HONG KONG, Dec 7, 2023 – (ACN Newswire) – Whether you wish to fund a vacation, manage wedding expenses, or pay for unforeseen medical bills, Citi personal loans can help you out. With minimal documentation required and quick approval processes, applying for a Citi personal loan is a convenient and hassle-free way to manage your finances.
Steps to Apply for a Citi Personal Loan
If you have decided to go for a personal loan with Citibank, you need to follow a simple loan application process. You can either apply for a loan offline or visit the Citibank website directly. To apply for a loan online, you can follow the below-mentioned steps.
Step 1: Choose Your Loan Product
The first step that you can take before applying for a loan is to select a loan product that suits your financial needs.
Step 2: Loan Application and Assessment
Once you have made your choice, you can proceed to fill out the application form. You will need to attach the required documents along with the application form. Upon receiving your application form, the Citibank team will evaluate your details and eligibility and assess your repayment ability accordingly.
Step 3: Loan Approval Result
After the verification process is completed, a loan specialist from Citibank will contact you within 1 to 2 working days regarding the loan application process. If your loan gets approved, you will be invited to visit your nearest Citibank branch to initiate the loan disbursement process.
Step 4: Loan Disbursement
Before the loan is disbursed to you, you will have to complete minor formalities, such as signing the drawdown letter. After completing all the formalities, Citibank will arrange direct payments to consolidate all eligible debts from other financial institutions and/or disburse the approved loan amount by cash or cheque. The loan amount can also be directly credited into your designated bank account.
Step 5: Loan Repayment
Finally, Citibank will help you set up a Direct Debit Authorization so that you can repay the loan conveniently and avoid penalties for late repayment. Your monthly loan repayments will be deducted automatically from your designated bank account.
Citi personal loans help cater to your financial needs at competitive interest rates. You may choose to apply for a personal loan online to ensure a hassle-free and convenient process. If you need any other assistance, you can contact a Citibank representative.
Citibank Hong Kong
Citibank Hong Kong offers consumers and institutions a range of financial products and services, including consumer and investment banking, credit cards, and personal loans. Citibank Hong Kong aims to deliver holistic and innovative solutions to clients and meet the increasingly complex strategies of its regional client base in the APAC in an ever-changing financial landscape.
The content reflects the view of the article’s author and does not necessarily reflect the views of Citi or its employees. Please read the products and offers on Citibank Hong Kong’s website for accuracy or completeness of the information presented in the article.
HONG KONG, Dec 7, 2023 – (ACN Newswire) – Enhance your banking and investing experience from the comfort of your home with a Citi Plus account. With a Citi Plus account , you can enjoy a seamless mobile banking experience as it allows you to enhance your savings while you invest, shop and earn rewards. This way, you can manage your finances, and investment needs with just a few taps on your smart devices.
How Citi Plus Can Help You Elevate Your Lifestyle
Here are 5 reasons why opening a Citi Plus account can be beneficial to you:
Citi Plus Debit Mastercard: When you successfully open a Citi Plus account, you won’t have to wait for long to get a Citi Plus Debit Mastercard, as it will be issued to you in about 5 business days. With this debit card, you can enjoy easy cash withdrawals at ATMs or use it to make purchases.
Citi Plus Credit Card: Apply for a Citi Plus Credit Card and enjoy a broad spectrum of benefits, from online and fitness membership transactions to shopping and dining needs. You can also earn points for all eligible transactions. Get the Citi Plus Credit Card today to enjoy a HK$1,600 cash rebate and bonus interest rate.
Extra Interest Earnings: Citi Plus account holders can receive a HK$200 cash rebate when they deposit HK$50,000 in fresh funds and can also enjoy a 3.5% p.a. interest rate for a 1-month Foreign Currency Time Deposit with bookings up to HK$100,000 for each chosen currency.
Investments: With a Citi Plus account and Citi Mobile app, you can easily trade Hong Kong, US, Shanghai and Shenzhen stocks in real-time on a single platform. Open Hong Kong and US stock accounts online today to enjoy up to HK$500 cash rebate and Buy Brokerage Fee waivers for the first 3 months. Additionally, earn up to HK$10,000 cash reward when you transfer in Hong Kong, US, Shanghai and Shenzhen stocks.
Insurance: Prepare for life’s uncertainties by purchasing life and travel insurance via the Citi Mobile app. As a Citi Plus account holder, you are entitled to a 6-month premium waiver in the first policy year when you successfully apply for the Zurich Lifestyle Insurance Plan.
Final Thoughts
Apply for a Citi Plus account today and enjoy banking, investment and insurance services at your fingertips. You may also consider opening a Citi Interest Booster account, and Currency Manager account to get the most out of your Citi Plus account. If you have further questions, please speak with the Citibank team.
Citibank Hong Kong Citibank Hong Kong offers consumers and institutions a range of financial products and services, including consumer and investment banking, credit cards, and personal loans. Citibank Hong Kong aims to deliver holistic and innovative solutions to clients and meet the increasingly complex strategies of its regional client base in the APAC in an ever-changing financial landscape. The content reflects the view of the article’s author and does not necessarily reflect the views of Citi or its employees. Please read the products and offers on Citibank Hong Kong’s website for accuracy or completeness of the information presented in the article.
SINGAPORE, Dec 6, 2023 – (ACN Newswire) – Regional insurtech Igloo today announced that it has closed a US$36 million Pre-Series C funding round. Global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, led the investment. Openspace and La Maison, who previously participated in Igloo’s Series B and Series B+ fundraises, also joined in, reaffirming their confidence in the company’s strong business fundamentals. Eurazeo invested through its insurtech fund focused on innovative technologies and business ideas disrupting the insurance industry, whilst Openspace’s investment in this round comes via its mid-stage fund, OSV+, which is focused on the Series C and D rounds of transformative technology companies in Southeast Asia.
Matthieu Baret, Managing Partner – Venture at Eurazeo shared: “We are thrilled to invest in Igloo with the insurer BNP Paribas Cardif. With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”
“We have been following Igloo for some time now and have been impressed with their evolution into a diversified insurance platform across channels and products. The insurance market in Southeast Asia is still very underpenetrated and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers,” shared Albert Shyy, Managing Director, Eurazeo.
This latest round comes just 10 months after Igloo’s previous Series B+ fundraise led by BlueOrchard-managed InsuResilience Investment Fund II. In total, the company has raised US$100 million. Notably, Igloo’s Pre-Series C round closed at an increased valuation of 50 percent from its Series B+ round in 2022, as the company moves closer to profitability in 2024. Igloo is on track to double its 2022 Gross Written Premiums (GWP) at a low burn rate; its robust engineering core and data focus, the company’s path to profitability in 2024 is set.
“We’re always thrilled when the opportunity arises to keep investing in a company at the mid-stage that we’ve previously backed – and Igloo’s recent growth and steps towards profitability have given us further confidence in the business’s ability to capture and expand the insurance market in Southeast Asia,” said Jessica Huang Pouleur, Partner, Openspace Ventures. “Our team has been actively involved in working with Igloo to this point, and those existing relationships will enable us to seamlessly continue adding operational and commercial value as the business integrates, acquires, and strengthens capabilities.”
Asia’s insurance market is brimming with untapped potential, especially in emerging economies like Indonesia, Vietnam, and the Philippines. Despite the rising adoption of insurance, many remain underinsured. This vast, underserved demographic has caught the attention of investors, with companies like Igloo standing out due to their innovative approach to the evolving landscape in these markets – addressing pain points across the insurance value chain for insurers, sales intermediaries, retailers and consumers.
Igloo’s recent scores include two innovative offerings. In 2022, it launched Ignite by Igloo, a digital platform that enhances the productivity of sales intermediaries in Vietnam and Indonesia. Ignite by Igloo works with 22,000 sales intermediaries and agent partners and aims to close 2023 with 50,000 agents as it expands into other markets. In line with Igloo’s purpose of improving financial inclusion for underserved segments, over 60 per cent of Ignite by Igloo’s intermediary partners are female.
Another innovation for Igloo is its Weather Index Insurance, a pioneering blockchain-based parametric insurance for farmers. The product has drawn interest from partners in Vietnam and across Southeast Asia for its potential to greatly benefit the agricultural sector. Despite its novelty in a highly traditional sector, Weather Index Insurance has already been adopted by thousands of farmers since launching last November and covers 20,000 hectares of coffee and padi farms.
Igloo has facilitated over 500 million policies and aims to double its Gross Written Premium (GWP) from 2022. As of today, it has also actively established over 75 partnerships across six countries, expanding its product offerings to cover consumer finance, e-commerce, and logistics. In August 2023, Igloo was named ‘Insurtech of the Year’ by the Asia Fintech Awards.
The new funding will go towards both horizontal and vertical M&A opportunities – having added intermediary licenses across SEA this year, in addition to its license in Indonesia. It will also increase its workforce by 20% across engineering, commercial, strategy and insurance-focused verticals. On the product and value chain enhancement aspect, it looks to double down on motor, health, climate-related products, underwriting and claims digitization and AI and blockchain technologies.
Raunak Mehta, Co-Founder and CEO at Igloo, shared, “The support from our investors is a testament to Igloo’s steady growth and resilience amidst macro headwinds and a validation of our strategy. We are the only insurtech in Southeast Asia with a robust profit and loss (P&L) statement, a diverse multi-product portfolio, and an extensive distribution line.”
About Eurazeo
Eurazeo is a leading global investment group, with a diversified portfolio of €35.2 billion in Assets Under Management, including €25 billion from third parties, invested in around 600 companies. With its considerable private equity, private debt, real estate asset and infrastructure expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 400+ professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Sao Paulo. Eurazeo is listed on Euronext Paris.
About Openspace
Openspace is a leading Southeast Asian venture capital firm, finding and backing companies creating a transformative impact where tech meets life. It has 6 funds with $800M in committed capital and has 39 dedicated employees, including full-time specialists within the Portfolio Success team. It is co-headquartered in Singapore and Jakarta, with active offices in Bangkok, Manila and Ho Chi Minh City. Its portfolio of 40+ companies includes GoTo, Pick Up Coffee, Halodoc, Kredivo Holdings. www.openspace.vc
About Igloo
Igloo is a regional full-stack insurtech firm headquartered in Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres in China and India. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimise and enhance existing products and services. It has partnered with over 75 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services. Recognised by the industry for its innovations and expertise in its space, Igloo was named ‘Insurtech of the Year’ in the 2023 Asia Fintech Awards. For more information, please visit https://www.iglooinsure.com/.
HONG KONG, Nov 24, 2023 – (ACN Newswire) – The Hong Kong Institute of Directors (“HKIoD”) announced the winners of the Directors Of the Year Awards (“DYA”) 2023 at its Annual Dinner held at the Hong Kong Convention and Exhibition Centre yesterday.
The opening ceremony of the event was hosted by Dr Christopher To, Chairman of HKIoD, with Dr Kelvin Wong, SBS, JP, Chairman of Accounting and Financial Reporting Council, as the Guest of Honour addressing participants.
Dr Christopher To, Chairman of HKIoD, said, “In the wake of the pandemic, all businesses need to re-evaluate their positioning, identify their new niche and engage in transformation to bring about a better tomorrow. The Institute’s theme this year is “Transform for a Better Tomorrow”. The 13 awardees, who were well-deserving, have demonstrated their ability to navigate their companies through the unprecedented challenges presented by the pandemic. They have also embraced change and innovation, paving the way for a brighter future. The leadership exhibited by these winners aligns perfectly with this year’s award theme.”
Awards Organising Committee Chairman Ms Alice Yip, commented, “From the awardees, we see excellent corporate governance and director practice, even in challenging time. Some of the boards have demonstrated compositions that merit an additional recognition in board diversity. From the Awardees, we see corporate transformation, that enables corporate sustainability. They are mindful of their business purpose in creating value for their companies, stakeholders and humankind.”
Dr Carlye Tsui, CEO of HKIoD, said, “Sustainability remains our goal in the “Better Tomorrow” part of our theme “Transform for a Better Tomorrow”. Transformation is led by the board of directors. It covers business transformation and board transformation, the latter to enable the former. Hats off from HKIoD to this year’s award-winning directors, who have demonstrated outstanding practices in this regard.”
Dr Tsui supplemented that DYA has been organised since 2001 and supported by over 100 project partners. It is a community-wide project with nominations open to the public. “We are pleased to have candidates and Awardees from Hong Kong as well as the Mainland of China. Apart from recognizing role models, the project also serves the purpose of public education.”
The winners of DYA 2023 in the various award categories are listed below:
**In addition: recognition of Excellence in Board Diversity
About The Hong Kong Institute of Directors (“HKIoD”)
The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through promoting corporate governance and director professionalism. A non-profit-distributing organisation with membership consisting of executive directors, non-executive directors and independent non-executive directors from diverse industries and corporate types, HKIoD is committed to providing directors with education, information service and a representative and influential voice. HKIoD conducts business with international perspectives and multi-culturalism. In the international platform, HKIoD is a member institute of the Global Network of Director Institutes (“GNDI”), which represents over 150,000 directors, and also hosts the Hong Kong Chapter of Climate Governance Initiative, a global network in promoting climate actions among directors.
Directors Of The Year Awards were first launched in 2001 as the first ever such Awards organised in Asia. The project has now become an annual project of impact in the community organised by the Institute together with over 100 Project Partners. To date, 243 Awardees have been recognised for their achievements in demonstrating exemplary high standards in corporate governance.
Nominations of candidates are open to the public and are processed in a well-defined and stringent set of procedures. Awards are presented by company categories, viz Listed Companies, Non-listed Companies and Statutory/Non-profit-distributing Organisations, and by capacities, viz Executive Directors, Non-Executive Directors and Boards.
The Guest of Honour, Dr Kelvin Wong, Chairman of Accounting and Financial Reporting Council (8th from left, 1st row), special guests and officials to join the group photos together with the awardees (2nd row).A panoramic group photographs taken together to commemorate the occasion.
Hong Kong, Oct 13, 2023 – (ACN Newswire) – BDO, the world’s fifth largest accountancy and advisory network, announced the winners of the 5th BDO ESG Awards (the Awards), comprising listed companies in Hong Kong that have made a positive impact in the Environmental, Social, and Governance (ESG) domains through the implementation of outstanding sustainability initiatives. The winners were made known during the BDO ESG Awards Presentation Ceremony, which is the first physical awards presentation ceremony to be held since the COVID outbreak. All of the finalists were invited to the ceremony to personally witness and celebrate the remarkable achievements of the winning companies.
The Theme Award this year, echoing the Awards’ position as a champion of ESG excellence, continued to emphasise the importance of carbon neutrality and the urgent need to combat climate change. Correspondingly, it honoured listed companies that have dedicated efforts to achieving carbon neutrality, including their initiatives and performance in reducing carbon emissions. Additionally, this year witnessed the introduction of the new Outstanding ESG Performance of H-share Companies Awards category (full list below).
Mr Clement Chan, BBS MH JP, Managing Director, BDO, said, “We are pleased to see an overwhelming number of nominations this year, which represent listed companies in Hong Kong in general are now better equipped themselves to meet ESG compliance and commitments. BDO has long been an advocate of sustainability. We have not only incorporated ESG practices into our own operations, but also assist companies on ESG reporting and risk management. Moreover, with our commitment to promoting the importance of ESG, we established the Awards with the objectives of spurring more enterprises to implement best ESG practices and make every effort in creating a greener world.”
Mr Johnson Kong, Managing Director, BDO, said, “Through the peer benchmarking of ESG reporting and performance among Hong Kong listed companies, and the encouragement of ESG awards like ours, we hope that listed companies will be motivated to keep improving their ESG performance. Looking ahead, BDO will continue to support Hong Kong listed companies in improving all aspects of ESG so as to create long-term value and maintain Hong Kong as a leading international financial centre and green finance hub.”
This year’s awards have received significant recognition from listed companies in Hong Kong, as demonstrated by the impressive number of nominations received. As the winners hail from diverse industries and vary in market capitalisation, this highlights the wide-ranging excellence of the competing field. Noteworthy recipients include Sino Land Company Limited (00083.HK), Kerry Properties Limited (00683.HK), and China State Construction Development Holdings Limited (00830.HK), that were honoured with the coveted ESG Report of the Year Awards, deemed the most outstanding accolade in ESG performance and reporting. Additionally, CLP Holdings Limited (00002.HK) received the esteemed Theme Award for its exceptional commitment to ESG principles, particularly in the realm of carbon neutrality. Overall, the awards celebrated the commitment and outstanding contributions of listed companies to sustainable practices.
This year’s award presentation ceremony also featured a symposium on ‘Shaping business strategies for carbon neutrality’. Climate change poses economic challenges alongside environmental concerns, and investors now require businesses’ comprehensive transition plans and clear roadmaps for achieving carbon neutrality. In response, The Stock Exchange of Hong Kong Limited has proposed stringent climate-related reporting requirements, emphasising rigorous disclosures and aligning with international standards. Businesses therefore face the dual challenge of mitigating environmental impacts while remaining profitable. The symposium explored the approaches and considerations to take when devising strategies for tackling such challenges.
Panellists including Ricky Cheng, Director and Head of Risk Advisory at BDO; Professor Christine Loh, SBS, JP, OBE, Chevalier de l’Ordre National du Mérite, Chief Development Strategist at The Hong Kong University of Science and Technology; and Ben McQuhae, Founder of Ben McQuhae & Co and Honorary Advisor at Hong Kong Green Finance Association, together with the moderator Eric Ng, News Editor at the Climate Desk of the South China Morning Post, discussed how businesses can meet the expectations of investors and stakeholders, integrate data into science-based targets, accelerate the transition to a low-carbon economy, and leverage ESG as a transformative force. They also covered strategies that enable businesses to align with investor demands, effectively manage risks, and capitalise on opportunities in the context of carbon neutrality and sustainable practices.
BDO ESG Awards 2023 Winners (listed in alphabetical order)
Best in ESG – Large Market Capitalisation
CLP Holdings Limited (00002.HK)
Lenovo Group Limited (00992.HK)
Sino Land Company Limited (00083.HK)
Best in ESG – Mid Market Capitalisation
Kerry Properties Limited (00683.HK)
PCCW Limited (00008.HK)
VTech Holdings Limited (00303.HK)
Best in ESG – Small Market Capitalisation
Canvest Environmental Protection Group Company Limited (01381.HK)
China Everbright Greentech Limited (01257.HK)
Fosun Tourism Group (01992.HK)
Best in Reporting – Large Market Capitalisation
HKT Trust and HKT Limited (06823.HK)
Lenovo Group Limited (00992.HK)
Sino Land Company Limited (00083.HK)
Best in Reporting – Mid Market Capitalisation
Kerry Properties Limited (00683.HK)
PCCW Limited (00008.HK)
VTech Holdings Limited (00303.HK)
Best in Reporting – Small Market Capitalisation
China State Construction Development Holdings Limited (00830.HK)
Q P Group Holdings Limited (01412.HK)
Tam Jai International Co. Limited (02217.HK)
ESG Report of the Year – Large Market Capitalisation
Sino Land Company Limited (00083.HK)
ESG Report of the Year – Mid Market Capitalisation
Kerry Properties Limited (00683.HK)
ESG Report of the Year – Small Market Capitalisation
China State Construction Development Holdings Limited (00830.HK)
Outstanding ESG Performance of H-share Companies
BBMG Corporation (02009.HK)
Ping An Insurance (Group) Company of China, Ltd. (02318.HK)
Zijin Mining Group Company Limited (02899.HK)
Theme Award
CLP Holdings Limited (00002.HK)
Photo 1: Representatives of BDO and panel of judges attend the BDO ESG Awards 2023 Presentation Ceremony.Photo 2: Symposium panellists (from left to right) moderator Mr Eric Ng, News Editor at the Climate Desk of the South China Morning Post; Mr Ricky Cheng, Director and Head of Risk Advisory at BDO; Mr Ben McQuhae, Founder of Ben McQuhae & Co and Honorary Advisor at Hong Kong Green Finance Association; and Professor Christine Loh, SBS, JP, OBE, Chevalier de l’Ordre National du Merite, Chief Development Strategist at The Hong Kong University of Science and Technology.Photo 3: A group photo comprising representatives of award winners, BDO, SCMP, HKET and judging panel and supporting organisations at the BDO ESG Awards Presentation Ceremony.
About BDO
BDO’s global organisation extends across 164 countries and territories, with more than 110,300 professionals working out of 1,803 offices – and they’re towards one goal: to provide our clients with exceptional service. BDO was established in Hong Kong in 1981 and is committed to facilitating the growth of businesses by advising the people behind them. BDO in Hong Kong provides an extensive range of professional services including assurance services, business services and outsourcing, risk advisory services, specialist advisory services and tax services. For more details, visit www.bdo.com.hk.
SINGAPORE, Oct 6, 2023 – (ACN Newswire) – PT Bank Tabungan Negara (Persero) Tbk (“Bank BTN”; IDX: BBTN) has received two awards from The Asian Business Review at the Asian Experience Awards 2023 ceremony held on Thursday, October 5, 2023, in Singapore. BTN received the awards in the categories of Indonesia Service Experience of the Year and Indonesia Partner Experience of the Year.
Hakim Putratama, BTN Director of Institutional Banking, receiving awards from Simon Hyett, Charlton Media Group (CMG), at the Asian Experience Awards 2023 on Oct. 5 in Singapore. BTN was honored with Indonesia Service Experience of the Year and Indonesia Partner Experience of the Year.
Bank BTN was honored with the Service Experience of the Year award for successfully transforming its credit services, while the Indonesia Partner Experience of the Year award was presented for a successful transformation that made it easier for customers to transact through thruogh housing ecosystem or the digital mortgage ecosystem approach.
Nixon LP Napitupulu, CEO of BTN, said the awards from The Asian Business Review boost the company’s confidence in realizing its vision to become the best mortgage bank in Southeast Asia. “The various international awards that BTN has received indicate that the transformation we have undertaken is on the right track. These achievements also support the implementation of BTN’s vision to become The Best Mortgage Bank in Southeast Asia by 2025.”
According to Nixon, as a housing finance-focused bank, Bank BTN continues to undergo transformations to enhance its performance. “We’ve centralized the Consumer Credit Process by establishing 10 Regional Loan Processing Centers (RLPC), and for the Commercial Credit Process, we’ve set up 6 Commercial Banking Centers (CBC),” emphasized Nixon.
Nixon said Bank BTN has also established Sales Centers focused on selling Non-Subsidized Housing Loans for the Emerging Affluent segment. “There are three Sales Centers in Indonesia: Kelapa Gading Sales Center in Jakarta, Bumi Serpong Damai Sales Center in Tangerang, and Surabaya Sales Center in East Java. For SME and KUR credit disbursement, Bank BTN has also formed SME Processing Centers in several branch offices,” Nixon added.
Hakim Putratama, Director of Institutional Banking at BTN, said “BTN’s efforts to improve its performance and business processes have been recognized by international institutions. We greatly appreciate these awards. They are the result of the hard work and collaboration of all BTNers and serve as an encouragement for BTN to deliver even better performance.”
Hakim said in terms of wholesale and retail funding services, “BTN began acquisitions by approaching the housing market, as well as the healthcare and education industries. As of August 2023, BTN has successfully increased fee-based income in wholesale banking by more than 283% by implementing the housing ecosystem approach,” he stated.
Hakim said that BTN has managed to transform into a transactional bank in the last two years. “This allows customers associated with the housing ecosystem to comfortably conduct transactions with BTN, which is evident from the increase in Accounts and Fee-Based Income. Transacting with BTN helps better mitigate the risk associated with the use of credit funds.”
As of the end of 2022, approximately 53.5% of Bank BTN’s loans were allocated to sustainable business activities, with total sustainable financing amounting to Rp147 trillion.
Hong Kong, Oct 6, 2023 – (ACN Newswire) – During the Directors’ Symposium 2023 of The Hong Kong Institute of Directors (“HKIoD”) recently held at the Hong Kong Convention and Exhibition Centre, speakers from diverse industries expressed their vision and strategies to “Transform for a Better Tomorrow” to over 200 directors and corporate leaders in attendance.
Guest of Honour at the Symposium was the Financial Secretary, The Hon Chan Mo-po Paul GBM GBS MH JP. Speaking on the theme of the Symposium, he said: “Hong Kong’s medium to long-term future will be vested in how well we will transform ourselves for the better. … That requires us to look into and reinforce our own strengths, while proactively finding new points of growth to drive our economic momentum.” In updating the participants on government initiatives and policy plan, he summarised by saying, “We envision Hong Kong to be an international green technology and green finance centre.”
The Symposium featured in total nine speakers and six hosts in five talks and two panel discussions covering transformation in the digital era, an overview of the economic outlook, the global director perspectives, regulatory review and transformation for sustainability.
Speaking from the HKIoD perspective, Dr Christopher To, Chairman of HKIoD, noted, “In the midst of a waning COVID-19 pandemic, companies and boards of directors continue to face persistent challenges and long-term macro issues.” He cited that in the latest World Competitiveness study by the Institute of Management Development, Hong Kong’s global competitiveness has experienced a decline, with a slip to 7th place from its previous rank of 2nd. Similarly, digital competitiveness and talent ranking have both dwindled. On the other hand, Dr To noted that there are positive indications, such as Hong Kong’s improved standing in the Smart City Index at 19th place and its remarkable 3rd rank in the Sustainable Trade Index.
“To navigate these challenges and capitalize on emerging prospects,” Dr To opined, “hard work, agility, and adaptability are crucial. Notably, successful business transformations have yielded growth and financial turnarounds, as underscored in Innosight’s study of the ‘Top 20 Business Transformations of the Last Decade’ featured in the Harvard Business Review. The board of directors assumes a pivotal role in steering the company toward a brighter tomorrow. Preparation and a willingness to embrace transformation are essential for businesses to not only survive but thrive amidst adversity and seize new opportunities.”
In her speech, Dr Carlye Tsui, CEO of HKIoD commented: “For corporate transformation towards sustainability, the board itself needs to undergo a transformation first.” She cited the 2022-2023 Global Network of Director Institutes (“GNDI”) survey that sheds light on global directors’ perspectives for future development. Findings from this survey highlight that boards focusing on the next two years have identified critical areas for corporate success, including long-term strategy, business continuity and resilience, human capital, ESG matters, and digital transformation. “Furthermore, there are three major improvement areas that warrant attention: board and management dynamics, board performance, and board operation,” noted Dr Tsui.
“To ensure readiness for the next 3 to 5 years, the boards should bridge expertise gaps in areas such as cyber risk, digital innovation, global economics, geopolitical issues, and ESG. These are areas that should no longer be left to specialists and that should be addressed on the board agenda,” remarked Dr Tsui. The GNDI study highlighted that it is crucial to emphasize the need for board norms to evolve, including the utilization of directors with specific skills and an enhanced board evaluation process. Additionally, effective strategic dialogue between the board and management, improved analysis and decision-making through data analytics, and the incorporation of forward-looking KPIs are paramount. “Looking ahead to 2030 and beyond, the survey inspires us on the top actions for boards to prepare,” Dr Tsui supplemented. “These actions include expanding to encompass technology and sustainability, delivering on the interests of multiple stakeholders, adopting a purpose-driven and impact-oriented approach, promoting diversity, and dedicating equal time to both financial and non-financial goals.”
During the Symposium, a poll was conducted among participants on questions relevant to the theme. Significant findings from the participants included:
— 35% believe that Hong Kong’s economy next year will remain the same as this year, while 28% believe that it will be 30% better next year.
— 30% have started digital transformation and 25% are actively engaged in it.
— 49% are in good progress and 9% have achieved good results of business transformation.
— 35% boards are geared for the next 3-5 years and 33% are addressing priorities for the next 2 years.
— Regarding the most lacking board quality, 29% are in diversity while 27% are in continuing professional education.
— 78% feel able to raise challenges or ask questions when something is not right.
— On the ESG journey for a sustainable future, 42% have good strategy in place, while 13% have good achievements.
The 2022-2023 Global Director Survey focuses on “The Future of Board Governance”. The survey report is downloadable.
About The Hong Kong Institute of Directors
The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. http://www.hkiod.com
HKIoD is a member institute of the Global Network of Director Institutes (“GNDI”), which provides a global voice and sharpens leading practices for boardroom leaders on governance matters that cut across national boundaries. Established in 2012, GNDI now comprises 24 institutes representing more than 150,000 directors. http://www.gndi.org
HKIoD is Host of the Hong Kong Chapter of Climate Governance Initiative (“CGI”), a global network set up in 2019 to mobilise and equip directors in taking climate action to future proof their businesses. CGI works in collaboration with the World Economic Forum.
SINGAPORE, Sept 27, 2023 – (ACN Newswire) – PT Bank Tabungan Negara (Persero) Tbk (Bank BTN; IDX: BBTN)), a leading mortgage lender in Indonesia, has once again been honored with the “Best Bank for CSR in Indonesia” by Asia Money. This recognition applauds Bank BTN’s efforts in fulfilling housing needs for families, specifically Low-Income Communities (LIC), for a better quality of life.
Deputy CEO of BTN Oni Febrianto Rahardjo (right) receives the award from Asia Money
Oni Febriarto Rahardjo, Deputy CEO of Bank BTN, stated that the company continues to transform to ensure sustainable growth. One of these transformations, as Oni explained, involves the sustainable integration of business with the Bank’s Corporate Social Responsibility (CSR) program, focusing on supporting families in Indonesia to have decent housing and living conditions.
“This award serves as both appreciation and validation that we have been effectively implementing our CSR programs, aligning with Bank BTN’s mission of addressing housing needs in Indonesia,” said Oni after receiving the award in Singapore on Tuesday, September 26.
According to data from the Indonesian Central Statistics Agency (CSA), the backlog of housing needs in Indonesia is divided into two main groups. The first group, consisting of approximately 2.2 million families, represents those with the lowest income, below Rp3 million/month (approx US$ 193)], while the second group includes 7.3 million families, with low and informal incomes ranging from Rp3 million to Rp8.5 million.
Oni added that sustainably integrating the CSR program into the bank’s business extends to these families by offering the BTN Micro Home Ownership Credit (KPR) program for the lowest-income groups. Bank BTN is also the sole bank offering Rent to Own KPR for low-income and informal workers. Bank BTN provides assistance to mothers and families with the lowest income to prevent stunting, from Pekanbaru, Riau Province, to East Nusa Tenggara. This assistance also involves Integrated Services Post (Posyandu) cadres for stunting prevention.
BTN also offers scholarships to high-achieving children from underprivileged families. The company’s CSR program involves tree planting and the creation of green open spaces in subsidized housing areas. As a publicly traded company with the stock code BBTN, BTN is the only bank that organizes the Mini MBA in Property, a property literacy program developed in collaboration with various renowned universities in Indonesia. This program is designed to encourage entrepreneurship in the housing sector.
“We continuously strive to be a company that grows sustainably and has a positive impact on society and the environment,” said Oni.
As of the end of 2022, approximately 53.5% of Bank BTN’s total loans were allocated to sustainable business activities. The company also reported that by the end of 2022, the total sustainable financing it had provided amounted to Rp147 trillion.
Hong Kong, Sept 25, 2023 – (ACN Newswire) – BDO, the world’s fifth largest accountancy and advisory network, inaugurated the BDO ESG Awards back in 2018, becoming a pioneer in advocating companies’ acceptance of their social responsibilities through the integration of sustainable practices into their business models. With 2023 marking the 5th anniversary of the Awards, it has again sought to be both an important motivator of positive change and a symbol of excellence bestowed on companies that have excelled in the areas of Environmental, Social and Governance (ESG).
The 2023 ESG Awards have been well received by listed companies in Hong Kong, with overwhelming nominations. All of the winners of the various categories will be officially announced on 12 October 2023 at the BDO ESG Awards Presentation Ceremony at Grand Hyatt Hong Kong, including Best in ESG Awards, Best in Reporting Awards, the ESG Report of the Year Awards, the Theme Award as well as the newly launched Outstanding ESG Performance of H-share Companies Awards.
In line with the Awards’ position as a champion of ESG excellence, it has adopted ‘Carbon Neutrality’ as the theme this year in recognition of the urgent need to combat climate change. Fittingly, this year’s Theme Award will recognise listed companies that have directed efforts in realising net-zero carbon emission and demonstrated excellence in one of three key aspects: i) biggest reduction in carbon emission (absolute and intensity) from business for the year; ii) carbon reduction initiatives launched during the year that could significantly reduce carbon emission from business in the long-run; and iii) long-term vision and action plans implemented to achieve carbon neutrality. A symposium about ‘Shaping business strategies for carbon neutrality’ will also be held during the presentation ceremony and representatives from BDO, university and industry association are invited to share their insights and recommendations with the listed companies in Hong Kong.
Ricky Cheng, Director and Head of Risk Advisory of BDO, said, “We are delighted by the strong turnout for this year’s BDO ESG Awards, which will conclude with the first physical awards presentation ceremony since the COVID outbreak. The overwhelming response of nominations is a testament to the growing prominence of the Awards, which not only recognise companies for their outstanding ESG efforts, but just as importantly, raise awareness of the need for enterprises to honour their social responsibilities by integrating sustainability into their business practices. By motivating companies to fulfil their ESG commitments, they will be better equipped to meet their compliance obligations, leading ultimately to sustainable long-term growth.”
Earlier this year, The Stock Exchange of Hong Kong Limited has proposed a set of new climate-related reporting requirements. The new Code, which corresponds with the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures standards released by the International Sustainability Standards Board (ISSB), will call for more rigorous climate-related disclosures, hence requiring enterprises to make relevant investments in systems, processes and expertise ahead of the 1 January 2024 financial year implementation date.
“Interlinked with global warming, the major cause of climate change has been the rise in human emissions of heat-trapping greenhouse gases, primarily carbon dioxide, more enterprises are conscious of their responsibility to develop and adhere to a long-term ‘net-zero’ carbon emission business model to tackle climate-related risks as well as to create long-term and sustained value for all stakeholders. BDO believes the new Code will encourage Hong Kong listed companies to align with IFRS standards and continue to strengthen Hong Kong’s position as a trusted and leading financial hub for investors,” Ricky concluded.
About BDO
BDO’s global organisation extends across 164 countries and territories, with more than 111,300 professionals working out of 1,803 offices – and they’re towards one goal: to provide our clients with exceptional service. BDO was established in Hong Kong in 1981 and is committed to facilitating the growth of businesses by advising the people behind them. BDO in Hong Kong provides an extensive range of professional services including assurance services, business services and outsourcing, risk advisory services, specialist advisory services and tax services. For more details, visit www.bdo.com.hk.
HONG KONG, Aug 28, 2023 – (ACN Newswire) – Sunshine Insurance Group Company Limited ("Sunshine Insurance" or the "Company", together with its subsidiaries, the "Group"; SEHK stock code: 06963.HK) is pleased to announce its interim results for the six months ended June 30, 2023 (the "Reporting Period").
2023 Interim Results Highlights: — The Gross Written Premiums (GWPs) reached RMB67.81 billion, representing a YoY increase of 7.7%; — The insurance revenue reached RMB30.16 billion, representing a YoY increase of 7.3%; — Net profit attributable to equity owners of the parent reached RMB2.90 billion, representing a YoY increase of 9.0%; — The embedded value was RMB104.98 billion, up 3.7% from the end of last year; — The value of the life insurance's new business was RMB 2.68 billion, representing a year-on-year increase of 37.1%; — The annualized total investment yield was 4.9%; — As of June 30, 2023, the Group had approximately 31.92 million active customers.
In the first half of 2023, despite a complex and challenging external environment, China's economy continued its recovery and showed remarkable resilience. This presented significant opportunities for the Group as the country's economic revival sustained, driving increased demand from residents and accelerating industry transformation. Taking advantage of these favorable conditions, the Group has seized the favorable circumstances and risen to the occasion, fully embracing the new development philosophy and model, a focus on the core insurance business and enhancing enterprise value and leveraging innovation to provide the necessary impetus for business growth. As a result of these strategic efforts, the Group successfully achieved its operational targets for the first half of the year.
In the Reporting Period, the overall operating performance of the Company grew steadily, and its ability to create value had been continuously enhanced, maintaining a sound growth momentum. The Gross Written Premiums (GWPs) of the Group were RMB 67.81 billion, representing a year-on-year increase of 7.7%; and the insurance revenue reached RMB 30.16 billion, representing a year-on-year increase of 7.3%. The net profit attributable to equity owners of the parent increased by 9.0% YoY to RMB 2.90 billion. The embedded value was RMB104.98 billion, up 3.7% from the end of last year. The annualized total investment yield was 4.9%. As of June 30, 2023, the Group had approximately 31.92 million active customers.
Adhering to the high-quality development of the core insurance business and the net profit attributable to equity owners of the parent increased by 9.0%
In the first half of the year, China's national economy recovered and kept improving, building an important foundation for the strong recovery of the insurance industry. As a leading insurance company in China, the Group kept focusing on the insurance business which is the main business, with life insurance and property and casualty insurance businesses progressing in tandem and developing in a balanced manner. In the first half of the year, the Group further consolidated the business model of diversified and synergistic development of sales channels in its life insurance business, and the value of new business continued to increase; For the property and casualty insurance business, the Group continued to deepen the project of the intelligent life table for automobile insurance and the non-automobile data insurance life tables, and its profitability continued to improve.
As for the life insurance business, the "contracyclical" nature of insurance products combining "protection" and "savings" continuously continued to drive the demand to increase, making recovery the main theme of the industry. Sunshine Life Insurance seized the development opportunity, achieved a new breakthrough in its development insisted on value-based development unswervingly and strengthened its own resilience and stability for development, also advanced its customer strategy of "Matrix Plan" in a solid manner by centering around on the entire life cycle of customers' families. The Group continued to promote its steady development through customer demand identification, product system improvement, service system upgrading, team transformation and development, and data intelligence innovation. During the Reporting Period, the structure of our life insurance business continued to be optimized and the value of new business achieved relatively fast growth. The GWPs of the life insurance were RMB 45.85 billion, representing a year-on-year increase of 9.0%; The single premiums were RMB 13.95 billion, representing a year-on-year increase of 53.4%; The value of half year's new business was RMB 2.68 billion, representing a year-on-year increase of 37.1%.
As for the property and casualty insurance segment, with the economy continuing to recover, and the industry as a whole maintaining a high level of prosperity, what is even more encouraging was that the optimization of the structure of the industry's automobile insurance business and non-automobile insurance business had been further strengthened, with significant diversification, which was a significant advantage for the industry to leapfrog the cyclical fluctuations in the future. Similarly, Sunshine P&C further strengthened the foundation for high-quality development, continued to be customer-centered and adhered to the development concept of prioritizing profitability while pursuing growth, continuously optimized its business structure and improved its profitability, consolidated a solid foundation for high-quality development. During the reporting period, The Original Premium Income (OPI) was RMB21.93 billion, representing a year-on-year increase of 5.1%; the value-oriented business and strategically-focused areas achieved rapid growth, of which the growth rate of personal vehicle premiums was 9.5%, of new energy vehicle premiums was 80.3%, of agricultural insurance premiums was 42.9% and of policy-supported health insurance premiums was 74.6%; with strengthened business management and risk screening, the underwriting combined ratio was 98.2%, representing a year-on-year increase of 0.7 percentage points.
As for its asset management business, the Group adhered to the concept of long-term value investment, continued to optimize its asset and liability management system, improved its investment management system, gave full play to its advantages in terms of all-round investment qualities and diversified investment capabilities, and adhered to strategic asset allocation that matches the characteristics of its insurance liabilities and traverses the macro-economic cycle, so as to build up an investment portfolio that was designed to realize long-term, stable and sustainable returns. As of June 30, 2023, the Group's total investment assets amounted to RMB 466.60 billion, representing an increase of 12.4% as compared with that of the end of the previous year. The total investment income amounted to RMB 7.69 billion, representing a year-on-year increase of 1.3%, with an annualized comprehensive investment yield of 4.9%. The Group gave full play to professional advantages, with third-party assets under management of RMB 366.49 billion.
Adhering to Value Development and Continuously Improving Customer Service Capabilities
In addition to focusing on its insurance business, the Group also attached importance to the realising of value development and continues to promote its customer strategy to build a customer-driven development model. Centering on building a customer-oriented diversified product and service system, the Group had continued to advance its "Matrix Plan" and "Partner Initiative", and its customer service capabilities had continuously been improved, thereby consolidating its position in the industry and laying a solid foundation for future development.
For individual customers, Sunshine Life Insurance continued to push forward the "Matrix Plan", for which, focusing on the core needs of customers at different stages of their family life cycle, we launched a massive research on customer needs, to form a life protection guide map with Sunshine's characteristics, to enrich the "Insurance + Service" product supply system and to optimize customer service experience. As of June 30, 2023, Sunshine Life Insurance had approximately 13.51 million active customers.
In terms of institutional customers, we continued to promote the implementation of the "Partner Action" mode in the form of "insurance + technology + service" and piloted the promotion of Internet of Things perception technology services, including infrared thermal imaging and wireless smoke sensors to create and form an industry-specific risk management solutions, and to assist customers in risk reduction. As of June 30, 2023, Sunshine P&G had 19.14 million active customers.
While focusing on the main business areas of insurance and maintaining a leading position in the life and property and casualty insurance markets, the Group had always adhered to the principle of value development and won a good reputation in the market through continuous improvement in customer management. With the continuous growth of the results and the accumulation of customer recognition, the Group had attracted long-term attention from the market for its intrinsic value, while its operating resilience and long-term investment value had also been fully demonstrated.
Accelerating the Overall Arrangement for Data Intelligence Innovation driven by proprietary development and external collaboration
During the Reporting Period, the Group established a data intelligence innovation layout driven by both internal autonomy and external collaboration. It built "three robots", namely a sales robot, a management robot and a service robot. It also strengthened its core capabilities in customer management and content operation and continued to optimize the depth and breadth of customer services to enhance customer experience. The service robots provided 70% of intelligent business operations and over 90% of intelligent consultation services to voice-call customers.
At the same time, the Group continued to promote digital intelligence transformation through the application of big data. The Group strengthened its integration of and insights into internal and external data, supported marketing with artificial intelligence technology, and improved customer conversion efficiency and capabilities. It also improved the "intelligent automobile insurance life table" system, established a non-automobile management system with a non-automobile data life table as the core and strengthened risk pricing capabilities. The Group upgraded the construction of risk control platforms and continuously improved risk control capabilities.
In addition, the Group firmly promoted the strategic project of Sunshine GPT. It focused on the R&D breakthrough of private large models in the insurance field, realized multiple intelligent support capabilities such as multi-application entrance, multi-modal service support, and multi-business scenario integration, and accelerated the application in core business scenarios such as customer service and sales support. Within 3 months after the launch of Sunshine GPT, it had been used 345,000 times.
With Dual Engine of "Entrepreneurial Gene" and "Sunshine Culture", Actively Fulfilling the Social Responsibility and Conveying the Warmth of Sunshine Insurance Group
The satisfactory growth trend was closely related to the good foundation laid during the founding period of the Group and the continuous promotion of its corporate culture. As an entrepreneurship-driven enterprise, the Group was one of the rare insurance companies that have sought shareholders in the form of entrepreneurship and obtained approval. Due to its uniqueness, the entrepreneurial spirit of the Group of "daring to face and overcome challenges with perseverance" was formed during the original founding period, which had injected the strong gene of "striving" into its future development, laid the foundation of the value proposition and entrepreneurial spirit of the Group, and had become a genetic force for the Group's continuous development and expansion.
In addition, the building of corporate culture was one of the important strategic resources for an enterprise to survive and develop, and it was a precious material and spiritual wealth that an enterprise should cherish, which could both enhance its competitiveness and was a key factor in the construction of a harmonious enterprise. The Sunshine culture of the Group had actively permeated into all aspects of the management, and accumulated and precipitated genetic culture at the time of its foundation, a basic core culture at the time of commencement of the business of the Group, a complete core culture after the commencement of its business, and gradually developing into itemized cultures and post cultures covering all areas of the Group, thus constructing a rich and perfect cultural system, forming a unique, solid, systematic and complete Sunshine culture, which was going to be integrated as the determination of adhering to the main business and pursuing values.
It was worth mentioning that, under the dual influence of "entrepreneurship gene + cultural blood", the Group, bearing in mind its social responsibility and mission, had taken practical actions to support the real economy, fulfill its social responsibility and practice sustainable development. In the first half of 2023, the Group provided risk protection of RMB 32.6 trillion for the real economy, RMB 66.98 billion for " Belt and Road" projects, RMB 126.90 billion for about 15,000 SMEs, and assisted SMEs in obtaining financing amounting to RMB 5.39 billion; provided assistance for the construction of 73 charity schools and the training of 17,733 rural doctors in 24 provinces across the country; provided green insurance protection of RMB 6.0 trillion to 754,000 enterprises and individuals, and provided compensation support amounting to RMB 1.74 billion; and, as of the first half of 2023, the balance of sustainable investment exceeded RMB 50 billion.
Looking ahead, the insurance market in China will continue to have great potential for growth, driven by factors such as the overall robustness of the economy, the accumulation of wealth among residents and an aging population. With the mission of "bringing more sunshine to people" and the pursuit of "becoming the leading professional insurance service provider for families, as well as the trusted risk management partner for enterprises", the Group will continue to implement the development requirements of "striving for quality and seeking further progress based on quality" and solidly promote the "Matrix Plan" and the "Partnership Action", so as to accumulate the development strength unceasingly.
About Sunshine Insurance Group Company Limited Sunshine Insurance Group Company Limited is a fast-growing private insurance service group in China. Since its establishment, the Group has focused on value creation and has been committed to providing customers with professional risk coverage and integrated service solutions. The Group carries out life and health insurance business through Sunshine Life, property and casualty insurance business through Sunshine P&C and manages insurance funds through Sunshine AMC. As of 30 June 2023, the Group has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 12 consecutive years and has been entitled as one of the "Top 500 Valuable Brands in China" by the World Brand Lab for 12 consecutive years.
theacnnewswire.news.blog 