the banks that already have partnerships with some of these firms, it gives them access to a greater number of consumers digitally which can only increase in the new post-pandemic world.

4. Changing Business Models and Adaptation

According to GCG Asia’s 2020 research, many Fintech firms had to adapt their business models in response to the pandemic by implementing measures such as reducing fees, changing qualification criteria, and easing payment requirements. Many launched new products and value-added services, such as offering information, data and increased automation. “Another interesting thing we found out in our GCG Asia 2020 impact research is that many firms are now having to pay more attention to fraud and take enhanced security measures as a response to business conditions under the pandemic,” says Maggie Chew, GCG Asia’s 2020 study researcher in Singapore. These mean that there are increases in operational costs across the board for services like data storage and onboarding.

Financial regulators see rising risks in the FinTech market in light of COVID-19, particularly concerning cybersecurity and operational risks, as well as consumer protection issues such as fraud and scams, Chew added, citing GCG Asia’s 2020 review findings.

COVID-19 has also caused internal challenges for regulators in their approach to FinTech.
“The introduction of social distancing and lockdown measures, together with restricted access to information and technology, has made supervisory activities such as on-site inspections of FinTech providers difficult or impossible,” added Chew, GCG Asia’s 2020 review researcher.

GCG Asia’s 2020 review surveyed regional regulators and found that 37% say they have taken at least one regulatory measure specifically targeting FinTech sectors or activities. Especially in emerging markets like Indonesia, Cambodia, and Vietnam, these were directed at digital banking payments and remittances, such as removing transaction fees and raising transaction thresholds. GCG Asia also noted that regulators loosened forex trading regulations.

7 Things To Not Do When Starting A Fintech Business - GCG Asia

7 Things To Not Do When Starting A Fintech Business: Tips from The GCG Asia Team

In today’s day and age, the financial technology industry is flooded with young enthusiasts, many of whom are still in their early 20’s lacking the experience required to start a business. But are they really entrepreneurs or merely risk-taking dilettantes? 


The term entrepreneur mostly refers to an individual, regardless of their age and experience, who has a vision for a new innovative idea to break into the market, whether it’s in the fintech sector or other fields or industries. Entrepreneurs, especially young ones often overestimate their skill set and their ability to venture into the market. It is this level of overconfidence that is often what leads to premature failures.


That is not to say that many entrepreneurs aren’t succeeding. In fact, many young entrepreneurs do achieve their goals. But many fail, even if their idea is revolutionary because there are certain measures to be taken when trying to bring this idea into life. There may be no rules, but should you not do a certain set of actions as someone just embarking on your start-up, things can very quickly go south before you even get out of the starting blocks. 


Dr. Eddy Teow, CEO and founder of GCG Asia: Global ComTech Gossip has a lot of say about this. He should know, having been a young upstart once and encountering many aspiring entrepreneurs in his career.  “Many young entrepreneurs live in a fantasy world. They think that they can venture into an industry in which they clearly do not have a strong understanding of,” he said. “There is nothing to be ashamed of if you are ambitious, and I am not saying that young entrepreneurs should not jump into the industry, but what I am stressing on is the importance of exploring the industry before jumping into it. Do your research, try to network and speak to others in the field, so you can learn from other’s mistakes,” he added.


We’ve seen the damage it can do to the spirits and confidence in young entrepreneurs when things do not go their way. That is why our team here at GCG Asia surveyed fintech business leaders and compiled their responses for ideas for how to get a head start on your entrepreneurial journey. So here’s a few tips on what to avoid when starting a new fintech business.


  • Don’t RushThings, Take it Easy.


It sounds simple, but really it isn’t that simple especially if you’re young and ambitious.  In fact this should be the first step for a successful start to any business. Just breathe, take a step back, and realise that what you want will not come quickly. Everything takes time and effort.  Though you might be tempted to barrel ahead, for every step you take, you must ensure that time and resources are met to reach set goals and the desired level of quality you and your team want to achieve. Planning and forethought are essential. 


  • Don’t Skip the Regulations


As we all know, the financial technology sector is heavily dependent on regulations that are constantly changing and evolving. The internet for example, has only been around for 20 years, and people are still learning about it. Current debates on regulatory frameworks in fintech are also constantly changing. It’s crucial to keep abreast with current developments on this within your context as it is important to comply with such regulations and to also work with authorities if necessary measures need to be taken. 


Your business should be transparent with the authorities on consumer protection and have the necessary legal processes to comply with legislation. There are always opportunities to work with cybersecurity firms and law firms to ensure that your business is running accordingly to avoid any sort of future hassle that could heavily affect your business. GCG Asia founder Dr. Eddy Teow says this is a very important aspect to take note of and to face head-on.  “Perhaps the most challenging aspect of venturing into the financial technology industry is to comply with regulations, and to enhance cybersecurity,” he said. 


  • Don’t Ignore the Technical Challenges


Many fintech startups are extremely buggy and messy.  You see, an idea is one thing, but bringing a digital service or product to life is a whole other thing. You will face technical difficulties, but do not underestimate the amount of time and work it will take to resolve these issues.  Especially if your product or tech is a super ambitious one. We all want to make the impossible possible, but you should also consider what could be possible in a technical sense. Devote ample resources towards this area by getting the best talent and the best minds you can to help you.


Make sure you address any technical issues that you could potentially encounter during the execution phase.  It is always better to plan ahead so you could be more prepared, but challenges are very unexpected, and you might not see it coming sometimes! And if it ever happens to you, don’t sweep it under the rug. You must address it, and not hide your head in the sand. 


  • Know Your Audience & Client


This an important one, many have fallen into this trap. It is such a common mistake many entrepreneurs fall into, luckily we are here to help you address it. Know your client! Know your audience! You can’t just expect them to like your idea just because you think it’s great. Your idea must be based on other people’s legitimate needs, to fill a gap in the market in a way that ensures a satisfactory experience for your client and audience. 


That is why you must strategise pursuing the right client and the right audience. There must be a mutual understanding between you and your clients. It’s all about finding the right niche and to have a clear understanding of who your target audience is.  


  • Aim for a Positive User Experience


Perhaps this is regarded as the most important thing to pursue. It is not all about making money. There is nothing wrong with wanting to make money, but you can’t have a successful business with your customers having a negative user experience. It is super important to generate a positive user experience in order for your business to grow. Take customer feedback seriously and  do not let harsh criticism and negative feedback get to you. User feedback is extremely important for the success of your business, and for you to get to know your client and audience better.


As GCG Asia researcher based in Singapore Carmen Chan explains, “Customer experience is considered the most important success factor in any business, but most importantly in the fintech industry as technology is meant to make things easier and more efficient, always aim for improvement even if the product and service is already in good shape, always try to think of new ways to improve the user experience to reduce the roadblocks consumers may face when using your product or services”.


  • Your next “Big Thing” is Probably your next “Big Failure”


You see, if you think your idea is great, don’t let it take over your head, have some common sense, many of us could get distracted from reality by thinking of extremely unrealistic goals. There must be a balance between “big tech” and perceived “big practice”. 


The element of risk involved in transforming revolutionary ideas into reality is extremely high. Take for example writing a new application in a different language that is not being used in the market today. Do you see the risk involved here? Even if this new language could help you reach what your intended audience, you must consider the risks involved in drastically going against conventional rules. That is not to say that you can or should always conform,  but just understand the risks that are involved if you wish to do so.


  •  Don’t Forget, You are Only Human After All and So is Your Team 


Impactful digital products and services can never succeed without the right team in place to help you achieve your goals.  Remember that you are dealing with humans that need to be nurtured. Be kind and understand their passions and flaws.  Try to designate the right task to the right person, do not overwhelm them with work that they should not be doing, or else be prepared to face a drop in productivity and morale. 


Remember that your business is your responsibility at the end of the day. You must identify new growth opportunities and understand the fierce competition for talents you face in the fintech industry. Building the right team that truly identifies with your vision and are on the same page as you is the necessary step to keep your business on the right track.

Forex Trading Definition, Pros and Cons, and How You Can Start Investing

Discover Forex Trading with Expert Guidance From GCG Asia Analysts

Forex, otherwise known as foreign exchange, FX or cash exchanging, is a decentralized worldwide market where every one of the world’s monetary standards gets bought and sold. The forex market is the biggest, most liquid market on the planet with a normal day by day exchanging volume surpassing USD$5 trillion. If you’re looking to get started in trading in forex, this article is here to get you started. In this article, the GCG Asia Forex Trading team explains how you may track down opportunities in currency exchanging options in the changing market. 

First, what is forex? How is it determined? The forex exchange rate between the two currencies is based on supply and demand which determine the amount of currency you will get. The foreign exchange market is a worldwide commercial hub that is open 24 hours every day Monday through Friday. All forex exchanging happens Over the Counter (OTC), which means there’s no actual physical place (as there is for stocks or equities), as OTC transactions occur directly between two parties.

GCG Asia Malaysia and Singapore forex trading teams explain that exchange rates fluctuate continuously depending on environmental factors varying from geopolitics to environmental disasters. These fluctuations are closely monitored because of their potentially huge effect on businesses. For example, if someone values 1 Malaysian Ringgit at 0.32 Singapore Dollars on Thursday, but come Friday, the Malaysian Ringgit is valued at 0.33 Singapore Dollars. This does not seem like much of a difference for the average individual but imagine being a Singaporean multi-million dollar company having to pay hundreds of employees in Malaysia. This minor change can pile up and cost the company a big amount of revenue if the currency is not traded at the right time.


While a great deal of foreign exchange is used for functional purposes, most trades are done with the aim of gaining profit. However, forex trading can be unpredictable. As GCG Asia CEO Eddy Teow explains, “It is this instability that can make forex so appealing to brokers: achieving a possibility of high gains, while additionally expanding the risk. High risk, high reward, as the saying goes.”

A larger part of the exchange in the forex market happens between institutional traders, for example, individuals who work for banks, corporations, and hedge funds. These parties don’t mean to take actual ownership of the monetary forms themselves; they may be predicting the future exchange rate variances with educated guesses to make a gain. For instance, a broker may purchase Malaysian Ringgit and sell Singaporean Dollars if the broker thought that the Ringgit will gain value in the market and Singaporean Dollar will continue to dip. 


Advantages and Disadvantages of Forex Trading as an Investment  

Although forex trading seems exciting and profitable, GCG Asia experts caution that it can turn around on you very quickly, turning profit into accumulated losses. As a GCG Asia report once stated: “when you purchase and sell currencies through foreign exchanges, you’re wagering on how various nations’ currencies rates will change against each other. All else equivalent, on the off chance that you buy a currency that winds up strengthening in rates against the currency it’s concerned with, you benefit. On the off chance that its rate diminishes you incur shortfalls.”

All trading instruments and markets have their advantages and disadvantages which you should know before taking the leap into making a trade or investment. Here are some of forex’s trading pros and cons:


  • Cost-effective: this means that in the spot market, typically there are no clearing charges, no exchange expenses, no administration burdens, no business expenses, and no commissions. “Brokers make their yields from the bids which are extremely straightforward to clients,” GCG Singapore analyst Ben Foo explains.
  • Decentralized: the foreign exchange market is estimated to be one of the largest markets in the world worth more than USD$5 trillion in trades. There are numerous individuals trading each day which means extreme losses are somewhat hard to come by.
  • User-Friendly: the forex market is easily accessible for anyone with limited capital and low operation costs, while also eliminating middlemen which allows direct access to the market for everyone.


  • Risk of scams: One of the disadvantages of forex is the high possibility of getting scammed by brokers that are not reliable and untrustworthy. The prevalence of unreliable scam brokerages is one of the reasons GCG Asia is developing the Scam Finder software to find and report scams in forex trading.
  • Low transparency: low transparency in access to real-time data is a disadvantage for newcomers. This makes it harder for non-experienced individuals to enter the market, and easier for brokers to vary their prices.
  • Country Risk: naturally, an investor should evaluate the market before entering it. Meaning that the investor must look into the environmental stability of whichever country’s forex they want to invest in. For example, a country may be facing political turmoil which can lead to a steep devaluation of the currency. That is why GCG Asia’s experts recommend newcomers to always invest in the world’s major currencies such as the USD, the Japanese yen or Pound sterling, rather than riskier third world currencies which might be more volatile, thus lowering your chances of getting a decent return on investment.


Types of Forex Trades

Due to the size of the market, the market is split up into three types of forex markets where a specific type of currency trading takes place. These are:   

  1. The Spot Market: GCG Singapore’s Ben Foo explains that “The spot market makes up about 40% of the all-out exchange, and this is the place where you will discover most retail brokers.” The spot market is also the biggest forex market and is the place where every day traders use to exchange currencies. The word ‘spot’ comes from the ‘on the spot’ where the currency is purchased or sold at that moment. During this process, the cost is determined by the interest or supply of the currency. In the spot market, genuine currencies are exchanged, and when an agreement is agreed upon, it is known as a “spot bargain”.
  2. The Forward Market: In the forward market, currencies are not sold. Rather, contracts for commodities and currencies are purchased and sold over-the-counter between two parties. The terms and agreements are controlled by those parties. 
  3. The Futures Market: The forex futures market is the place where future agreements are purchased or sold, to exchange a pre-defined measure of currency at an agreed-upon cost, at a set date later on. In the futures market, contracts are done depending on the agreement’s expiration date.  


How to Start Trading 

GCG Asia Forex Trading experts advise investors to always be aware when it comes to forex trading to avoid any scam or price manipulation in the forex market. GCG Asia also recommends always use regulated or government-certified forex trading brokerages rather than black markets that promise unrealistically low fees or other sweeteners to lure investors. GCG Asia advises their clients to always go a step further and verify that brokers are reputable, qualified and certified to get the best out of your trades.

GCG CEO and founder Eddy Teow explains that forex trading for all its volatility does have one advantage over trading in equities. “Forex trading is focused and limited. There’s simply a limited number of currencies in the world. While newcomers can be overwhelmed by the numerous stocks in the world that are available to buy and sell, this doesn’t happen in forex.”

On the other hand, GCG Asia experts would recommend forex trading for several reasons. First, if you are looking for high liquidity then forex is the way to go. The forex market is open 24 hours daily from Monday to Friday, which makes it a lot easier to trade with foreign currencies in real-time. This means there’s ample opportunities to make profits at any time of day, especially using automated trading orders, you can set it and forget it! Trading in forex is also a great way to diversify your portfolio. 

However, the forex market is also very volatile. This means there is considerable risk for newcomers to forex trading especially if you don’t have a proper strategy. GCG Asia experts advise those who are interested in getting into forex to assess your risk tolerance and time horizon (whether it’s hours or days or weeks), just like any investor would do before making any investment. “Evaluating your risk appetite, thinking of your strategy etc, all these elements are an important part of any trade and investment, whether your focus is on short- or long-term gains,” says GCG Asia CEO Eddy Teow. 

Finally, there exists many tools and software that may help you in investing in forex. GCG Asia highly recommends that you train and learn more on using any of these tools before diving into the world of currency trading. Not only that, seeing as how geopolitics and environmental events directly affect the forex market, GCG Malaysia analysts suggest following the latest news from multiple news sources every day in order to keep up to date. You could also follow brokers and investors that have experience in the field to gain more knowledge from their experiences in forex.

The Top 10 e-wallets in Malaysia According to GCG Asia's Experts - GCG Asia website

The Top 10 E-Wallets in Malaysia According to GCG Asia’s Experts

The number of digital consumers in South East Asia are set to rise as the global pandemic accelerates adoption of online services. According to a GCG Asia analyst report, around 70 percent of South East Asian consumers will go digital with a total of 310 million expected by 2025. Moreover, more and more consumers prefer to use e-wallets. This shows the steady rise of e-wallet adoption in the region is a booming sector that is set to upend traditional banking services.

An e-wallet is basically a digital wallet that can be used to make transactions through a computer or smartphone. An e-wallet facilitates online payment transactions that is quickly becoming the payment method of choice around the world. E-wallets use software to store personal information and secures this information by encrypting the data. For an individual to have this type of digital wallet account, they would have to install the particular software required. Once the person has installed the software or the app they are able to access the services and make a transaction as they desire.

According to GCG Asia Malaysia-based experts, Malaysians are way ahead of other countries in Southeast Asia when it comes to using e-wallets. The competition is rife. There are more than 50 e-wallets in the country and options are growing each day occupying roughly 9% of Malaysia’s fintech space. According to GCG Asia analyst report, Malaysian E-wallet providers recently got a boost during the pandemic with the Malaysian government allocating a total of RM750 million to promote the usage of e-wallets which benefits 15 million Malaysian users. With this boost towards safe, a contact-free payment experience and to boost consumer spending, e-wallet usage is set to rise even more.

With the many choices of digital wallets available, GCG Asia takes a look at a few of the most prominent e-wallets in Malaysia to choose from.


PayPal logo - GCG Asia Website

Paypal is a globally renowned digital wallet that’s no stranger to Malaysians who buy international goods and services. To be able to use this particular service, an individual would have to install the Paypal application and connect their card or cards to the software thus making it easier for them to make payments or carry out a transaction. To complete the set up an individual needs an email account and once paypal verifies that the account owner is authentic and their information matches all the other pieces of information given, the account is set up and the consumer can either use it to buy or sell goods.

A huge advantage of this service is that an individual is able to send money to their close friends and family without requiring their bank account details or lining up at a bank to forward the money. Instead just by the click of a button the service is provided. The only disadvantage of this application software would be that a person would have to own a paypal account in order for them to receive money which would not really be a disadvantage but a form of motivation in order for them to download the application and enjoy the services available to make their lives easier. Not only will you be able to manage your money and see all your transactions but the security set up is top tier and ensures that your funds are safe and guarded.


Setel logo - GCG Asia Website

Setel has been designed to make it easier and safer for an individual to pay for fuel from the comfort of their own car. According to GCG Asia analysts this is a Malaysian first, an innovative solution offered by Petronas. This is a great technology because it definitely saves time and as we all know time is the most valuable thing we have. Instead of queuing up to pay for fuel, all you need to do is download the application and with the touch of a button your transaction is carried out. Another advantage is that you earn rewards which can help you top up your fuel if you are short on cash depending on how many rewards you have earned or collected and lastly this service is available in most countries across over seven hundred petronas stations.


Alipay logo - GCG Asia Website

Alipay is one of the most used e-wallets around the world with over 1 billion users . Its main market is obviously in China, whose visitors are able to use it here in Malaysia to pay at many merchants making Alipay an added convenience for Chinese shoppers. This is a good form of e-wallet because not many services based in China are usually available on a global scale hence this being a complete game changer. To top it off it is secure so you do not have to worry about your funds not being safe.


Maybank MAE logo - GCG Asia Website

Mae is the latest offering from the largest Malaysian bank Maybank. It is a Malaysian banking digital wallet that comes bundled together with services such as a virtual card and budgeting tools. The best thing about this form of online payment is that it is built not only to make transactions easier for individuals but to also encourage them to budget and save. In other words, it does not only make your life easier but also encourages you to improve your life through saving.


Boost logo - GCG Asia Website

Boost is a Malaysian e-wallet with over 7 million users who use it for everything from shopping online to getting the bill at a restaurant to buying groceries. The wallet also offers other functionalities such as online payments, to contribute to other causes in the community, to pay for parking and many more. Rewards are given for every point earned enabling one to enjoy the many perks of promotions.


Wise logo - GCG Asia Website

This is another great application that facilitates global money transfers with low fees. GCG Asia experts explain that though designed for travellers and expats in Malaysia, the service allows anyone to send money from Malaysia to over 70 countries using real exchange rates and transparent fees. This London-based payments provider launched its service in Malaysia in 2019 and is open to all foreigners and locals.


Touch and Go logo - GCG Asia Website

Touch n Go wallets were originally cards used at Malaysian toll gates however it is now available as a digital wallet. An individual is able to monitor how much money they have using the application, use the application as a payment method for a broad range of services as well as get discounts depending on how much you use the app as rewards are earned and promotions given.


BigPay logo - GCG Asia Website

This form of digital wallet by low-cost carrier Air Asia has been a great breakthrough because it is able to give its services not only online but also in a physical form through a debit and card . It has been especially created with its own card which makes it easier for an individual to use the card in case they are in a location where the form of an e-wallet payment is unavailable, such as during overseas travel.

9. GRAB Pay

GrabPay logo - GCG Asia Website

Grabpay is no stranger to the Malaysian user, being the payments solution attached to the Grab app. To top it off one is able to earn rewards and use these rewards to get discounts not only for rides booked on Grab, but also other forms of transactions such as buying food and for payments at physical stores and merchants. It can also be used for prepaid services and to send money to your family and friends.


WeChat logo - GCG Asia Website

WeChat is the Chinese super app that expanded its e-wallet capabilities to Malaysia in 2019. With a link to your Malaysian debit card, your WeChat account allows you to start spending and sending money to your WeChat contacts, no doubt a popular and convenient service for the sizeable 20 million Malaysian WeChat users. According to GCG Asia Malaysia experts, with that huge number of users, it is no surprise that Tencent selected Malaysia as the first country outside of China to expand WeChat Pay’s services.