Aexon Pte Ltd, a High-Risk Payment Processor, Rebranded as HBPay (2024)
Attempting to change his company’s name from Aexon Pte Ltd to HBPay is the infamous Moises Fernandez Barea. The UK firm has changed its name, according to a document that was submitted to Companies House UK on September 13, 2022. The operator of Aexon, Aexon Pte Ltd, was granted an exemption from holding a licence by the Monetary Authority of Singapore (MAS), which expired, as the media reported a few months ago. The business attempted to continue operating and managing customer funds in spite of this.
Short Story
Because Aexon was hesitant to get the required due diligence paperwork, banks who maintained accounts for the company became wary of the inflows. It turns out that Aexon withheld client money until it obtained legal correspondence from its own customers.
When the media was contacted by whistleblowers, they revealed that an African bank had frozen Aexon’s bank accounts due to grave concerns of suspicious activity.
After the media reported that Moises Fernandez is also associated with Jade Capital Financial Advisory Services, the website for the company (www.jadecapitaluae.com) was taken down. Moises Fernandez has not responded to inquiries.
How to Rebrand Following a PR Crisis: Advice from Experts
A company may attempt to reinvent itself in the eyes of the public as a result of the aftermath from a PR crisis. Rebranding in this context entails more than just altering the appearance and feel of the business’s marketing and advertising. If the goal of a crisis-driven rebrand is to restore a brand’s reputation under the surface, it has to be genuine.
Customers are less likely to support a rebranding initiative in the future if they believe it is a publicity gimmick meant to shield the company from criticism. If the brand fails to satisfy its devoted clients, it could have a negative long-term effect on business.
So how can a company ensure the success of a rebrand driven by a PR crisis without risking further damage to its reputation? Below, nine experts from Forbes Agency Council look at vital steps involved in the process of rebranding to ensure that customers will see it as a true change in the business’s values.
1. Admit Your Errors
It is impossible to move on without first owning up to your mistakes or lost opportunities. Recognize that you have work ahead of you, starting with a new brand direction, when you introduce the new brand. More criticism will be directed at you if you create a flashy new brand with the intention of sweeping the past under the brush without truly acknowledging your mistakes.
2. Adhere to complete transparency
It’s crucial to listen to customers during a crisis and address their issues by having an honest conversation. I’ve always prioritised complete openness in order to draw attention to problems and identify solutions. You will never be able to please everyone; but a crisis usually presents an opportunity for improvement. Use it to improve policies, educate staff or change the way you do business
3. Get in Touch With Your Basic Principles
Think of the PR disaster as a chance to reaffirm your basic beliefs. A brand is similar to a soul, and a crisis provides a chance for reflection and rejuvenation. Engage staff members, exercise honesty, and provide resources to customer journey research that yields a comprehensive insight of your target markets. Next, create a marketing plan that will engage them and draw them to your company.
4. React right away
There will inevitably be a PR crisis; when one arises, don’t run from or minimise the issue. Instead, own up to your mistakes and confront the situation head-on, taking decisive action right away and refusing to back down. After putting the quick response in place, be careful not to commit to something you can’t fulfil.
5. Describe A Real Course Adjustment
If a crisis leads to a rebrand, it will appear genuine if it truly is genuine. It’s critical that businesses and executives closely examine the initial causes of the issue. Similar to individuals, brands are constantly developing and changing, therefore as long as a clear course correction is evident, it’s acceptable to miss the mark.
6. Demonstrate Actual Staff and Procedure Changes
Rebranding alone won’t be sufficient to get over a PR issue. The public must witness genuine staff and internal process changes that are consistent with the rebranding. These days, businesses and consumers are far more wary, and social media will magnify any doubt. A PR-crisis rebrand gone wrong is a larger PR crisis waiting to happen.
7. Create The New Brand With The Customer in Mind
Building the new brand from a customer’s perspective—that is, understanding their wants and the reasons why the brand itself satisfies them—rather than from a business standpoint, is crucial. A brand that is based on the needs and expectations of its customers has a genuine value proposition. Additionally, the marketing must deliver the value that customers anticipate from the brand and speak to them in their language.
