AEON Credit Announces 1QFY2024/25 Results

HONG KONG, June 26, 2024 – (ACN Newswire) – AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) today announced its results for the three months ended 31st May 2024 (“1QFY2024/25” or the “Reporting Period”).

During the Reporting Period, the Group’s revenue rose 12.3% year-on-year to HK$426.5 million, as its revolving credit card and personal loan receivables balances continued to increase. With the cost-to-income ratio improving to 47.3% from 50.0%, operating profit before impairment losses and impairment allowances climbed 19.4% to HK$211.3 million. Profit after tax was HK$83.3 million (1QFY2023/24: HK$97.0 million), with earnings per share at 19.88 HK cents (1QFY2023/24: 23.16 HK cents). The drop in profit after tax was attributable to an increase in impairment losses and impairment allowances amid the prolonged effect of the deterioration in the capital market and slow recovery in inbound tourism.

As the Group continued to use targeted marketing and successful marketing promotions to boost sales and receivables growth momentum, total sales in 1QFY2024/25 increased by 10.7% as compared with the first quarter of the previous year (“1QFY2023/24”), and the gross advances and receivables balance increased by 1.1% as compared with the end of February 2024.

Looking ahead, the Group will place greater emphasis on making the best use of both mobile application and traditional marketing channels to promote its credit card and personal loan products, and introduce unique features in the “AEON HK” mobile application (the “Mobile App”) to enrich the customer experience and capture the growing demand for contactless mobile payment services. The launch of the virtual card function in the Mobile App in the second quarter will provide customers with an instant purchase experience right after card approval and activation, without the need to visit a branch.

In face of a challenging credit environment amid high interest rates, the Group will continue to increase its receivables while closely monitoring the effectiveness of credit assessment and credit management improvement, as well as to achieve better maturity matching requirements, so as to minimize credit and liquidity risk.

In terms of digitalization of operations, the Group has completed the upgrade of its credit application processing platform and will further enhance its call centre platform and provide prompt interaction with its customers. In addition, data analytics tools will continue to be enhanced to improve the effectiveness of the Group’s marketing, credit assessment and credit management activities.

Mr. Wei Aiguo, Managing Director of AEON Credit, said, “We are glad to have continued to drive our business forward in the first quarter of FY2024/25 despite an uncertain and challenging market environment. We will continue to devote resources to provide exceptional consumer finance services to meet the evolving needs of our customers and to expand our customer base with more innovative and customized products. With the Group’s strong liquidity position and balance sheet and proven management capabilities, we are well positioned to take advantage of the opportunities in the recovering consumer finance market to attain rebound growth in the remainder of the year.”

About AEON Credit Service (Asia) Company Limited (Stock Code: 00900)

AEON Credit Service (Asia) Company Limited, a subsidiary of AEON Financial Service Co., Ltd. (TSE: 8570) and a member of the AEON Group, was set up in 1987 and listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1995. The Group is principally engaged in the consumer finance business, which includes the issuance of credit cards and the provision of personal loan financing, card payment processing services, insurance agency and brokerage business in Hong Kong and microfinance business in Mainland China.

For more information, please visit the company’s website at www.aeon.com.hk.

AEON Credit FY2023 Revenue Up 31.8% to HK$1,623.3 Million with Healthy Sales and Receivables Growth

HONG KONG, Apr 5, 2024 – (ACN Newswire) – AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) today announced its annual results for the year ended 29th February 2024 (“FY2023” or the “Reporting Year”).

During the Reporting Year, the Group’s revenue surged by 31.8% year-on-year to HK$1,623.3 million, as the Group achieved a steady increase in credit card receivables and personal loan receivables, and recorded a significant growth in net interest income despite the increase in funding cost and bank borrowings. With the cost-to-income ratio decreasing to 46.9% from 53.8% in the Previous Year due to the increase in operating income and enhanced operational efficiency, the Group recorded an operating profit of HK$807.9 million for the Reporting Year, representing an increase of 45.1% over the Previous Year. Profit after tax increased by 5.0% to HK$392.3 million in FY2023, with earnings per share increasing to 93.67 HK cents (FY2022: 89.22 HK cents).

The Board has recommended a final dividend of 24.0 HK cents per share, bringing the total dividend for FY2023 to 48.0 HK cents per share, representing a dividend payout ratio of 51.2%.

The Group took a number of timely initiatives during the Reporting Year to drive healthy growth in both sales and receivables for a quality portfolio that provides income, growth and resilience. The Group achieved another year of overall sales growth of 12.4% when compared to the year ended 28th February 2023 (“FY2022” or the “Previous Year”). The total advances and receivables balance continued its upward trend, recording an increase of 19.3% as at 29th February 2024 compared to the balance as at 28th February 2023.

To propel digital transformation, the Group successfully launched the new card and loan system, and the revamped AEON Netmember website and “AEON HK” mobile application (“Mobile App”) during the Reporting Year. This provides a flexible and integrated platform for the creation and delivery of new payment solutions and product benefits. With the rollout of data lake, the Group has developed the ability to utilize data analytics for marketing activities more effectively.

As for customer experience, following the revamp of the new mobile application with biometric authentication and one-time password for online transactions in the first quarter, the Group further added “QR Pay” and “QR Cash” functions to the AEON UnionPay Card and introduced Apple Pay and Google Pay to provide customers with a safer, more secure and convenient way to make payments and withdraw cash. Meanwhile, the Group continued to revamp its branches with dedicated insurance consultation counters and expand its branch network, transforming its physical branch network to a one-stop financial center that delivers face-to-face financial and related advisory services.

The card acquiring business of the Group took a major step forward in FY2023, with more transactions processed for sizeable merchants through cooperation with payment gateways to expand the merchant acquiring channel, which also facilitated the growth of the credit purchase card installment plan business. For the insurance intermediary business, through the development of its sales channels at its branches as well as on its website and mobile application, the Company have enhanced the convenience for customers to access and purchase a wide range of insurance products.

Besides business growth, the Group also places great emphasis on integrating sustainability into its business operations. In the first quarter, new branch uniforms made from environmentally friendly materials were introduced. Since the third quarter, the Group has gradually removed traditional first-use PVC plastics from its credit cards in favor of post-consumer recycled polyvinyl chloride (“rPVC”) plastics approved by the Global Recycled Standard. During the Reporting Year, the Company also renovated its head office, incorporating energy-efficient and environmentally friendly designs such as social hub, motion sensor controls and waste recycling facilities to create a more sustainable and health workplace.

Looking ahead, the Group will strive to accelerate the momentum of sales and receivables growth, while improving the credit assessment and monitoring technique to maintain stable asset quality. On the marketing side, the Group will continue to launch mass promotion initiatives for both its credit card and personal loan businesses. In addition, the Group will continue to refine its credit assessment policy with the aim of maximizing profitability by extending credit facilities to customers on a bespoke and sustainable basis.

As the contactless mobile payment solution is maturing into mass-market deployment in Hong Kong, the Group will invest additional resources to develop related products in the areas of virtual card and e-wallet. With the development of advanced technology in credit assessment and drawdown functions, the Mobile App is expected to become the main channel for credit card and personal loan services.

To further develop the peripheral business, the Group will continue to enhance the operating model of the acquiring and insurance intermediary businesses. The Group expects to secure acquiring licenses from new payment gateways for further expansion of its payment services scope and merchant network. For the insurance intermediary business, the Group will shift the business model to be more customer-centric, with the expansion of the contact center network and the addition of more varieties of insurance products to meet customer needs.

Mr. Wei Aiguo, Managing Director of AEON Credit, said, “We are pleased to have delivered another year of favourable growth despite an uncertain operating environment. We remain committed to meeting the evolving needs of customers and to expand our customer base with more innovative and tailored products. With our responsiveness and strong business relationships with our partners, complemented with a solid liquidity position and balance sheet as well as proven management capabilities, we are well positioned to capture the vast opportunities in the growing consumer finance market and achieve sustainable growth.”

About AEON Credit Service (Asia) Company Limited (Stock Code: 00900)

For more information, please visit the company’s website at www.aeon.com.hk.

TIS Has Signed Binding Agreement with Marlin Equity Partners to Secure a Majority Growth Investment

BERLIN, Germany, Mar 26, 2024 – (ACN Newswire) – Today, Treasury Intelligence Solutions (“TIS”), a global leader in cloud-native cash management, liquidity and payment solutions, announced that it has signed a binding agreement to secure majority growth investment from Marlin Equity Partners (“Marlin”). The investment positions TIS to execute on organic and inorganic strategic initiatives to further serve the Office of the CFO. The agreement is subject to customary regulatory clearance. A closing of the transaction is expected in the second quarter.

TIS’ Group CEO Erik Masing commented “this exciting partnership with Marlin will fuel our international expansion efforts, leveraging their expertise to broaden our partnerships and strengthen our product offering. In an era of supply chain disruption, rate volatility and macroeconomic uncertainty, the importance of liquidity management, working capital optimization, and secure, efficient B2B payments has never been higher for our customers. The Marlin team demonstrated a deep appreciation for the strength of our value proposition and a strong alignment with our strategic goals.”

Chris Calhoun, TIS’ CEO of Americas, added “Marlin’s deep understanding of the European and U.S. markets, as well as their experience in the Office of the CFO and monetization of data and payments in particular were the key reasons we were keen to partner with them.”

“The TIS team impressed us with their strategic and innovative product offering, strong banking integrations and dedicated customers focus. The company’s mission-critical platform is well positioned to deliver continued growth in the global market for B2B payments, cashflow and treasury management solutions,” said Konstantin von Bismarck from Marlin. “We are excited to welcome TIS to our family of software businesses and are thrilled to support the company’s vision of helping more enterprises effectively, securely and transparently manage their treasury needs.”

Raymond James served as exclusive financial advisor to TIS. Guggenheim Securities, LLC served as exclusive financial advisor to Marlin.

About Treasury Intelligence Solutions (TIS)

TIS helps Chief Financial Officers, Treasurers, and Finance teams transform their global cash flow, liquidity, and payment functions. Since 2010, our award-winning cloud platform and robust service model have empowered the entire office of the CFO to collaborate more effectively and attain maximum efficiency, automation, and control. With over 11,000 banking options, $80 billion in daily cash managed, and $2.7 trillion in annual transaction volume, TIS has a proven track record of combining our extensive market expertise with tailored client and community feedback to drive digital transformation for companies of all sizes and industries. For more information, please visit www.tispayments.com.

About Marlin Equity Partners

Marlin Equity Partners is a global investment firm with approximately $9 billion in capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions. The firm is headquartered in Los Angeles, California, with an additional office in London. For more information, please visit www.marlinequity.com.

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment specialist based in New York, London, Philadelphia, and Greenwich, Connecticut, that invests across financial services and related technologies. The firm has $10.1 billion in assets under management as of September 30, 2023. For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

Contact Information
Jennifer Knutel
EVP Global Marketing
jennifer.knutel@tispayments.com

SOURCE: Treasury Intelligence Solutions (TIS)

Aegis Trust & Custody Joins Hands with FORMS HK, Hi Sun Tech, and Infocast to establish the Digital Asset Service Hub (DASH) and Consortium for Banks in Hong Kong

HONG KONG, Jan 19, 2024 – (ACN Newswire) – Aegis Trust & Custody (“Aegis Custody”) a regarded virtual asset custody that provides regulated custody services for Real World Asset Tokenization and cryptocurrency in the United States and Hong Kong, announced at an event yesterday, the establishment of the Digital Asset Service Hub (DASH) and Consortium with the support of Syndicate Capital Group (“Syndicate Group”). Being part of the DASH & Consortium projects, Aegis Custody is co-creating the Reference Operation Demo Labs (“Custody+ Lab”) in Cyberport as a show-case for the banking and financial sector.

Aegis Custody also announced a strategic partnership with Forms Syntron Information (HK) Ltd. (“FORMS HK”, fully owned subsidiary of FORMS SYNTRON (300468.SZ)), Infocast Limited (“Infocast”), and Hi Sun Technology (China) Limited (stock code: 0818.HK, “Hi Sun Tech”) yesterday.

From the technical side, Aegis Custody, in collaboration with FORMS HK and Infocast, built the Custody+ Lab with their technical know-how and clients in both the traditional banking and Web3 spaces. This groundbreaking project aims to support banks in becoming “Virtual Asset Ready” by providing a foundational step. The collaboration covers technology, business operating readiness, and integration with the evolving landscape of tokenized securities, stablecoins, and Central Bank Digital Currency (“CBDC”) within the territory.

The Custody+ Lab focuses on virtual asset custody for cryptocurrencies, tokenized securities, stablecoins, and CBDC. The project’s goal is to enhance the technological and operational preparedness of businesses navigating the complex realm of digital assets in Hong Kong. Aegis Custody brings extensive expertise in custody, operational and compliance frameworks, and core technology, while FORMS HK and Infocast contribute its experience in local development, integration with banking systems, and delivering a superior digital experience.

The collaboration is set to revolutionize the approach to custody opportunities, compliance, and core technology in the banking sector. By strategically combining Aegis Custody’s robust digital asset custody and compliance infrastructure with FORMS HK and Infocast’s innovative local development and user-centric digital solutions, the partnership aims to create a comprehensive, secure, and user-friendly platform. The executives express confidence in the role of CBDC in shaping the future-ready platform.

This collaboration goes beyond technological integration, envisioning a secure, efficient, and forward-thinking ecosystem for all stakeholders in Hong Kong’s financial landscape. This emphasizes the transformative potential of the partnership, expressing dedication to delivering innovative solutions, driving ecosystem engagement, and fostering a new standard of excellence for banks in the city. Together we believe this Web3 proof of concept will have a positive impact on the Hong Kong financial market and beyond.

Serra Wei, Founder and CEO of Aegis Trust and Custody said, “Today, we stand on the threshold of a new era as our vision of traditional financial institutions adopting virtual assets powered by Aegis infrastructure transforms into reality through our strategic partnership with 3 leading banking solution providers. We are excited about the potential of our collaboration and are dedicated to ensuring that these partnerships will deliver innovative solutions and foster the Hong Kong Fintech industry. We look forward to a fruitful partnership with FORMS HK, Hi Sun Tech and Infocast and the positive impact it will have on the Hong Kong financial market and beyond.”

Albert Yip, Co-Chair of Aegis Hong Kong, and Chairman of Syndicate Capital Group, commented, “The recent joint circular by HKMA and SFC marks a significant milestone in the development of Hong Kong’s regulation of VA-related products amidst Aegis’ strategic plan of DASH project. Syndicate Capital Group is the Investor Champion and Corporate Champion of Global Fast Track that was initiated by InvestHK, promoting fintech and CBDC. We are delighted to support Aegis to establish the Custody+ Lab at Cyberport and collaborate with reputable market leaders such as FORMS HK, Infocast and Hi Sun Tech, fostering the digital asset sector in Hong Kong as the Web3 Hub in Asia.”

Alex Chan, CEO of FORMS HK, commented, “As we forge ahead into 2024, we are excited to announce FORMS HK’s collaboration with Aegis Trust & Custody. This partnership is set to redefine the digital and virtual asset landscape as we come together to establish the DASH and a Consortium for Banks in Hong Kong. We extend our heartfelt gratitude to Aegis Trust & Custody for placing their trust in us. At FORMS HK, we firmly believe that trust and safety are paramount when it comes to virtual assets. That’s why we have branded our Web 3.0 finance technology offerings under the name FINNOSafe. With our expertise and dedication, we are fully committed to supporting the financial sector in navigating the ever-changing FinTech landscape, as we strive to position Hong Kong as the premier hub for regulated virtual assets.”

Cecily Ho, President of Infocast, said, “Reflecting on the transformative year of 2023 in the fintech industry, our journey ahead will be marked by continuous adaptation and innovation. The collaboration is not just a business milestone, but also our major leap in integrating digital assets into traditional financial systems. I am proud to see Infocast’s expertise in financial technologies and enterprise solutions become the technological backbone for this ambitious project. Our joint efforts with Aegis Custody and other partners show-case our dedication to driving innovation in the fintech space, particularly in the realm of digital asset management.”

Jack Qu, COO of Hi Sun FinTech Global Limited, a subsidiary of Hi Sun Tech commented, “At Hi Sun, our contribution to this initiative is fuelled by our extensive expertise in information technology and banking solutions. We will play a key role in ensuring the seamless integration of financial transactions within banks and the digital asset ecosystem. Under the supervision of the Hong Kong Monetary Authority and in collaboration with Aegis Trust & Custody, we are co-creating a holistic system and working together to promote the virtual currency business, aiming to bring new opportunities for economic development.”

About Aegis Custody

Aegis Custody, as a qualified custodian through its affiliate Aegis Trust, provides high-quality custody solutions for institutional clients globally, redefining industry standards with a focus on security, innovation, and excellence. Operating under trust charters in the US and Hong Kong, Aegis Custody ensures both security and compliance for its clients through its subsidiaries Aegis Trust Company and Aegis Custody.

Stay updated with Aegis Custody on Twitter and LinkedIn.

About Syndicate Capital Group

Incorporated in 2001, Syndicate Capital Group (https://www.syndicatecapital.com/#home) focuses on co-investments in mid-market companies alongside core and specialist sponsors. Syndicate Capital Group serves as a bridge to connect entrepreneurs with ultra-high-net-worth individuals, private investors, family offices and financial institutions including investment banks and PE funds across the international capital markets. Syndicate Capital Group is a Corporate Champion and Investor Champion of Global Fast Track.

About FORMS HK

FORMS Syntron Information (HK) Ltd. (“FORMS HK”), a wholly-owned subsidiary of FORMS SYNTRON (300468.SZ), was incorporated in 2009 and is based in Hong Kong. FORMS HK offers advisory and implementation services to help established banks change, virtual banks build, and FinTech companies innovate and thrive.

About Hi Sun Technology (China) Limited

Hi Sun Technology (China) Limited (Stock Code: 0818.HK) (http://www.hisun.com.hk/en/global/home.php) is a leading integrated solution provider for payment, finance and telecommunication in China. Hi Sun FinTech Global (HSG) is one of its major subsidiaries. It is a technology company specializing in the provision and implementation of “turn-key” Fintech solutions, guiding and supporting Financial Services clients through their digital transformation journey. HSG offers a full suite of Financial Services modules that can be fully deployed or scale up into selective plug & play modules.

About Infocast Limited

Infocast (http://www.infocast.com.hk/en), incorporated in 1996, is a leading supplier of financial information technology (FinTech) products and services in Hong Kong. Infocast has over 25 years’ experience supplying trading platforms, enterprise solutions, financial content and investor applications to over 150 banks and brokerages in Hong Kong and across Asia. Infocast is also a licensed information vendor for multiple exchanges, with in-house news team reports on the latest financial news.

Aegis Trust & Custody Joins Hands with FORMS HK, Hi Sun Tech, and Infocast to establish the Digital Asset Service Hub (DASH) and Consortium for Banks in Hong Kong

Peter Yan, CEO of Cyberport stated, “We are happy to support Syndicate Capital Group, which is a member of Cyberport Investors Network (CIN) and Aegis Custody, an incubatee of Cyberport, for the establishment of DASH. Cyberport is a key community builder with a strong network for innovative technologies across various industries. To showcase the potential solutions to intermediates, particularly the banking and financial sector, as well as other stakeholders in the virtual assets ecosystem, Cyberport will support Aegis to establish the banks consortium, which will enable the banking industry and related enterprises to better understand the latest development, promote cross-industry collaboration and prepare the readiness of virtual assets related activities such as stablecoins and CBDC.”

About Aegis Custody

Stay updated with Aegis Custody on Twitter and LinkedIn.?

About Syndicate Capital Group

About Cyberport

Cyberport (https://www.cyberport.hk/en) is Hong Kong’s digital technology flagship and incubator for entrepreneurship with over 2,000 members including over 900 onsite and close to 1,100 offsite start-ups and technology companies. It is managed by Hong Kong Cyberport Management Company Limited, wholly owned by the Hong Kong SAR Government. With a vision to be the hub for digital technology, thereby creating a new economic driver for Hong Kong, Cyberport is committed to nurturing a vibrant tech ecosystem by cultivating talent, promoting entrepreneurship among youth, supporting start-ups, fostering industry

About FORMS HK

About Hi Sun Technology (China) Limited

About Infocast Limited

TIS & Treasury Strategies Announce an Integrated Bank Fee Analysis Solution for Corporate Treasury & Finance

BOSTON, Jan 17, 2024 – (ACN Newswire) – Today, Treasury Intelligence Solutions (TIS) and Treasury Strategies, a division of Curinos, Inc., have announced a new partnership agreement that will see Treasury Strategies’ global bank fee analysis platform integrated with the TIS cloud platform for cashflow, liquidity, and payments. By leveraging the combined solutions of TIS and Treasury Strategies, corporate treasury and finance teams can now gain complete control and visibility over every element of their banking operations through a single structure.

Since 2010, TIS has enabled organizations to connect their entire banking and back-office landscape together through a single platform that streamlines payments and reporting, simplifies bank account management, and provides total visibility over account balances, transaction details, and all associated bank documentation. By adding the capabilities of the Treasury Strategies bank fee analysis solution, TIS clients can now easily monitor bank fees across all their relationships, standardize fee categories for benchmarking purposes, and automatically identify pricing discrepancies on monthly statements. These capabilities unlock a whole new tier of operational efficiency for clients who want to quickly analyze bank fees across all their relationships and account structures, benchmark these costs across each bank relationship, and then compare their fees against what similar companies are charged both domestically and globally.

Given that TIS has integrated over 85,000 client bank accounts with their platform and can connect organizations to 11,000+ global banking options, the Treasury Strategies bank fee analysis solution serves as a natural extension of these core capabilities. According to Jon Paquette, SVP Solutions at TIS, “The TIS and Treasury Strategies integration is the latest example of our commitment to provide businesses of all sizes and industries with top-tier bank connectivity and bank account management services. With Treasury Strategies as our partner, clients can now access an unprecedented range of datasets to help them evaluate and benchmark the costs of their banking operations on a global scale. This will ultimately enable them to more effectively identify inefficiencies, eliminate redundancies, and create a more sustainable, streamlined, and cost-effective banking structure.”

This perspective was shared by Peter Serene, Managing Director of Commercial solutions at Curinos, who added, “We’re thrilled to partner with TIS, integrating our advanced bank fee analysis solution, NDepth, into their comprehensive treasury management suite. In today’s evolving bank fee and ECR landscape, NDepth is a critical tool. It’s designed to empower organizations with unparalleled visibility into their financial operations, aligning with TIS’ mission to simplify global payments and cash management. Together, we help organizations assert control over their bank fees, optimize financial processes, and realize substantial savings. This collaboration underscores our commitment to delivering transformative bank fee analysis benefits for treasurers worldwide”.

The partnership between TIS and Treasury Strategies is expected to take effect immediately, with both teams working together to develop an enhanced solution offering for clients. For more information about this announcement, refer to the below media contacts.

About Treasury Intelligence Solutions (TIS): TIS helps CFOs, Treasurers, and Finance teams transform their global cash flow, liquidity, and payment functions. Since 2010, our award-winning cloud platform and best-in-class service model have empowered the entire office of the CFO to collaborate more effectively and attain maximum efficiency, automation, and control. With over 11,000 banking options, $80 billion in daily cash managed, and $2.5 trillion in annual transaction volume, TIS has a proven track record of combining our unparalleled market expertise with tailored client and community feedback to drive digital transformation for companies of all sizes and industries. For more information, visit tispayments.com and begin reimagining your approach to global cash flow, liquidity, and payments. For additional information, please visit www.tispayments.com.

About Curinos: Curinos is the leading provider of data, technologies and insights that enable financial institutions to make better, and more profitable, data-driven decisions faster. Curinos brings to market a new level of industry expertise across deposits, lending and digital experience solutions and technologies. Through access to comprehensive datasets and analytics, intelligent technologies and connected behavioral insights, Curinos is the partner of choice to help you attract, retain and grow more profitable customer relationships. For additional information, please visit www.curinos.com.

About Treasury Strategies: Treasury Strategies, a division of Curinos is a leading treasury consultancy working with public and private sector treasury organizations. Our experience and thought leadership in corporate treasury management, banking, risk management, working capital, liquidity and payments, combined with our comprehensive view of the market, rewards our clients with a unique perspective and actionable solutions. For additional information, please visit www.TreasuryStrategies.com.

Dubai Taxi (DTC) Launches Regular Taxi Service for People of Determination

DUBAI, Jan 9, 2024 – (ACN Newswire) – The Dubai Taxi Co PJSC (“DTC”), a leading provider of comprehensive mobility solutions in Dubai, has announced the launch of a new service for people of determination (POD), enabling them to book regular taxis through “DTC App”.

Importantly, it includes the option for users to avail of the same 50% discount that is offered with the dedicated service for people of determination. The system is designed to be accessible for holders of the Sanad card for people of determination in Dubai, enabling them to use this service efficiently and electronically.

The new initiative comes in line with DTC’s commitment to improving services for people of determination, adhering to the highest international standards in public and transport services.

It also reflects the company’s social responsibility and its efforts to introduce smart initiatives that support the government’s goals of integrating and empowering people of determination in the community, thereby enhancing their happiness and quality of life.

Innovative proactive services

Abdullah Ibrahim Al Meer, Acting Chief Business Transformation Officer at DTC, emphasized that the launch of the new service reflects the company’s commitment to continually enhance its services and offer an innovative model of smart and proactive services. “We look forward to enhancing customer satisfaction, particularly among people of determination,” Al Meer added.

“DTC has always strived to align its services with the needs of people of determination, in compliance with the highest global standards, and we will continue to do so to provide them with top-tier transportation services and contribute significantly to Dubai’s reputation as an inclusive city for people of determination,” he further said.

Al Meer noted that there has been a growing demand for DTC’s vehicles designed for people of determination. Consequently, the launch of this digital service is part of the company’s efforts to expand and streamline the provision of transportation services for this group by leveraging modern and efficient methods. This service enables people of determination, including residents, visitors, and tourists, to access regular taxi services conveniently and swiftly, further enhancing their mobility.

Speed and flexibility

Dubai Taxi Company currently offers the “People of Determination Taxi” service through its smart application, featuring modern vehicles equipped with state-of-the-art amenities to ensure a comfortable and convenient transportation experience. The service guarantees safe and reliable transportation options for people of determination, available round the clock.

Dubai Taxi Co App

The “DTC App” is one of the useful public transport apps in Dubai facilitating residents to book exclusive, safe and comfortable taxis and limousines. The app allows users with multiple taxi and payment options, for instance, direct payment or through the credit card. The Dubai Taxi Co App can be downloaded on Android or iOS.

Contact:
The Dubai Taxi Co PJSC (DTC)
Email: media@dtc.gov.ae
URL: https://dubaitaxi.ae/en

AEON Credit Revenue Up 34.4% to HK$1,192.9 Million in First Nine Months of FY2023, Profit Rises 12.8% to HK$282.3 Million

HONG KONG, Jan 4, 2024 – (ACN Newswire) – AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) today announced its results for the nine months ended 30 November 2023 (“first nine months of FY2023” or the “Reporting Period”).

During the Reporting Period, the Group’s revenue jumped by 34.4% year-on-year to HK$1,192.9 million, as the continued increase in credit card receivables and personal loan receivables, driven by the Group’s marketing programs, together with the increase in the interest rate on card credit purchases, resulted in a significant rise in interest income. The growth in revenue was also attributable to the fees and commissions from the credit card acquiring business, which increased by HK$9.4 million to HK$32.1 million, due to an increase in the number of card acquiring merchants and transaction volume. Meanwhile, profit after tax grew 12.8% to HK$282.3 million, with earnings per share rose to 67.40 HK cents.

As the market continued to recover, the Group took a number of customised, proactive measures during the Reporting Period to drive healthy growth in both sales and receivables, with an objective to build a quality portfolio that is expected to provide income, growth and resilience at the same time. As a result, the Group’s overall sales for the first nine months of FY2023 increased by 18.5% compared with the same period last year (“first nine months of FY2022” or the “Previous Period”), and the gross advances and receivables balance increased by 16.8% from the end of February 2023.

In terms of marketing, the Group utilized targeted and attractive promotions to better publicise its competitive products and services to the right customers. Besides, to further enhance the security and convenience to credit card users, new functions such as UnionPay QR Pay, UnionPay QR Cash, Apple Pay and Google Pay have been added in to provide customers with alternative means to make payments and cash withdrawals, in addition to the biometric authentication on the Company’s new mobile application and one-time passwords for online transactions. Regarding the quality of the credit portfolio, the Group continued to enhance its credit assessment model with updated market indicators and adopted up-to-date analytical tools for account management, which has significantly helped control the increase in delinquent receivables.

In parallel with business growth, the Group attaches great importance to integrating sustainability into its business operations. In early September 2023, the Group began to gradually phase out traditional first-use PVC plastics in its credit cards in favour of post-consumer recycled poly vinyl chloride (“rPVC”) plastics approved by the Global Recycled Standard (GRS). This move will provide more environmentally conscious consumers with access to sustainable credit card products.

Looking ahead, in the face of mixed economic signals, the Group will strive to accelerate the growth momentum of sales and receivables, while continuing to improve credit assessment approaches and techniques to maintain a stable asset quality portfolio. On the marketing side, the Group will continue to launch mass promotion initiatives for both its credit card and personal loan businesses with gamification and incentives to capture increasing consumer spending in the market. Meanwhile new mobile payment products and digital services will be launched to enrich the customer journey and ensure that the Group stays ahead in this competitive environment. With regards to sustainability, the Group will seek to adopt more digitalised payment solutions and energy-saving solutions to further reduce its carbon footprint and energy consumption.

Mr. Tomoharu Fukayama, Managing Director of AEON Credit, said, “We are pleased to have achieved continued solid growth in both revenue and profit in the first nine months of FY2023. Our commitment to providing exceptional credit card services remains steadfast, as we strive to meet the evolving needs of our customers. We are also determined to expand our customer base with more innovative and customized offerings. With a strong liquidity position and balance sheet, we are confident of our ability to capitalize on the tremendous opportunities in the growing consumer finance market and sustain our growth trajectory for the future.”

About AEON Credit Service (Asia) Company Limited (Stock Code: 00900)

For more information, please visit the company’s website at www.aeon.com.hk.

Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase

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/.

For Media Enquiries
PRecious Communications for Igloo,
igloo@preciouscomms.com

Digital Currency Adoption in Australia gets a Boost with Grineopay.com Payment Service App

SYDNEY, AU, Oct 21, 2023 – (ACN Newswire) – Amidst the ever-growing popularity of digital currency in Australia, GrineoPay has emerged as a beacon of progress, igniting a newfound enthusiasm for FinTech solutions. With the announcement of their Grineo Wallet+Card launch in 2024, the company is paving the way for individuals to easily manage their financial needs and embrace the possibilities of blockchain technology. This pre-launch gateway is a game-changing step towards financial freedom, empowering Australians to take control of their funds and delve into the world of digital currency.

At its core, the Grineo Wallet+Card App is a secure and efficient multi-digital currency platform, giving users the power to pay with digital currency everywhere in the world . But more than just a user-friendly interface, GrineoPay is committed to educating and empowering its community. “We believe in the financial empowerment of individuals and strive to build a well-informed community,” the Grineo team shared.

“The wait is almost over,” exclaims the Grineo team, as they announce the launch of the Grineo Wallet+Card’s waitlist. This exclusive opportunity is open to both the digital currency curious and enthusiasts alike, offering early access to the app and unlocking exciting financial possibilities. “Our goal is to empower individuals to take charge of their financial future and be part of a knowledgeable community,” the team adds.

To make their mark in the digital currency scene and highlight the product launch in front of 15000 digital currency enthusiasts, GrineoPay will also be a Theatre Sponsor at the highly anticipated Australian Crypto Convention 2023 in Melbourne on November 11th.

“We invited Grineo to be a part of our conference because we see their potential to revolutionise the industry,” says David Haslop, founder, and director of the convention.

But the excitement doesn’t stop there. The official launch of the GrineoPay app is just a few months away, and Aussies can look forward to a seamless experience in investing and sending money to their loved ones in real-time, without delays or excessive fees. To secure a spot on the waitlist, head to the website https://grineopay.com and fill out the form.

GrineoPay’s mission is to promote a fairer distribution of wealth by providing Australians with an alternative to traditional financial systems. Are you ready to write your own digital currency success story? Join the Grineo waitlist today!

About GrineoPay

As a trusted gateway to the digital currency economy, GrineoPay is committed to providing a suite of products tailored to the Australian market. Its first offering, the Grineo Wallet+Card, will initially launch in Sydney and Melbourne, catering to users of all levels with its user-friendly design and advanced trading options. Headquartered in Sydney and fully regulated by AUSTRAC, Grineo Pty Ltd boasts a team of executives from leading banks and FinTech companies. Join the digital currency revolution with GrineoPay: Level 14, 5 Martin Place, Sydney, 2000, NSW, Australia. https://grineopay.com

Contact:

Anna H., PR consultant, info@grineopay.com