Using Glory's MACH 6 WAVE, KDF avoids bank fees
Singapore, September 26, 2018 - Kidney Dialysis Foundation in Singapore has increased the value of its Flag Day donations by partnering with retailer Sheng Siong and Glory to limit bank processing fees payable on coins deposited at the bank. It has thereby maximised the value of these donations.
The charity recognised that whenever they paid coins that had been donated into a bank account they were subject to processing fees and that this led to a reduction in the value of donations. At the same time, local retailers like Sheng Siong continually need change in order to service their customer needs. A shortfall means they have to visit the bank and 'purchase' coins and this involves time and money.
Working together, KDF and Sheng Siong could achieve a mutually beneficial solution. By exchanging donated coins for notes both could limit bank costs.
Dickson Loi, Donor Relations and Partnership Executive at KDF, said "We recognised it would be a favourable situation for both companies if we could exchange notes and coins but the question remained now we could best achieve this. Selling the coins to Sheng Shong still presented a challenge - how to count, sort, verify and bag all these coins."
Sheng Siong approached Glory to borrow a MACH 6 WAVE coin sorting and counting machine and Glory Singapore made the machine available at its office premises on Monday 9 July. On that day nearly 100,000 coins were processed.
Ben Thorpe, Managing Director Asia Pacific at Glory, said "We were happy to help. The solution saved costs and benefited dialysis patients. Our coin processing technology accepted donations in baht, ringgit, yen, renmimbi, euros and sterling and KDF saved over $1000 in bank fees."
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About Kidney Dialysis Foundation (KDF)
The Kidney Dialysis Foundation (KDF) is a non-profit charitable organisation, established in February 1996 by Dr Gordon Ku, a kidney specialist. KDF provides subsidised dialysis treatment to needy members of our community so that these patients will not be deprived of treatment due to financial difficulties. It also supports research for a cure for kidney diseases. Patients needing treatment from KDF are referred by the medical social workers in the restructured hospitals.
A holistic approach is taken when caring for patients as it is KDF's mission to look after the well-being of patients by nurturing hope and confidence to make life more meaningful, even for the most destitute. With the commitment to provide high quality, low cost treatment to patients who are unable to afford treatment KDF has with the support of donors and sponsors, set up a few centres to care for its patients. To date, KDF has served over 849 patients of which 79 have gained a new lease of life through a kidney transplant. It is currently serving about 266 patients and annually, at least $8 million is needed for the organisation's operation cost.
About Sheng Siong Supermarket
Established in 1985 and listed on the Mainboard of the Singapore Exchange in 2011, we are one of Singapore’s top three retailers with over S$829 million in annual sales revenue (FY2017). As of August 2018, we operate in 50 locations all across Singapore. With a current market capitalisation exceeding S$1.4 billion, Sheng Siong Group Ltd is one of the largest listed companies on the Singapore Exchange.
Our supermarket/ grocery retail stores are primarily located in the heartlands of Singapore, and are designed to provide our customers with both “wet and dry” shopping options, including a wide assortment of live, fresh and chilled produce, such as seafood, meat, fruits and vegetables, in addition to processed, packaged and/or preserved food products as well as general merchandise such as toiletries and essential household products.
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As a global leader in cash technology solutions, we provide the financial, retail, cash center and gaming industries with confidence that their cash is protected and always working to help build a stronger business.
Our cash automation technologies and process engineering services help businesses in more than 100 countries optimise the handling, movement and management of cash. While we span the globe, we personally engage with each customer to address their unique challenges and goals — enhancing staff efficiency, reducing operating costs and enabling a more rewarding customer experience.
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Glory Global Solutions
Director of Global Marketing
+44 (0) 7887 052366