PACIFIC PRIME CXA'S FLEX PORTAL WINS BRONZE FOR BEST HR MANAGEMENT SYSTEM (SMB)

KUALA LUMPUR, Dec 23 (Bernama) -- Global employee benefits specialist, Pacific Prime CXA’s Flex Portal was honoured with the Bronze Award for Best HR Management System (SMB) at the HR Vendors of the Year Awards, presented by Human Resources Online in Singapore.

A resounding echo of last year, where the company won the Bronze Award for Best HR Management System (Enterprise), Pacific Prime CXA has gone to outstanding lengths to remain a top insurance broker in terms of human resources (HR) management systems and international health insurance, retaining their unique position as the only broker to win awards in this category.

“This recognition is a testament to the hard work and innovation of our talented team. The Flex Portal was designed with a strong commitment to helping small and medium-sized businesses attract and retain top talent.

“We remain focused on ongoing innovation, and with continued collaboration, we are confident that the Flex Portal will continue to shape the future of HR management and employee benefits, enabling businesses and their employees to thrive in a rapidly changing world,” said Pacific Prime CXA chief executive officer, Heena Bose in a statement.

The HR Vendors of the Year Awards, held on Nov 8, is a prestigious annual event that honours leading HR solutions providers in Asia. This year’s ceremony took place at the Sofitel Singapore City Centre, gathering innovative HR solution providers from across Singapore.

The Flex Portal, voted among the top three HR management systems, is a state-of-the-art benefits management platform tailored to address the needs of small to medium-sized businesses (SMBs).

Designed to streamline employee benefits administration and boost staff engagement, the Flex Portal is equipped with features such as real-time eWallet updates, seamless integration with third-party providers, and a customisable interface. These features help simplify complex insurance mechanisms, ensuring efficiency and cost-effectiveness.

For HR teams, the portal automates administrative processes, reduces manual workloads, and provides a centralised platform for managing flex and insurance claims. Employees, on the other hand, benefit from a user-friendly interface that offers a personalised experience, from adjusting life and medical insurance coverage to accessing wellness resources and tailored health assessments.

Additional features such as optical character recognition (OCR) receipt scanning, a clinic locator, and in-app purchases further enhance convenience.

By addressing the unique challenges of SMBs, the Flex Portal maximises return on investment through flexibility and strategic cost management. Committed to continuous improvement and user-centric design, Pacific Prime CXA positions the Flex Portal as a vital tool for businesses seeking to thrive in a dynamic global environment.

-- BERNAMA

SIMA.AI TEAMS UP WITH SYNOPSYS TO ACCELERATE AI-DRIVEN AUTOMOTIVE SOLUTIONS

KUALA LUMPUR, Dec 18 (Bernama) -- SiMa.ai has collaborated with Synopsys to jointly deliver a new solution for automotive companies to accelerate the development of workload-specific silicon and software needed to power artificial intelligence (AI)-enabled features in next-generation automobiles.

“Collaborating closely with Synopsys allows us to provide automotive manufacturers with complete, optimised solutions that accelerate their development cycles.

“When combined with Synopsys' industry-leading IP and software, we will deliver a powerful foundation for innovation across auto OEMs in autonomous driving and in-vehicle experiences,” said SiMa.ai Founder and Chief Executive Officer, Krishna Rangasayee in a statement.

Meanwhile, Head of the Synopsys Product Management and Markets Group, Ravi Subramanian said: “Our leadership in architecture exploration, IP, and hardware-assisted verification, combined with SiMa.ai’s innovative performance and power-optimised ML capabilities, will enable customers to differentiate while continuing to meet stringent cost considerations and industry standards.”

The solution will combine Synopsys' best-in-class Electronic Design Automation (EDA), automotive-grade IP, and hardware-assisted verification solutions with SiMa.ai’s leading machine learning accelerator (MLA) IP and a complete ML software stack application development environment for maximum customisation of IP, subsystems, chiplets, and System-on-Chips (SoCs).

The integrated Synopsys and SiMa.ai solution will be designed to enable early architecture exploration, shift-left software development, cost-effective and differentiated in-vehicle experiences, and continuous upgradeability of automotive edge AI solutions.

SiMa.ai is the software-centric company that specialises in developing high-performance, power-efficient MLSoC solutions for the embedded edge, while Synopsys is a trusted partner to the worldwide automotive ecosystem.

The SiMa.ai tech stack emphasises flexibility, offering support for the widest number of models, sensors, and applications possible, and automatically optimises them for peak performance.

-- BERNAMA

Nikkei Online Edition Hits One Million Paid Subscribers, Achieving Landmark Milestone

KUALA LUMPUR, Dec 16 (Bernama) -- Nikkei Inc has announced its Nikkei Online Edition has surpassed one million paid subscribers, becoming the first domestic digital news media to achieve this significant milestone, according to a report by Reuters Institute for the Study of Journalism.

The recent rapid growth has been driven by increased subscriptions in the corporate and education sectors. Nikkei continues to expand beyond its role, evolving from a key news source to an essential service for a broader audience.

Launched in 2010, the Nikkei Online Edition early success was driven by a strong uptake from individual subscribers, but in recent years, it has seen a rapid increase in adoption by corporations and the education sector.

Companies use the service as a source of essential information as well as for corporate training, while educational institutions are increasingly turning to it as a resource for inquiry-based learning.

This year, the number of paid subscriptions to Nikkei Online grew by 13 per cent, reaching 1.01 million, a 100,000 increase over December 2023, according to Nikkei in a statement.

Meanwhile, paid subscriptions to Nikkei's digital media subscriptions overall, including services such as the "NIKKEI Prime" series, exceeded one million in December 2023 and reached 1.17 million as of December this year.

With a total of 3.7 million paid digital subscriptions across its global platforms, including English-language media "Nikkei Asia" and the Financial Times (FT), Nikkei is now the third-largest paid digital news media provider globally, following the New York Times and Dow Jones, which publishes the Wall Street Journal.

Founded as a market news provider in Japan in 1876, Nikkei has grown into one of the world’s largest media corporations, with 37 foreign editorial bureaus and approximately 1,500 journalists worldwide.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF NEWGT REINSURANCE COMPANY, LTD.

HONG KONG, Dec 12 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NEWGT Reinsurance Company, Ltd. (NEWGT) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NEWGT’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

NEWGT’s balance sheet strength is well-supported by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). As of the fiscal year ended on 31 March 2024, NEWGT’s capital and surplus increased by 21% mainly from increased retained earnings, with no dividend upstream made during the period. The company has a moderate level of reinsurance dependency; however, its exposure to potential credit risk is mitigated partially by a high-quality and well-diversified reinsurance panel.

NEWGT’s operating performance has been consistently positive during the most recent five-year period. For the fiscal year ended 31 March 2024, the gross premium and net premium earned from ITOCHU Corporation (ITOCHU)-related business, remained relatively flat as its premium income became normalized from the strong growth in the previous year while its underwriting profit showed improvement with favourable loss experience during the period. Notwithstanding the moderate volatility in the major lines of marine cargo business due to the impact of commodity price fluctuations, AM Best expects that NEWGT’s operating performance will remain profitable over the intermediate term given the company’s prudent underwriting practices and reinsurance programmes.

As a wholly owned subsidiary and captive insurer of ITOCHU, one of Japan’s largest general trading companies, NEWGT provides reinsurance protection against group-related risks across various regions. A majority of NEWGT’s business comes from ITOCHU-related marine business, and the remaining portfolio consists of a diverse mix of non-life business lines, including theft insurance, renters’ insurance, and group personal accident. NEWGT is well-integrated within the group with respect to risk management, corporate governance and internal control systems. 

http://mrem.bernama.com/viewsm.php?idm=49999

FORTUDE CONTINUES TO STRENGTHEN ITS FOOTPRINT IN ASIA-PACIFIC THROUGH DIGITAL SOLUTION OFFERING

Singapore, Dec 9 (Bernama-GLOBE NEWSWIRE) -- Fortude, a leading global enterprise and digital solutions company, strengthens its commitment to serve businesses in Asia-Pacific by driving digital transformation across the region. After setting up its Singapore entity in April earlier this year, the company has been actively working with new prospects and partners to further its goal of ‘delivering digital solutions that matter’.

The company will continue to offer the full spectrum of services, from digital advisory, Infor CloudSuite consulting and managed services, to Data & AI, automation, and solutions engineering under this umbrella.

Having successfully worked with several leading businesses in Asia-Pacific over the last decade, both existing and new customers will be able to leverage Fortude’s strategic partnerships with Infor, Microsoft, UiPath and many more to accelerate their digital transformation initiatives.

The growth strategy for the region will be led by Fortude’s Chief Revenue Officer – APAC, Cameron Greening. Commenting on the initiative, Cameron said, “We are very excited to be strategically placed in Singapore to serve the wider Asian region. Its proximity to some of our key customers makes it the perfect launchpad for Fortude to continue to build inroads into key markets in the region.”

Hemantha Rodrigo, Chief Operating Officer – AMEA, who is focused on amplifying Fortude’s local presence and partnerships in the region added, “We are working on several exciting projects in the region, including Malaysia, Indonesia, Vietnam and Thailand. By moving forward on this journey in Singapore, our customers can now better harness our region-specific expertise, and holistic suite of solutions to drive the digital transformation of their businesses.”

Leading the digital transformation drive for Southeast Asian companies, Fortude’s Aravinda Gunathilaka, Associate Vice President – Enterprise Sales AMEA added, “A company’s digital journey can begin with a simple RPA automation and span into AI, Data Analytics and move onto implementing strong foundations for growth with Cloud implementations. Fortude has expertise in all these areas and can support companies with the right digital tools.”

In recent years, Fortude has seen significant growth in the APAC region and the team is committed to continue helping businesses in the region make the digital leap.
  
About Fortude

Fortude is a leading global enterprise and digital technology solutions company, delivering solutions that matter to customers around the world. Our teams are based out of offices in the US, Canada, UK, Netherlands, Sweden, Sri Lanka, Singapore and Australia, and have experience in implementing projects across multiple locations and continents. We are also a partner to some of the world’s largest technology, cloud, and automation software solution providers including Infor, Microsoft and UiPath. For more information, visit fortude.co

Attachment

·        Fortude continues to strengthen its footprint in Asia-Pacific through digital solution offering
 
Anishka Ranabahu
Fortude
+94775195993
AnishkaRa@fortude.co

SOURCE: Fortude

--BERNAMA

2024 CHINA-ASEAN MARATHON BLENDS SPORT WITH BREATHTAKING SCENERY

KUALA LUMPUR, Dec 6 (Bernama) -- The 2024 China-ASEAN Marathon kicked off on Nov 24 at the Beibu Gulf Ocean Culture Park in Fangchenggang City, attracting over 20,000 participants from over a dozen countries and regions.

The event, held in the scenic coastal bay city, featured four categories, namely a full marathon, a half marathon, a 10-kilometre (km) fitness run, and a five-km fun run, according to a statement.

Both the full and half marathons started and ended at the Beibu Gulf Ocean Culture Park, passing iconic landmarks such as Egret Park, Fubo Cultural Park, Xiwan Scenic Area, Xianren Mountain Park, and the Zhenyuling Bridge.

The race course is designed to showcase the urban landscape and coastal scenery, highlighting the unique "sea, beach, and mountain" characteristics of Fangchenggang City.

The event successfully broadened its network of international connections, receiving strong support from several international friendship cities and the consulates general of ASEAN countries in Nanning, including Cambodia and Myanmar.

Meanwhile, international partners such as Yeongdong County in South Korea, Rzeszów in Poland, and Quang Ninh Province in Vietnam actively sent delegations to participate in and observe the race.

Additionally, international friendship cities such as Zhukovsky in Russia, Loei in Thailand, and Hai Phong in Vietnam have also sent congratulatory messages.

In the race itself, Kenyan runners dominated the competition, claiming victory in both the men’s and women’s marathon titles.

-- BERNAMA

NX BANGLADESH CONDUCTS RELIEF EFFORTS IN FLOOD-STRICKEN AREAS

TOKYO, Nov. 28, 2024 /Kyodo JBN/ --

Nippon Express Bangladesh Ltd. (hereinafter "NX Bangladesh"), a group company of NIPPON EXPRESS HOLDINGS, INC., distributed food and medical supplies, and conducted other relief efforts to assist parts of eastern Bangladesh affected by rain-driven flooding.
 
NX Logo: https://kyodonewsprwire.jp/img/202411220436-O2-k7DqBEQ2
 
Image: https://cdn.kyodonewsprwire.jp/prwfile/release/
M103866/202411220436/_prw_PI1fl_kiwUEDbd.jpg
 
Heavy rains in Bangladesh that began in mid-August caused extensive flood damage across the country’s eastern region, impacting more than 5.8 million people. Highways and railway networks were damaged, and some areas saw mobile networks and other communications disrupted, leaving more than one million people isolated in locales cut off by the floodwaters.
 
NX Bangladesh carried out a relief distribution program in the six sub-districts of Feni District, one of the hardest-hit districts. Four employees transported relief supplies to areas lacking clean water and food due to flooded roads. Working with residents, they provided foodstuffs, emergency medicines, oral rehydration solution, drinking water, and other supplies to approximately 100 households. NX Bangladesh will continue helping to improve the lives of locals through various initiatives.
 
The entire NX Group sincerely hopes that the disaster-stricken areas will recover and rebuild as soon as possible, and it remains committed to fulfilling its responsibility for social development by connecting people, companies, and communities.
 
About the NX Group:
https://kyodonewsprwire.jp/attach/202411220436-O1-LgUSK9O9.pdf
 
NX Group official website: https://www.nipponexpress.com/
NX Group's official LinkedIn account: https://www.linkedin.com/company/nippon-express-group/ 

http://mrem.bernama.com/viewsm.php?idm=49901

WELSPUN ONE LAUNCHES INDIA'S LARGEST LOGISTICS FACILITY; INVESTS $325M

• Spread across 55 acres, this is India’s first-of-its-kind integrated port-based logistics ecosystem
• The state-of-the-art asset will transform the Asia-Pacific supply chain
  
   

MUMBAI, India, Nov 28 (Bernama-BUSINESS WIRE) -- Welspun One, India’s fastest-growing new-age logistics and industrial real estate manager, is investing $325M in the country’s largest single-location ‘Grade A’ warehousing and industrial park at the Jawaharlal Nehru Port Authority (JNPA) Special Economic Zone (SEZ) in Navi Mumbai (India). Originally envisaged as a 1.2 million sq. ft. park which entailed an investment of ~$84M, the company has now upscaled the size of the project to ~4.45 million sq. ft. of BUA to cater to the growing export-import demand arising at the JNPA Port.

JNPA, handling ~35% of India’s maritime traffic, is the largest container port by throughput. This prime location presents an unprecedented opportunity for the SEZ/FTWZ segment to scale, particularly as the region has historically faced constraints in integrated facility solutions. Welspun One’s facility addresses this gap by offering businesses across sectors like chemicals, automotive, FMCG, pharmaceutical, and electronics with an integrated, cost efficient logistics solution in a high potential area.

Strategically located within 5 km of the port terminals with direct vessel access, the facility offers unparalleled advantages. It also enjoys proximity to critical transport networks such as National Highways, the Dedicated Freight Corridor (West), the Mumbai Trans Harbour Link (MTHL), and the upcoming Navi Mumbai Airport – giving it a significant logistical advantage. The mega project features 3.95 million sq. ft. of warehousing space, 0.25 million sq. ft. of Grade A office space, and 0.25 million sq. ft. of industrial space.

Designed for maximum operational efficiency, the park features G+2 floors, 12-meter floor-to-floor height, and incorporates 30-feet-wide unidirectional ramps for seamless cargo flow between levels. It has a 6-ton floor load capacity, accommodates over 400,000 pallet positions, and comes with parking for over 600 trucks. With an annual throughput capacity of 36,000 TEUs, the facility is officially the largest single-location warehousing and industrial park in India, redefining standards for integrated logistics ecosystem.

The project is not just a logistics hub but a strategic business enabler. It is expected to generate direct and indirect employment for over 5,000 people, strengthening the local economy. As a part of a notified SEZ, it also provides occupiers additional benefits such as exemption of Goods and Services Tax (GST), customs duty deferment, faster customs clearance, and minimal detention or demurrage risks. All of this enables seamless movement of goods and optimized inventory management, resulting in improved operational efficiency and significant cost savings of up to 15%. Further, it also improves the logistical efficiency of the port making the project an ideal hub for international businesses looking to optimize their supply chains.

Commenting on the development, Mr. Anshul Singhal, Managing Director, Welspun One, said, “India’s port ecosystem has long needed a logistics solution beyond storage. This facility is set to be a game-changer for logistics and supply-chain operations in India and elevate India’s position on global trade and ease of doing business. By identifying the strategic location and partnering with a global team of world-class designers and engineers from Japan, Singapore, and the Middle East, we are building an international facility that delivers on the dual imperatives of efficiency and cost-effectiveness. This investment represents not just a milestone for Welspun One but a bold step forward in transforming India’s logistics landscape.”

Commenting on the milestone, Mr. Balkrishan Goenka, Chairman, Welspun World, said, “Our recent $325M (including ~$84M co-investment commitments) equity fundraising for Fund 2 reaffirms the confidence of investors in our strategy to create demand-led, logistics-anchored developments. With nearly 70% of the fund already committed and 45% drawn down, we are executing at a scale and speed that sets us apart. This project at JNPA SEZ is a pivotal part of our vision to align with India’s growth story and redefine its logistics infrastructure.”

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20241126137628/en/

Contact

For further information:
Website: www.welspunone.com | Reach out to Abhishek_Dassani@welspun.com

Source : Welspun One

INAUGURAL WIC HIGHLIGHTS SAUDI’S LEADERSHIP IN GLOBAL INVESTMENT OPPORTUNITIES

KUALA LUMPUR, Nov 26 (Bernama) -- The 28th World Investment Conference (WIC) was officially launched today in Riyadh by Invest Saudi and the World Association of Investment Promotion Agencies (WAIPA).

Themed ‘Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities’, the first day brought together more than 2,000 attendees from 130 countries, including 30 ministers, to explore key strategies for overcoming global investment challenges and unlocking opportunities for the future.

Saudi Minister of Investment, Khalid Al-Falih delivered the opening keynote, highlighting the Kingdom’s transformation under Vision 2030 and its emergence as a global investment hub.

According to a statement, he identified the critical global trends shaping investment, such as the rise of green and blue economies, the impact of new technologies, the reconfiguration of global supply chains, and demographic shifts.

The Minister also shared impressive figures, noting that Saudi Arabia's gross domestic product (GDP) has grown by 70 per cent since the launch of Vision 2030 to US$1.1 trillion, with non-oil economic activities contributing half of that growth, while foreign direct investment (FDI) has tripled, with international investors increasing tenfold. (US$1=RM4.45)

Meanwhile, WAIPA President and Invest India Managing Director and Chief Executive Officer, Nivruti Rai also addressed the audience, highlighting the importance of collaborative global efforts to reshape economics and drive sustainable growth.

Day one panels covered topics such as the evolving role of emerging economies, FDI’s role in economic transformation, industrial policies aligned with investment promotion, and transformative innovations in climate action.

A panel featuring Saudi, Egyptian, and Tunisian ministers discussed how emerging economies are redefining the role of investment promotion agencies (IPAs) and creating new opportunities for FDI amidst challenges like geopolitical shifts and sustainability goals.

The conference also featured a masterclass on artificial intelligence-driven analytics and virtual reality site visits, along with matchmaking sessions that connected investors with small and medium-sized enterprises (SMEs) and government representatives.

Minister Khalid Al-Falih also brought up the topic of supply chain resilience ahead of the Global Supply Chain Resilience Event (GSCRI) being held on the sidelines WIC tomorrow. The second day of the conference will focus on technology innovation, industrial transformation, and sustainable partnerships.

-- BERNAMA 

AM Best Affirms NongHyup Property and Casualty Insurance’s Ratings

KUALA LUMPUR, Nov 25 (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 South Korea’s NongHyup Property and Casualty Insurance Company Limited (NH P&C).

In a statement, AM Best said these credit ratings (ratings) have a stable outlook, which reflected NH P&C’s balance sheet strength, was assessed as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also reflect the implicit and explicit support the company receives from its ultimate parent, National Agricultural Cooperative Federation (NACF).

NH P&C’s risk-adjusted capitalisation is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio, in which the company’s capital and surplus increased significantly in 2023, largely due to the adoption of IFRS 17 while its balance sheet fundamentals remain unchanged.

The company’s capital is being exposed to a relatively high level of volatility from interest rate movements compared with its domestic peers under the new accounting and local solvency standards.

In response, the company is increasingly focusing on asset-liability management to enhance its capital management under the new solvency regime.

NH P&C’s financial flexibility is supported by its good accessibility to the capital market underpinned by its previous issuances of subordinated debts and additional financial support from its immediate parent, NongHyup Financial Group Inc.

A domestic non-life insurer in South Korea, NH P&C has a 3.7 per cent market share in terms of gross insurance service revenue in 2023. The company is an exclusive provider of crop insurance in the country, which is largely operated under the principle of “no profit no loss,” and a major provider of other government policy insurance products for farmers, such as livestock and agricultural vehicle insurance.

NH P&C focuses on gradually improving its underwriting profitability by expanding sales of protection-type products with high margins; however, its market share in the long-term insurance segment remains modest due to strong market competition. Distribution remains highly concentrated in the cooperative channel, which is a network of NACF’s members.

-- BERNAMA

CGS ELEVATES JOHN SAMUEL TO CHIEF OPERATING OFFICER TO FURTHER ENHANCE CLIENT SERVICE AND DRIVE OPERATIONAL EXCELLENCE

NEW YORK, Nov 26 (Bernama-GLOBE NEWSWIRE) -- Computer Generated Solutions, Inc. (CGS), a global provider of software applications, enterprise learning, customer experience and business process outsourcing services, today announced that John Samuel has been promoted to Chief Operating Officer (COO). The appointment reflects CGS’s continuing commitment to operational excellence within the company -- and in service to its blue-chip clients. Clients trust CGS to design, implement, and optimize core business functions, like learning and development, supply chain management, and customer service, allowing them to outpace their competition with greater focus on their own core competencies.

"John's appointment to COO will mark an inflection point in CGS’s forty-one-year history," said Phil Friedman, CGS founder and CEO. "CGS was founded as a technology company and innovation has been core to our success over the years. Our clients trust us to deliver the right combinations of technology, people, and processes to drive their growth. John has a sure footing across all three vectors and is the perfect leader to take our business to new heights. I am particularly excited by John’s vision for integrating AI into our products, services, and operations.”

Since joining CGS in 2016, Samuel has served in various strategic leadership roles, most recently as Executive Vice President, where he spearheaded the company’s digital transformation initiatives. As COO, he will now also oversee global operations. His focus will be driving productivity, operational efficiency, and the integration of advanced technologies to further enhance CGS’s client services. Under John’s leadership, CGS plans to expand its global footprint and implement innovative AI solutions to improve workflows and decision-making processes. These advancements will deliver enhanced efficiency and optimized results, ensuring CGS continues to meet the rapidly evolving needs of its clients.

“As CGS continues to grow and expand globally, I look forward to working closely with our CEO, Phil Friedman, and our exceptional executive team, to execute our vision for driving innovation, enhancing operational excellence, and delivering greater value to our clients and partners,” said Samuel. “This new chapter represents an incredible opportunity to further align our resources and talent with our strategic priorities, pushing boundaries on productivity and efficiency across all areas of the business. I’m honored to play a role in shaping CGS’s future!”

About CGS
For more than 40 years, CGS has enabled global enterprises, regional companies, and government agencies to drive breakthrough performance through business applications, enterprise learning and outsourcing services. CGS is wholly focused on creating comprehensive solutions that meet clients’ complex, multi-dimensional needs, and support clients’ most fundamental business activities. Headquartered in New York City, CGS has offices across North America, South America, Europe, the Middle East, and Asia. For more information, please visit www.cgsinc.com and follow us on LinkedIn.

Media Contact

Alan Marcus
amarcus@cgsinc.com

A photo accompanying this announcement is available at 
https://www.globenewswire.com/NewsRoom/AttachmentNg/a39794c0-0478-4d87-8ded-2ed3a2cc96be 

SOURCE : CGS

UNDER THE PATRONAGE OF HRH THE CROWN PRINCE, SAUDI ARABIA IS READYING TO HOST LANDMARK WORLD INVESTMENT CONFERENCE (WIC) 2024 IN RIYADH.

This year’s conference theme: ‘Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities’.


RIYADH, Saudi Arabia, Nov 25 (Bernama-BUSINESS WIRE) -- Under the patronage of His Royal Highness Crown Prince and Prime Minister Mohammed bin Salman bin AbdulAziz Al Saud, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi are organizing the 28th annual World Investment Conference (WIC) from November 25 to 27, in Riyadh. This prestigious event will gather global leaders in investment, government, and international organizations to address the theme, ‘Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities’.

His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia, commented: “Under the wise leadership of the Custodian of the Two Holy Mosques; King Salman bin AbdulAziz Al Saud and His Royal Highness Crown Prince and Prime Minister, Mohammed bin Salman bin AbdulAziz Al Saud, the Kingdom, driven by its ambitious “Vision 2030”, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

“This year’s World Investment Conference in Riyadh will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth. We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies.” Al-Falih added.

Saudi Arabia has become a prime destination for international investors, issuing over 28,900 foreign investment licenses, thanks to reforms under Vision 2030. These reforms, including allowing 100% foreign ownership in specific sectors and streamlining business and visa procedures for rapid approvals, have significantly boosted investor confidence. This investor friendly climate, especially in sectors like renewable energy, logistics and AI, reflects the Kingdom’s dedication to creating an attractive and efficient business environment, and helps to build a resilient economy for Saudi Arabia that stands at the forefront of global innovation and development.

Ismail Ersahin, Executive Director and CEO of WAIPA said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape. We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants.”

Key highlights of WIC 2024 will include a range of conference tracks, such as high-level government dialogues, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals.

A dedicated entrepreneurship track will emphasize the transformative role of startups and innovators, while exclusive matchmaking sessions will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies through the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum aligned with global investment drivers: the disruptive influence of technology and artificial intelligence (AI), global supply chain resilience, energy transition towards sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations. Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC 2024 is designed to empower attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.

About WIC: https://waipa.org/wic-info/

*Source: AETOSWire

View source version on businesswire.com:
https://www.businesswire.com/news/home/20241124564843/en/


Contact

For media inquiries:
WIC28media@apcoworldwide.com


Source : World Investment Conference

HIGH-IMPACT OIL AND GAS EXPLORATION COULD CUT GLOBAL SCOPE 1 AND 2 EMISSIONS BY 6% IN 2030

Without creating new demand, new discoveries can help curb emissions, drive value for the industry


LONDON and HOUSTON and SINGAPORE, Nov 22 (Bernama-GLOBE NEWSWIRE) -- Investment in oil and gas exploration has plummeted two-thirds in the last decade, but the industry still has a critical role to play in decarbonisation efforts and providing advantaged barrels in the energy transition, according to the latest Horizons report from Wood Mackenzie.

According to the report, “No country for old fields: Why high-impact oil and gas exploration is still needed” the world has plenty of current resources to meet demand, with approximately 3 trillion barrels of oil equivalent (boe) inventory. This translates to resource lives of more than 45 years for oil and over 60 years for gas.

“With so much in place, it begs the question – why is exploration still needed?” said Andrew Latham. “It’s important to point out, that newly discovered fields would not increase demand, as demand neither grows when exploration succeeds nor shrinks when it fails. What can be said is that successful exploration cuts carbon intensity, lowers the cost of oil and gas to consumers, and adds value for both resource holders and explorers. As demand is proving resilient, investment in new supply is needed to displace dirtier alternatives.”

Cutting carbon

According to the report, lowering scope 1 and 2 emissions, or those created in the extraction and refining process, is better served by finding new fields than by cleaning up old ones. New fields are cleaner, thanks to modern decarbonisation technologies and higher facilities throughput.

Wood Mackenzie’s Lens Upstream reveals that new fields about to begin production in the next few years will average scope 1 and 2 emissions intensity of 17 kgCO₂e/boe over 2025-30. That compares with existing supply from mature fields averaging 28 kgCO₂e/boe.

“Potential gains are not trivial,” said Latham. “Exploration through the current decade is on track to provide 12% of global oil and gas supply. If we assume that these new fields displace existing supply options with emissions intensity typical of older fields, then global scope 1 and 2 emissions in 2030 would be cut by around 6%, or 100 Mtpa CO₂e.”

High-value performance

Economics has also driven activity. The industry’s exploration performance has been attractive since upstream costs reset a decade ago.

“Exploration has been the most economic means of rejuvenating a portfolio with new fields, particularly for companies that seek advantaged resources, or those that are low carbon and high value,” said Latham. “Such prized assets are difficult to buy at a good price; it’s much better to discover them.”

According to the report, full-cycle returns have been consistently in double digits every year since 2015, averaging 15%. New field discoveries are valued at much more than they cost to find, with net value creation of over US$160 billion since 2015, assuming an industry planning price of US$65/bbl Brent long term (almost double the current market value of supermajor BP).

Over the past five years, Wood Mackenzie calculates industry-average breakeven prices for exploration at around US$45 per boe (Brent, NPV10%) versus US$65 per boe for M&A. The gap for advantaged resources is even wider because of the shortage of such assets on the market.

Frontier and deepwater exploration most effective

Frontier plays, defined as having no production from similar reservoirs in the same basin, stand out by resource scale. Even more so, deepwater exploration in frontier basins can offer the most effective plays. Frontier drilling added over 80 million boe per well, more than seven times wells in mature plays, with most in the deep offshore. Deepwater projects enjoy high recovery per well and tend to have lower emissions intensity (<15tCO₂e/kboe) than shelf and onshore projects.

According to the report, deepwater will offer most new opportunities for exploration as most of the world’s deepwater basins, in waters from 400 metres to over 3,000 metres, are barely drilled.

Resources per exploration well by water depth 
 

“The Majors have jumped on the bandwagon of deepwater exploration, eager to unlock the next frontier,” said Latham. “They now hold nearly 70% of their net acreage in deepwater and dedicate a similar proportion of their exploration and appraisal spending to the sector.

“Increasingly, national oil companies are following suit, as government mandates to increase production and ensure domestic energy security prevail.”

Within these untapped resources, there is still plenty of oil and gas to find. While the industry has been finding less in recent years compared with previous decades, that is down to drilling fewer wells.

The global creaming curve reveals a near straight-line trajectory with a steady gradient of around 30 million boe discovered per well, including the dry holes. It is a trend unchanged over the past four decades and more than 50,000 wells. An abrupt decline in such a long-established trend seems unlikely. 

“Huge exploration opportunities still exist, but exploration does suffer from a serious image problem,” said Latham. “The widespread perception that exploration is bad for the climate threatens everything from access to opportunity and the social licence to operate to talent attraction and retention. That misconceptions abound in this regard does not mean they will be easily overcome. Exploration has a role to play in decarbonising oil and gas supply.”

For further information please contact Wood Mackenzie’s media relations team:

Mark Thomton
+1 630 881 6885
Mark.thomton@woodmac.com

Hla Myat Mon
+65 8533 8860  
hla.myatmon@woodmac.com 

The Big Partnership (UK PR agency)
woodmac@bigpartnership.co.uk

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About Wood Mackenzie

Wood Mackenzie is the global insight business for renewables, energy and natural resources. Driven by data. Powered by people. In the middle of an energy revolution, businesses and governments need reliable and actionable insight to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources. Today, our team of over 2,000 experts operate across 30 global locations, inspiring customers’ decisions through real-time analytics, consultancy, events and thought leadership. Together, we deliver the insight they need to separate risk from opportunity and make bold decisions when it matters most. For more information, visit woodmac.com.

Images accompanying this announcement are available at:

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SOURCE : Wood Mackenzie

BOOMI UNVEILS 2024 APJ CUSTOMER INNOVATION AWARD WINNERS AT SYDNEY TOUR

KUALA LUMPUR, Nov 21 (Bernama) -- Boomi, the intelligent integration and automation leader, has announced the winners of its 2024 Asia Pacific and Japan (APJ) Customer Innovation Awards, recognised at its 2024 Boomi World Tour stop in Sydney.

“The 2024 APJ award winners exemplify companies committed to a variety of business outcomes, from smarter decision-making to enhanced stakeholder engagement, and boosting productivity.

“We are immensely proud to be involved in driving transformative change within the innovative projects recognised this year,” said Boomi Vice President and General Manager of APJ, Thomas Lai, in a statement.

Among the winners, Norths Collective, recipient of the APJ Customer of the Year Award, powered its digital transformation strategy with Boomi, connecting its siloed systems and centralising operational and member data.

Meanwhile, HEB Construction (HEB), honoured with the Business Excellence Award, extended its use of the Boomi platform to maximise the effectiveness of an existing third party artificial intelligence-powered road monitoring tool.

In addition, Toyota Motors Corporation Australia (TMCA) who bagged the Innovation Award, used the Boomi platform to enhance connectivity across its corporate business systems, including integrations with certain systems at TMCA franchise network in Australia, and also enabled certain digital products for Toyota customers.

The winners were honoured for pioneering innovative solutions by integrating applications and data into transformative, business-enhancing systems using the Boomi Enterprise Platform.

This year’s recipients were recognised for their exceptional performance in several criteria, including business impact; digital transformation; innovative projects; social impact; modernisation and integration excellence.

-- BERNAMA

WINNERS OF INAUGURAL ASEAN STEEL ARCHITECTURAL AWARDS ANNOUNCED AT GRAND EVENT IN MALAYSIA

 

^{(Photo: Business Wire)}


SINGAPORE, Nov 19 (Bernama-BUSINESS WIRE) -- The winners of the first BlueScope Steel Architectural Awards ASEAN were crowned at a gala dinner event in Kuala Lumpur, Malaysia this November 14. A number of respected industry bodies -- the Association of Siamese Architects under Royal Patronage (ASA), Thailand, Ikatan Arsitek Indonesia (IAI), the University of Architecture Ho Chi Minh City (UAH), Malaysia’s ACG Media Group and AustCham Singapore, partnered with NS BlueScope, to create this awards program to celebrate the most innovative and creative uses of steel across a diverse range of architectural projects in the region.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241118686723/en/

 

There were five award categories, with one winner selected from shortlisted projects in each. Companies from Malaysia, Thailand, Indonesia, and Vietnam, participated with the ASEAN finalists drawn from total 14 winning entries in the respective national competitions. Projects were assessed on Design Excellence, Innovation, and Sustainability, with the judges scoring a range of features from aesthetic merit to functionality and efficiency, with a particular focus on how they are serving their local communities.

The winners of the individual categories are:

• Industrial: The Industrial Foundry for Marine Vessels, by Ar. Naksit Wisetmora
• Commercial: VanaVasa Resort, by M J Kanny Architect
• Residential: LAAB is More, by Studio Sifah
• Institutional and Others: Masjid Daing Abdul Rahman, by Razin Architects
• Long Lasting Beauty of COLORBOND® steel: CIDB Convention Centre, by Arkiskape

“This new awards program will shine a deserving spotlight on some of the greatest steel architectural triumphs of our region. As an industry leader in painted and coated steel solutions, we are proud that we contribute to the innovation of building industry and help enable those beautiful, well-designed projects that are genuinely forging our communities and advancing sustainability,” said Connell Zhang, Chief Executive of NS BlueScope & China.

The winners were announced at the Awards Ceremony at the Hilton Kuala Lumpur Hotel. Around 150 representatives attended the event, including a selection of notable Guests of Honour, including the Australian High Commissioner to Malaysia, Ms. Danielle Heinecke, who praised the beauty of the winning entries and noted the strong contributions they made to their local communities.

For more information on the winners of the BlueScope Steel Architectural Awards ASEAN click Here.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20241118686723/en/

Contact

James Li | Vice President, Business Transformation, NS BlueScope Pte. Ltd.
T +65 6832 3512 | M +65 9626 2750
E james.li@bluescope.com | W www.nsbluescope.com

Source : NS BLUESCOPE

AM BEST REVISES CREDIT RATING OUTLOOKS TO POSITIVE FOR MS FIRST CAPITAL INSURANCE LIMITED

SINGAPORE, Nov 15 (Bernama-BUSINESS WIRE) -- AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of MS First Capital Insurance Limited (MSFC) (Singapore).

The Credit Ratings (ratings) reflect MSFC’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. In addition, the ratings factor in rating enhancement from Mitsui Sumitomo Insurance Company Limited, for whom the ultimate parent is MS&AD Insurance Group Holdings, Inc.

The positive outlooks reflect an improvement in MSFC’s balance sheet strength fundamentals, supported by the company’s prudent capital management strategy and robust stress testing framework. The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), remained at the strongest level as at year-end 2023 and is expected to be maintained at this level over the medium term. Strong and consistent internal capital generation has enabled the company to grow its capital size considerably over the past ten years, with shareholders’ equity reaching SGD 1.2 billion as at year-end 2023 from SGD 411.8 million as at year-end 2013. AM Best views MSFC’s investment portfolio as conservative, consisting mainly of cash, term deposits and high-quality bonds. Notwithstanding, the company maintain a high reliance on reinsurance to support the underwriting of large risks and to manage its accumulation of catastrophe exposures, although credit risk is mitigated partially by the good credit quality of its reinsurance panel.

AM Best views MSFC’s operating performance as strong, as evidenced by its consistently favourable return-on-equity (ROE) ratio. In 2023, the company achieved an ROE ratio of 12.1%, supported by good performance in underwriting and investment operations. The company’s underwriting discipline and technical expertise in core lines of business and markets have enabled its achievement of stable and robust underwriting returns. In addition, investment results, arising mainly from interest income, also continue to contribute positively to the company’s overall profitability. 

http://mrem.bernama.com/viewsm.php?idm=49798 

AM BEST DOWNGRADES CREDIT RATINGS OF EVERGREEN INSURANCE COMPANY LIMITED

HONG KONG, Nov 18 (Bernama-BUSINESS WIRE) -- AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a” (Excellent) of Evergreen Insurance Company Limited (EICL) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect EICL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the parental support EICL receives from Evergreen International S.A. and Evergreen International Corporation in terms of capital, business development, operations and risk management.

The rating downgrades reflect changes to EICL’s operating performance and business profile assessment, based on EICL’s latest business plan to cease underwriting new business starting from mid-May 2024. AM Best revised the company’s operating performance assessment to adequate from strong given that its top-line and bottom-line results are projected to drop materially in the next two years. Additionally, AM Best revised the company’s business profile assessment to limited from neutral due to the planned reduction in business scale.

EICL’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR). Despite the significant projected decline in the absolute capital level as per the company’s capital and business plan, AM Best expects EICL’s risk-adjusted capitalisation to be maintained at the strongest level in the intermediate term due to the significantly reduced underwriting risks. Other supportive factors of the balance sheet strength include a highly liquid and conservative investment portfolio, a track record of prudent reserving, and a comprehensive reinsurance programme.

As a pure captive of Evergreen Group, EICL’s in-force underwriting portfolio primarily consists of marine, aviation and property risks related to the group’s operations. The company has ceded the majority of its risk exposures to a panel of financially sound reinsurers and maintained a low retention ratio. EICL’s overall capital position and profitability have been stable over the past five years, owing to prudent underwriting practices, conservative reserving assumptions and long-term reinsurance relationships. EICL’s risk management is well-embedded into the group’s risk framework and is viewed as appropriate to support its risk profile.

EICL’s five-year average return-on-equity ratio was 12.2% (2019-2023). Operating results are expected to remain favourable and stable in 2024, supported by profitable underwriting and higher investment income. However, minimal prospective earnings are projected in 2025 and 2026 based on its business plan.

EICL has historically been a beneficiary of support from its shareholders and the wider parent group. AM Best expects EICL’s shareholders will remain committed and continue to render support to the company during the run-off period in terms of capital, risk management and operations, if needed.

Negative rating actions could occur if there is a significant deterioration in EICL’s risk-adjusted capitalisation to a level that no longer supports the current balance sheet strength assessment. Negative rating actions could occur if there is significant deterioration in the level of support from its shareholders, Evergreen International S.A. and Evergreen International Corporation. Negative rating actions could occur if there is material adverse deviation in the execution of the business plan that no longer supports an adequate assessment of operating performance. Although it is deemed unlikely, positive rating actions could occur if there is a significant improvement in the company’s balance sheet strength.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

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 © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20241115047606/en/


Contact

Madison Fan
Financial Analyst
+852 2827 3416
madison.fan@ambest.com

James Chan
Director, Analytics
+852 2827 3418
james.chan@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com


Source : AM Best

BEST'S MARKET SEGMENT REPORT: AM BEST MAINTAINS STABLE OUTLOOK ON SOUTH KOREA'S NON-LIFE INSURANCE MARKET

HONG KONG, Nov 15 (Bernama-BUSINESS WIRE) -- AM Best has maintained its stable outlook on South Korea’s non-life insurance segment, noting a moderate expansion within the industry that is being driven by long-term business as non-life insurers strive to secure a stable source of future profits under IFRS 17 accounting standards.

According to the Best’s Market Segment Report, additional positive factors include new regulations that are driving insurers to improve profitability consistently over time despite intensified competition, in addition to stable underwriting results in auto and general insurance. Offsetting factors include the slower expansion of auto insurance owing to recent rates cuts and sluggish growth in motor vehicle registrations, and the further strengthening of solvency regulations that have required insurers to refine both capital and business strategies.

Amid the modest pace of South Korea’s economic recovery, the country’s non-life insurance industry achieved a 3.7% year-over-year increase in direct premiums written in 2023, largely driven by 3.5% growth in long-term business and high single-digit growth in the general insurance line. “Similar to its life counterparts, a large portion of South Korean non-life insurers’ product portfolio is focused on long-term policies, mainly personal lines products such as health insurance,” said Seokjae Lee, financial analyst, AM Best.

Following South Korea’s implementation of IFRS 17 in 2023, most non-life insurers have focused on managing their long-term insurance portfolios, expecting large future profits generated from this line of business. The move resulted in increased competition among non-life insurers in launching new long-term products with high margins under IFRS 17, particularly in areas such as senior care, child care and insurance with no (or low) lapse payments.

“We expect South Korea’s non-life segment to post moderate growth over the next 12 months, mainly attributable to insurers’ efforts to expand the long-term insurance line amidst heightened competition for high-margin protection-type products,” said Chanyoung Lee, director, AM Best. “The general insurance segment will continue to contribute to overall market growth, partly supported by improvement in the casualty line owing to rising demand and expansion of compulsory coverages.”

According to the report, South Korea’s non-life insurers have achieved stable loss ratios and underwriting profits in their auto line over the past few years, partly attributable to reduced claims frequency during the COVID-19 pandemic, which led to lower premium rates in 2022 and 2023.

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=348657.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing 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 © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241114097776/en/ 

Contact

Seokjae Lee
Financial Analyst
+852 2827 3407
seokjae.lee@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Chanyoung Lee
Director, Analytics
+852 2827 3404
chanyoung.lee@ambest.com

Cynthia Ang
Senior Industry Research Analyst
+65 6303 5026
cynthia.ang@ambest.com

Source : AM Best

--BERNAMA 

BIBAN24 PROPELS SAUDI ENTREPRENEURIAL ECOSYSTEM GROWTH, DEVELOPMENT

KUALA LUMPUR, Nov 11 (Bernama) -- More than 23 agreements were signed, along with several project launches valued at over 580 million Saudi riyals, on the third day of the Biban24. (100 Saudi riyals = RM117.40)

According to a statement, Biban 2024 aims to drive the growth and development of the Saudi entrepreneurial ecosystem, fostering collaboration among local and international entrepreneurs.

Emphasising its commitment to advancing entrepreneurship in the Saudi tourism sector, the Tourism Development Fund has signed several landmark agreements with a range of financial institutions, including Arab National Bank, Raedah Finance, and Tawkeel Finance.

In line with Vision 2030, these agreements are fully geared towards strengthening small and medium-sized enterprises (SME) in the tourism sector and supporting projects that contribute to the development of local tourism.

Among others, Monsha’at also signed agreements to equip entrepreneurs with the tools to realise their potential by providing greater access to vital technical and technological guidance, as well as cloud services to reaffirm its commitment to powering the future of the Kingdom’s SME sector.

Organised by Monsha'at, the Small and Medium Enterprises General Authority, the event was held under the theme "A Global Destination for Opportunities” and took place at the Riyadh Front Exhibition & Conference Center.

-- BERNAMA

Jumio’s Identity Verification Solutions To Help Riley Cillian Streamlines eKYC

 

_{(Graphic: Business Wire)} 

KUALA LUMPUR, Nov 6 (Bernama) -- Jumio, the automated, artificial intelligence (AI)-driven identity verification, risk signals and compliance solutions provider has partnered with Riley Cillian to streamline electronic Know Your Customer (eKYC) for the social media platform’s video chat apps.

“We are proud to partner with Riley Cillian to create a positive onboarding experience for all community members and to help get them one step closer to developing meaningful in-app connections,” said Jumio vice president of APAC, Frederic Ho in a statement.

Meanwhile, Riley Cillian co-founder and chief operating officer, Leon Sun said Jumio’s advanced technology not only improves user experience by streamlining Riley Cillian’s KYC checks but also allows the company to effectively verify Arabic ID documents, which has been a challenge in the past.

“By partnering with Jumio, we can now streamline our KYC process, improve customer conversion, and ensure we meet all regulatory requirements,” added Sun.

Founded in 2014 and now based in Singapore, Riley Cillian’s mission is to build the best live video chat platform and facilitate meaningful connections across cultures, languages and borders in a respectful, fun and safe way.

Riley Cillian’s social apps are available in more than 100 countries and have been downloaded over 100 million times.

When looking for an eKYC provider, they wanted to work with a solution that provided ease of use no matter where in the world its members want to create an account.

Jumio offers the most comprehensive identity verification solutions on the market, accepting and reliably verifying more than 5,000 types of government-issued IDs globally, including many with non-Latin script, which will enable Riley Cillian to scale its onboarding process.

-- BERNAMA