Tag: ASEAN

G20 hopes Indonesia’s G20 Presidency finds solution to Global Economic Impact of Russia-Ukraine conflict

Washington, Apr 21, 2022 – (ACN Newswire) – The second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting expects Indonesia's G20 Presidency to bring about a solution to the Russia-Ukraine conflict, Indonesian Finance Minister Sri Mulyani Indrawati stated.
The second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting expects Indonesia's G20 Presidency to bring about a solution to the Russia-Ukraine conflict, Indonesian Finance Minister Sri Mulyani Indrawati stated.


"(G20) members hope that the current geopolitical situation, particularly related to the war in Ukraine, will be handled," Indrawati noted at a press conference of the second G20 FMCBG meeting on Thursday.

The expectation is based on the fact that the global situation has worsened and changed rapidly due to the COVID-19 pandemic, coupled with the Russia-Ukraine war, she remarked.

Moreover, the Russia-Ukraine conflict has a very dynamic implication, including on the energy, food, and fertilizer price hike, she affirmed.

Indrawati said Indonesia, which currently holds the G20 presidency, will continue to conduct intensive communication and consultations with all G20 members to address the very dynamic situation.

"The G20 good governance is actually based on consultations as well as cooperation," she remarked.

Indonesia continues to hold discussions with all G20 member states to find ways to get out of the various global economic risks that result not only from the war in Ukraine but also from the pandemic, she stated.

The minister emphasized the current need for an exit strategy since several countries were under the threat of high inflation while the global energy and food price hike will increasingly create a challenging situation for policy makers.

According to Indrawati, G20 members are concerned about inflationary pressures that tend to prompt several central banks to raise the policy interest rates that will eventually lead to faster-than-expected global liquidity tightening.

Hence, the higher level policy becomes the focus to fulfill the exit strategy-related commitment that is well-calibrated, planned, and communicated to support recovery and reduce the potential impact of a spillover, she stressed.

The collective and coordinated actions are not only aimed at mitigating the impact of the Russia-Ukraine war but also at controlling the pandemic. The actions will remain high on the list of G20's priorities, she stated.

G20 members have recorded an increase in the number of COVID-19 cases in several regions that burdened growth, extended supply disruption, worsened inflationary pressure, and slowed down global recovery, she remarked.

Written by Astrid Faidlatul H, Suharto, Editor: Fardah Assegaf (c) ANTARA 2022

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Myanmar Government to Accelerate Energy Projects and Amid Power Shortages; Says Sanctions End Up Hurting Foreign Investors, Local Workers and Businesses More

NAY PYI TAW, MM, Apr 21, 2022 – (ACN Newswire) – The Myanmar Government will accelerate development of hydrocarbon and renewable energy even as it repairs power lines damaged by terrorists while seeking to increase foreign investments despite the threat of fresh economic sanctions, the Ministry of Information (MOI) and Ministry of Investment and Foreign Economic Relations (MIFER) announced today.

MOI Minister Mr Maung Maung Ohn and MIFER Minister Mr Aung Naing Oo issued the joint statement in response to recent media reports about energy shortages in the country and exits of some foreign energy companies, and fresh sanctions against Myanmar announced in recent months.

Addressing Energy Shortages in Myanmar

The recent temporary shortage of power was caused by a surge of global liquefied natural gas (LNG) prices, exacerbated by the Russia-Ukraine conflict, a weaker kyat currency as well as terrorist actions linked to the People's Defensive Force (PDF). Apart from advocating a boycott of utility payments since 2021, PDF terrorists blew up power lines from the Lawpita hydroelectric plant in Kayah State. These actions contributed to outages which caused hardship to ordinary citizens and small businesses in particular.

However, despite earlier civil unrest, the country has largely achieved national stability since the second half of 2021. Myanmar Government, under the direction of the State Administration Council (SAC) that was formed on 2 February 2021, is focusing efforts on various mitigating actions regarding the country's energy situation:

i) With the relative stabilization of global energy prices, the Government is seeking to increase use of natural gas for local power generation.

ii) The Government will step up repair of power infrastructure damaged by terrorists and increase security measures.

iii) It will accelerate power generation in the country from oil and gas sources through new investments, partnerships and actions such as conversion to use of existing facilities:

– the new Shwe Gas Pipeline was completed on 18 March 2022 and will generate about 330 MW of regular power.

– Conversion of some fertilizer plants (which use gas as feedstock) for immediate generation of 30 MW of electricity and accelerating works on other gas-fired power generators or waste-heat projects. A total of about 100 MW of electricity has been generated in Kyaukphyu using 20 million cubic feet of gas currently. After pipeline maintenance, this will expand to 30 million cubic feet per day and generate 195 MW.

iv) Major energy projects with China

As its largest neighbour and economic partner, China will play an increasingly important role in energy-related developments in Myanmar.

– With regard to the China-Myanmar pipeline project involving China National Petroleum Corporation (CNPC), the gas pipeline portion was completed at the end of 2013 and the oil pipeline portion was completed in April 2017. The project, which also includes a crude oil terminal, is CNPC's largest investment in Myanmar, and a centerpiece of China's Belt and Road Initiative in the country.

– 3 Chinese companies – Union Resources and Engineering Company (41%), Yunnan Energy Investment (39%) and Zhefu Holding Group (1%) – are partnering Myanmar's -Supreme Group (19%) to develop the 1,390MW Mee Lin Gyaing Project. This facility in Ayeyarwady region involves a LNG-fired power plant, a LNG terminal, a high voltage transmission line and gas pipelines to Yangon. It has been approved by the Myanmar Investment Commission. Currently in the early stages of design and construction, it is expected to start commercial operation in 2027.

Myanmar Government is also proposing to include this high-priority energy project – with an estimated investment value of USD 2.5 billion – in the list of early harvest projects of the China-Myanmar Economic Corridor (CMEC) to enhance bilateral cooperation so as to accelerate its progress.

v) Increase investments in renewable energy

– Solar Energy: More than half of the 40-MW Letpanhla and 30-MW Nyaungbin Gyi solar projects has been completed. To achieve national renewable energy goals, 13 solar power projects which will generate 370 MW have been launched.

While three more solar power projects which will generate 390-megawatt are also planned. Special efforts are being made to promote floating solar projects, rooftop solar projects, and small and medium-sized projects wherever possible.

Tenders are also being called for 18 solar power projects that can generate 635 MW. These are in addition to ongoing negotiations for 11 solar projects which will generate 300 MW that have been invited. Negotiations are underway to sign an agreement for one of them.

– Hydroelectric Power – With more than 60 hydropower dams, hydroelectricity is a key source of energy in the country. The Government is negotiating to purchase about 120 MW of electricity from the Tapin (1) hydropower project soon. The Government will emphasise proper environmental and social impact assessments before approval. Project designs must address such impact and communicate plans and benefits to the relevant communities in order to allay future concerns.

Myanmar plans to achieve national electrification by 2030 and generate 9% of electricity from renewable sources such as hydro and solar power.

Reported Exits of Foreign Oil and Gas Companies

The Ministers said the withdrawal by France's TotalEnergies from the Yadana field and a related gas transportation project will be effective on 20 July 2022. The former's 31.24% stake has been allocated proportionately to the remaining partners in the joint venture.

After the withdrawal of TotalEnergies, Thailand's PTTEP International Limited (PTTEPI) will hold 37.0842% participating interest while Unocal Myanmar Offshore Company Limited, a subsidiary of Chevron Corporation (Chevron) of the United States, will hold 41.1016%, the highest participating interest in the project. Since the first shipment in 1996 about 70% of production from this project, or about 768 million standard cubic feet per day currently, has been sold to Thailand with the rest designated for domestic power generation.

"As this is a change of ownership, operations are not affected. The Yadana field has the largest known Myanmar offshore hydrocarbon reserves. However, production there has declined since end-2021 following 20 years of post-plateau output. Production at this field to date has reached 85% of the recoverable reserves," the Ministers said. Total Energies is not seeking compensation for the withdrawal.

The Ministers said that while Chevron had stated it would exit investments from Myanmar, the Government has to date not received any formal notification from the company.

A third foreign energy company, Woodside Petroleum Ltd of Australia, has recently withdrawn from A6 Natural Gas Project in Rakhine State. Its stake has been taken over by its project partner the MPRL E&P Group of Companies. Operations are also not affected.

Myanmar's Energy Sector Remains Attractive

Despite being one of the world's oldest oil producers (exports started in 1853), Myanmar's upstream sector is still in its infancy due to sanctions, opaque regulatory policy and insufficient investment.

"Although, proven energy reserves are still relatively modest, unofficial estimates are extremely promising. Such fields with potential which are also in proximity to large demand centres in Thailand and China have attracted the interest of several major players. Hence, the Government continues to speed up its reform and has held a number of successful international bids for such hydrocarbon fields," the Ministers said.

Response to Fresh Economic Sanctions Against Myanmar

The Ministers said that external pressure and fresh economic sanctions by several Western countries in recent months may have raised concerns among some foreign investors.

"Economic sanctions may have more negative impact on private sectors than on the Government. Domestic and foreign businessmen and their enterprises, local workers, suppliers and consumers end up suffering the most.

Some sizeable projects that had been approved have commenced construction. Due to the economic sanctions, promoters of some of these projects are now facing obstacles in transferring foreign currency. This has affected progress of the projects.

Should these projects be terminated due to sanctions their investors must repay tax exemptions they enjoyed on top of project costs incurred. Otherwise, their investments will remain in the pending state. Hence, investors may end up leaving Myanmar not because of an unfavourable investment environment but because of external pressures.

Myanmar is committed to providing a secure, accessible and conducive investment environment. We do not wish to see investment withdrawals.

Although the international community publicly discourages economic cooperation with Myanmar, we continue to attract foreign investments. Many of our foreign partners choose to work quietly with us, away from the glare of external publicity, fully recognizing Myanmar's economic potential as well as its unique challenges," the Ministers said.

Energy Sector Remains Priority For Total Investments

The Ministers also gave an update on investments in Myanmar in the last 2 fiscal years. During fiscal 2020-2021 (12 months ended October) and fiscal 2021-2022 (interim budget of 6 months ended March) a total of 82 projects in 12 sectors with investments totaling USD 4.32 billion were approved (USD 3.79 billion in fiscal 2020-2021 and USD 530.775 million fiscal 2021-2022.)

Manufacturing accounted for most projects among 12 sectors in fiscal 2020-2021. However, the Power sector received substantially higher amount of total approved investment of USD 3.12 billion for 6 projects during this period, underscoring the attractiveness of the sector.

Foreign Investments

Most of the countries investing in Myanmar are Singapore, China, Hong Kong, Thailand and South Korea. In fiscal year 2020-2021, a total of 15 projects were from China, and 14 projects were from Singapore.

In 2021-2022 FY, there are 18 projects from China and 6 were from Hong Kong.

Domestic Investments

In the last 2 fiscal years, a total of 93 domestic investment projects (61 in fiscal 2020-2021 and 32 in fiscal 2021-2022) in 12 sectors valued at 2,248.7 billion kyat (1,171.8 billion kyat in fiscal 2020-2021 and 1,076.9 billion kyat in fiscal 2021-2022, respectively) were approved.

A total of 50 projects were from the Manufacturing sector, which is the leading domestic investment category, followed by the Services sector which recorded 14 approved projects while Hotel and Tourism sector was third with 11 projects.

Issued by Ministry of Information and Ministry of Investment and Foreign Economic Relations, Union Government of Myanmar.
For more information, please contact mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Xfers & SEBA Bank Named Finalists for Global CBDC Challenge organised by the Monetary Authority of Singapore

SINGAPORE, Sep 1, 2021 – (ACN Newswire) – Xfers, a Southeast Asia based payments leader holding a Major Payment Institution (MPI) license for e-money issuance, together with its partner, SEBA Bank, a FINMA licensed Swiss Bank providing a seamless, secure, and easy-to-use bridge between digital and traditional assets, today announced that they have been named among the 15 finalists for the Global Central Bank Digital Currency (CBDC) Challenge organised by the Monetary Authority of Singapore (MAS).

Launched by the Monetary Authority of Singapore and in partnership with the International Monetary Fund, World Bank, Asian Development Bank, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Programme, and the Organisation for Economic Co-operation and Development (OECD), the Global CBDC Challenge calls for FinTech companies, financial institutions and solution providers around the world to submit innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion.

The joint proposal submitted by Xfers and SEBA Bank was shortlisted from over 300 applications representing over 50 countries and will be presented to the public and a panel of judges at the Singapore Fintech Festival on November 8th, 2021.

Launched in October 2020, StraitsX by Xfers is the first stablecoin initiative focusing on Southeast Asia and issues the StraitsX Singapore dollar, XSGD, a digital token available on the Ethereum and Zilliqa blockchain that is backed one-for-one with the Singapore dollar.

Aymeric Salley, Head of StraitsX, said, "We are delighted to be named finalists for the CBDC challenge by the MAS. We look forward to continuing leveraging our experience as Singapore's first stablecoin issuer, and working closely with our partner, SEBA Bank, which comes with a wealth of expertise and practical experience in developing CBDCs, having just completed a CBDC experiment with Banque de France in June this year."

Founded in 2018, SEBA Bank is a fully licensed FINMA banking and securities dealer. In June this year, SEBA Bank completed a successful CBDC experiment with the Banque de France, which demonstrated the capacity of distributed ledger technologies to communicate with the Eurosystem's settlement platform TARGET2-Securities for the settlement of listed securities. This testing is an important contribution towards the development of an EU wide CBDC.

Matthew Alexander, Head of Digital Corporate Finance & Asset Tokenisation SEBA Bank, commented, "We are thrilled to have been selected by the MAS for this CBDC challenge amongst such a prestigious group of institutions. We look forward to working with our partner Xfers and contributing both our Digital Asset capabilities and recent experience working with the Banque de France CBDC to support the MAS and the Singapore financial centre. At SEBA Bank, we are constantly striving for innovation in the development of digital currencies and digital asset infrastructure. This selection, alongside our partners Xfers, by MAS as a finalist in the CBDC challenge, is a significant validation of our innovation in the development of digital currencies, and builds on our work supporting the Banque de France in CBDC testing. The shortlisting by MAS is testament to SEBA Bank's extensive network and operations in APAC, with the recent appointment of Sam Lin as APAC CEO, and headcount growth in our Singapore and Hong Kong hubs, further solidifying our presence in the region."

About StraitsX by Xfers

StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia developed by Singapore-based FinTech Xfers, which is a Major Payment Institution licensed by the Monetary Authority of Singapore for e-money issuance. StraitsX offers personal and business accounts to deposit, hold and withdraw funds as well as to connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payments rails for digital asset platforms and issues the Singapore Dollar-backed stablecoin, XSGD.

About SEBA Bank – The Future of Digital Banking, Investing & Financing

Founded in April 2018 and headquartered in Zug, SEBA Bank is a pioneer in the financial industry and the only global smart bank providing a fully universal suite of regulated banking services in the emerging digital economy. In August 2019, SEBA Bank received a Swiss banking and securities dealer licence – the first time a reputed, regulatory authority such as FINMA has granted a licence to a financial services provider with a core capability in digital assets. The broad, vertically integrated spectrum of services combined with the highest security standards, make SEBA Bank's value proposition unique – this is why Banque de France selected SEBA Bank to test the integration of Central Bank Digital Currency (CBDC). CVVC Global Report and CB Insights named SEBA Bank as Top 50 Companies within the blockchain ecosystem. Aite Group awarded SEBA Bank with their 2021 Digital Wealth Management Impact Innovation Award in the category "Digital Startup of the Year". For more information please visit seba.swiss.

For media queries
PRecious Communications for Xfers
xfers@preciouscomms.com

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ZALL Smart Commerce Group (2098.HK) increased revenue by 40.3% in 1H2021, aims for RMB100 billion on year

SINGAPORE, Sep 1, 2021 – (ACN Newswire) – ZALL Smart Commerce Group (ZALL; 2098.HK), Asia's largest B2B e-commerce group, today announced its results for the first half 2021 (January 1 – June 30, 2021). ZALL's revenue rose by 40.3 per cent year-on-year to RMB 50.16 billion (US$7.76 billion), on the back of stronger Group operating capacity. Gross profit rose to RMB 607 million (US$93.96 million), an increase of 8.1 per cent year-on-year, and profitability remained stable.

Revenues from ZALL's offline wholesale markets and online Industrial Internet platforms such as Shenzhen Sinoagri, ZALL Steel, and Huasuhui steadily increased, benefitting from the gradual increase of services in ZALL's ecosystem, spanning wholesale trade markets, agriculture, steel, plastics and chemicals and other industries. Supply chain services such as finance, warehousing, and logistics also continued to empower upstream and downstream customers in the industry value-chain, laying a solid foundation for rapid growth.

Previously, ZALL embarked on a new strategic rebrand and is committed to becoming the world's largest digital trade platform. The Group looks to incorporate "New Trading Methods" and use advanced digital technologies, such as Big Data, Artificial Intelligence and Blockchain to achieve this goal.

Mr Qi Zhiping, CEO of ZALL Smart Commerce Group said: "ZALL will focus on innovation and the development of digital trade, leveraging data as the driving force to build a new B2B digital trade ecosystem and improve the efficiency of the industrial chain."

New brands, New directions, New trends

During the first half of 2021, the Group saw a growth in customer loyalty as its industry vertical platforms such as Shenzhen Sinoagri, ZALL Steel, and Huasuhui expanded into subcategories to provide practical, efficient and convenient supply chain services for upstream and downstream customers in the industry value-chain:

– Shenzhen Sinoagri has been enhancing their online trading of cocoon silk, sugar, and expanded to include live pigs, corn, coffee and other product categories.
– ZALL Steel has successfully passed the CMMI3 international certification, and its SaaS cloud service was significantly upgraded.
– ZALL Steel Warehouse (Fengshan Port) was successfully inaugurated, and its supply chain service system was gradually improved.
– Huasuhui's supply chain financial service "Plastic Loan" celebrated its first anniversary since its launch and has helped nearly a thousand Micro-, Small- and Medium-Enterprises (MSMEs), enabling a coordinated development ecosystem of industry and finance.
– Leveraging the service capabilities of ZALL's intelligent trading ecosystem to interconnect domestic and international resources, Zallgo facilitates commodity trade flow between wholesale markets and commodities, creating a trillion-level market of commercial tools through digital empowerment, and is committed to becoming a super portal for industrial Internet transactions and services.
– ZALL's offline flagship project, North Hankou International Trade Centre ("North Hankou") actively promotes the integrated development of traditional commerce and live streaming e-commerce. The industry ecology of the live-streaming trade has started to develop, with orders happening at major specialised trading markets in an orderly manner, and the construction of 12 major projects of Wuhan International Trade City progressing smoothly after its upgrade. North Hankou is overall ranked second among China's commercial markets, and is China's largest and the world's leading commercial and logistics platform.

ZALL has also established integrated online and offline development while contributing to China's economic circulation. As a leader in global digital trade, ZALL established ZALL International Trade Group to service MSMEs that is committed to becoming a large-scale comprehensive import and export trade group that "buy from the world and sell to the world". Its principal businesses include operating the national pilot market for foreign trade, comprehensive foreign trade services, and import and export trade. The Group's commodities marketplace, Commodities Intelligence Centre (CIC) uses blockchain technology to provide one-stop cross-border B2B trade to support the entire process of commodity-related transactions, helping companies uncover new business opportunities, reduce transaction costs, and achieve greater trading synergies globally.

ZALL's robust strategic layout and strong operating capabilities are highlighted in the integration of domestic and foreign trade, both online and offline, and the construction of an efficient supply chain service system. During the first half of 2021, ZALL continues to provide services such as smart warehouse logistics and supply chain finance. Powered by information technology, smart warehouse logistics uses Internet of Things (IoT) to integrate automation, informatization, and Artificial Intelligence (AI) technologies for cargo delivery and storage applications, and has helped companies to reduce costs and increase efficiency. Supply chain financial services such as "factory loans" and "supply-guaranteed E-loans" use real-trading scenarios to promote enterprise innovation through the integration of industry and finance, optimizing the overall capital flow of the industrial supply chain, and improving circulation efficiency.

In addition, ZALL is committed to help companies kickstart their business growth through data technology. During the first half of the year, Wuhan City announced their first batch of 271 digital economy application scenario projects. Two solutions developed by ZALL Research Institute, a subsidiary of ZALL, were selected. They include "Banking Financial Product Data Mutual Trust Project based on Low Code Blockchain Solutions" and "Data Cross-Chain Platform based on Privacy Protection". This has further enhanced commercial efficiency in the digital realm.

Coupled with its Corporate Social Responsibility (CSR) efforts, as well as its extraordinary achievements in promoting the digitalisation of traditional enterprises, ZALL has been growing its influence in the field of digital trade for many years. These accomplishments have been widely recognised by the government, financial and industry leaders, media and the general public. During the first half of 2021, ZALL has consecutively won the best new economy award; the most value-added company award; Top 10 listed China Industrial Internet companies; Top 100 in China Industrial Internet (Industrial Digitalization); Hubei's Best Hong Kong Stock Listed Company among other awards, and was ranked 155th in the Fortune China 500 list in 2021.

In 2020, ZALL achieved a revenue of RMB 72.769 billion (US$11.27 billion), in line with expectations. With steady growth of 40 per cent in 2021, ZALL is expected to achieve RMB 100 billion (US$15.49 billion) in revenue this year and reach the top echelon of the industrial digital trade industry. Through this process, ZALL intends to emerge as a leader in new trading methods, while maximising the value of digital trade, and becoming the world's leading digital trade platform.


About ZALL Smart Commerce Group

ZALL Smart Commerce Group is a leading Chinese B2B e-commerce group (ranked 155th of Fortune China 500 companies) with a truly global footprint, and its companies trading worldwide: HKSE, NYSE, SSE and SZSE. ZALL Group develops and operates Asia's largest B2B offline-to-online trade ecosystem, in China and Southeast Asia, including Singapore, with more than 30 B2B platforms in China, US and Singapore, and a GFA of more than 10 million sqm of wholesale trade centres in China. In 2018, ZALL Group achieved a GMV of more than RMB 600 billion (US$85.2 BN), serving over 1 million SME customers worldwide. ZALL has also obtained a virtual banking licence and currently operates Z-Bank in China since 2017, one of China's Top 5 digital banks that has supported more than 5.5 million SME and individual customers.

Since 2018, ZALL has invested in five projects in Singapore, including the Commodities Intelligence Centre (CIC), Singapore's first physical commodity eTrading platform (B2B) powered by blockchain technology; ezbuy.sg, Singapore's leading global online shopping platform; ZMA Smart Capital, an online trade finance company; ZALL Chain Technology, a blockchain solutions company.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Comtel Rebrands to Quess Singapore with Focus on Local Job Creation in the City

Singapore, Aug 24, 2021 – (ACN Newswire) – Quess Corp, one of the world's leading Business Service Providers, today announced that Comtel Solutions, the leading tech talent solutions Company in Singapore, and an affiliate of Quess Corp, has now become Quess Singapore and will operate as fully owned Singaore entity.



An affiliate of Quess Corp Limited, Comtel has been in business for over a decade and has expanded across the Asia Pacific and several industry verticals and sectors such as Banking, Hi-Tech Manufacturing, Telecommunication, Logistics, and Healthcare Industries. The company which partners with global market leaders, including Fortune 100 companies for services, solutions and focussed executive searches for technology staff, has been a part of Quess Group for five years and will continue to maintain its industry leading status in Staff augmentation in Singapore.

Since the beginning of the pandemic, Quess Corp has been tirelessly working with a mission to help hire skilled and productive workers who are equipped to meet the dynamic market requirements of their clients across sectors. Quess has made significant investments in technology across the hire to retire cycle to provide manpower services that are already trusted by several customers globally. Its thrust on developing tools to improve productivity of frontline workers and boost employee engagement is helping create a grey collar/semi-skilled workforce that is more efficient and future-ready.

The workforce landscape is going through a massive change as talent and skills become the most important currency for organisations to drive growth and establish value differentiation. Through re-branding Comtel to Quess Singapore, the company aims to better communicate the breadth and scale of expertise that Quess truly represents.

Speaking on the company's refreshed branding, Vikas Srivastava, Country Manager, Quess Singapore said, "COVID has completely made everyone re-think their talent strategy as companies now move to a more hybrid and asynchronous workforce that will help them make the most of the disruption to the labour economy to best meet their growth ambitions. Over the last few years, our technology-enabled solutions have been making search, selection, and management of contingent workforce easy in Singapore. With this new identity, we are confident of providing associates working for our clients with more career-enhancing opportunities through our ever-growing partnership with leading learning and development providers for their re-skilling and upskilling needs. This apart, we will help our clients manage and increase the productivity of their grey collar/semi-skilled workforce more effectively by introducing metric-driven, technology-led management through integrating our in-house mobile WorQ App into our standard offering."

As one of the world's leading Business Services Providers, Quess is known for its many milestones over the last 14 years; one of them being the fastest to become part of the coveted list of top 50 largest Global staffing suppliers ranked by Staffing Industry Analysts (SIA).

Commenting on the potential in local market, Quess Corp CEO APAC Mr. Sandeep Sharma said, "We are focussed on "Thinking Global Acting Local". The focus of Quess Singapore – is to be No-1 workforce solutions partner for clients in Singapore and the most preferred employer for associates and candidates. We will be more agile, technology-enabled, and look forward to boosting local employment. We are at the forefront of providing innovative workforce solutions to our larger customer base in South East Asia and stand by our mission of "Winning Together – In our client's win lies our win" and bring it to fruition. We aim to transition to our new brand identity with the reassurance of consistent and efficient service delivery with no disruptions while looking forward to continued support from our existing clients."

About Quess Corp

Established in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India's leading business services provider – leveraging its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions. Quess provides a host of technology enabled staffing and managed outsourcing services across processes such as sales & marketing, customer care, after sales service, back office operations, manufacturing, facilities and security management, HR & F&A operations, IT & mobility services etc. Quess has a team of ~369,000 employees, serving ~3,000 clients across India, North America, APAC and the Middle East as on 31st July 2021.

Media contacts:
Namrata Sharma – namrata.sharma@adfactorspr.com
Neha Chaturvedi – neha.chaturvedi@adfactorspr.com

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

KGiSL wins Common infrastructure for Brokers Back Office Project from Stock Exchange of Thailand

India / Malaysia, Aug 17, 2021 – (ACN Newswire) – KGiSL, a global IT Products, Solutions, and Services provider, today announced the landmark contract that was won by KGiSL against significant competition from one of the largest stock exchanges in the ASEAN, The Stock Exchange of Thailand (SET). KGiSL will rollout Dolphin – a state of the art, cutting-edge technology back-office (BO) platform for brokers in Thailand. The platform will be hosted by SET and will be made available to brokers. The implementation is expected to be completed in the next 16 months.


KGiSL's flagship product for Capital Markets – Dolphin, caters to 60% of the leading institutional brokers in India by supporting their back-office clearing and settlement operations. The new platform is set to become the one-stop-shop solution to the brokers of Thailand with its ability to handle multiple asset classes including Equities, Bonds, and Offshore Trading, for both retail and institutional brokers. The next generation technology platform has been tested for handling 5 million trades/ day and has the potential capability to scale vertically and horizontally, to support any increase in business volumes. Dolphin was chosen over the other leading global platforms, because it had a better fit to the requirements and also for the robustness, scalability, and automation capabilities, it offers.

Dr. Pakorn Peetathawatchai, President, The Stock Exchange of Thailand said, "This is one of our most ambitious and challenging projects to establish a common, streamlined infrastructure that will open up new possibilities for Thai brokers to revolutionize their back office business models. We strongly believe that continued support from participating brokers in providing valuable insights, along with KGiSL's delivery capability are key ingredients to contribute the project's success."

On the association with SET, Prassadh Shanmugam, Director & Chief Executive Officer KGiSL said, "This is a huge win for KGiSL. Dolphin has been the undisputed market leader in India so far, but we have had limited successes in other markets. This order opens up the entire ASEAN & APAC market to create similar success stories like how we have done in India. KGiSL is poised to invest more in Dolphin's capabilities by adding Artificial Intelligence (AI), Machine Learning (ML), Business Intelligence (BI) and Analytics. I would also like to take this opportunity to thank Dr. Pakorn Peetathawatchai, President of The Stock Exchange of Thailand and the rest of the management in placing their trust in KGiSL and Dolphin."

About The Stock Exchange of Thailand: www.set.or.th

SET is the most liquid stock market in ASEAN with end-to-end services to empower seamless journey for all investors, securities brokerage companies and market participants. SET has transformed toward partnership platform by harnessing world-class technology and digital innovation to enable all parties to benefit from the Thai capital market in line with vision "To Make the Capital Market Work for Everyone". A number of open architecture and interoperable platforms have been developed with aims at building ecosystem crucial for fundraising, wealth creation and the country's development; widening business opportunities for operators in securities industry while offering investors convenient access to investment data, products and services.

About KGiSL: www.KGISL.com/gss

KGiSL is a global IT Products, Solutions, and Services provider in the BFSI space. KGiSL offers Software Products, Solutions and Services, Intelligent Automation, ERP (SAP), CRM, Business Intelligence and Analytics, Quality Engineering, IT Infrastructure Management and Custom Application Development. KGiSL has offices in India, US, Malaysia, Singapore, Australia and Thailand.

KGiSL is part of the $750 million business conglomerate KG Group with interest in Textiles, Engineering, Healthcare, Education, Real Estate, Entertainment, Software and Business Support Services. The Group employs over 25000 people and is known for its philanthropic services to the community for over 8 decades.
For further information, please contact:

KGiSL: Sampathkumar S | sampathkumar.s@KGISL.com | +91 9940069884

Adfactors PR (India):
Bhargav TS | bhargav.ts@adfactorspr.com | +91 9884883350
Shamitha Hegde | shamitha.hegde@adfactorspr.com | +91 9003107361
Adfactors PR (Singapore):
Namrata Sharma | namrata.sharma@adfactorspr.com | +65 8138 3034

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Gaming platform Zupee closes Series B at over $500 Million valuation

New Delhi, India, Aug 17, 2021 – (ACN Newswire) – Zupee, a leading innovator in India's online skill-based gaming industry, has announced that it has raised $30 million at a pre-money valuation of $500 million in Series B funding round. This round of funding has been co-led by Silicon Valley based WestCap Group and Tomales Bay Capital, with participation from Matrix Partners India & Orios Venture Partners.
Dilsher Singh


This round comes within 6 months after its Series A round at a $100 million valuation, which is more than 5x increase in the company's valuation. With total funds raised now at $49 million, Zupee is backed by some of the best in the industry – WestCap Group, Matrix Partners India, Smile Group and Orios Partners. The company has an existing user base of over 10 million users. This new round of funding will be used to enable scaling efforts through expanded product portfolio, deepening market reach and hiring global talent.

Founded in 2018 by graduates of India's leading institution IIT Kanpur, Dilsher Singh and Siddhant Saurabh, and incubated with funding from Smile Group, Zupee innovates by reengineering time-tested games and enabling them to enhance skill, joy and hope. The company's portfolio has innovative gaming formats of multiple popular board games. The flagship gaming app hosts live trivia quiz tournaments and has seen over 250 million gameplays.

Dilsher Singh, Founder and CEO, Zupee said, "Games inherently celebrate the journey and nurture self-expression. That's what I am committed to building with Zupee – an organization which enables people anywhere in the world to enhance their intrinsic happiness through games. We innovate to ensure our games provide an intersection between skill and entertainment, enabling our users to earn while they play. We thank our investors for believing in our purpose and enabling us to progress on our journey to transforming it to reality. Our journey has just begun; 10 million happy users in India, billions more globally we want to touch through our innovative games."

"WestCap remains a key strategic investor and operating advisor to Zupee and we are increasing our interest again as part of this most recent funding round," commented Laurence A. Tosi, Founder and Managing Partner of WestCap and early investor in Zupee. "Dilsher and his world class team have innovated some of the most compelling and widely used mobile games of skill in India. The enduring appeal of the Zupee games brings engagement, enjoyment and empowerment to the widest audience of any gaming platform in the market. This funding will enable the Zupee team to invest further in innovation, expand its suite of games and aggressively pursue international expansion. Zupee has exponentially accelerated its growth over the last 12 months, making them one of the largest and fastest growing game companies globally."

According to industry reports, the global online gaming industry is estimated to grow from $98 billion in 2020 to $272 billion in 2030. In 2020, the industry saw over 53 billion mobile gaming downloads worldwide, of which 17% came from India. By the end of this year itself, there will be 2.9 billion players worldwide.

About Zupee

Zupee is an online skill-based gaming platform startup based in India that is focused on innovating and creating games that engage, entertain and empower users.
More information about the company and its founder is available at https://www.zupee.global/

For further information, please contact:
Vikas Kumar – 9811054648; vikas.kumar@zupee.in
Himani Rautela – 9711306576; himani.rautela@zupee.in

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

A new book, “How To Talk To Strangers” by Kerrie Phipps, launched to help people decrease anxiety, build confidence, and heal the pandemic affected world

Singapore, Aug 12, 2021 – (ACN Newswire) – A new self-help book, How To Talk To Strangers by Kerrie Phipps, was launched globally along with the co-authors of the book, reaching over 1000 people through the event was aired live on Facebook and Youtube. The book is an invitation to think more deeply about how you connect with others, so you don't overlook essential connections or risk missing opportunities to impact people and the chance to change your own life in the process.


Kerrie Phipps, the Author and publisher, says, "Stories of the kindness of strangers are so moving, the impression they have on people, and the power of encouragement in our lives – strangers or friends, family, colleagues, and it was vital to share some in a book."

At the launch, Coen Tan, Director of Ministry of Influence, said, "I grew up as a socially awkward child who was often bullied in school. I was even referred to the Institute of Mental Health for treatment for depression. However, over time, I've developed my speaking and social skills and now, I train and coach leaders internationally to inspire through their stories. I hope that my stories in this book will inspire people, that like me; they too can find their voice and connect confidently with strangers."

Krescendo Communications, Founder, and Global Goodwill Ambassador for Singapore, Malaysia and India, Ganesh Somwanshi, one of the contributors, quips, "I am fascinated with connecting with people since I am in the business of communications. This book is the manifesto of connecting with strangers, a work of light amid dark times. Let us embrace the new normal; let us connect with the world with an open heart and mind. Together we can we shall."

Cathy Johnson, Authentic Leadership Coach, shares, "It's so beautiful to read (and hear) stories of how a stranger can build your confidence – and they often have no idea they're doing it! Let's keep coming together and building our relationships with each other."

Conor O'Malley, Executive Coach, Author of "Trust – Begins and Ends with Self", adds, "I feel I have talked to strangers all my life, however never really seen it that way. I see strangers as real people with a story to share. I hope my stories in this book serve you well when it comes to having a conversation with someone or trusting yourself to reach out to a stranger."

Anupama Singal, Fashion & Technology Entrepreneur, Speaker, Creator & Co-author of SYZYGYmoments, notes, "This book is all about how talking to strangers can sometimes be a life-changing experience and how you could find meaningful connections with strangers. It feels great to be a contributor and share some memorable experiences from my life."

Brandhood Media Founder and Thought Leadership Brand Specialist Nathan Shooter, "When you push beyond your fear, to enter the world of others, you'll discover those small conversations can create big change. People are looking to you for hope and connection, now more than ever."

The insightful Foreword by Masami Sato concludes with, "I invite you to ponder on the power of human connection with me and with us – no matter whether you think you are an extrovert or an introvert. Surprisingly, it starts with just one conversation, one smile, one interaction. That is all it takes – a look, a smile and a conversation. It's powerful. And it really can change our world."

Click https://www.amazon.com/gp/product/0994157347/ref=dbs_a_def_rwt_bibl_vppi_i4 to buy the book in digital or print format. Kerrie's other books include DO Talk To Strangers – How To Connect With Anyone, Anywhere and the sequel, DO Talk To Strangers Travel Toolkit.

For media queries contact:
Ganesh Somwanshi
(+65) 9779 1286

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

JWD to acquire 20% stake in ESCO, sealing partnership with PSA

BANGKOK, Jul 27, 2021 – (ACN Newswire) – JWD InfoLogistics PLC (JWD), specialized in ASEAN logistics and supply chain solutions, announces a major investment, when on July 23 it agreed to acquire a 20% stake in ESCO, a Thai shipping container port operator and supply chain operator, with PSA Singapore, the world's largest port operator by equity-weighted throughput, as ESCO shareholder. With the acquisition, JWD will become a major international container terminal operator at Laem Chabang Deep-Sea Port and inland container depot (ICD) service provider at Ladkrabang, increasing its capability for multimodal transportation services, by land, sea and rail.


JWD InfoLogistics (SET: JWD), ASEAN top specialist in supply chain solutions, will acquire up to 20% of ESCO, the operator of international container terminals at 3 locations within Thailand's Laem Chabang deep-sea port.


Mr Charvanin Bunditkitsada, Executive Committee Chairman and CEO of JWD, said "This investment is in line with our 5-year strategic plan to increase capability for multimodal transportation services. On July 23, our Board of Directors authorized JWD Transport (Thailand) Company Limited, a subsidiary of JWD, to acquire 20% of the shares in Eastern Sea Laem Chabang Terminal (ESCO), a major international container terminal operator at Laem Chabang Deep-sea Port in Chonburi Province and an inland container depot (ICD) service provider at Ladkrabang. With the share acquisition, JWD also becomes a business partner of PSA, manager and operator of Singapore's world-class transshipment hub, as PSA is also a shareholder in ESCO.

"We consider this significant investment a major undertaking this year, to be funded by the recent issuance of debentures as well as from operating cash flow. Initially, JWD Transport will take a 15% effective share in ESCO, with an option to increase to 20% within the next 6-12 months," Mr Charvanin said.

ESCO currently operates international container terminals at 3 locations within the Laem Chabang Deep-Sea Port; i) ESCO (B3), where ESCO directly develops and manages a concession from the Port Authority of Thailand (PAT); ii) LCB1 (B1) terminal and iii) LCMT (A0) terminal, with ESCO a shareholder of the company that holds the concession to operate both terminals. In 2020, the three cargo terminals handled about 2 million twenty foot-equivalent units (TEUs), or 20% of the total throughput processed at the Laem Chabang Deep-Sea Port. The demand for services at the international container terminals is expected to grow continuously with the recovery of the world economy following improvements in the pandemic situation in the USA and Europe.

ESCO is also one of 6 inland container depot (ICD) service providers at Ladkrabang handling container traffic for various shipping lines not located within Laem Chabang Port, helping reduce lead time and transportation cost. Revenue is derived from the operation of the container yard and import and export warehouses, along with Customs clearance services, and furbishing and transporting containers by land and rail – which will increase opportunity for JWD's freight business and offering additional services to users of Ladkrabang ICD Station.

"JWD expects to realize its share of capital gains from ESCO no later than October," Mr Charvanin added. "The investment in ESCO will serve as an extension of our international freight port operations in Laem Chabang. With our stake in Transimex, a major logistics provider from Vietnam, incoming international shipping port service business will empower us to provide multimodal transportation services, connect a wide range of freight services including by car, rail, water, and increase the opportunity to expand our customer base from container port service and ICD Ladkrabang station service to provide a full range of logistics services.

"JWD is already providing multimodal transportation services, such as transportation and transfer of general cargo, vehicles, hazardous cargo and chemicals, the transportation of cargo from Bangkok to the international container terminal at Laem Chabang, the lifting and transport of containers by rail from the Northeast, from the Eastern Economic Community (EEC), as well as the industries from Rayong Province to Laem Chabang Port. Therefore, this investment will help to expand our customer base as well as both our Bangkok-to-Laem Chabang and ICD Ladkrabang-to-Laem Chabang transportation services. Also significant is the provision for using the cargo traffic data from Laem Chabang international port to further develop our logistics capabilities," Mr. Charvanin concluded.

Visit: JWD InfoLogistics PLC (SET: JWD); Bloomberg: JWD.TB, Reuters: JWD.BK; https://jwd-group.com/en/.
Media: Yuttachai Praikanahok, MT Multimedia for JWD, T: +66 9 1736 2866, E: yuttachai.p@mtmultimedia.com

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Habitat for Humanity’s ShelterTech accelerator ends with bold vision for affordable housing

MANILA, Jul 21, 2021 – (ACN Newswire) – A Global Summit held on July 14 topped off Habitat for Humanity's ShelterTech accelerator in Southeast Asia, the 10 startups pitched their work and progress to date, while investors and ecosystem partners wrapped with a critical reflection on innovation in affordable housing markets today. Launched in 2017 with accelerator programs in Mexico, India and Kenya, ShelterTech has grown into a global platform connecting ideas, products and services in affordable housing, with a special focus on solutions that work in a COVID-19 context. ShelterTech aims to make affordable housing a top impact investment category.
Ten SE Asian startups pitched their housing solutions following seven months of support and mentorship by leaders in the technology and impact investment sectors. Hosted by Villgro Philippines & Global Urban Village, 7/14/21. (Habitat.org)

Patti Chu, Mana Impact Partners, moderated a plenary on housing and climate change with panelists Dr. Pablo Jorillo from BASE Bahay Foundation, Zahra Zanjani from CUBO Modular and Soe Win Zaw from Pounamu. (Habitat.org)


Startups from Cambodia, Indonesia, Malaysia, Myanmar, the Philippines and Singapore were selected for the program in late-2020. In addition to an initial catalytic grant of US$10,000, the ventures completed a seven-month acceleration process, which included learning laboratories, masterclasses on housing and business topics, dialogues with regional investors and one-on-one mentorship with experts from global corporations including Hilti, Dow and Autodesk.

During the pitches, the startups recounted their growth journey since joining ShelterTech and their plans to bring affordable housing products and services to millions of low-income families in the region.

CUBO Modular, which is based in the Philippines and manufactures modular homes out of bamboo, has sold out units of their award-winning homes for the remainder of the year. Sampangan's proprietary "magic box" turns waste into activated carbon which is used to create building materials. This Indonesian startup secured new contracts with the government and is now the largest startup in Indonesia to create more long-lasting products out of waste materials.

"ShelterTech works across sectors, industries and geographies to bring together the most impactful and cutting-edge innovations, to improve housing conditions for low-income families across the globe. We chose 10 startups in the Southeast Asia cohort because we believe they will make significant contributions to addressing the global housing deficit," said Jonathan Reckford, CEO of Habitat for Humanity, at the opening of the Summit. Launched in Southeast Asia in July 2020, the accelerator attracted more than 100 ventures, vying for a chance to be part of the world's leading platform for affordable housing innovation.

Reckford's message was echoed by Marco Meyrat, chairman of the Hilti Foundation board of directors, who said "ShelterTech puts housing entrepreneurs at the centre of a highly connected ecosystem, and collaborators who share a passion for revolutionary solutions in affordable housing. This is well-aligned with the Hilti Foundation's commitment to helping identify and catalyze innovative technologies for housing that lay the groundwork for a better future."

Following the Global Summit on July 14, ShelterTech will continue to provide recognition and growth opportunities to startups, while developing its close-knit ecosystem of ventures and partners including national and regional accelerators, in fields including PropTech and smart cities, integrating affordable housing tracks into these programs. To date, ShelterTech has supported more than 60 startups and scaleups worldwide.

ShelterTech is supported by a network of key partners, including Autodesk Foundation, Dow, the Hilti Foundation and the Keith V. Kiernan Foundation, while the Southeast Asian accelerator was run from Manila in partnership with Villgro Philippines and Global Urban Village.

About ShelterTech
ShelterTech is a global innovation platform advancing entrepreneurial housing solutions that radically improve the lives of low-income families. Supported by Habitat's Terwilliger Center for Innovation in Shelter and its partners, ShelterTech puts entrepreneurs at the center of a highly connected ecosystem of mentors, investors, peers, alumni and technical experts who share a passion for revolutionary ideas in affordable housing. For more information and opportunities, visit www.habitat.org/sheltertech.

About Terwilliger Center for Innovation in Shelter
The Terwilliger Center for Innovation in Shelter, a unit of Habitat for Humanity International, works with housing market actors to expand innovative and client-responsive services, products and financing, so that households can improve their shelter more effectively and efficiently. The goal of the Terwilliger Center is making housing markets work more effectively for people in need of decent, affordable shelter, thereby improving the quality of life for low-income households. To learn more, visit www.habitat.org/tcis.

About Habitat for Humanity
Driven by the vision that everyone needs a decent place to live, Habitat for Humanity began in 1976 as a grassroots effort on an interracial community farm in the U.S.A., and has grown to become a leading global nonprofit, working across 70 countries. In Asia-Pacific since 1983, Habitat for Humanity has supported millions of people to build or improve a place they can call home. Through financial support, volunteering or adding a voice to support affordable housing, everyone can help families achieve the strength, stability and self-reliance they need to build better lives for themselves. To learn more, donate or volunteer, visit www.habitat.org/asiapacific.

Notes to Editors:
For interviews, photos or additional information, contact Rutuja Powle, +91 7718089122, rpowle@habitat.org or Michele Soh, +65 92331544, msoh@habitat.org.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com