AM Best Affirms Credit Ratings of Samsung Fire & Marine Insurance Co., Ltd., and Its Subsidiaries

HONG KONG, Sept 19 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Samsung Fire & Marine Insurance Co., Ltd. (SFM) (South Korea) and its subsidiaries, Samsung Fire & Marine Insurance Company of Europe Limited (United Kingdom), Samsung Vina Insurance Co., Ltd. (Vietnam) and Samsung Reinsurance Pte. Ltd. (Singapore). Concurrently, AM Best has affirmed the FSR of A- (Excellent), the Long-Term ICR of “a-” (Excellent), and the Indonesia National Scale Rating of aaa.ID (Exceptional) of PT Asuransi Samsung Tugu (AST) (Indonesia). The outlook of these Credit Ratings (ratings) is stable.

The ratings of SFM reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management (ERM).

The ratings of AST reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate ERM. The ratings also recognise the wide range of support provided by AST’s parent, SFM.

SFM’s risk-adjusted capitalisation is expected to remain comfortably at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR), mainly supported by its robust available capital. The company maintains the highest regulatory solvency ratio among its non-life peers in South Korea even after transitioning to a more stringent solvency regime, and it plans to use excess capital for growth opportunities and shareholder returns in future years. While SFM’s capital is exposed to certain volatility resulting from the changes in the market value of its affiliated stock holdings, its risk-adjusted capitalisation has demonstrated strong resilience to various capital market stress scenarios. Additionally, SFM’s balance sheet strength is supported by its debt-free position, low level of underwriting leverage and conservative investment strategy.

SFM has a long-term track record of strong operating performance supported by a highly stable underwriting performance with a relatively low combined ratio compared with its domestic peers, and robust investment profits. The company’s long-term insurance line performance is expected to continue demonstrating a positive distinction from its market peers, underpinned by its large profitable book of existing policies and strong capability to generate a new business contractual service margin. In addition, SFM’s auto line remains profitable through various underwriting initiatives, favourable regulations, and acquisition cost efficiency from its online channel, despite the cumulative effect of prior base rate cuts and inflation on repair costs in recent years.

SFM is the market leader in South Korea’s non-life sector with an approximately 22% market share in terms of gross insurance service revenue in 2024 and has superior branding power being a part of the wider Samsung Group. The company has strong control over its distribution of long-term insurance through a large network of tied agents, and it is capable of flexibly adjusting its channel strategy to balance growth and profitability. SFM also has market-leading online channel for its auto insurance and benefits from first-mover advantages. Furthermore, the company’s affiliation with Samsung Group enables it to provide group-related business in South Korea and overseas, which serves as a good source of profits in its general insurance line with favourable loss ratios.

As part of its long-term vision, SFM has been cautiously pursuing global expansion, including investment and partnerships in overseas markets over the past few years. SFM’s recent ventures include expanding its investment in Canopius Group Limited and this business partnership in the U.S. market, as well as the transition of its China subsidiary into a joint venture with Tencent Holdings Limited, in order to tap into that country’s online personal lines segment more effectively.

With a sophisticated risk management culture and framework that are entrenched in the organisation, AM Best views SFM’s ERM capabilities as superior to those of its domestic and international peers with similar risk profiles.

AST’s risk-adjusted capitalisation is assessed at the strongest level, as measured by BCAR, and is expected to remain so over the intermediate term. The company’s balance sheet strength is supported by its low net underwriting leverage and conservative and liquid investment portfolios, which partially offset AST’s small absolute capital base. AST’s capital at the end of 2024 was well above the upcoming capital requirements set by its domestic regulator for 2026. Moderately high credit risk derived from AST’s sizeable reinsurance exposure to domestic (re)insurers is mitigated partially by affiliated and international reinsurance partners of high credit quality and strict counterparty monitoring by SFM.

AST’s strong operating performance is supported by its highly profitable underwriting and stable investment income as evidenced by a five-year average combined ratio of 28.6% (2020-2024) and a return-on-equity ratio of 9.1%, as calculated by AM Best. The company’s underwriting performance is mainly driven by its low expense ratio, which is attributable to large reinsurance commission income and low acquisition costs from the direct distribution channel. AST has historically benefitted from favourable loss ratios of Samsung group risks and the Korean Interest Abroad (KIA) business compared with local Indonesian inward business.

AST is a joint venture between SFM and PT Asuransi Tugu Pratama Indonesia Tbk, which have 70% and 30% shareholding, respectively. AM Best expects the KIA and Samsung group risks will remain as the main underwriting focus of AST over the medium term. AST plans to gradually increase its local inward business through selective partnerships for growth and to support SFM’s expansion strategy for global inward business, although AST’s current exposure to the non-Korean related Indonesian business is modest.

AST shares the Samsung brand and is highly integrated into its parent, receiving support in various areas such as key personnel, underwriting, marketing, risk management and reinsurance. Although there is no track record of capital injections from SFM due to AST’s strong capital buffer, AM Best expects the parent will provide capital support, if the need arises.

Negative rating actions could occur for SFM if there is a significant deterioration in its balance sheet strength fundamentals, including its risk-adjusted capitalisation. Negative rating actions also could arise if there is a continuous deterioration in the company’s operating performance to a level that no longer supports the current strong assessment. While it is thought to be unlikely, positive rating actions could occur if SFM’s operating performance demonstrates exceptionally strong and consistent results.

Negative rating actions could occur for AST if support from SFM is reduced to an extent that no longer supports the current level of rating enhancement. Negative rating actions also could result if there is a sustained deterioration in AST’s operating performance, or its risk-adjusted capitalisation significantly deteriorates such as from heightened credit risk following major loss events due to its high reinsurance dependency. Positive rating actions could occur if there is a notable and sustained expansion of AST’s market presence leading to an improved business profile.

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 © 2025 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/20250918970038/en/

Contact

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

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

Patrick McCrystal
Financial Analyst
+44 20 3808 2988
patrick.mccrystal@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

SOUNDHEALTH TO SHOWCASE AI-POWERED AIRWAY SCREENING APP AT WORLD SLEEP 2025

KUALA LUMPUR, Sept 19 (Bernama) -- SoundHealth, a medical technology company specialising in artificial intelligence (AI) solutions for respiratory health, will debut its groundbreaking AI-powered mobile platform, Airway, at World Sleep 2025 in Singapore this September.

The smartphone-based tool is designed to screen for obstructive sleep apnoea and sleep-disordered breathing in both children and adults. The presentation will be delivered by a team of physicians and experts, including SoundHealth founder and chief executive officer, Paramesh Gopi.

“We believe the Airway app represents a significant breakthrough in accessible airway diagnostics. By putting a non-invasive, accurate screening tool directly into the hands of clinicians and patients, we are entering a new frontier in digital health,” he said in a statement.

Meanwhile, orthodontics and dental sleep medicine expert Dr Eric Phelps said the technology could transform early detection of airway and sleep-breathing disorders, while the app provides a safe, scalable and objective tool to screen patients across all ages, expanding access to diagnosis beyond traditional clinical settings.

Airway is described as the first mobile platform that enables accurate sinonasal and airway function assessment without relying on traditional imaging methods such as cone beam computed tomography (CBCT).

The application leverages a smartphone’s camera and microphone to provide a non-invasive and radiation-free solution for large-scale screening.

The system works by capturing 3D facial scans to extract craniofacial landmarks predictive of nasal dimensions, allowing for a virtual reconstruction of airway structures, and also analyses voice recordings to measure speech resonance in different positions, producing a “Voice Nasal Flow Index” sensitive to posture-related congestion and obstruction.

According to validation studies, the platform demonstrated 95 per cent accuracy when compared with clinical CT scans for key nasal airway parameters. It generates three main scores—upper airway susceptibility, lower airway resistance and the Voice Nasal Flow Index—combined into an overall “Airway Health Score”.

The app is designed for scalable use in schools, dental practices and sleep clinics, offering early detection of airway dysfunctions that may affect craniofacial development, orthodontic planning and sleep quality.

-- BERNAMA

​Al Salam Bank Signs Strategic Deal with Denodo and NAIB IT to Advance Data Management and AI Initiatives

In line with the Bahrain Economic Vision 2030, leading Bahraini bank enhances AI experiences for its clients

MANAMA, Kingdom of Bahrain, Sept 9 (Bernama-GLOBE NEWSWIRE) -- Al Salam Bank has signed a strategic deal with Denodo, a global leader in data management, AWS, and NAIB IT, a Bahrain-based systems integrator known for delivering high-impact technology solutions across banking, government, public sector, and enterprise organizations. The agreement aims to adopt the Denodo platform to amplify the Bank’s data and AI infrastructure, in line with Bahrain’s Vision 2030 and the national direction toward digital transformation. 

The signing ceremony was attended by Shaikha Dr. Dheya Bint Ebrahim Al Khalifa, Managing Director at NAIB IT; Mr. Anwar Murad, Deputy CEO - Banking at Al Salam Bank, Mr. Hemantha Wijesinghe, CTO at Al Salam Bank; and Mr. Gabriele Obino, Denodo Regional Vice President South Europe and Middle East and General Manager Denodo Arabian Limited. 

Through the Denodo platform, Al Salam Bank will be able to unify its enterprise data across various systems, enabling faster decision-making and driving innovation. This step also reflects the Bank’s commitment to leading innovation in digital banking, in line with the Kingdom of Bahrain’s long-term economic vision. 

Shaikha Dr. Dheya Bint Ebrahim Al Khalifa stated, “This strategic collaboration represents a significant milestone in Bahrain’s digital transformation journey. We are happy to facilitate partnerships that advance our nation’s technological capabilities and strengthen our position as a regional fintech hub. Through initiatives like this, we are building the foundation for a knowledge-based economy that aligns with Bahrain’s Vision 2030.” 

“At Al Salam Bank, we are committed to remaining at the forefront of digital transformation within the financial sector,” said Anwar Murad, Deputy CEO - Banking at Al Salam Bank. “This strategic partnership with Denodo and NAIB IT marks a significant step in advancing our digital maturity and optimizing the use of data and AI to better serve our clients. By harnessing real-time data integration and AI-powered analytics, we aim to enhance responsiveness, strengthen operational agility, and deliver a more personalized and seamless banking experience. This initiative goes beyond technology adoption—it represents our dedication to embedding intelligence into core operations, enabling informed decision-making and positioning Al Salam Bank as a forward-looking institution aligned with the aspirations of Bahrain’s Vision 2030.” 

“This partnership reflects our vision to build a smarter, more agile bank powered by advanced data and AI capabilities. We believe this initiative will not only enhance the clients experience but also set a benchmark for innovation in the region,” said Hemantha Wijesinghe, CTO at Al Salam Bank.

Al Salam Bank has signed a strategic agreement with Denodo and NAIB IT to advance its data management and AI initiatives through AWS Marketplace, enabling faster procurement, cloud-native scalability, and real-time access to data products to accelerate innovation. The agreement forms a key pillar in Al Salam Bank’s broader digital transformation roadmap, reinforcing its position at the forefront of smart banking in the region. With the Denodo Platform’s logical data management capabilities including a universal semantic layer, Al Salam Bank can connect and manage data from its core systems, cloud-based services, and fintech partners, within minutes instead of weeks. The interoperability among the different systems will enable AI-powered analytics and reporting, enabling faster, data-driven decisions at the executive and operational levels.

Commenting on the partnership, Gabriele Obino, regional vice president and general manager, Southern Europe and Middle East at Denodo, stated, “We are proud to support Al Salam Bank in its digital transformation journey. Our platform enables real-time data access, governance, and agility, critical components for AI success. This partnership showcases how modern data management can empower financial institutions to lead in a rapidly evolving digital economy.”

“As a local integrator, our mission is to ensure that global innovation translates into local success,” said Ebrahim Sonde, COO at NAIB IT. “Collaborating with Al Salam Bank and Denodo, we are committed to delivering a robust, secure, and scalable data architecture that drives meaningful transformation.”

By adopting the Denodo Platform’s logical data management layer and leveraging NAIB IT’s deployment expertise, the Bank expects further enhancements in operational efficiency, regulatory compliance, and service agility. Real-time access to data will not only empower teams with faster insights but also elevate the end-user experience.

In embracing this transformation, Al Salam Bank reinforces its position as a technology-forward institution, aligned with the aspirations of Bahrain’s Vision 2030 and prepared to lead in a future defined by intelligent financial services.

About Denodo
Denodo is a leader in data management. The award-winning Denodo Platform is the leading logical data management platform for transforming data into trustworthy insights and outcomes for all data-related initiatives across the enterprise, including AI and self-service. Denodo’s customers in all industries all over the world have delivered trusted AI-ready and business-ready data in a third of the time and with 10x better performance than with lakehouses and other mainstream data platforms alone. For more information, visit denodo.com.

About NAIB IT
NAIB IT is a premier systems integrator specializing in end-to-end technology solutions for various industry verticals. We design, deploy, and optimize mission critical systems from enterprise Software Applications, ERP, Blockchain platforms to AI-driven platform, seamlessly connecting infrastructure, data, and workflows. Trusted by industry leaders, NAIB IT delivers scalable, secure, and future-ready integration that powers efficiency and innovation. NAIB IT team members are members of Forbes Technology Council. For more information, visit naibit.com.

About Al Salam Bank
Establishing its headquarters in the Kingdom of Bahrain in 2006, Al Salam Bank (Al Salam Bank) has since cemented its reputation as the fastest growing bank in the Kingdom and a highly influential force in the Islamic banking industry on a regional level. Leveraging on its robust financial standing as the industry’s strongest in asset capital, the Bank has a proven track record in risk mitigation and effectively shifting to market dynamics, through its agile and aggressive growth strategy.

The Bank has adopted a digital-first mindset to meet the modern-day needs of its clientele, delivering curated financial solutions and a seamless, transformative customer experience. Harnessing the power of data-backed insights and state-of-art technology, Al Salam Bank offers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through its extended network of branches and ATMs. In addition to its diverse range of retail banking services, the Bank also provides corporate banking, private banking, asset management, international transaction banking as well as treasury services.

Media Contacts
pr@denodo.com

SOURCE:  Denodo Technologies Inc. (“Denodo”)

--BERNAMA 

JUST ON SLEEP Officially Launches on Shopee Singapore, Redefining Sleep Safety and Wellness

SINGAPORE, Sept 4 (Bernama-GLOBE NEWSWIRE) -- JUST ON SLEEP, a smart contactless sleep monitoring device developed by Sewon Intelligence, has recently launched in Singapore via Shopee, making advanced sleep wellness and safety solutions more accessible to families in the region.

In addition to offering brainwave-synchronized audio that enhances relaxation and sleep quality, JUST ON SLEEP provides detailed insights into sleep patterns for better daily performance.

What makes it unique is its real-time alert system: when abnormal signals such as irregular heartbeat, apnea, or abnormal breathing are detected, the device instantly notifies a caregiver via the mobile app. This ensures both better rest and greater safety for individuals and families.

“Singaporeans work hard and need quality sleep, but safety during rest is just as important,” said Dr. Sejin Park, CEO of SEWON INTELLIGENCE. “JUST ON SLEEP delivers peace of mind by combining wellness and protection in one device.”

JUST ON SLEEP is now available on Shopee Singapore.

About SEWON INTELLIGENCE

SEWON INTELLIGENCE is a health-tech innovator specializing in non-contact biometric monitoring. Its mission is to integrate smart, non-invasive solutions into daily life to support both wellness and safety.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/454f5d9d-1086-493d-a902-8373cfcc47cb


Media contact:
Lee Won Jae, 070-7011-3611
leewj1330@goldocean.co.kr (Media Only) 

SOURCE: SEWON INTELLIGENCE CO.,LTD.

84% of Businesses Report Rising Network Outages Over Past Two Years

 

^{Network outages are on the rise — 84% of businesses report more disruptions in the past two years, with over a third losing $1M–$5M in the last year, according to new research from Opengear.}


Ongoing rise of network outages has cost over a third of organizations between $1M and $5M in the last year, putting data centers at risk of significant disruption


SANDY, Utah, Sept 4 (Bernama-BUSINESS WIRE) -- Nearly nine in ten organizations have experienced an increase in network outages over the past two years, with more than a quarter reporting increases of 25% to 50%, according to new research from Opengear, a Digi International company (NASDAQ, DGII, (www.digi.com). The rise in outages has cost more than a third of businesses between $1m and $5m in the past year alone.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250903508317/en/ 

Over half of organizations also noted a 10-24% increase in outages over the two-year timeframe. The survey, designed to identify critical pain points affecting data center operations, polled over 1,000 CIOs, CSOs, and network engineers across the UK, US, France, Germany, and Australia. The survey highlights how network outages are causing significant disruptions across data center operations, affecting everything from system availability to business continuity.

Network engineers identified the most common causes of these outages as device configuration changes (highlighted by 27%) and server hardware failures (referenced by 26%), both of which can severely impact the stability and performance of data centers.

To mitigate these risks, nearly a third of organizations (32%) rank AI and machine learning technologies among the technologies they have primarily invested in to support data center operations. At the same time, 30% expect to increase spending on Out-of-Band (OOB) management solutions over the next five years to meet this same goal.

Patrick Quirk, President and General Manager, Opengear, said: “Outages are no longer isolated events. They are happening more often, and the cost is hitting businesses hard. Complexity, aging infrastructure, human error, and cyberattacks are all part of the problem. Governments are starting to take notice too, putting policies in place to protect critical digital infrastructure. As organizations lean more heavily on data centers to power digital transformation, the stakes are higher than ever. An outage is not just downtime. It is lost revenue, lost productivity, and lost trust.”

“Forward-looking businesses are not standing still. They are rethinking their strategies to build resilience into every layer of their operations,” added Quirk. “One clear shift is toward decentralization, pushing workloads closer to where data is generated and consumed. That move reduces risk from a single point of failure, but it also demands new approaches to management and security.”

As businesses adopt decentralized data processing models, 28% of organizations view the shift to edge computing and distributed networks as a trend that will significantly impact network management within their data centers over the next five years. This move towards edge computing further reflects the broader trend of decentralization in network architecture, which, while offering operational efficiencies, also requires more sophisticated management solutions to handle the increased complexity of data center operations.

According to Quirk: “Edge computing brings clear advantages in speed, security, and efficiency. But it does not make the job easier. Distributed environments create more moving parts, and that means more opportunity for failure if they are not managed properly. The answer is a resilient foundation, and secure remote management that keeps infrastructure reachable and under control, no matter where it is deployed.”

About Opengear

Opengear, a Digi International company, delivers secure, resilient access and automation to support critical IT infrastructure on the First Day, Worst Day and Every Day. Through presence and proximity, Opengear solutions enable provisioning, orchestration, and remote management of network devices through innovative software and appliances. Opengear solutions are trusted by global organisations across financial, digital communications, retail, and manufacturing sectors. The company is headquartered in Utah, with an R&D center in Brisbane, Australia. For more information, visit www.opengear.com/.

About Digi International

Digi International (NASDAQ: DGII) is a leading global provider of IoT connectivity products, services, and solutions. It helps companies create next-generation connected products and deploy and manage critical communications infrastructures in demanding environments with high levels of security and reliability. Founded in 1985, Digi has helped customers connect more than 100 million things and counting. For more information, visit www.digi.com.

Disclaimer

Responses reflect the views of participants at the time of the survey and may not represent the broader industry. The findings presented are for informational purposes only and should not be interpreted as definitive industry trends or predictions. While care was taken to ensure accuracy, the data is self-reported and subject to respondent interpretation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250903508317/en/

Contact

Opengear Media Contact
Peter Ramsay / Lora Metzner
Global Results Communications
open@globalresultspr.com
+1 949.307.5908

Source : Opengear

Bitget to Transfer 440 Million BGB to Morph Foundation, Accelerating BGB as Gas and Governance Token of Morph Chain

Key Highlights

• Bitget will transfer all BGB tokens that it controls, 440 million in total, to the Morph Foundation, with 220 million burned immediately and the remaining 220 million locked with gradual release to support ecosystem growth.
• The Morph Foundation will oversee BGB as the gas and governance token of Morph, powering payments and utility across the layer.
• Bitget and Bitget Wallet’s 120 million users will gain direct access to the innovative decentralized protocols built on Morph fueled by BGB.
• Major technical upgrades to Morph’s infrastructure will deliver higher performance, lower fees, and prepare the layer to scale as a top settlement platform for payments and onchain consumer finance. 

VICTORIA, Seychelles, Sept 3 (Bernama-GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, is excited to share its strategic collaboration with its trusted ecosystem project Morph, the EVM layer for payments and onchain consumer finance. The duo has signed up to boost BGB's utility across a multitude of projects.

With this partnership, Bitget will transfer all BGB tokens that it controls, 440 million in total, to the Morph Foundation. Half of this allocation, 220 million BGB, will be burned in a single action, while the remaining 220 million BGB tokens will be locked and released at 2% per month to fund liquidity incentives, use case expansion, and education. Morph will become the native onchain home of BGB and serve as the core settlement layer for more than 120 million users worldwide, with BGB established as the gas and governance token of an improved high-performance network.

Building the Standard for Onchain Payments

The Morph chain will maintain its brand, team, and strategic direction, staying focused on its positioning as a Layer 2 dedicated to crypto payments, and striving to become the next-generation Web3 payment infrastructure, advancing beyond cost efficiency and performance toward real-world consumer finance at scale, with integrations across wallets, DeFi, stablecoins, and global payment providers. 

“With this commitment to the Morph Foundation, BGB is entering a new chapter as the gas and governance token of Morph. This upgrade expands BGB into the utility token for the next era of onchain consumer finance, powering payments, applications, and the broader settlement layer for millions of users worldwide,” said Gracy Chen, CEO of Bitget.

Expanding BGB with Morph

BGB will become the primary token of Morph’s blockchain, serving as the gas, governance, and payment token across the layer. Settlement and PayFi activity will run through BGB alongside stablecoins, giving it a central role in powering the Morph network. Meanwhile, BGB will continue to collaborate with existing partners, including Bitget, MEXC, and Bitfinex, where BGB is already listed, and others beyond these exchanges, serving as a key medium for Launchpool's new token mining, fee discounts, and more. 

Moving forward, The Morph Foundation, a decentralized non-profit organisation, will be solely responsible for BGB’s long-term development roadmap, co-building the ecosystem with the community. It will also update BGB’s burn mechanism to link directly to the Morph network activity until the total supply is reduced to 100 million.

“Morph has always had a close relationship with Bitget since its founding. There are projects we have always dreamed of collaborating on, but much of our growth so far has been autonomous. Through this strategic initiative, we are excited for Morph to become the home of Bitget’s onchain initiatives and to support the millions of BGB holders around the world,” Colin Goltra, CEO of Morph, added.

Growing Decentralized Ecosystem at Scale

To support the long-term prosperity of Morph, Bitget and Bitget Wallet will bring their full infrastructures directly into Morph, consolidating payment, trading, and ecosystem services around the chain. This includes native support for stablecoin issuers, regional currencies, and global payment providers, giving developers and merchants an unmatched foundation to build decentralized payment-focused applications at scale.

Morph Rails will serve as the backbone of this expansion, powering hackathons, builder programs, and direct support for new projects. Developers building on Morph will gain access to Bitget’s and Bitget Wallet’s base of more than 120 million users, connecting their applications with one of the largest onchain audiences in the world. With Bitget’s backing, Morph is positioned to become the settlement hub for the next generation of PayFi and consumer finance.

“BGB has found its home onchain with Morph, marking a new chapter in its journey. We are thrilled to invite millions of users to experience BGB and find utility in entirely new ways. Over the next 12 months, we will see an acceleration of BGB migration onto Morph Layer and deeper partnerships between Morph and Bitget Wallet to enable seamless web3 payments and onchain consumer finance," said Karry Cheung, CEO of Bitget Wallet.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

About Bitget Wallet

Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users' assets. Its vision is Crypto for Everyone — to make crypto simpler, safer, and part of everyday life for a billion people.

About Morph

Morph is a next-generation Layer 2 designed for onchain consumer finance. It powers seamless services across payments, savings, identity, and rewards, with products like Morph Pay for consumers and Morph Rails for developers forming the financial infrastructure of the digital economy. 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/216fef03-a50a-4e73-82f7-a0d6c33a31e5 


SOURCE: Bitget Limited

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

CHINESE PRESIDENT XI EMPHASISES FRIENDSHIP, COOPERATION AND MULTILATERALISM AT TIANJIN SUMMIT - CGTN

KUALA LUMPUR, Sept 2 (Bernama) -- According to an article by China Global Television Network (CGTN), Chinese President Xi Jinping has held a series of bilateral meetings with foreign leaders on the sidelines of the Shanghai Cooperation Organization (SCO) Summit in Tianjin, underscoring China’s support for friendship, practical cooperation and multilateralism.

The summit, held from Aug 31 to Sept 1, marks the fifth time China has hosted the event. This year’s gathering is the largest in the SCO’s history, drawing leaders from over 20 countries and heads of 10 international organisations.

CGTN in a statement said President Xi met with several visiting leaders, including Egyptian Prime Minister Mostafa Madbouly, Cambodian Prime Minister Hun Manet, Myanmar’s Acting President Min Aung Hlaing, and Nepali Prime Minister KP Sharma Oli.

In discussions, Xi reaffirmed China’s commitment to strengthening bilateral relations with these countries, citing historical ties and ongoing cooperation. Leaders also discussed development initiatives under China’s Belt and Road Initiative (BRI), including projects in infrastructure, energy, and trade.

In his meeting with Egyptian Prime Minister Madbouly, Xi expressed support for aligning the BRI with Egypt’s “Vision 2030”, particularly in the areas of green energy and industrial cooperation. Talks with Cambodia focused on two key joint projects, namely the Industrial and Technological Corridor and the Fish and Rice Corridor.

China also expressed readiness to enhance development coordination with Kazakhstan and deepen regional economic integration through existing and new connectivity platforms.

Over the past five years, trade between China and other SCO members has surged, hitting a record US$512.4 billion in 2024. (US$1=RM4.22)

CGTN’s recent poll showed that over 85 per cent of respondents in SCO countries believe China's BRI has achieved remarkable results in promoting connectivity and high-quality development among SCO member states.

In a meeting with the United Nations (UN) Secretary-General António Guterres, President Xi reiterated China’s position on the importance of multilateralism and the central role of the UN in maintaining global peace and development.

-- BERNAMA