EASTSPRING INVESTMENTS APPOINTS ANOUK HANAFIAH AS CHIEF EXECUTIVE OFFICER OF EASTSPRING AL-WARA' INVESTMENTS BERHAD

KUALA LUMPUR, Feb 27 (Bernama) -- Eastspring Investments (“Eastspring”), has appointed Anouk Hanafiah as Chief Executive Officer and Executive Director of Eastspring Al-Wara’ Investments Berhad (“EAIB”).

Anouk has commenced in her role on 13 January 2023 and is responsible for the growth and development of Eastspring’s Islamic asset management business, which offers Shariah investment solutions to pension funds, institutional investors as well as onshore and offshore mandates.
 
She brings with her over 23 years of industry experience in managing conventional and Shariah investments, structuring and managing wholesale global mixed asset funds for accredited investors, and overseeing the management of equities and fixed income funds consisting of private mandates and wholesale funds. Prior to EAIB, Anouk held senior positions at Penjana Kapital, Fortress Capital Asset Managers, VCAP Asset Managers, and i-VCAP Management, a Shariah asset management company.
 
“I am delighted to welcome an executive of Anouk’s caliber to our leadership team,” said Raymond Tang, Chief Executive Officer of Eastspring Investments Berhad. “Anouk is a seasoned industry professional with extensive experience in leading people and building successful businesses and will be invaluable to Eastspring’s expansion of our Islamic fund management capabilities in Malaysia.” 

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RETABLED BUDGET 2023 EXPECTED TO POSITIVELY IMPACT ACCOUNTANCY PROFESSION, SAYS MALAYSIAN INSTITUTE OF ACCOUNTANTS

KUALA LUMPUR, Feb 27 (Bernama) -- The Malaysian Institute of Accountants (MIA) hailed the following measures of the retabled Budget 2023 that are expected to positively impact the accountancy profession and its services to the economy. 

These are the:

- announcement of financial zones
- focus on tax measures to diversify tax revenues for better fiscal health 
- measures to further develop and strengthen the sustainability and relevance of Islamic finance
- measures to promote digital transformation
- measures on ESG.
 
Financial Zones

MIA welcomed the announcement of the Tun Razak Exchange (TRX) in Kuala Lumpur and Iskandar Malaysia in Johor as financial hubs/zones to attract high-quality foreign investments, which are expected to benefit the accountancy profession. 

“To position Malaysia as a financial hub, the accountancy sector plays an important role in terms of providing access to professional accountancy services,” stated MIA President Datuk Bazlan Osman.  

 “On one hand, the accountancy sector will benefit from exciting growth opportunities for its services as Malaysia strengthens its position as a financial hub. On the other hand, the competitiveness and international position of the Malaysian economy will be enhanced by a vibrant and flourishing accountancy sector.”   

Tax Measures

“Budget 2023 introduced tax measures that are aimed at diversifying sources of tax revenue through the imposition of wealth taxes and capital gains taxes, while being business-friendly to small and medium sized entities (SMEs),” said Datuk Bazlan.

As a leading advocate for tax governance as well as improved tax policies and administration, MIA has engaged with the Tax Authorities and PEMUDAH in various meetings to discuss the proposed policy changes and other tax proposals from stakeholders for Budget 2023. 

The following tax measures as announced in Budget 2023 may be relevant to MIA members:
 
• Capital gains tax for disposal of unlisted shares by companies will be introduced from 2024.
• Preferential tax rate for SMEs will be reduced to 15% on the 1st chargeable income of RM150,000.
• Individual tax rate will be reduced by 2% for the chargeable income of RM35,001 to RM100,000 from YA 2023. For high income earners, there will be an increase in tax rate of 0.5% to 2% for chargeable income of RM100,001 to RM1 million.
• Luxury goods of prescribed value will be subject to tax with effect from 2023.
• The C-suite of companies in electrical & electronics and aerospace industries which were affected by the pandemic, and that relocate their operations to Malaysia will be subject to 15% tax until 2024.
• Tax deduction for cost of listing on the ACE Market and the LEAP Market of BURSA Malaysia will be extended to YA 2025.
• Charitable hospitals registered as Company Limited by Guarantee will be given an income tax exemption equivalent to the expenses incurred for the charitable purpose. Donors of the charitable hospitals will be given a tax deduction of up to 10%.
• Voluntary Disclosure Programme will be re-introduced for waiver of 100% penalty effective from 1 June 2023 to 31 December 2024.

Islamic Finance

Budget 2023 emphasised measures to strengthen the global leadership of Malaysia in Islamic Finance, especially in the emerging areas of wealth redistribution to address growing inequality and sustainability. MIA hailed the promotion of financial inclusion through green financing, guided by BNM’s Climate Risk Management and Scenario Analysis, Towards A Greener Financial System and Financial Inclusion Framework 2023-2026 and the emphasis from regulators to increase equity-based Islamic Financing with risk sharing concept. 

For its part, MIA has: 

• collaborated with relevant stakeholders to create and promote awareness on Islamic social financing through webinars and articles at ASEAN (with the ASEAN Federation of Accountants) and international level (with the International Federation of Accountants).
• organised a focus group discussion with Islamic Finance regulators and industry players to identify opportunities and challenges in implementing Islamic social finance in Malaysia, and
• through the Islamic Finance Pupillage Programme, continuously nurtured Islamic Finance talent by upscaling knowledge within the accountancy profession to support developments in the Islamic Finance industry.
 
Digital Transformation

MIA welcomed Budget 2023’s provision of funding for digital transformation, which aligns with its Digital Technology Blueprint - to identify the availability of funding to assist MIA members in the adoption of digital technology. 

“Additionally, MIA found that funding is the top three barriers of technology adoption in its three consecutive surveys on technology adoption by the accounting profession in Malaysia especially for the SMEs including the small and medium sized practices (SMPs). The grants available will support the digital transformation of these entities,” stated MIA CEO Dr. Wan Ahmad Rudirman Wan Razak.

Based on MIA Technology Adoption by the Accountancy Profession Survey 2022, MIA also found that lack of talent to utilise technology effectively and understanding the benefits of adopting technology being the top barriers to technology adoption. Hence, the Government’s effort in strengthening the Pusat Ekonomi Digital (PEDi) to assist and educate SMEs on technologies is commendable, added Dr. Wan Ahmad.

MIA also welcomed the Government’s effort in combating cyberthreats, as cybersecurity is one of the top five technology trends affecting the accounting profession for three consecutive years as indicated in the said MIA survey. 

Other salient measures are Budget 2023’s allocation of RM725 million to provide coverage under Jalinan Digital Negara (JENDELA), continuous effort on 5G network implementation via Digital Nasional Berhad (DNB), and free internet for 56 chosen Program Perumahan Rakyat (PPR). This will address the infrastructure challenge including lack of network connectivity in Higher Learning Institutions (HLIs) as recommended in the Report on a Study of Emerging Technology Adoption within the Accounting Programmes by the Higher Learning Institutions (HLIs) in Malaysia issued by MIA in 2021.

Finally, MIA commends the Government’s effort on driving digital transformation for various sectors as well as Government services and offering funding on digital content to promote local businesses.

ESG

As a leading advocate for the adoption and integration of the environment, social and governance (ESG) agenda by businesses, MIA commends Budget 2023’s generous allocations for enabling sustainable transformation said Dr Wan Ahmad Rudirman. The salient measures to note in the Budget include:

• BNM to provide a RM2 billion fund to support start-up companies in green technology and encourage SMEs to adopt low carbon practice.
• Khazanah to provide RM150 million to encourage environmental-friendly projects, including supporting the carbon market and reforestation.
• Improved implementation of Skim Pembiayaan Teknologi Hijau (GTFS) where the guaranteed value is increased to RM3 bilion until 2025.
• A proposal to extend the Green Investment Tax Allowance (GITA) dan Green Income Tax Exemption (GITE) until 31 December 2025 by enhancing the period of encouragement from 3 to 5 years for eligible green activities.
• RM30 million allocation to support more activities in relation to Sustainable Development Goals (SDG).

NOTE TO EDITOR:

About the Malaysian Institute of Accountants (MIA)
Established under the Accountants Act 1967, MIA is the national accountancy body that regulate, develops, supports and enhances the integrity, status and interests of the profession in Malaysia.  MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Working closely alongside businesses, MIA connects its membership to a wide range of information resources, events, professional development and networking opportunities. Presently, there are more than 38,500 members making their strides in businesses across all industries in Malaysia and around the world. 

MIA’s international outlook and connections are reflected in its membership of regional and international professional organisations such as the International Federation of Accountants (IFAC) and the ASEAN Federation of Accountants (AFA). For more information on MIA, visit www.mia.org.my

Source: Malaysian Institute of Accountants (MIA) 

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St Kitts and Nevis offers CBI Programme to sustainable investors

KUALA LUMPUR, Feb 27 (Bernama) -- St Kitts and Nevis Citizenship by Investment (CBI) Programme creates access to the global markets enabling qualified applicants to join the global community, along with each dependant included in their application.

As the oldest and most trusted programme internationally, the St Kitts and Nevis CBI programme is also open to business opportunities that allow portfolio diversification.

“There are three options for innovators, at home and in the diaspora, to benefit and raise capital through CBI. Firstly, any person can apply to the CBI Board of Governors to be designated as an Approved Public Benefactor.

“Under this option, once the applicant can prove that his or her business idea can bring substantial benefit to the people of St Kitts and Nevis; maximise local employment; and transfer technology and local capacity building, then that business idea will be considered,” said CBI Unit Head, Michael Martin in a statement.

There is a plethora of benefits that each investor will have that include minimal business restrictions and tax incentives that do not include capital gains, income, inheritance, gift or wealth taxes.

Martin said: “The CBI Programme is not just for international investors; it is for all of us to benefit. If locals and nationals in the diaspora do not take advantage of the three options, they can also become Authorised Agents/Service Providers or International Marketing Agents.

“Our people are the ultimate beneficiaries of our treasured CBI Programme and should also participate in this international industry.”

The St Kitts and Nevis CBI Programme has undergone necessary amendments through the CBI Unit and Government that has implemented a new layer of integrity to enhance the country’s economic diversification, and more importantly, empower the local community.

The CBI Programme has recreated its foundation on sustainable, good governance and pragmatism principles, and included a Board of Governors and a Technical Committee, to ensure that qualifying applicants undergo a stringent vetting process.

-- BERNAMA

SHENZHEN, HK PROMOTE 16 MEASURES FOR INTELLECTUAL PROPERTY CREATION, INNOVATION HUB

KUALA LUMPUR, Feb 27 (Bernama) -- The 16 Co-operation Measures for the Development of the Qianhai Shenzhen-Hong Kong Intellectual Property and Innovation Hub (16 Measures) became effective on Feb 23.

It is jointly promoted by the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen Municipality and the Commerce and Economic Development Bureau of the Government of the Hong Kong Special Administrative Region.

This move signifies an upgraded level of cooperation between Shenzhen and Hong Kong in the area of intellectual property (IP), according to a statement.

It also marks Qianhai's advanced steps towards both the "construction of a primary-choice location for Hong Kong's integration into national development" and an intellectual property and innovation hub.

The 16 Measures cover initiatives in four key areas namely, promoting the harmonisation of IP rules and systems between Shenzhen and Hong Kong; supporting the exploitation and transformation of Hong Kong's IP in Qianhai; fostering cross-boundary IP services; and, developing the Qianhai Shenzhen-Hong Kong IP and Innovation Hub.

Under the 16 Measures, any technology transfer centre, jointly set up by a leading company and a Hong Kong University or research and development (R&D) centre, will be subsidised with 50 per cent of the actual operational expenses (up to 1 million yuan per year). (100 Chinese yuan = RM64.31)

Additionally, any Hong Kong or international IP service provider who settles in Qianhai will be entitled to a subsidy of up to 2 million yuan.

According to some analysts, the 16 Measures will effectively assist Hong Kong IP service providers to tap the mainland market by utilising Qianhai as a "bridgehead".

In addition, the IP industry businesses in Qianhai could draw on Hong Kong's unique advantages and platforms to connect with international markets and accelerate their own development.

-- BERNAMA

ZEROBOARD RAISES US$18.4 MLN IN SERIES A FINANCING

KUALA LUMPUR, Feb 27 (Bernama) -- Zeroboard Inc (the Company), has completed raising funds through a third-party allotment of new shares as part of the Series A round, bringing the total amount from the first and second closings to 2.44 billion yen or US$18.4 million. (US$1=RM4.45)

In the first closing, in addition to Keyrock Capital Management which was lead investor in the Series A round, existing investors including DNX Ventures and Inclusion Japan Inc, with some new investors have joined, closing with the total of six undertakers resulting in funding totalling 1.98 billion yen.

During the second closing, a total of 12 partners/CVCs have signed a 460 million yen investment agreement including NAGASE & CO LTD; Kansai Electric Power Co Inc; MUFG Bank Ltd; Iwatani Corporation; Toyota Tsusho Corporation and Sumitomo Corporation, to name a few.

According to a statement, the Company announced the launch of zeroboard, Japan's first cloud-based service for calculation and visualisation of greenhouse gas (GHG) emissions, in March 2021, whose beta version and product version were released in July 2021 and January 2022, respectively.

In July the same year, the Company took the lead in the industry to release the calculation function of carbon footprint (emissions by product and service).

Meanwhile, in August, it decided to start the support for decarbonisation management in Asia with five partners who have various business transactions with overseas manufacturing sites and supply chains and those who aim to decarbonise their operations.

The number of companies that had adopted zeroboard reached 2,000 by October. In order to further promote the calculation of supply chain emissions, including international emissions, the Company has also added multi-language (Japanese, English, Thai, Chinese, and Spanish) versions of the platform.

The funds raised will be used to accelerate the development of "zeroboard" product functions, to hire more professional resources such as customer success specialists to support clients and to expand internationally with the aim of becoming a global platform.

Based in Tokyo, Japan, the Company is also actively involved in formulating rules and regulations in areas related to decarbonisation and the environment, which are changing rapidly on a global scale, while constantly monitoring market trends.

-- BERNAMA

Western Union, Beforepay collaboration boosts cross-border money transfers

KUALA LUMPUR, Feb 24 (Bernama) -- Western Union and Beforepay announced a first-of-its-kind collaboration, allowing consumers to boost their cross-border money transfers by accessing reliable, ethical and affordable short-term lending.

According to Western Union in a statement, consumers can ‘Send Now, Pay Later’ by borrowing up to A$2,000 through Beforepay’s wage-advance product on Western Union’s digital channels. (A$1=RM3.02)

“Western Union’s mission is to make financial services accessible to people everywhere. Our collaboration with Beforepay is another step towards achieving this mission, giving customers the opportunity to access additional funds as they send money to families and communities.

“We are excited about the positive impact it can have for consumers, as they proactively look for convenient options to meet their financial needs,” said Western Union Regional Vice President of Australia, New Zealand and the Pacific Islands, Gregory Laurent.

Exclusive insights from Western Union research show that as many as 44 per cent of Australia’s consumers would like to have the choice to ‘Send Now, Pay Later’ when transferring money worldwide.

By accessing Beforepay’s wage-advance product via Western Union’s mobile app and website, customers will be able to increase how much they transfer.

Registration to access the additional funds can be completed within minutes and once issued, can be repaid in multiple installments. International money transfers through Western Union can be sent to over 200 countries and territories.

The announcement reinforces Western Union’s ‘Evolve 2025’ strategy to combine high-value, accessible retail and digital financial services in which the company is committed to helping people worldwide who aspire to build financial futures for themselves, their loved ones and their communities.

-- BERNAMA

AM BEST REVISES PACIFIC INTERNATIONAL INSURANCE OUTLOOKS TO STABLE

KUALA LUMPUR, Feb 24 (Bernama) -- AM Best has revised Australia’s Pacific International Insurance Pty Limited (Pacific) outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good).

The Credit Ratings (ratings) reflect Pacific’s balance sheet strength, which AM Best assessed as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

According to AM Best in a statement, these ratings also factor in a neutral impact from Pacific’s ultimate owner, Badger Mutual Wealth (Pty) Ltd, an insurance group domiciled in South Africa.

The revised outlooks reflect an improving trend in Pacific’s balance sheet strength, supported by internal capital generation and capital injections totalling A$9 million during the fiscal year (FY) 2023 ending June 30. (A$1 = RM3.02)

The company’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation, which was at the strong level in FY2022, as measured by Best’s Capital Adequacy Ratio.

The capital injections, conservative investment strategy and continued positive underwriting results over the medium term, are expected to stabilise its risk-adjusted capitalisation at the strongest level.

AM Best viewed Pacific’s operating performance as adequate and the company is demonstrating a positive trend in its underwriting performance after reporting losses in FY2020 and FY2021.

In addition, the rating agency assessed Pacific’s business profile as limited, reflecting its relatively modest scale of operations.

Whilst Pacific’s net retained insurance portfolio is predominantly motor and motor-related products at present, AM Best expects Pacific’s premium base to grow modestly in its other lines of business such as pet insurance and binder partners, as well as a partnership with a motor vehicle novated lease insurance distributor in Australia.

-- BERNAMA

SYNTAGMA CAPITAL ENTERS INTO EXCLUSIVE NEGOTIATIONS, TO ACQUIRE ERASTEEL, THE HIGH-SPEED STEELS AND RECYCLING DIVISION OF ERAMET S.A. (EURONEXT PARIS: ERA)

BRUSSELS, Feb 23 (Bernama-BUSINESS WIRE) -- Syntagma Capital today announces that it has entered into exclusive negotiations with Eramet, to acquire Erasteel (https://www.erasteel.com). The business is a global leader in the conventional and powder metallurgy of high-speed steels used for high performance machining, drilling and cutting tools. In addition, Erasteel has unique metal recycling capabilities in Europe, offering sustainable solutions for the recovery of batteries, catalysts and metals. The business employs ca. 850 employees across its six sites in France, Sweden, and China. In 2022, Erasteel generated ca. €275m in revenues serving primarily the aerospace, automotive and industrial sectors.

The proposed transaction, which will be submitted to the required information and consultation of works councils, is subject to definitive agreement which will include the fulfillment of customary closing conditions, including regulatory approvals, and would be expected to be completed by the end of the first half of 2023.

“Despite a very challenging M&A market, Erasteel represents our second deal in 2023 and our third deal in the last 6 months, reflecting our ability to provide sellers with speed and certainty. We are excited by the prospect to further develop Erasteel on a global basis. Erasteel is also our third carve out and further strengthens our position as a Partner of choice in Europe for complex carve-out” said Syntagma Managing Partner Sebastien Kiekert Le Moult.

“We intend to leverage our global experience in metals and Erasteel’s extensive R&D and technical know-how, global presence and strong customer relationships to further enhance its growth, both organically and through targeted M&A. We also intend to accelerate the development of the recycling division of Erasteel in France” said Syntagma Partner Frank Coenen.

Syntagma’s team involved in the transaction included Sebastien Kiekert Le Moult (Managing Partner), Frank Coenen (Partner), Benjamin Dahan (Partner), Fabio Yamasaki (Principal), Gabriele Lo Monaco (Senior Associate).

Syntagma was advised by Willkie Farr Gallagher (legal counsel), Lincoln International (M&A advisor), PwC (financial adviser), and Advention Business Partners (commercial and strategy advisor).

About Syntagma Capital

Syntagma invests in companies that can benefit from hands-on operational expertise to accelerate growth and improve performance for all stakeholders. We are true operators with experience working in and managing companies on a global scale, leveraging our in-house resources to develop successful strategies, execute them to realize their full potential and create sustainable long-term value. Syntagma invests and operates companies in a broad range of industries with a specific focus on the material, chemical, industrial and business services markets and including manufacturing, distribution, transportation and logistics, equipment rental, metals services and other industries. Syntagma, as signatory of the UN PRI, is committed to high ESG standards across all its investments and is based in Brussels, Belgium. For more information, please visit: https://syntagmacapital.com 

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ST KITTS AND NEVIS REDUCES FEE FOR CITIZENSHIP BY INVESTMENT PROGRAMME

KUALA LUMPUR, Feb 23 (Bernama) -- St Kitts and Nevis is offering investors the chance to gain coveted second citizenship in the nation via its citizenship by investment (CBI) programme with a reduced fee until June 30.

According to a statement, under the CBI programme, St Kitts and Nevis is offering four investment options which comprise The Sustainable Growth Fund; Real Estate; Private Homes; and Public Benefit Option.

St Kitts and Nevis has been on a drive to attract discerning investors and recently announced substantial and industry-leading changes to its CBI programme, which the changes will see high levels of integrity being injected into the programme.

The CBI programme has also been structured to allow for greater transparency and accountability, and investment options have been tailored to align with market realities while preserving the platinum brand.

Situated between Anguilla and Montserrat, St Kitts and Nevis features pristine beaches, wondrous volcanoes, and beguiling rainforests with its population of over 52,000, an economy reliant on tourism, export-oriented manufacturing, and offshore banking.

Since the island has award-winning and internationally acclaimed education institutions like veterinary and medical universities, it attracts global-minded professionals and has remained in high demand as a renowned port for its exceptional tourism, complemented by an unmatched experience.

-- BERNAMA

Medidata senior leadership structure powers smarter treatments, healthier people

KUALA LUMPUR, Feb 22 (Bernama) -- Medidata, a Dassault Systèmes company, has announced a new leadership structure designed to fuel its mission of creating end-to-end solutions that power smarter treatments and healthier people.

The strategic evolution is an opportunity to further long-term goals and growth to enhance customers’ ability to unlock greater value across the Dassault Systèmes portfolio, ultimately taking drug development to new heights.

Pascal Daloz, an accomplished leader at Dassault Systèmes, was named Chief Executive Officer (CEO) of Medidata, having played a key role in the success of the acquisition of Medidata in 2019, and his proven success as a business leader and visionary are a great complement to Medidata.

Michael Pray was named company COO. In his prior role as Medidata chief commercial officer, he was instrumental in the rapid growth of the company, which includes more than doubling total revenue to over US$1 billion and 100 per cent growth in number of customers during the last six years.

Pray will lead the day-to-day operations at Medidata, and will work closely with Daloz to build a complete solution set serving the life sciences industry at large.

“Customers are asking to do more with Medidata, and we are evolving to meet their digital transformation needs. Building on the strong foundation that has been set over the last 20 years, we will continue to pioneer unmatched solutions across the life sciences lifecycle,” said Daloz in a statement.

“We are extremely committed to this industry and will continue investing to achieve the vision that includes prevention to precision medicine and discovery to distribution, in order to be at the centre of every patient journey.”

Medidata, headquartered in New York City, is leading the digital transformation of life sciences, creating hope for millions of patients.

For more information, visit www.medidata.com.

-- BERNAMA

SYNCHRONOSS TO UNVEIL PERSONAL CLOUD PLATFORM AT MOBILE WORLD CONGRESS IN BARCELONA

KUALA LUMPUR, Feb 23 (Bernama) -- Synchronoss Technologies Inc (Synchronoss), a global leader and innovator in cloud, messaging and digital products and platforms, will showcase the latest version of Synchronoss Personal Cloud at Mobile World Congress in Barcelona, Spain (Feb 27 - March 2).

According to a statement, the new Synchronoss Personal Cloud platform enables telecom operators to offer premium and value-added services to backup and manage files, photos, videos and digital content stored on mobile phones and other devices.

Synchronoss President and Chief Executive Officer, Jeff Miller said the company’s cloud platform provided a carrier-grade solution for service providers to deliver value-added services that also focus heavily on data security and privacy.

“The capabilities of generative AI and machine learning allow us to deliver innovative functionality such as Genius, BackTrack and Advanced Highlights, giving users new ways to engage and share their digital content,” he said.

Leveraging artificial intelligence (AI) the new Genius feature provides tools to optimise photos whereby users can colourise black and white photos, enhance photos and touch up faces, among other effects.

Meanwhile, the addition of BackTrack provides the capability to revert and restore files if they are deleted, corrupted or lost.

Additionally, by integrating machine learning, the platform’s Advanced Highlights feature makes it easy to categorise and tag photos, videos and other digital content so they can be easily highlighted, managed and shared.

Synchronoss Personal Cloud new features are being rolled out to millions of subscribers, including cloud users at AT&T, Verizon and one of the largest global operators that recently signed a multi-year cloud agreement launching later this year.

Synchronoss will also showcase its carrier-grade email platform, Synchronoss Email Suite at the Mobile World Congress.

-- BERNAMA

JOWIN EXPANDS BUSINESS, SET TO GLOBALLY ESTABLISH TELEMEDICINE PLATFORM FOR CANCER

KUALA LUMPUR, Feb 22 (Bernama) -- Korea's innovative venture company, Jowin has set this year as its first year of entering the global cancer care market and will establish a global telemedicine platform that provides high-quality non-face-to-face care services to patients with stage 4 and terminal cancer.

According to Jowin in a statement, it plans to launch a telemedicine platform that can be accessed via its smartphone application in the first half of 2023, and will gradually expand the platform into the global market after its first launch in Korea and Southeast Asian countries.

"I have been able to give hope to many cancer patients by treating those in Korea who have been abandoned by modern medicine, through Jowin’s affiliated cancer hospital for numerous years.

“We wish to adopt the non-face-to-face telemedicine method to help overseas cancer patients connect with named doctors in the cancer treatment field in Korea,” said Jowin chairman, Soo-hyun Kim.

Jowin’s telemedicine platform will be available worldwide to cancer patients and caregivers. When the basic personal information and condition of a cancer patient is registered on the app, a “cansultant”, a counselor specialising in cancer patients at Jowin, reviews the patient's medical record and provides them a consultation service for the patient’s current status and other factors.

Through its telemedicine platform, Jowin will provide patients with a total solution that includes “UNBIJE”, a natural anti-cancer drug made from a natural mineral, “HiB&D”, a nutritional supplement exclusively for cancer patients, a protein supplement to support immunity and nutritional balance, and a “body temperature-raising mineral water” that has been filed to the United States Food and Drug Administration.

With the launch of its global telemedicine platform, Jowin plans to recruit partners in various countries. The partners will recruit and train local cansultants and cancer patients who are difficult to treat with modern medicine to provide them with telemedicine services or medical tours to excellent cancer treatment hospitals affiliated with Jowin in Korea.

-- BERNAMA

SWEET MOVE: DEXCOM G6 CGM SYSTEM FOR DIABETICS IN SINGAPORE

KUALA LUMPUR, Feb 22 (Bernama) -- Dexcom Inc, a global leader in real-time continuous glucose monitoring (CGM) for people with diabetes, has launched its Dexcom G6 CGM System in Singapore for people with diabetes ages two years and older, including pregnant women.

The company also announced the appointment of DKSH Singapore Pte Ltd as sales, marketing, and distribution service provider.

"The launch of Dexcom G6 in Singapore is a significant milestone for our company, marks the first time Dexcom CGM is available to people living with diabetes in Southeast Asia.

“With the recent opening of our regional headquarters in Singapore, we look forward to bringing Dexcom CGM to additional markets in the region in the near future,” said Dexcom, Asia-Pacific vice president, Scott Moss in a statement.

The Dexcom G6 uses a small, wearable sensor and transmitter to continuously measure and send glucose levels wirelessly to a receiver or compatible smart device, enabling patients to receive real-time glucose data without the need to prick their finger.

The system also offers customisable alerts and alarms to help avoid dangerous low and high blood sugar events.

The Dexcom G6 app for compatible iOS and Android devices also allows patients to share their glucose information with up to 10 followers, enabling family, loved ones and healthcare providers to remotely monitor patients for extra peace of mind.

Features of Dexcom G6  that empower users to take control of their health include elimination of fingersticks for calibration and diabetes treatment decisions; 10-day sensor allowing for longer wear; and a slim transmitter with a lower profile for more discreet wearability.

Dexcom G6 CGM received its approval from Singapore’s Health Sciences Authority (HSA) late last year and can now be accessed by Singaporeans this month.

-- BERNAMA

CLASSIC PARADE FLAGS OFF UK'S FIRST CRYPTOCURRENCY PAYMENT SERVICE TO RENT SUPERCARS

KUALA LUMPUR, Feb 22 (Bernama) -- Supercar rental company Classic Parade has launched a cryptocurrency payment system, the first in the United Kingdom (UK), to rent the world's most impressive supercars.

According to a statement, customers can now choose to pay to for selection of over 100 supercars from 28 luxury marques in Bitcoin or Ethereum cryptocurrency as well as in Pound Sterling.

One of the cars available at its showrooms in London, Manchester and Edinburgh, is the GBP 2.4 million Bugatti Chiron, which costs GBP 200,000 a day to rent, or 220.75 ETH, or 11.696 BTC. (GBP 1 = RM5.38)

Classic Parade founder and owner Andrew Brown said: “Our clientele are international and want to be able to pay to rent our supercars without the hassle and cost of exchange rates and transfer fees.

"Many of our clientele have significant holdings in cryptocurrency and so it makes sense to offer this option for them. The transactions are immediate, and we can also take the deposits in crypto as well, and then it is easy to return the deposit after the rental has expired as well."

Crypto payments are made to Classic Parade's secure wallet and all necessary steps are taken to ensure the safety of the financial transfers. 

Once the funds have been transferred and the rental agreements are signed, the supercar is either collected or delivered to the customers address in the UK. 

“We have to go through the usual identity checks needed to hire a vehicle, but these are easy to process, and it becomes much easier with every repeat transaction. This way we can also provide adequate ‘know your customer’ checks,” added Brown.

More details at https://www.classicparade.co.uk

-- BERNAMA

EDUCATION NEW ZEALAND OPENS MANAAKI NEW ZEALAND SCHOLARSHIPS 2023 FOR POSTGRADUATE STUDY

Students from eligible countries in the Pacific, Asia, Latin America, Africa, and the Caribbean can apply

WELLINGTON, New Zealand, Feb 21 (Bernama-BUSINESS WIRE) -- Education New Zealand is pleased to announce that the Manaaki New Zealand Scholarships are open and accepting applications. The 2023 Selection Round is the first full round of scholarships since the pandemic.

Overseen by New Zealand’s Ministry of Foreign Affairs and Trade, the scholarships are a key pillar of New Zealand’s International Development Co-operation, offering more than 1,100 scholarships annually to students from 112 eligible countries to study in New Zealand and the Pacific.

With the 2023 round, New Zealand is offering scholarships for Postgraduate Diploma, Masters and PhD level study for those seeking to study in areas that contribute to the development of their country.

The scholarships are open to students interested in New Zealand-based tertiary study in 2024. Students from eligible countries in the Pacific, Asia, Latin America, Africa, and the Caribbean can apply for the scholarships across a wide range of programmes.

Priority areas for the 2023 Selection Round include study programmes in Climate Change and the Environment, Disaster Management, Food Security and Agriculture, Renewable Energy, Governance, and English Language Teaching (TESOL). Priority will be given to applicants who choose one of the approved subjects for study.

Education New Zealand’s Manaaki Scholarships Manager, Julia Moore, said the Manaaki New Zealand Scholarships are part of the New Zealand Government’s development support to build prosperity, security, and sustainable growth in our partner countries. 

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GTJAI INTRODUCES MARGIN INTEREST RATE PROMOTION AS LOW AS 3.88 PCT

KUALA LUMPUR, Feb 21 (Bernama) -- Guotai Junan International Holdings Limited (GTJAI) announced its subsidiary Guotai Junan Securities (Hong Kong) Co Ltd has launched the On-Sale HKD Margin Financing Interest Rate which is as low as 3.88 per cent after the rebate.

The preferential financing interest rate provided by GTJAI, is available to both new and existing customers, assisting them in deploying opportunities in the global capital market in 2023 under the high interest rate environment.

Based on the information from the third-party consumer information platform (as of Feb 20), the company’s currently launched preferential margin interest rate is one of the lowest among its peers in Hong Kong.

According to GTJAI in a statement, the activity period is from Feb 20 to May 31, and the number of seats is limited, first come first served.

The company also offers an additional "Triple Gift" (including account opening, deposit and share transfer gifts, with a total value of more than HK$2,500) to new customers who open an account before March 31. (HK$100 = RM56.50)

GTJAI is the market leader and first mover for internationalisation of Chinese Securities Company as well as the first Chinese securities broker listed on the Main Board of The Hong Kong Stock Exchange through initial public offering.

For more information, visit http://www.gtjai.com.

-- BERNAMA

KULIM PROMOTES GREEN INITIATIVES THROUGH FUN RUN AND TREE PLANTING

JOHOR BAHRU, Feb 21 (Bernama) -- Kulim (Malaysia) Berhad (KULIM) on Sunday held its first Fun Run with the theme ‘Let’s Go Green’ at Kulim Eco-TRAIL Retreat (KETR) in Kota Tinggi. The 4km run saw the participation of approximately 370 employees and their families as part of KULIM’s initiative to inspire and motivate its workforce to inculcate healthy habits in their daily lifestyles.

Mohd Faris Adli Shukery, Managing Director of KULIM, said, “Work-life balance is not just a concept here at KULIM but a shared commitment that we all work towards as part and parcel of our company culture. Good physical and mental well-being is key to achieving a better balance that will enhance professional and personal growth.

We hope the Fun Run which is one of several sports-related activities conducted by KULIM will encourage employees to stay active and keep fit with loved ones and at the same time, strengthen teamwork and camaraderie among colleagues from all operating units as a platform to connect, bond, and network with each other.”

There were five categories: Men’s Open, Women’s Open, Workers, Children (under 17) and Children (under 12). The shortest time recorded for the 4km run was 15 minutes – running through the scenic oil palm plantation and golf course, and along the Johor River.

A key highlight was the gift of "green" received by all winners in the form of live plants in place of medals to commemorate the event apart from gift vouchers.

As part of KULIM’s wider ESG commitment and to encourage KULIM’s workforce to contribute positively towards environmental conservation and carbon footprint reduction efforts, the event saw the management led by Mohd Faris Adli Shukery planted various tropical forest trees along the Johor River including the Merbau tree (Instsia palembanica) which is Malaysia’s National tree, Johor tree (Lepisanthes Alata), kempas (Koompassia malaccensis) and others.

The Fun Run’s location has special significance as KULIM celebrates and commemorates the re-opening of the recently refurbished KETR which was closed for three years due to the Covid-19 pandemic. This beautiful building was built in the 1930’s during colonial times as an estate manager’s residence and has been converted into a resort, training centre, and key tourist attraction that stands barely 50 metres from the edge of the Johor River and offers its guests various facilities on its panoramic landscape.

As a family-friendly event, KULIM also organised fun-filled activities at KETR for its young participants who enjoyed playing at a bouncy castle, making giant bubbles and exploring their creative side with sand art. The event concluded with everyone enjoying a hearty lunch together.

About Kulim (Malaysia) Berhad
 
Kulim (Malaysia) Berhad (KULIM) is a wholly-owned subsidiary of JCorp. Over the years, KULIM has been recognised as one of the leading palm oil groups with operations in Malaysia and Indonesia. KULIM was amongst the earliest palm oil producers to be certified to the Roundtable on Sustainable Palm Oil (RSPO) standard.
 
KULIM is committed and focused on leveraging its expertise in plantations by expanding agribusiness activities, including an integrated value chain of oil palm, agro farming, livestock, trading, and services.
 
KULIM has the vision to be the most progressive, efficient, profitable, and respectable agribusiness company in the region with the mission to achieve operational excellence through continuous improvement and best practices while being an exemplary corporate citizen that is responsible to society and the environment.

SOURCE: KULIM (MALAYSIA) BERHAD 

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Global retail roaming revenue reaches US$19 bln by 2027 - Juniper Research

KUALA LUMPUR, Feb 20 (Bernama) -- The value of the retail roaming market will reach US$19 billion by 2027 globally, a substantial increase from US$10 billion in 2022, according to a new Juniper Research study. (US$1 = RM4.42)

This growth of 98 per cent in revenue will be driven by both an increase in the number of 5G roaming subscribers across key international travel corridors between North America, Europe and Asia Pacific, and data generated by these new 5G connections whilst roaming internationally.

The research anticipated this increase in roaming data will be attributable to new devices, such as cellular-enabled laptops, wearables and tablets.

It warns this growth will necessitate increased operator reliance on roaming vendors to manage the ever-growing complexity of roaming ecosystems, according to Juniper Research in a statement.

The new report, titled Retail Roaming: Regional Analysis, Business Models & Market Forecasts 2023-2027, assessed the leading vendors that enable operators’ retail roaming activities.

It evaluated these vendors on criteria including depth and breadth of roaming partnerships, service and product offerings, and solution innovation, therefore ranked the top three vendors as Mobileum; Tata Communications; and Syniverse.

Anticipating international travel will return to pre-pandemic levels by 2024, the report urged roaming vendors to provide solutions that enable operators to create novel roaming services such as real‑time self-management platforms protecting subscribers from data overuse whilst roaming.

By providing these solutions, the report predicts that operators will be able to reduce the number of silent roamers and thus maximise roaming revenue from international travel.

-- BERNAMA

DOMINICA PAVES SUSTAINABLE FUTURE FOR ALL CITIZENS

Roseau, Feb 17 (Bernama-GLOBE NEWSWIRE) -- The Commonwealth of Dominica is paving the way to create a sustainable future for its citizens. 

The country deals with adverse climate conditions on an annual basis caused by climate change. Global warming affects seawater temperatures that influence natural disasters. The severity and frequency of natural disasters in the Caribbean have increased in recent years, such as the 2017 Atlantic hurricanes Irma and Maria.   

Dominica has used funds received from the Citizenship by Investment (CBI) Programme to pursue its sustainability goals.  

These sustainable goals include Dominica’s successful adoption of clean energy – 28 percent of the country’s electricity is generated by hydropower and wind energy, more than any other country in the Caribbean Community (CARICOM) region.  

During his 2022-2023 Budget presentation, the Prime Minister of Dominica, Dr Roosevelt Skerrit, presented updates on the construction of the geothermal power plant project that will be commissioned by the end of 2024 to improve independent energy resources. The Dominica Geothermal Development Company (DGDC) is developing the project and plans for a 10-MW capacity plant that will be located in Roseau Valley.  

Dominica had signed a US$33.7 million contract with DGDC to drill two additional wells in the country, meanwhile the well pads and access roads will be built by ACE engineering with a US$8.5 million contract. ACE engineering are near completion with the well pads and access roads. After drilling and testing, the project will advance to the construction of the power plant.  

The preparatory work for the construction of the transmission network from Roseau Vally to Fond Cole and Sugar Loaf, were two contracts awarded valued at US$2.5 million. This will supply power from both the geothermal and hydropower power plants to the rest of Dominica. The project will include the upgrade of the transmission lines from 11kV to 33kV and 99kV to reduce line loss and be more resilient to climate change events. 

“I say to our young people that the investments we are making in the development of our geothermal resources is for them – a future Dominica with high-paying jobs and careers in the areas of geological sciences, geothermal energy, project management, mechanical, industrial and electrical engineering,” said Prime Minister Skerrit, emphasising the socio-economic benefit these upgrades will have for the Dominican youth. 

Dominica is also committed to becoming carbon neutral by 2030, through the use of the Dominica Climate Resilience Recovery Plan (CRRP) that was established under the terms of the Climate Resilience Act 2018, and provides full effect to the National Resilience Development Strategy developed in 2018. 

The CRRP develops targets, defines initiatives and outlines resources needed to implement resilience measures. The CRRP has highlighted fourteen targets that include becoming carbon neutral through 100 percent domestic renewable energy production and increasing the protected forest areas to 67 percent of Dominica; zero fatalities from extreme weather events; 90 percent housing stock built or retrofitted to resilient building codes; 100 percent resettlement of individuals living in physically vulnerable locations; and for the Government and emergency services to be 100 percent functional during and after natural disasters.   

Investors have the opportunity to contribute funds towards Dominica’s sustainable economy and gain second citizenship through the country’s CBI Programme investment options. There are prerequisites per qualifying applicant that include due diligence and processing fees. 

The Economic Diversification Fund (EDF) was established to support Dominica’s development through socio-economic initiatives. Qualifying applicants may acquire citizenship through their EDF contribution. The EDF contributions are used to develop public and private sector projects including building schools, hospital renovations, and building a national sport stadium. The Fund also benefits other industries such as agriculture, information technology and tourism. 

For applicants to qualify for Dominican citizenship through the CBI Programme, applicants are required to make non-refundable EDF contribution, the amount will be determined by the number of qualifying dependants the main applicant includes in their application. 

• Main applicant fee: US$100 000,00 

• Main applicant and spouse fee: US$150 000,00 
• Main applicant and up to three dependants: US$175 000,00 
• An additional dependant under 18 years: US$25 000,00 
• An additional dependant 18 years or older: US$50 000,00 
• Processing fee per applicant: US$1 000,00 

• Due diligence fees: US$7 500,00 per main applicant, US$4 000,00 per spouse, and US$4 000,00 for qualifying dependant aged 16 years and above. 

The other CBI Programme investment option is the Real Estate Investment Option that requires qualifying applicants to purchase pre-approved property valued at at least US$200 000,00. The property investment must be held for three years from the date of the applicant’s citizenship is granted and may only be sold under the CBI Programme after five years. 

There are multiple government approved properties that allow qualifying applicants to select from such as condos, eco-lodges, hotels, luxury resorts and villas. Some popular locations are around the capital, Roseau, Portsmouth, Soufriere and Salisbury. 

Qualifying applicants are required to pay government fees as follows: 

• Main applicant fee: US$25 000,00 

• Main applicant and up to three dependants: US$35 000,00 
• Main applicant and up to five dependants: US$50 000,00 
• Any additional qualifying dependant: US$25 000,00 
• Processing fee of US$1 000,00 per applicant 

 

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NEW TWISTIES FLAVOUR - NASI GORENG BERASAP HITS SHELVES!

Beloved snack brand celebrates Malaysians’ ability to goreng their way out of sticky situations with its #EmbraceYourGoreng campaign.   

KUALA LUMPUR, Feb 17 (Bernama) -- Regardless of our ethnicity, every Malaysian enjoys the distinct well-loved flavours of the Malaysian Nasi Goreng Berasap! Twisties brand new flavour rides on these unmistakable flavours from one of Malaysia’s favourite street foods paired with the legendary Twisties crunch! The release of Twisties Nasi Goreng Berasap nationwide is accompanied by a campaign that invites Malaysians to “Embrace Your Goreng”.
 
Each Twisties chip bursts with the all-too-familiar smokey and savoury taste and aroma of Nasi Goreng Berasap and is packed with caramelised and savoury undertones from flavours of a telur mata (or sunny-side-up egg). Snacking on your favourite dish has never been easier - simply tear open a pack of Twisties Nasi Goreng Berasap and enjoy its taste without any hassle - best of all, you don’t need to have a full meal to get a taste of it!
 
The #EmbraceYourGoreng campaign takes inspiration from the original Twisties ‘Embrace Your Twists’ tagline by calling all Malaysians to stand out with their uniqueness. It celebrates the unique ability of Malaysians to be able to get themselves out of sticky situations in funny, creative and unusual ways!
 
“Twisties is committed to our brand purpose of introducing fresh twists to our beloved product line-up. With the introduction of Twisties Nasi Goreng Berasap flavour, Malaysians can now enjoy the authentic and delicious flavours of their favourite meal instantly and even on the go! The campaign message in #EmbraceYourGoreng is synonymous with our brand message of being able to celebrate the uniqueness in your own way. It invites Malaysians to ‘goreng’ yourselves out of everyday sticky situations driven by each individual’s personality and creativity,” said Zaid Areff, Senior Marketing Manager, Mondelēz International Malaysia & Singapore.
 
This new flavour joins Twisties existing mouth-watering range including BBQ Curry, Cheddar Cheese, Chicken and Cherry Tomato. With over 50 years of presence in Malaysia as one of the country’s favourite snacks, Twisties has become a popular household name enjoyed by millions in Malaysia. It is one of the many brands under Mondelēz International, a leading snacking powerhouse. In addition to Mondelēz International offering consumers the right snack, for the right moment, made the right way, Twisties is a brand known for its effort to promote a positive snacking attitude through its ‘Embrace Your Twists' slogan.
 
The Twisties Nasi Goreng Berasap is now available at the Mondelez International official Shopee and Lazada store, as well as major retailers, convenience, and grocers at RM2.13 in Peninsular Malaysia and RM2.34 in East Malaysia. Stay tuned for more #EmbraceYourGoreng content on Twisties’ social media; Instagram @twisties.malaysia, Twisties Malaysia Facebook page and TikTok @twisties.malaysia for the video! 

Source: On behalf of Mondelez Malaysia by Mad Hat Asia 

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MARY KAY INC. NAMES SHERYL ADKINS-GREEN CHIEF EXPERIENCE OFFICER

 

“Mary Kay Ash always said, ‘Picture every person with an invisible sign around their neck that says Make Me Feel Important,’” said Adkins-Green. “This will be my mantra as I take on this exciting new role.” (Credit: Mary Kay Inc.) 

DALLAS, Feb 15 (Bernama-BUSINESS WIRE) -- Iconic beauty and entrepreneurship company Mary Kay Inc. announced today the appointment of Sheryl Adkins-Green as Chief Experience Officer. In the new role, Adkins-Green will support the success of millions of Independent Beauty Consultants’ businesses through a 360-degree integrated customer experience.
 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230214005743/en/ 

“Nothing matters more at Mary Kay than a rewarding experience for our Independent Beauty Consultants and their customers,” said Nathan Moore, President of Global Sales & Marketing at Mary Kay. “Sheryl’s experience as a customer-first marketer with an emphasis on unparalleled service makes her a natural fit as our Chief Experience Officer. She’s beyond passionate about the Mary Kay opportunity, and we’re thrilled to see how her global strategy will continue to make a difference in the lives of women across the globe.”

Adkins-Green, who’s been with Mary Kay since 2009, previously served as Chief Marketing Officer. She will continue to lead the Global Brand Experience Division and the company’s in-house creative agency that create marketing campaigns, multi-media design assets, social media content, and integrated digital communications that enable the Independent Sales Force to provide personalized beauty experiences and customized service to their customers. By combining research, data analytics, and trend forecasts, Adkins-Green and her team will anticipate the needs and expectations of Independent Beauty Consultants and their customers in more than 35 countries.

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LIAOCHENG CITY HAVING ESTABLISHED FRIENDLY AND COOPERATIVE RELATIONS WITH PORT VILA, THE CAPITAL OF VANUATU

LIAOCHENG, China, Feb. 13, 2023 /Xinhua-AsiaNet/--
 

Recently, Liaocheng City and Port Vila, the capital of the Republic of Vanuatu, held a signing ceremony for friendly cooperative relations with each other.   Li Minggang, Ambassador Extraordinary and Plenipotentiary of China to the Republic of Vanuatu, Chen Baiwei, Deputy Director of the Foreign Affairs Office of Shandong Provincial People's Government, Steve Kiel, Mayor of Port Vila, Vanuatu, and Zhang Baishun, Deputy Secretary of the Liaocheng City Party Committee and Mayor, attended the online signing ceremony and delivered speeches respectively. Wang Gang, vice mayor of Liaocheng, presided over the signing ceremony.   At the ceremony, a promotional video of Liaocheng City was played, and Zhang Baishun and Steve Kiel signed the "City Agreement on Establishing Friendly and Cooperative Relations", according to the Information Office of the People's Government of Liaocheng.   Liaocheng City is located in the west of Shandong Province, China, with a total area of 8,628 square kilometers and a population of 6.5 million, with a long history, long water transportation, convenient transportation and complete industry, known as "Jiangbei Water City, Canal Ancient Capital" and "Venice of the East", with many national city business cards such as national historical and cultural city, China's excellent tourist city, national health city and so on. The Republic of Vanuatu is located in the west of South Pacific Ocean, and is a Melanesian archipelago. As the capital, Port Vila is the "charming capital" of the South Pacific, with convenient transportation and rich tourism and fishery resources.   The participants unanimously agreed that Liaocheng City and Port Vila City have obvious complementary advantages, great cooperation potential and bright prospects, and hoped that the two cities will take this signing as an opportunity to plan to establish a more all-round sister-city relationship and push the cooperation between the two places to a new height.   Source: Information Office of the People's Government of Liaocheng  http://mrem.bernama.com/viewsm.php?idm=45402

Additional explanatory material for upcoming EGM of Shareholders - Fujitec

KUALA LUMPUR, Feb 13 (Bernama) -- Fujitec Co Ltd has announced additional explanatory material regarding its position on the Extraordinary General Meeting (EGM) of the Shareholders, to be held on Feb 24.

According to a statement, the Board of Directors at Fujitec resolved to approve the Company’s proposal (Proposal 1) to improve governance by the Board of Directors and to oppose all other shareholder proposals.

This is in regard to agenda items to be put forward at the EGM of the Shareholders, and as described in the document “Notice Concerning the Board of Directors' Position on the Agenda Item to be Submitted by the Company and the Agenda Items Proposed by a Shareholder for the Upcoming EGM of the Shareholders,” dated Jan 20, 2023.

“This disclosure is meant to convey our thoughts on issues of concern to Fujitec shareholders brought to our attention in conversations with them on the topic of the EGM of the Shareholders,” added Fujitec.

-- BERNAMA

OPEN BANKING PAYMENTS TRANSACTION VALUES SURPASS US$330 BLN BY 2027 - JUNIPER RESEARCH

KUALA LUMPUR, Feb 13 (Bernama) -- Open Banking payments transaction values will exceed US$330 billion globally by 2027, up from US$57 billion in 2023, according to a new Juniper Research study. (US$1=RM4.335)

Titled Open Banking: Opportunities, Competitor Leaderboard & Market Forecasts 2023-2027, the report predicted that the development of new use cases such as bill payments via Open Banking, will drive adoption, given its simplicity of use versus alternatives, such as card payments.

The research anticipated that efforts to educate consumers about the security and benefits of Open Banking will catalyse market growth, helping alleviate common consumer fears and misconceptions regarding the potential misuse of financial data to which third parties are granted access.

Its research author, Jordan Rookes said in a statement that Open Banking must overcome consumers’ security fears surrounding the sharing of financial data if it is to fulfil its strong growth potential.

“Accordingly, Open Banking vendors must educate consumers, and provide greater transparency surrounding data privacy and security by highlighting the procedures in place to protect financial data to ease security concerns and encourage greater adoption of Open Banking services when marketing their solutions,” he added.

The research also expects the development of new use cases will be instrumental to ensuring that Open Banking fulfils its potential.

Vendors in the Open Banking space must continue to invest in new high-potential Open Banking use cases, such as full integration within eCommerce marketplaces.

This will help both further develop the Open Banking market and attract a more sizeable user base, becoming more competitive in an increasingly saturated digital payments market.

-- BERNAMA