VISTA EQUITY PARTNERS COMPLETES ACQUISITION OF DUCK CREEK TECHNOLOGIES

Boston, March 31 (Bernama-GLOBE NEWSWIRE) -- Duck Creek Technologies (“Duck Creek”), the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, today announced the completion of its acquisition by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6 billion.

“We are excited to commence our partnership with Vista Equity Partners and work together to advance the next generation of P&C insurance technology,” said Michael Jackowski, Chief Executive Officer of Duck Creek. “With Vista’s global network and deep sector expertise, we will be better positioned to support and accelerate the industry’s transition to the cloud while continuing to deliver a best-in-class customer experience.” 

“Duck Creek is a demonstrated leader in the P&C space, delivering innovative solutions that empower carriers to be faster and more nimble in servicing the digital needs of their customers,” said Monti Saroya, Senior Managing Director and Co-Head of Vista’s Flagship Fund. “We look forward to partnering with Mike and the Duck Creek team as they continue to scale and define the future of P&C insurance technology.”

“We’re excited to welcome Duck Creek to the Vista ecosystem,” said Jeff Wilson, Managing Director at Vista. “Their commitment to excellence and innovation coupled with Vista’s experience in driving sustainable growth will take the business to new heights while delivering solutions that help carriers transform their business.”

Duck Creek has earned the right to partner with and provide its modern technology solutions to an esteemed list of leading carriers across the globe, including Berkshire Hathaway Specialty Insurance, Hollard Insurance, Northbridge Financial Corporation and Tokio Marine.

With the completion of the transaction, Duck Creek Technologies shares have ceased trading and are no longer listed on the Nasdaq Global Select Market.

J.P. Morgan acted as financial advisor to Duck Creek, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Duck Creek.

Evercore acted as financial advisor to the Special Committee of the Duck Creek Board of Directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Special Committee of the Duck Creek Board of Directors.

RBC Capital Markets acted as financial advisor to Vista, and Kirkland & Ellis LLP acted as legal counsel to Vista.
 
About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.
 
About Vista Equity Partners

Vista is a leading global investment firm with more than $95 billion in assets under management as of September 30, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.


Carley Bunch
Duck Creek Technologies
+1 (201) 962-6091
carley.bunch@duckcreek.com 

SOURCE : Duck Creek Technologies

Lantronix New X300 Compact Gateway Iot Solution Best For Mission-critical Applications

KUALA LUMPUR, March 29 (Bernama) --  Lantronix Inc, a global provider of secure turnkey solutions for the Industrial Internet of Things (IoT) and the Intelligent IT market, has announced its new X300 Compact Gateway IoT Solution.

Ideal for secure mission-critical applications, the X300 combines Lantronix’s IoT gateway hardware with a premium services subscription, including centralised device management, integrated cellular data, enhanced device security and expert technical support in an all-in-one package.

“With the new X300 Compact Gateway IoT Solution, our customers can rest assured that they have a reliable, easy-to-manage solution, achieving maximum uptime and data security for mission-critical applications,” said Lantronix Chief Executive Officer, Paul Pickle.

The X300 Compact Gateway IoT Solution includes X300 Gateway, a compact (79mm X 79mm) IoT industrial gateway with suitable hardware interfaces, including a Multi-mode Serial port, an Ethernet LAN port, Wi-Fi 5, Bluetooth/BLE and Worldwide cellular options, enabling the connection of any type of industrial machine and sensor with any type of network.

Services covered in the first-year subscription include free upgrade to ConsoleFlow premium cloud-based device management with analytics; and LEVEL 2 Services prompt expert technical support and warranty with advanced hardware replacement.

In addition, the services also include Connectivity Services global, convenient and scalable cellular data plans; as well as Lantronix InfiniShield built-in security, including a Secure Element chip to enable secure boot, secure equipment access and secure communications and to prevent unauthorized access of confidential information.

For more information on this all-in-one package, visit https://www.lantronix.com/products/x300-series/

-- BERNAMA

CBL INTERNATIONAL ANNOUNCES IPO CLOSING

KUALA LUMPUR, March 29 (Bernama) -- CBL International Limited (CBL International or the Company), together with its wholly owned subsidiaries announced the closing of its initial public offering (IPO) of 3,325,000 ordinary shares (Shares) at a public offering price of $4 per Share, on March 27 (US$1=RM4.39)

The underwriters exercised their over-allotment option in part for an additional 425,000 Shares on March 23, in which the option was closed with the offering.

As a result, the aggregate gross proceeds of the offering, including the over-allotment, is US$15 million, before deducting underwriting discounts and other related expenses, according to a statement.

The Shares began trading on the Nasdaq Capital Market on March 23 under the ticker symbol BANL.

Proceeds from the offering will be used for enlarging the number of local suppliers to enhance its competitiveness as well as to increase the service options available in the Singapore and South Korea markets.

It will further increase the Company’s business market shares in existing markets; for cash collateral to conduct trade financing activities with financial institutions, thus creating transaction records for further acquisition of bank financing to facilitate its business growth.

The proceeds will also be used for procuring and developing a centralised management information system in order to enhance the Company’s daily management control and treasury management; as well as other working capital and general corporate purposes.

Pacific Century Securities, LLC acted as lead book-running manager of the offering, and Spartan Capital Securities LLC served as co-manager. In connection with the offering, Loeb & Loeb LLP represented as counsel to the Company, and The Crone Law Group, P.C. as counsel to Pacific Century Securities, LLC.

Headquartered in Malaysia, CBL International is an established marine fuel logistics company currently focusing on the Asia Pacific region, providing one-stop solutions for vessel refuelling.

-- BERNAMA

NANOMALAYSIA BERHAD AND GIIB RUBBER COMPOUND DEVELOP FIRST GRAPHENE-INFUSED PRE-CURED TREAD LINER IN MALAYSIA TO IMPROVE MECHANICAL PROPERTIES OF TIRES

KUALA LUMPUR, March 28 (Bernama) -- NanoMalaysia Berhad (NMB), the leading agency in nanotechnology and advanced solutions commercialisation platform under the Ministry of Science, Technology and Innovation (MOSTI), and GIIB Rubber Compound Sdn Bhd, a rubber compound producer and a wholly owned subsidiary of GIIB Holdings Berhad, have collaborated to develop an improved and optimised rubber compound formulation using Graphene-M15 to improve the mechanical properties of pre-cured tread liner.
 
Graphene M-15 is a type of graphene nanoplatelet incorporated into pre-cured tread liners rubber compound, more commonly known as tire flowers, to enhance rubber compounds' mechanical properties in abrasion resistance, tensile strength, hardness, and tear strength, among others.
 
This is the first Graphene infused pre-cured tread liner developed in Malaysia. The new rubber compound formulation has been demonstrated to have better mechanical properties and higher durability to tackle problems such as abrasion loss and high rolling resistance, inadequate abrasion resistance and reduced uses of high amounts of carbon black, which are not environmentally friendly. The improved high-performance rubber compound is used in various industries, including automotive, construction, energy and oil.
 
NanoMalaysia Berhad Chief Executive Officer Dr Rezal Khairi Ahmad said: “Graphene in pre-cured tread liners has been shown during project execution to reduce rolling resistance for improved energy efficiency, extend the life span of tires and be used in diverse climates or extreme road conditions. Energy efficiency improvements will reduce carbon emissions in line with one of Malaysia’s National Energy Policy 2022-2040 key targets. In other words, there is a vast opportunity to increase the production capacity of our tire industry to facilitate export to other countries to meet global demands and become a market leader in producing energy-efficient, safe and long-lasting tires. The deployment of such advanced tires will be made through our Venture Builder return of investment model”.
 
The APAC industrial rubber market was valued at USD$36.1 billion in 2017 and is expected to reach USD$55.4 billion by 2025, at a CAGR of 5.5% during 2017-2025. Meanwhile, the Malaysian industrial rubber market, valued at RM1.18 billion in 2017, is expected to grow to RM1.7 billion in 2025. This suggests an increasing demand for industrial rubber products due to rising worldwide motor vehicle production and sales. Significant growth is expected in emerging economies such as Malaysia, India, Thailand, and Brazil, resulting in increased demand for rubber products.
 
The development of this technology also aligns with the core values of Malaysia Madani, specifically in Sustainability, Prosperity and Innovation and United Nation’s Sustainable Development Goals (SDGs) of Industry, Innovation and Infrastructure, Responsible Consumption and Production, and Partnerships for the Goals.
 
About NanoMalaysia Berhad Group of Companies 

NanoMalaysia Berhad was incorporated in 2011 as a company limited by guarantee (CLBG) under the Ministry of Science, Technology and Innovation (MOSTI) to act as a business entity entrusted with nanotechnology commercialisation and industrialisation activities, development of EV components technology and spearheading the hydrogen economy through NanoMalaysia's Venture Builder model with academia, institutions and industries to achieve sustainability, prosperity and Technology Sovereignty for Malaysia.
 
Source: NanoMalaysia Berhad 

http://mrem.bernama.com/viewsm.php?idm=45764

VENTI TECHNOLOGIES ANNOUNCES $28.8 MILLION SERIES A FUNDING TO AUTOMATE GLOBAL LOGISTICS AND INDUSTRIAL HUBS

Financing led by LG Technology Ventures, with participation from Safar Partners, UOB Venture Management


BOSTON & SINGAPORE, March 29 (Bernama-BUSINESS WIRE) -- Venti Technologies, a world leader in autonomous logistics for global supply chain and industrial hubs, today announced that it has secured $28.8 million in a Series A financing. The financing round was led by LG Technology Ventures, the Silicon Valley-based venture capital arm of the LG Group, with participation from Safar Partners, UOB Venture Management, and existing investors Alpha JWC and LDV Partners. The funding will be used to accelerate Venti's growth and meet increasing demand from customers worldwide.

Each year, trillions of dollars of goods pass through global supply chain and industrial hubs – ports, airports, factories, warehouses and depots. These hubs face key challenges such as driver shortages, supply disruptions and safety concerns. Venti’s full-scope autonomy solutions require no change to existing infrastructure and work with any vehicle in any logistics or industrial hub. After three years of development in one of the world’s largest container ports, the company’s fleets can navigate complex environments and heavy traffic, with unmatched precision and the ability to park 45-foot tractor-trailers accurately down to one inch.

“With this new round of funding, we are well-positioned to broadly deploy our autonomous logistics solutions to power safer and more efficient global supply chains and industrial yards,” said Heidi Wyle, Founder and CEO. “Our autonomous vehicles have industrial grade precision in everyday operating environments and are already successfully in use. We have the potential to revolutionize goods transportation and are excited to be working with partners around the world to make this vision a reality.”

“Venti is solving real-world problems for large customers in huge markets with technology that has proven safe, mature and capable of near-term driverless deployment,” said Anshul Agarwal, Managing Director at LG Technology Ventures. “We are impressed not only by the technology, which is more complete and rapidly able to provide value to end customers, but also by the world-class team.”

Venti was founded in 2018 by a team with strong MIT roots, including Chief Executive Officer Dr. Heidi Wyle, Chief Scientific Officer Dr. Xinxin Du, and MIT electrical engineering and computer science professors Daniela Rus, Director, Computer Science and Artificial Intelligence Laboratory (CSAIL) and MacArthur Fellow, and Saman Amarasinghe.

“Venti represents exactly the kind of opportunity that appeals to Safar: best-in-class technology developed by leading minds from the world's top universities working to develop innovative, implementable solutions that address real world market needs,” said Arunas Chesonis, Managing Partner at Safar Partners. “We enthusiastically support Venti in scaling its operations and demonstrating its value to a wider cast of partners and customers worldwide.”

About Venti Technologies

Venti Technologies is a world leader in autonomous logistics for the global supply chain and industrial hubs: ports, airports, warehouses, factories and depots. Founded in 2018 by a team with strong roots at MIT, the company is pioneering the future of transportation for moving goods. Its highly flexible and industrial grade precision technology enables rapid deployment and best-in-class safety and operational efficiency for customers. For more information, please visit www.ventitechnologies.com.

About LG Technology Ventures

LG Technology Ventures, established in 2018 in Silicon Valley, is the venture capital investment arm of the Korea based LG Group. Its team consists of experienced investors, entrepreneurs, technologists and industry domain experts. LG Technology Ventures manages over $500 million of fund assets and invests in early-stage start-ups in artificial intelligence, mobility, electrification, advanced materials, climate technologies, life-sciences, next generation display, XR, Web3, mobile and 5G. They create value for LG portfolio companies by helping them develop strategic partnerships with LG Companies. For more information, please visit www.lgtechventures.com.

About Safar Partners

Safar Partners is a seed- to growth-stage venture fund investing primarily in technology companies out of MIT, Harvard, and the University of Rochester. Safar invests in platform technologies in the cleantech and advanced materials, AI/IT and robotics, and life sciences/medical device areas. For more information, please visit www.safar.partners.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20230327005521/en/

Contact

Press

North America
Adam Novak
PAN Communications
venti@pancomm.com
(207) 712-5165

Asia
P. Koh
comms@ventitechnologies.com

Source : Venti Technologies

BOOMI OPENS NEW OFFICE IN BENGALURU WITH AIM TO INNOVATE THE FUTURE OF ENTERPRISE AUTOMATION

 

^{Boomi Opens Bengaluru Office, Plans to Double Engineering Headcount (Photo: Business Wire)}

 

• Boomi, a category-leading, global software as a service (SaaS) company, plans to double its current engineering and technical workforce as it opens a dedicated office in Bengaluru, India
• This growth builds upon Boomi’s recent increased investments in the APJ region to meet strong global demand for intelligent connectivity, integration, and automation

BENGALURU, India & CHESTERBROOK, Pa., March 28 (Bernama-BUSINESS WIRE) -- Boomi™, the intelligent connectivity and automation leader, today announced the opening of a new office in Bengaluru, India. As Boomi welcomes its current local team members to the space, the company also intends to more than double its engineering headcount in India in the next 12 months. The expansion further extends Boomi’s strong presence in the region, which includes offices in Hyderabad and other cities, with team members in a wide variety of operational functions, from engineering to customer support, accounting, human resources, and more.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230327005627/en/

 

Operating in over 70 countries with approximately 20,000 customers and 800 partners globally, Boomi provides end-to-end intelligent automation solutions that accelerate business outcomes with the speed, productivity, flexibility, and connectivity that is required of today’s increasingly digital organizations. With this latest investment in Bengaluru, Boomi plans to build upon that innovation by securing top local technology talent to meet the growing demands of the global integration platform as a service (iPaaS) market, which is expected to reach a global revenue of USD 53.88 billion by the end of 2033.¹ Boomi has partnered with Bengaluru-based talent firms focused on software engineering, quality, and DevOps, working closely with Boomi product and engineering teams. Boomi’s expanding India presence will also support several key global systems integrator (GSI) partners to create cutting-edge solutions built on the Boomi platform.

“India has quickly become a global powerhouse for digital engineering and automation, and our Bengaluru location will be very impactful in helping Boomi further advance our category-leading offerings in iPaaS and enterprise automation, and as we invest in exploring emerging technologies, such as generative AI,” said Rajesh Raheja, Chief Engineering Officer at Boomi. “We are excited for India, and especially Bengaluru, to play a significant role in Boomi’s ongoing global expansion as we continue leading the industry in meeting organizations’ intelligent automation needs.”

As the pioneer of cloud-native iPaaS, Boomi celebrates the largest customer base among integration platform vendors; a growing community of more than 100,000 members; and one of the largest arrays of GSIs in the iPaaS space. The company boasts a worldwide network of partners, including Accenture, Deloitte, SAP, and Snowflake; and works with the largest hyperscaler cloud service providers, including Amazon Web Services, Google, and Microsoft, among others.

Included on the Deloitte Technology Fast 500™ and Inc. 5000 lists as one of America’s fastest growing and most innovative technology companies, Boomi was recently named to Nucleus Research's list of “Hot Companies to Watch in 2023.” The company has also won numerous awards as an employer of choice, including its listing as one of Inc. Magazine’s Best Workplaces. Boomi has also won two International Stevie® Awards, for Company of the Year and Product Innovation; the Gold Globee® Award in the Platform as a Service (PaaS) category; the Merit Award for Technology in the Cloud Services category; the Stratus Award as a Global Leader in Cloud Computing 2022; and received the prestigious 5-star rating in the CRN Partner Program Guide for two consecutive years.

Additional Resources

• Apply for one of Boomi’s open roles
• Learn more about the Boomi platform
• Explore the Boomiverse Community
• Follow Boomi on Twitter, LinkedIn, Facebook, and YouTube

About Boomi
Boomi aims to make the world a better place by connecting everyone to everything, anywhere. The pioneer of cloud-based integration platform as a service (iPaaS), and now a category-leading, global software as a service (SaaS) company, Boomi touts the largest customer base among integration platform vendors and a worldwide network of approximately 800 partners – including Accenture, Capgemini, Deloitte, SAP, and Snowflake. Global organizations turn to Boomi’s award-winning platform to discover, manage, and orchestrate data, while connecting applications, processes, and people for better, faster outcomes. For more information, visit http://www.boomi.com.

© 2023 Boomi, LP. Boomi, the ‘B’ logo, and Boomiverse are trademarks of Boomi, LP or its subsidiaries or affiliates. All rights reserved. Other names or marks may be the trademarks of their respective owners.

¹Persistence Market Research, Market Study on Integration Platform as a Service (iPaaS): Hybrid Cloud Deployment to Gain Immense Traction Going Forward, February 15, 2023

View source version on businesswire.com: 
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Contact

Media Contact:
Kristen Walker
Global Corporate Communications
kristenwalker@boomi.com
+1-415-613-8320

Source : Boomi

FUZHOU -- A CITY WORTH REVISITING TIME AND AGAIN

FUZHOU, China, March 27, 2023 /Xinhua-AsiaNet/--

Recently, the promotional video of Fuzhou of Fujian Province, titled "What You Did Not Know about Fuzhou -- Cultural Tourism Economy", was released through overseas social media accounts including "Oriental.Paris", "Discover Fujian" and "Discover Fuzhou". With the classical and fashionable elements, the beauty of the mountains and the sea, the profound culture and the smart and convenient service, the city invites tourists from all over the world to visit Fuzhou, feel it and fall in love with it, according to the Publicity Department of the CPC Fuzhou Municipal Committee.   The video shows the "going green" and the beauty of Fuzhou, a modern metropolis. Its blue seashore, waterways of Min River, and recreational hot springs are diverse and integrated attractions. The Heart of the Min River, the Cultural Town of Naval Industry History, and the Three Treasures of Fuzhou City are blossoming in synergy. The Maritime Silk Road International Tourism Festival and the World Heritage Conference are making great strides in their endeavors, fully showcasing the international style of Fuzhou and enlarging the circle of friends. The 5G, big data, cloud computing and precise cultural tourism services have improved the convenience and sense of happiness of tourists. Local music IP, high-quality literary works of the Min School and other wonderful original content are orchestrated for stage, attracting more and more young people to meet in Fuzhou, the city of fortune, to enjoy a poetic life and share their dreams.   In recent years, Fuzhou has refined its top-level design, incorporated the whole-area eco-tourism development concept into the overall economic and social development of the city, incessantly promoted the integrated development of "tourism +" and "+ tourism", actively expanded the integrated development path of cultural and tourism for high-quality development.   Source: The Publicity Department of the CPC Fuzhou Municipal Committee  http://mrem.bernama.com/viewsm.php?idm=45753

APO UNVEILS CENTER OF EXCELLENCE ON CLIMATE-SMART AGRICULTURE

KUALA LUMPUR, March 27 (Bernama) -- The Asian Productivity Organization (APO) announced the designation of the National Agriculture and Food Research Organization (NARO) of Japan as its new Center of Excellence on Climate-smart Agriculture (COE on CSA).

The new centre is APO’s efforts to enhance agricultural productivity, improve farmers' profits and reduce greenhouse gas (GHG) emissions in the sector regionwide.

It is also a result of the long-term partnership between the two institutions in disseminating know-how in the focus area of the new COE, according to APO in a statement.

The APO COE Program showcases excellence in specific productivity fields to promote the adoption of the know-how and best practices of one member by others while adapting them to suit local contexts.

The COE on CSA will focus on the deployment of climate change mitigation and adaptation technologies, know-how, and frameworks for low-carbon rice, wheat and soybean production as staple foods in the Asia-Pacific (APAC).

Specific focus areas will be sharing technical knowledge and methods to reduce methane emissions from paddy fields; adoption of agricultural weather data systems for rice, wheat and soybean production; as well as web-based soil carbon sequestration visualisation tools for GHG reductions in various crops, among others.

The COE on CSA will start its activities from April 2023, including a need and readiness assessment of APO members for implementing climate-change mitigation and adaptation technologies, two international conferences on CSA and other COE focus areas, and pilot projects to apply technologies developed by the COE on CSA starting from 2024 as well as seminars, study missions, workshops, and on-site training for customising the know-how to meet local needs in APO members.

APO is a regional intergovernmental organisation dedicated to improving productivity in the APAC region through mutual cooperation while, NARO is a Japanese research group focused on agriculture, food and the environment.

-- BERNAMA

Power on: Ionblox adds Dr Shirley Meng to advisory board

KUALA LUMPUR, March 24 (Bernama) -- California-based advanced lithium-ion battery company, Ionblox has appointed Dr Shirley Meng, a Professor of Molecular Engineering at the University of Chicago to its advisory board.

Meng is also the Chief Scientist for Argonne Collaborative Center for Energy Storage Science, and holds a PhD in Advanced Materials for Micro and Nano Systems.

In a statement, Ionblox chief technology officer and co-founder, Dr Herman Lopez said the company is thrilled to welcome Meng to its advisory board and looks forward to leveraging her battery insights and expertise.

“Dr Meng’s support of Ionblox’s unique pre-lithiated silicon oxide anode technology is a signal to the industry that we are leading the path toward the next generation of e-mobility applications,” he added.

Meanwhile, Meng said she looks forward to working with the Ionblox team to commercialise their high-performance lithium-ion batteries using a pre-lithiated silicon oxide anode.

At her current positions, Meng focuses her research on energy storage materials and systems, specifically on rechargeable batteries for electric vehicles, power sources for Internet of Things and sustainable grid-scale storage.

She founded the Sustainable Power and Energy Center at the University of California, San Diego, and was the inaugural director at the Institute for Materials Discovery and Design.

In 2022, Ionblox received a new United States Advanced Battery Consortium (USABC) contract to develop low-cost and fast-charge silicon-based cells for electric vehicles.

This partnership with USABC will continue to help scale-up the electrification of vehicles across the country and will become especially strong under Meng’s guidance.

-- BERNAMA

CHINA TAIPING INSURANCE (MACAU) CREDIT RATINGS AFFIRMED - AM BEST

KUALA LUMPUR, March 24 (Bernama) -- Global credit rating agency, AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (Macau) Company Limited (CTIM).

The outlook of these Credit Ratings (ratings) is stable and the ratings reflect CTIM’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

According to a statement, CTIM’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, remained stable and is at the strongest level as of year-end 2021.

The company’s capital level remained robust at the similar level in 2022, and its investment strategy remained conservative and stable, with the majority of its investment assets in cash and investment grade bonds.

Delivered a five-year average return on equity of 18.7 per cent during 2017 to 2021, based on audited financials, CTIM continues to be profit generating in 2022, supported by positive underwriting results, and partially offset by unfavourable investment results.

The company’s net combined ratio improved to 71 per cent in 2022 from 82 per cent in 2021, while the ratio is expected to normalise as the local economy recovers from the COVID-19 pandemic.

Its investment results turned negative in 2022 due to market volatility but are expected to continue to support the company’s overall operating performance through stable streams of interest, dividend and rental income in the future.

CTIM maintains a long track record as the leader in Macau’s non-life insurance segment and has a market share of close to 34 per cent in 2022 based on gross premium written.

The company’s underwriting portfolio and distribution channel were stable and diversified, while the company continues to develop its online channel and explore cross-selling opportunities in its affiliated life insurance company in Macau, China Taiping Life Insurance (Macau) Company Limited.

For more information, visit www.ambest.com.

-- BERNAMA

IPO SUCCESS: OHMYHOME FIRST SINGAPOREAN FIRM LISTED IN US THIS YEAR

KUALA LUMPUR, March 24 (Bernama) -- Ohmyhome Limited (Ohmyhome), a data-driven property technology (proptech) company, participated in the closing bell ceremony at the Nasdaq MarketSite in New York marking the success of its initial public offering (IPO) on March 21.

Ohmyhome is the first Singaporean company that has been listed in the United States (US) this year, and has made history by becoming the first women-only founded proptech company listed in the US. 

According to a statement, this achievement not only highlights Ohmyhome's exceptional growth and success but also underscores the significant strides made by women in the traditionally male-dominated field of property and technology.

Its Chief Executive Officer and Co-founder, Rhonda Wong and Chief Operating Officer and Co-founder, Race Wong, presided over the ceremony where they were joined by their families, employees, partners and investors to perform the customary ringing of the closing bell.

“Today marks a very significant milestone for us. Race and I are sisters. As a family of migrants, growing up, we moved homes 20 times.

“We understand the aspirations and disappointments that come with a home transaction and how that impacts a family, we know that home transactions must be handled with honesty and integrity. And that is exactly what Ohmyhome stands for,” said Rhonda.

Meanwhile, Race said: “We will continue to invest into building the future of property technology. Believe in us not just in the past and present, but in the future as we continue to take Ohmyhome to greater heights.”

Since its launch in 2016, Ohmyhome has transacted more than 11,600 properties through its platform and helped thousands of families sell or buy their homes with ease, speed and reliability.

With a data-driven and a customer-centric approach, Ohmyhome prioritises the needs of the customers by allowing homesellers to post their listings for free and sellers to connect with potential buyers directly.

-- BERNAMA

THE WOMEN'S ENTREPRENEURSHIP ACCELERATOR CELEBRATES THREE-YEAR ANNIVERSARY MILESTONE AT GENEVA EVENT WITH THE LAUNCH OF THE DIGITAL INNOVATION CHALLENGE FOR WOMEN START-UPS IN PARTNERSHIP WITH INTERNATIONAL TELECOMMUNICATION UNION

 

Deborah Gibbins, Mary Kay’s Chief Operating Officer (Credit: Mary Kay Inc.)

NEW YORK & GENEVA, March 21 (Bernama-BUSINESS WIRE) -- Recognizing the intersecting relationship between innovation, technology, the digital space and gender inequality, the Women’s Entrepreneurship Accelerator (WEA) brought together senior representatives of its founding partners to mark its three-year anniversary with a timely discussion ahead of CSW67 on how to move the needle to create a more gender-inclusive innovation eco-system and to address the digital gender gap.
 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230317005336/en/ 

For the first time since its inception, CSW67 holistically examined the theme of innovation and technology from a gender perspective, presenting a unique opportunity to explore the gendered impacts of innovation and technology with recommendations that will set a course for a more inclusive and equitable digital economy.

With a mission to address the barriers faced by women entrepreneurs to advance the Sustainable Development Goals (SDGs), WEA is working to create an enabling digital innovation eco-system for women entrepreneurs to ensure countries reap the benefits of the digital transformation underway to achieve a more inclusive and sustainable world.

Hosted by the International Telecommunication Union (ITU) in Geneva, and convening WEA’s five other UN partners, the WEA anniversary event highlighted the need to invest in women entrepreneurs through digital to scale their businesses. The event underscored how the digital revolution offers tremendous opportunities to advance women’s economic status by opening up access to knowledge and international markets, and by enabling women to engage with a broader network. The event also served to highlight the risks posed by the digital transformation underway in perpetuating existing patterns of gender inequality. Key take-aways from the event included: 

· Existing innovation and start-up eco-systems greatly lack gender diversity and are characterized by an uneven distribution of  opportunity and financial resources.
· Women entrepreneurs are consistently faced with a lack of capital and investment to scale their businesses,^¹ limited access to connectivity and to information and communication technologies (ICTs), as well as to opportunities to learn the critical skills necessary to compete in the digital economy.^²
· Digital technologies, platforms and tools can also reinforce harmful gender stereotypes and discriminate against women and girls, unless they are designed to be safe, inclusive and accessible from the outset. For example, gender biases found in data sets and coded in AI algorithm products may lead to systems and services that replicate patterns of discrimination.
· Women and girls, and especially those who are at greater risk for multiple and intersecting forms of discrimination, are also the primary targets of online violence and abuse, which push them out of public participation, conversations and digital spaces more broadly. These are just some of the pressing challenges that call for gender-inclusive solutions in the digital age. 

http://mrem.bernama.com/viewsm.php?idm=45694

AM BEST REMOVES FROM UNDER REVIEW WITH NEGATIVE IMPLICATIONS, DOWNGRADES ISSUER CREDIT RATING AND WITHDRAWS CREDIT RATINGS OF BRIGHTSIDECO INSURANCE LIMITED

SINGAPORE, March 23 (Bernama-BUSINESS WIRE) -- AM Best has removed from under review with negative implications and downgraded the Long-Term Issuer Credit Rating to “bb” (Fair) from “bb+” (Fair) and affirmed the Financial Strength Rating (FSR) of B (Fair) of Brightsideco Insurance Limited (Brightsideco) (New Zealand). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process following exemption by the Reserve Bank of New Zealand from the requirement to have an FSR.

These rating actions are the result of Brightsideco being placed into run-off following the cancellation of its arrangement with the New Zealand operations of Harvey Norman Holdings Limited, a large electrical goods retailer based in Australia, to distribute extended warranty insurance products. As a result, Brightsideco lacks a competitive position or the ability to alter or re-price its book of business, and, in AM Best’s view, has a weaker business profile.

The ratings reflect Brightsideco’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management.

Brightsideco’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which AM Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). As insurance liabilities run off, risk-adjusted capitalisation is expected to improve further; insurance risk is projected to reduce faster than the company’s capital base. Other balance sheet considerations include the company’s very small absolute capital base, which increases its sensitivity to weaker-than-anticipated performance. Furthermore, the balance sheet strength assessment factors a negative holding company impact arising from Brightsideco’s ultimate parent, ICF Holdings Pty Ltd, following an assessment of consolidated risk-adjusted capitalisation.

Brightsideco’s insurance liabilities are expected to run off until 2029. Over the medium term, the company is expected to report small losses as the underwriting margin and investment returns are insufficient to cover its fixed-cost base. Profitability is supported by remediation measures undertaken five years ago, which are now improving the loss ratio of the insurance book of business and reducing uncertainty around projections.

AM Best views Brightsideco’s business profile as very limited, reflecting the company’s run-off status, small operational size, niche business portfolio and lack of geographic diversification. The company also is exposed to high concentration risk, as almost all of its policies were distributed through a large electrical goods retailer in New Zealand.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. 

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MARY KAY MAKES SPLASH ON WOMEN LEADERSHIP OCEAN CONSERVATION

KUALA LUMPUR, March 23 (Bernama) -- Mary Kay Inc continues to play an important role in ocean conservation by recently participating at the 10th World Ocean Summit and Expo 2023 in Lisbon, Portugal, organised by Economist Impact.

The participation followed Mary Kay launch of groundbreaking, user-friendly platform offering valuable guidance, decision-support tools and practical knowledge for marine practitioners, in February.

At the Summit, Mary Kay, a global advocate for corporate sustainability highlighted the importance of women’s leadership and private sector engagement in conservation.

“The ocean is critical for the livelihoods of billions of people, and we all have a role to play in ocean conservation and a sustainable ocean economy.

“Mary Kay supports women's empowerment in all facets of life and business, including the health of our planet,” said Mary Kay Portugal General Manager, Sandra Silva emphasising the importance of ocean conservation.

According to a statement, Mary Kay has been working to elevate ocean health and coral reef awareness through its partnership with The Nature Conservancy for over 32 years.

One of the key projects that the beauty brand supports is called "Super Reefs”, which identifies, protects and grows a global network of highly resilient coral reefs that can survive in a warming ocean.

The World Ocean Initiative transforms the momentum and focal point of the World Ocean Summit into a year-round programme on the ocean that powers the full capabilities of Economist Impact, combining the ingenuity of a think-tank with the creativity of a media brand to engage a globally influential audience.

The World Ocean Summit is an annual global event that brings together the widest cross-section of the ocean community, from business and finance to governments, national and international policymakers, civil society and academia.

Over 1,500 attendees from more than 100 countries attended the three-day summit, where 188 speakers addressed some of the most pressing challenges facing the ocean, such as climate change, biodiversity loss and pollution.

-- BERNAMA

"COLOURFUL JIANGNAN, DREAM ASIAN GAMES" PROMOTION MEETING SUCCESSFULLY HELD IN KUALA LUMPUR

KUALA LUMPUR, March 20 (Bernama) -- On March 17 to 19, 2023, the promotion meeting of “Colourful Jiangnan, Dream Asian Games”, hosted by the Zhejiang Provincial Department of Culture and Tourism and organized by the Zhejiang Tourism (Southeast Asia) Promotion Center, was successfully held in Kuala Lumpur, the capital city of Malaysia.

The promotion was highlighted by a video film -- "The Voice of Zhejiang", that displays the beauty of Zhejiang with various fantastic sounds, and fully showcases Zhejiang's natural scenery, food, folk customs, and intangible cultural heritage.
 
Zhang Jiexin, Director of China Cultural Centre in Kuala Lumpur, Mr. Paul Paw, National President of Malaysian Chinese Tourism Association, Datuk Keith Li, Chief Representative of Zhejiang Tourism (Southeast Asia) Promotion Center, and other guests were present at the event.
 
At the end of the promotion, two "Picturesque Zhejiang" tours were launched for Southeast Asian tourists, which are essential guides for Southeast Asian people's tour in Zhejiang.
 
Zhejiang Tourism (Southeast Asia) Promotion Center also participated in the international tourism exhibition MATTA FAIR, and launched the “Asian Games + Scenery” that featured tourism service. An amazing interactive experience area was set up in the exhibition. Visitors could use brushes and seals to make their own fan souvenirs in the intangible cultural heritage experience area, or enjoy Zhejiang scenery in zero-distance in the VR experience area.  

http://mrem.bernama.com/viewsm.php?idm=45683
 

NEARLY HALF OF SINGAPORE BUSINESSES CALL FOR IMPROVED FINTECH SOLUTIONS TO OFFSET CURRENT ECONOMIC HEADWINDS, SHOWS RAPYD REPORT

• 41% of cross-border organizations globally believe business expansion is essential to offset the challenges of inflation, high interest rates and market volatility. • 76% of businesses pay $10+ transaction fees on cross-border payments and 38% of businesses experience 5+ day B2B payment delays. • 49% of businesses in Singapore experience 5 to 10 day delays in sending or receiving payments, and 14% face 10 to 15 day delays. LONDON, March 23 (BUSINESS WIRE) -- 41% of global organizations believe that international business expansion is imperative to ease their current trading concerns. In Singapore, 48% believe better fintech solutions and faster settlements/payments can help solve these issues and are needed to grow their businesses. That’s according to a new study released by global fintech-as-a-service partner Rapyd, which shows that a sizeable contingent of cross-border businesses are looking to double down on their growth ambitions as the best remedy for the economic headwinds facing them, despite mixed levels of business optimism.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230322005316/en/

Rapyd’s 2023 State of B2B Cross-Border Payments report shows that businesses are divided on how they view the year ahead. 43% expressed concern about the current state of business versus 57% that claimed not to be concerned. Half of global businesses cited inflation as their biggest worry, followed by increasing interest rates (46%) and market volatility (35%). Cross-border trading issues such as currency fluctuations (32%) and import/export challenges (30%) are also featured prominently in the list of key business concerns, with 35% of businesses calling for better fintech solutions to improve the transparency, speed and cost of payments. In Singapore, the top two concerns cited are increase in interest rates (53%) and reduction in incoming work/business (43%).

Familiar payments challenges curb growth aspirations

Rapyd surveyed financial decision-makers in 715 medium-to-large cross-border businesses across seven global markets: Brazil, Canada, Germany, Mexico, Singapore, UK and US. According to respondents, speed, cost and efficiency continue to be the backbone of cross-border operations and expansion. Current cross-border payment shortcomings – specifically high transaction fees and payment delays – inhibit growth by eating into revenues, harming cash flow and making it harder for businesses to plan their finances.

The study found that 76% of businesses are burdened by excessive transaction fees of $10 or more on cross-border payments to suppliers, partners, distributors, employees and contractors, including 25% of businesses which reported typical cross-border transaction fees of $25-50, and 15% which claimed to be paying fees of $50+ dollars.

Similarly, more than two in five (42%) cross-border businesses paid between 0.25% to 1% in foreign exchange (FX) fees when carrying out cross-border transactions, with a further quarter of the businesses paying even higher FX fees of between 1%-3% or more.

And businesses aren’t faring any better when it comes to payments speed. 38% of respondents experienced delays of five days or more when sending or receiving cross-border payments to other businesses, with businesses in Germany and Singapore reporting the longest delays. 49% of businesses in Singapore face delays between 5 to 10 days, with 14% facing delays of 10 to 15 days.

Globally, businesses recognise the need to overhaul legacy cross-border payment processes and see technology as essential to this transition. 35% of financial decision-makers believe that better fintech solutions will ease their current concerns, and more than 6 in 10 businesses (61%) have made payments systems digitisation a top priority, while another third have already automated their payments systems.

Garðar Stefánsson, General Manager of Rapyd Collect, said:

“Our report shows businesses all over the world battling hard against adversity. They are doing everything in their power to reach new markets and open up new revenue streams, but they’re constantly set back by the complexity and cost of trading in other countries – losing huge sums and vast amounts of time on cross-border transactions. The bigger their operations get, the more these costs rise. It’s an unacceptable situation at a time when so many advanced economies are struggling to grow.”

“Fintechs have a tremendous opportunity to help cross-border businesses with their expansion ambitions by providing faster and more cost-effective payment solutions, as well as creating innovative new approaches that simplify the way these systems operate. Ultimately, no business should have to take on the complexity of B2B payments by themselves when they’re going for growth – that’s why trusted fintech partners are critical. It’s time for fintech to step up to the plate and build bolder, better payments solutions that make cross-border trading seamless and straightforward.”

Key Singapore highlights:

• When asked what is specifically concerning their organization, the top concerns for Singapore businesses are increase in interest rates (53%) and reduction in incoming work/business (43%).

• When asked what would ease their concerns, Singapore businesses cited that better fintech solutions (48%) and faster settlements/payments (45%) are the top solutions to combat negative effects of inflation, growing interest rates and increased volatility.

• 49% of Singapore businesses report payment delays of 5 to 10 days. 14% report delays between 10 to 15 days.

• 67% of Singapore businesses cite digitizing payments as a main priority, with 24% of businesses having already automated their payments systems.

Rapyd’s State of B2B Cross-Border Payments 2023 report is available here.

Notes to Editors:

Survey Methodology

Rapyd surveyed financial decision-makers across 715 businesses in Brazil, Canada, Germany, Mexico, Singapore, the UK and US online in February 2023. The survey was conducted among medium-sized (50-499 employees) and large (500 and over) companies operating in the B2B goods or services industries.

About Rapyd

Rapyd lets you build bold. Liberate global commerce with all the tools your business needs to create payment, payout and fintech experiences everywhere. From Fortune 500s to ambitious business and technology upstarts, our payments network and powerful fintech platform make it easy to pay suppliers and get paid by customers—locally or internationally.

With offices worldwide, including Tel Aviv, Dubai, London, Iceland, San Francisco, Miami and Singapore, we know what it takes to make cross-border commerce as easy as being next door. Rapyd simplifies payments so you can focus on building your business.

Get the tools to grow globally at www.rapyd.net. Follow: Blog, Insta, LinkedIn, Twitter. View source version on businesswire.com: https://www.businesswire.com/news/home/20230322005316/en/

Contact

Global media Lizzie Ryan Rapyd Global Communications Manager press@rapyd.net

Source : Rapyd