Black Spade Capital and UBS Co-hosted Successful Business Reception in Hanoi

HONG KONG, June 3, 2024 – (ACN Newswire) – Black Spade Capital Limited (“Black Spade”), the family office of Mr. Lawrence Ho, hosted a successful business reception with UBS in Hanoi on 31 May 2024 to engage directly with the local business community.

Third from the right, Mr. Dennis Tam, President and CEO of Black Spade and Mr. John Lee, UBS Global Banking Vice Chairman and Co-Head of Asia Country Coverage

The event gathered dozens of business leaders, executives and industry professionals from Vietnam and the rest of the world, notably Madam Thuy Le, Chairwoman of VinFast Auto Ltd. and Mr. Russell Galbut, Chairman of Norwegian Cruise Line Holdings Ltd., which provided an opportunity for Black Spade and participants to meet face-to-face.

Mr. Dennis Tam, President and CEO of Black Spade, said, “We are very pleased to co-host this event with UBS in the vibrant city of Hanoi. Vietnam has attracted global attention in recent years with its rapid economic growth and open market policies. Its strategic location, low labour costs, and government reforms such as streamlined business setup processes and tax incentives make it an ideal investment destination for international companies. Coupled with massive infrastructure investments and a focus on technological innovation, Vietnam is quickly becoming a key economic player in Southeast Asia. We were thrilled with the turnout and engagement at our reception. This event is a valuable opportunity for us to connect and to learn more about the potential of the Vietnamese market first hand. Black Spade looks forward to further deepening ties with Vietnam as well as the South East Asia region.”

About Black Spade Capital Limited

Black Spade Capital Limited is an established family office that manages the private investments of Mr. Lawrence Ho. Headquartered in Hong Kong, its global portfolio consists of a wide spectrum of cross-border investments as it consistently seeks to add new projects and opportunities to its investment mix. Black Spade’s investment strategy maximizes coverage of geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, ranging from equity, fixed income, medical technology, leisure and culture, green energy, real estate to Pre-IPO investments. In August 2023, Black Spade Acquisition Co, a blank check company (SPAC) sponsored by Black Spade, completed a US$23 billion business combination with VinFast Auto Ltd.

Shopee’s logistics partners dispel concerns over monopoly allegations

JAKARTA, May 31, 2024 – (ACN Newswire) – Shopee’s logistics service partners have expressed their support for continued partnerships with the e-commerce company, citing the positive impact on their businesses and communities.

PT Tiki Lintas Nugraha Ekakurir, known as JNE, noted it had successfully collaborated with Shopee as a logistics partner for the past eight years. “Our strong relationship with Shopee is grounded in our joint commitment to developing the digital economy and integrating JNE’s logistics system with Shopee technology,” JNE SVP and Marketing Group Head Eri Palgunadi said.

Since 2016, the partnership has seen significant success, as the demand for logistics services driven by the increasing number of MSME players utilizing Shopee’s sales channels continues to surge. The 33-year-old company plans to continue working with Shopee, and remains committed to innovating its technology and services to support the growth of Indonesian MSMEs.

On May 28, the state-owned courier and logistics service company PT Pos Indonesia (PosID) awarded Shopee as Best Private Partner in a ceremony for partners who consistently support PosID’s work programs in the logistics sector.

Haris, PosIND’s Director of Financial Services Business, noted “As a postal operator, courier service provider, and logistics provider, we are proud to serve millions of Shopee users by connecting sellers to buyers in 514 cities and regions in Indonesia,” he said.

Previously, it was reported that the Business Competition Supervisory Commission (KPPU) suggested that Shopee deliberately discriminated by mass activating select delivery service companies on its seller dashboard.

The Chairman of the E-commerce Logistics Entrepreneurs Association (APLE), Sonny Harsono, offered a different take, explaining that the priority mechanism for couriers is part of a marketing strategy, not an attempt to monopolize. Furthermore, the techniques benefit consumers.

Sonny explained that from his observations, Shopee still provided courier service options in addition to those affiliated with the company. “Therefore, it does not meet the classification of monopoly or oligopoly,” he explained when contacted on Thursday (30/5/2024).

There are more than three courier services on the Shopee platform, leading Sonny to suspect a misinterpretation of the marketing pattern as a violation of healthy business competition regulations, as outlined in Law No. 5 of 1999. “Our concern is that the cross-selling or cross-promotion interpretation is being misunderstood as an attempt at monopolization. Furthermore, buyers can change their delivery provider after check-out,” he said.

“In our opinion, since Shopee still uses other logistics or courier providers, Shopee is merely utilizing marketing techniques to make services more attractive for the broader public.”

Singapore’s First On-Demand Gig Work Platform, Jod, Reveals 80% of Blue-Collar Gig Workers Lack Benefits, Unveils Rewards Programme Benefitting 60,000 Workers

With eight in ten users seeking access to critical basic employment benefits, JodRewards bridges the income gap and incentivising users with benefits such as Sponsored Personal Accident Insurance Coverage, Paid Break Time Cover and Transport & Meal Vouchers

In a local survey conducted by Jod among 1000 members, 800 surveyed respondents are benefits-starved and seek traditional employment benefits akin to full-time salaried employees
The launch of JodRewards will better support and protect Singapore’s gig workforce through enhanced access to insurance coverage and redeemable benefits tailored for the informal workers, that are often associated with regular full-time employment
JodRewards, boasting around 60,000 members, witnessed over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$12,755 worth of rewards) since its soft launch in April
Jod will further expand JodRewards’ offerings to include benefits such as Prolonged Medical Leave Coverage and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia by H2 2024
Since its launch in 2015, Jod aims to pioneer support for gig workers, providing them with the same benefits as traditional salaried employees to foster their success both personally and professionally

SINGAPORE, May 29, 2024 – (ACN Newswire) – Jobs on Demand (Jod), Singapore’s first multi-industry flexible on-demand gig work platform, launches JodRewards, an initiative to incentivise its users to complete jobs on the Jod platform while providing worker benefits to the gig economy. This comes in the wake of a local survey conducted among 1000 Jod Members, where eight out of ten surveyed members expressed a lack of access to traditional employment benefits as gig workers.

Calls for implementing changes in work-life balance and mental health recognition surged amidst the COVID-19 pandemic, leading to an increase in employees transitioning to gig work despite sacrificing the stability and security of full-time jobs. According to a 2023 annual survey by DBS, gig workers, often dipping into their savings to cover expenses, are considered the “most financially stretched” group due to the escalating cost of living.

The JodRewards Benefits Program represents a pivotal step forward in ensuring the well-being of gig workers across various industries. Comprising a comprehensive suite of benefits tailored specifically to the needs of gig workers, this program aims to redefine the standards of support and protection within the gig economy by providing the same employment benefits akin to traditional full-time employees. Through a range of sponsored and redeemable rewards on the platform, it fosters an ecosystem that empowers the gig economy to thrive and improve the quality of life.

Speaking about the launch of this program, Sebastian San, Singapore Country Manager of Jod shared, “We are excited to launch JodRewards and play a leading role in empowering Singapore’s gig workforce – an important backbone for today’s economy. Beyond just a conventional hiring platform, Jod caters to flexible on-demand gig work across various sectors. Eight in ten of our members are seeking greater protection and employment benefits. In response to this growing demand, we’re committed to safeguarding the benefits of these gig workers. Since the launch of JodRewards, we’ve sponsored over S$400,000 worth of Group Personal Accident and Group Public Liability coverage for over 300 jobs. We are honoured by the trust and support that our brand partners have placed in us, and will continue to work towards enhancing social protection for our gig workforce.”

JodRewards, which currently has an estimate of 60,000 Jod Members, saw over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$$12,755 worth of rewards) since its soft launch in April, accumulated based on the user’s tiering and the total number of hours completed per job.

The program also saw strong participation in challenges, with close to 800 members participating in challenges throughout April. The points earned could be redeemed for transport, meal, and grocery vouchers worth up to $20 each. It was particularly notable that over 600 vouchers, worth more than S$7,000 in total, were redeemed during the month. The highest number of vouchers redeemed by one Jod member was S$380 worth of grocery vouchers, which is more than the monthly average of S$211 spent by Singaporeans per month.

The JodRewards Benefits Program comprises three tiers: Bronze, Silver and Gold. Jod Members progress through these tiers by accumulating points through the user’s activity level on the platform. The program offers a comprehensive suite of sponsored benefits that members typically pay out-of-pocket. Underwritten by Etiqa Insurance Singapore, this includes personal accident coverage with up to S$3,000 in medical expenses and up to S$100,000 in permanent disability and accidental death coverage. Additionally, members also enjoy public liability coverage of up to S$100,000 per accident, safeguarding gig workers from the financial impact of workplace accidents.

Beyond the insurance-based benefits, the program also provides redeemable rewards. Members can redeem benefits such as paid break time, allowing them to receive payment for up to one hour of break time, and paid annual leave, which provides a S$80 payout for a rest day. Through these tiered benefits, the program aims to provide its members with a comprehensive suite of support, incentives and resources, both personally and professionally.

Ms Pally, a 38-year-old PMET currently undergoing a career shift, recently joined Jod. Reflecting on her membership, she adds, “Discovering the Jod app was a game-changer. As someone seeking flexible and part-time opportunities, it aligned perfectly with my needs. Jod’s prompt payout system significantly bolstered my financial stability, and the introduction of JodRewards served as a strong incentive for me to consistently perform my best, especially with redeemable rewards such as grocery vouchers. I would highly recommend it to anyone seeking reliable part-time job opportunities.”

In the coming months, JodRewards will continue to expand their offerings to include benefits such as Prolonged Medical Leave, and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia. This initiative aims to address the uncertainties inherent in gig work arrangements, fostering a more equitable and sustainable future in the dynamic world of gig work.

Jod remains committed to its mission of empowering the next billion workers by creating an ecosystem that allows them to connect with communities and businesses – unlocking unlimited opportunities through technology and innovation.

How Jod Works

Jod is a re-imagination of the ultimate gig worker hiring platform, built for speed and efficiency with mobile-first innovations such as Attendance Tracker and Daily Earnings Payout. This helps Employers save time and resources to hire fast.

Employers have access to a web-based dashboard to manage candidates and job applications, as well as analytics to hire more effectively.

Jod Members simply need to download the Jod App, register and they can start applying for available jobs. With Jod’s easy-to-use features, it is a quick and simple process for Gig workers to apply for jobs.

The Jod mobile app is now available for download in Singapore, Vietnam and Indonesia at the Android Play store and Apple App store.

About Jod

Jod is a mobile-first digital platform that easily enables employers to find and manage their workforce more effectively & efficiently. Jod deploys technology to make our products simple, flexible, easy to use and accessible.

Started in 2015, Jod launched Southeast Asia’s first gig work platform – JodGig and has since evolved to empower the new workforce as one of the fastest growing HR tech services platform in Southeast Asia.

Jod is a subsidiary of Janakuasa since 2020, a Singaporean energy MNC as part of its newly launched New Ventures division.

The company’s vision is, “To be the pioneering force in shaping a brighter future for the world’s next billion workers”. As Jod expands across Southeast Asia, the company utilises key data insights to support better job matching; promoting greater personal economic growth and improving people’s lives.

For media enquiries, please contact:
PRecious Communications for Jod
jod@preciouscomms.com

Fourth Paradigm Announces Business Performance For The First Quarter Ended March 31 2024

Financial Highlights:

For the three months ended March 31, 2024, the total revenue amounted to RMB828 million, representing a year-on-year growth of 28.5%
- The revenue of the 4Paradigm Sage AI Platform (hereinafter referred to as “Sage AI Platform”) business grew by 84.8% year on year to RMB502 million, accounting for 60.6% of the total revenue
- The SHIFT Intelligent Solutions business recorded revenue of RMB249 million, accounting for 30.1% of the total revenue
- The revenue of the 4Paradigm SageGPT AIGS Services segment amounted to RMB77 million, accounting for 9.3% of the total revenue
The gross profit amounted to RMB341 million, representing a year-on-year increase of 21.1% and a gross profit margin of 41.2%
The total R&D expenses was RMB348 million, representing a R&D expense ratio of 42.0%

Operation Highlights:

During the three months ended March 31, 2024, Fourth Paradigm had 124 total users and 54 lighthouse users, and the average revenue contribution from the lighthouse user group was RMB8.9 million, representing a year-on-year increase of 64.0%. From January 1, 2020 to March 31, 2024, the Company has provided services for a total of 1,058 users
4ParadigmSage: In March 2024, the “4Paradigm Sage AI Platform 5.0” was released, a new platform that can build industry-specific large models. Based on the “4Paradigm Sage AI Platform 5.0”, Fourth Paradigm built a number of typical industry-specific large model cases with lighthouse users and partners in fields including vehicle manufacturing, healthcare, disaster prevention and more
4Paradigm SHIFT: During the three months ended March 31, 2024, Fourth Paradigm released dozens of solution products for industries such as finance, retail, manufacturing, energy, construction, telecom operators, and healthcare, accelerating the expansion of the company’s business territory
4Paradigm AIGS: During the three months ended March 31, Fourth Paradigm continued to iterate and optimize its AIGS Code X product, a generative AI-based auxiliary programming tool. The Company has been conducting in-depth exploration with a number of leading players in industries, such as finance companies, operators, and new energy vehicle enterprises, in areas including programming development

HONG KONG, May 28, 2024 – (ACN Newswire) – A leading enterprise AI software company-Beijing Fourth Paradigm Technology Co., Ltd. (“Fourth Paradigm” or the “Company”, Stock Code: 6682.HK) today announces business performance for the three months ended March 31 2024 (the “Period”).

During the period, amidst the seasonal impact of the industry and market volatility, Fourth Paradigm’s core business performed well and achieved solid growth. During the Period, Fourth Paradigm’s total revenue amounted to RMB828 million, representing a year-on-year growth of 28.5%. Gross profit was RMB341 million, representing a year-on-year increase of 21.1% and a gross profit of 41.2%. The Company continued to diversify its customer base by actively acquiring new customers while improving digital transformation experience and increasing product stickiness for existing customers. During the Period, Fourth Paradigm had 124 total users and 54 lighthouse users, and the average revenue contribution from the lighthouse user group was RMB8.9 million, representing a year-on-year increase of 64.0%. From January 1, 2020 to March 31, 2024, Fourth Paradigm has provided services for a total of 1,058 users. The Company insisted on innovation-driven development. During the Period, its R&D expenditure was RMB348 million, representing a R&D expense rate of 42.0%.

Revenue of Core Business Surged by 84.8% YoY, Industry-specific Large Models Have Significant Scale Effect

During the Period, the revenue of the 4Paradigm Sage AI Platform business amounted to RMB502 million, representing a year-on-year increase of 84.8%. Revenue from the 4Paradigm Sage AI Platform business accounted for 60.6% of the total revenue.

At the end of March 2024, the “4Paradigm Sage AI Platform 5.0” was released. At present, most of the language-based large models can solve the problem of generating the next text/picture/video. However, for enterprises, their core demands (i.e., strategic upgrading, performance growth, competitiveness enhancement, etc.) urgently need to be addressed. There are more demands to fortify enterprise core efficiency through advancing digital and intelligent transformation. Based on the technical principle of predicting the next arbitrary modality, the “4Paradigm Sage AI Platform 5.0” can construct industry-specific large models with different modalities of data for various industry scenes, greatly expanding the application field of industry-specific large models and providing enterprises with sufficient supply of large models.

This is the fifth iteration of the product in 10 years. Over the past 10 years, Fourth Paradigm has been committed to solving the core pain points of AI applications in different stages.

The 4Paradigm Sage AI Platform Version 1.0 dramatically scales up model parameters through a high-dimensional, real-time, self-learning framework, replacing the enterprise’s traditional expert-rule-based decision engine.
The 4Paradigm Sage AI Platform Version 2.0 launched the HyperCycle low-threshold development tool based on automated machine learning, dramatically reducing the model development threshold and enabling customers to construct industry-specific large models on their own.
The 4Paradigm Sage AI Platform Version 3.0 defines the full-process standard for accelerating AI application scenarios, reducing 95% of the time for data governance in enterprises, significantly improving the efficiency of AI application, and realizing efficient application of industry-specific large models.
The 4Paradigm Sage AI Platform Version 4.0 sets up the “North Star Metric” 1to identify high-value business scenarios of the enterprise, so that the industry-specific large models can serve the core competitiveness of enterprises.

1. The North Star Metric, a business indicator highly related to a company’s core values, helps companies focus on the most important growth drivers, such as revenue growth, profit enhancement, market share expansion, etc., and guides their decision-making and resource allocation.

During the period, with the large-scale development of the core business, Fourth Paradigm’s other two businesses, SHIFT intelligent solutions and 4Paradigm SageGPT AIGS services segment, have steadily expanded, and the company’s business territory and technology development efficiency have been effectively improved.

During the Period, the SHIFT Intelligent Solutions business recorded revenue of RMB249 million, representing 30.1% of the total revenue. During the Period, Fourth Paradigm released dozens of solution products for key industries such as finance, energy, construction, telecom operators and transportation, accelerating the expansion of the company’s business territory.

During the Period, the revenue of the 4Paradigm SageGPT AIGS Services segment amounted to RMB77 million, accounting for 9.3% of the total revenue. During the Period, Fourth Paradigm iterated and optimized its AIGS Code X product, a generative AI-based auxiliary programming tool. The product is oriented to the whole process of enterprise R&D, providing one-stop services including code rewriting, annotation generation, code correction, code reconstruction, and generation of unit testing, etc. It constructs a standardized “application production line”, and thus comprehensively improves organizational efficiency. As of March 31, 2024, Fourth Paradigm has been conducting in-depth exploration with a number of leading players in industries, such as finance companies, operators, and new energy vehicle enterprises, in areas including programming development.

Large Model Business Application Progress: Industry-specific Large Models Effectively Enhance the Production and Operation Efficiency of Multiple Industries

During the Period, based on the “4Paradigm Sage AI Platform 5.0”, Fourth Paradigm has built a number of typical industry-specific large model cases with its lighthouse users and partners in fields including vehicle manufacturing, healthcare, disaster prevention and more. The Company continued to promote the commercialization of generative AI technology and large model products, which can not only greatly improve the efficiency of the core business of the Company, but also contribute to the sustainable development of the social economy.

During the period, Fourth Paradigm partnered with a domestic smart manufacturing enterprise to realize full integration of factory operation data through artificial intelligence. With this intelligent platform, the factory’s production efficiency has increased by 11.4%. In the healthcare industry, Fourth Paradigm improves the quality and efficiency of healthcare services and reduces the burden of disease through artificial intelligence technology and industry-specific large model capabilities, thereby enhancing the health of consumers. In collaboration with a standardized metabolic disease management center, Fourth Paradigm has developed a large model for chronic disease management, which is capable of assessing the risk of five common and highly prevalent chronic diseases, including cardiovascular, cardiovascular system, stroke, diabetes, and hypertension, over a three-year period, with a three-fold increase in accuracy.

Flood control large model can deploy flood control work in advance to cope with the summer flood season: During the period, Fourth Paradigm united with a water conservancy unit to build a large model of intelligent flood control to cope with the summer flood season. This flood control large model can optimize emergency response and resource deployment through real-time monitoring and prediction of flood risks, provide early warning and reduce disaster losses, thereby protecting residents’ lives and properties and enhancing the overall disaster-resistant capability of the society.

Dr. Dai Wenyuan, Chairman of the Board, Executive Director, Chief Executive Officer and General Manager of Beijing Fourth Paradigm Technology Co., Ltd. said, “In the era of artificial intelligence, we are committed to using artificial intelligence to improve the core business of enterprises and help them enhance their core competitiveness. As of March 31, 2024, we unveiled the ‘4Paradigm Sage AI Platform 5.0’, using the ability of generative AI to build customer-specific fundamental large models, further reducing the barriers to entry for enterprises to develop large models. We are pleased to witness that the application of industry-specific large models is playing a role in the core business of more and more industries.”

MUFG Pension & Market Services Inaugurates Hong Kong Office, Sets the Stage for Expansion into the Region’s Pension Market

HONG KONG, May 28, 2024 – (ACN Newswire) – MUFG Pension & Market Services, a leading global leader in retirement solutions, took a significant step forward on the 24 May as its MUFG Retirement Solutions division unveiled the grand opening of its Hong Kong office, located in Tower 1 HSBC Centre near the MTR Olympic Station. To celebrate this momentous occasion, MUFG Retirement Solutions hosted an inauguration ceremony graced by the presence of esteemed guests including its CEO, Dee McGrath who officiated the proceedings.

(From the left) Dee McGrath, CEO, MUFG Retirement Solutions and Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions, kick started the lion dance performance by eye dotting ceremony and took a photo as a memento.

(From the left) Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions; Shannon Powell, Senior Trade and Investment Commissioner Hong Kong and Macau, The Australian Trade and Investment Commission; Gareth Williams, Australian Consul-General to Hong Kong and Macau; and Dee McGrath, CEO, MUFG Retirement Solutions, officiated the inauguration of MUFG Retirement Solutions' Hong Kong office. — (From the left) Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions; Shannon Powell, Senior Trade and Investment Commissioner Hong Kong and Macau, The Australian Trade and Investment Commission; Gareth Williams, Australian Consul-General to Hong Kong and Macau; and Dee McGrath, CEO, MUFG Retirement Solutions, officiated the inauguration of MUFG Retirement Solutions’ Hong Kong office.

The inauguration of MUFG Retirement Solutions’ Hong Kong office exemplifies its unwavering determination and commitment to further grow and reshape the Hong Kong pension market and expand its global footprint. With a physical presence in Hong Kong, MUFG Retirement Solutions enjoys the vibrant business ecosystems with a network of industry stakeholders and customers, fostering collaborations, partnerships, and knowledge exchange that can accelerate business growth in the city.

By leveraging Hong Kong’s role as a premier business hub in Asia, MUFG Retirement Solutions can tap into the multitude of opportunities, setting the stage to greatly enhance its business growth and strategic development in various sectors in Hong Kong and across Asia.

Dee McGrath, CEO, MUFG Retirement Solutions, said “MUFG Retirement Solutions remains more committed than ever to growing partnerships with clients and expanding its presence in the Asian market. Hong Kong is strategically located at the heart of Asia, making it an ideal gateway to the vast opportunity across Asia with access to a diverse and rapidly growing consumer base. The opening of our Hong Kong office marks a significant milestone in MUFG Retirement Solutions’ strategic expansion into the region and is a key part of our overall strategy to cement our presence in Asia. Through our deep specialist expertise, provision of integrated, end-to-end solutions and scalable infrastructure, we are confident that we will make a positive impact and become a catalyst for progress in the industry.”

Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions, said, “The unveiling of our Hong Kong office fills us with immense excitement. We have witnessed the ongoing digital transformation of the pension market in Hong Kong, and we will leverage our new office to contribute to its development. With our continued investment in cutting-edge technology platforms and digital services, we are well positioned to deliver global best practice solutions to meet the evolving needs of the Hong Kong pension market and to maintain our position as a market leader.”’

Located in Tower 1 HSBC Centre, the new office’s prime location not only provides convenience, but also fosters a close collaborative environment with its strategic partner, HSBC, fostering a powerful synergy between the two entities.

MUFG Retirement Solutions is committed to investing in local talent, establishing a graduate program to encourage young people to explore career opportunities in the exciting and dynamic pension industry. To date, the business has onboarded 20 interns from universities across Hong Kong and is continuing to grow the program as we continue to establish our presence in the region.

With more than 36 years of success and over a decade of operations in the region, MUFG Retirement Solutions has established a strong foothold in the market, thanks to its proprietary technology platforms that provide clients with unparalleled scale, end-to-end solutions and specialist services that empower clients to effectively engage with their stakeholders for better retirement outcomes.

Media contact:
Strategic Financial Relations Limited (On behalf of MUFG Retirement Solutions)
Heidi So, (t) +852 2864 4826, (e) heidi.so@sprg.com.hk
Yoko Li, (t) +852 2864 4813, (e) yoko.li@sprg.com.hk

About MUFG Pension & Market Services

On 16 May 2024, the acquisition of Link Group by Mitsubishi UFJ Trust & Banking Corporation (the Trust Bank), a consolidated subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), by way of scheme of arrangement (Scheme) was successfully implemented, marking a significant milestone in Link Group’s history. Under its new ownership, Link Group is now MUFG Pension & Market Services.

MUFG Pension & Market Services is a global, digitally enabled business that empowers a brighter future by connecting millions of people with their assets – safely, securely and responsibly.

Through our two market leading businesses MUFG Retirement Solutions and MUFG Corporate Markets, we partner with a diversified portfolio of global clients to provide robust, efficient and scalable services, purpose-built solutions and modern technology platforms that deliver world class outcomes and experiences.

A member of MUFG, a global financial group, we help manage regulatory complexity, improve data management and connect people with their assets, through exceptional user experience that leverages the expertise of our people combined with scalable technology, digital connectivity and data insights.

Alta Partners with Davidson Kempner to Enhance Investor Access to Multi-Strategy and Asset-Based Lending Strategies

Global investment management firm Davidson Kempner Capital Management selects Alta, Asia’s leading digital securities exchange, as a partner in the region
Alta’s partnership with Davidson Kempner provides access for investors seeking diversification through alternative investments

SINGAPORE, May 28, 2024 – (ACN Newswire) – Alta Alternative Investments Pte. Ltd. (Alta), Asia’s leading digital securities exchange for alternative assets, has partnered with global investment management firm Davidson Kempner Capital Management LP (Davidson Kempner) to enhance access to the firm’s strategies.

“Alta is proud to partner with Davidson Kempner to bring industry-leading opportunities to our investor community. There’s a growing demand for stable, income-producing portfolios and low-volatility strategies, especially amid persisting uncertainties in the markets, and we are addressing precisely that with this partnership. Alta is pioneering accessible avenues for alternative investments and this collaboration presents a distinctive investment opportunity aimed at breaking down barriers to enter private markets, enabling easy access to alternative assets typically reserved for high-net-worth individuals and institutional investors,” said Muzahir Degani, Head of Private Capital Markets, Alta.

In the past decade, private credit has skyrocketed, jumping from $320 billion in 2010 to $875 billion in 2020 in Assets Under Management (AUM). Now, major firms predict even more growth in Asia-Pacific lending for 2024, with a focus on top-tier borrowers over distressed cases. A Bloomberg survey anticipates a market expansion of over 10% this year.

In response to this surge, Alta has teamed up with global investment firms with unique access to opportunities. First, with Hamilton Lane to offer access to a senior private credit fund across the region. Second, collaborating with Scenic to introduce the Scenic Private Access Fund, providing direct venture secondaries.

Melanie Levine, Partner and Global Head of Sales & Client Service at Davidson Kempner, added, “At Davidson Kempner, we’re committed to partnering with investors through innovative solutions tailored to their unique needs with an emphasis on strong downside protection and capital preservation. Our partnership with Alta marks an important step forward in catering to the growing investor demand in Asia for multi-strategy and asset-based lending strategies.”

In an era marked by evolving investor demands for liquidity and portfolio diversification, Alta provides diverse investment opportunities in private capital markets, including a wide range of alternative assets. Most recently, Alta announced the inaugural trade for the first tranche of shares from shareholders of Income Insurance Limited. This marked the listing of Singapore’s top general insurance provider on a private securities exchange, enabling institutional and accredited investors to trade shares of a non-publicly listed company.

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies and wines, to include fund management and digital custody. Visit us on https://alta.exchange/

About Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has over $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.

For media inquiries, please contact:

For Alta Alternative Investments
Deeksha Kakkar
Marketing Communications Specialist, Alta
deeksha.kakkar@alta.exchange

For Davidson Kempner
Rob White and Teresa Berezowski
Greenbrook
davidsonkempner@greenbrookadvisory.com

Propel Global Posts 166.1% Increase In Revenue For Q3 FY2024

KUALA LUMPUR, May 28, 2024 – (ACN Newswire) – PROPEL GLOBAL BERHAD (“Propel Global” or the “Group”), a provider of oil and gas (“O&G”) services, today announced its financial results for the third quarter of fiscal year 2024 (“Q3 FY2024”). The Group recorded an impressive revenue of RM65.8 million, marking a significant increase of 166.1% from RM24.7 million in the corresponding quarter of the previous year (“Q3 FY2023”).

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global

The Group reported a loss before tax (“LBT”) of RM2.1 million for Q3 FY2024 compared to a profit before tax (“PBT”) of RM0.9 million in Q3 FY2023. This decline is primarily attributed to higher corporate administrative expenses such as professional charges and staff costs. The expenses in Q3 FY2024 included the charge for the share-based payment/share grant, and the incentive bonus payment. These expenses are essential for retaining and investing in human capital as the Group is mostly service-driven, hence, people are the key assets.

In the O&G segment, revenue reached RM30.1 million and PBT stood at RM3.3 million, reflecting an increase from RM12.1 million and RM2.7 million respectively in Q3 FY2023. This growth is driven by ongoing projects such as the Engineering, Procurement, Construction & Commissioning (“EPCC”) projects and the Marine Heating Ventilation and Air-conditioning (“HVAC”) projects.

The Technical Services segment also reported strong performance with revenue of RM33.5 million and PBT of RM0.6 million in Q3 FY2024, compared to RM12.6 million and RM1.1 million respectively in Q3 FY2023. The increase in revenue is mainly contributed by a construction project of an electronics factory in Chuping, Perlis, although the profit margin from existing projects was lower than the short-term projects in the previous year.

The newly introduced Information and Communications Technology (“ICT”) segment contributed RM2.2 million in revenue and RM0.8 million in PBT, showcasing the Group’s strategic diversification and adaptability.

Additionally, Propel Global maintained a healthy cash position with cash and cash equivalents at the end of the period at RM20.3 million for the nine months ended 31 March 2024, well positioning the Group to undertake internal funding for future projects.

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global commented, “Our Q3 FY2024 results reflect our commitment to strategic growth and adaptability in a dynamic market environment. The significant increase in revenue and our healthy cash flow position demonstrate our ability to capitalise on new opportunities and execute our projects effectively. As a new management team, we are focused on leveraging our strengths and pursuing sustainable growth initiatives to enhance value for our stakeholders.”

She added, “A healthy cash position ensures that we can meet our financial obligations on a timely basis, seize opportunities, and invest in people and technologies. With our healthy cash flow, we are capable of continuing to drive further growth for Propel Global.”

Moving forward, Propel Global will focus on completing existing projects while consistently bidding for new ones to drive sustained growth. The new management team is committed to strategic realignment and operational efficiency, setting a clear distinction from previous management approaches.

Black Spade shares investment insights at Global Investment Panel of BEYOND Wealth Summit for Family Offices

HONG KONG, May 23, 2024 – (ACN Newswire) – Black Spade Capital Limited (“Black Spade”), the family office of Mr. Lawrence Ho, joined the prestigious BEYOND Wealth Summit which convened in Macau with great success as one of the summit panellists. This exclusive, invite-only event brings together over 150 family offices from around the world with an aim of forging deeper ties between influential families to promote sustainable growth, heritage preservation and philanthropy with social responsibility in mind.

(From left) Ms. Enna Weng, Managing Director of Freedom Capital Markets, Mr. Oliver Weisberg, Chief Executive Officer of Blue Pool Capital, Mr. Dennis Tam, President and CEO of Black Spade and Mr. Mario Moraes of Votorantim Group

Mr. Dennis Tam, President and CEO of Black Spade and fellow panellists at BEYOND Wealth Summit

Mr. Dennis Tam, President and CEO of Black Spade was invited as one of the key panellists at the Global Investment Panel. Mr. Tam, along with his fellow guest speakers including representatives from notable family offices and family-run investment institutions such as Blue Pool Capital (Family Office of Mr. Joe Tsai) and Votorantim Group (owned by the Ermirio de Moraes family in Brasil), shared their views on various topics such as the latest investment themes, weathering market volatility and dissecting business cycles.

Mr. Dennis Tam, President and CEO of Black Spade, said, “Black Spade is honoured to be part of this megaevent for family offices. There is a conventional stereotype that equates family offices to pure wealth management. In fact, over the years, this function has long transformed from a treasury unit of high net worth individuals into a force that drives changes for the better. It is encouraging to see a growing interest for family offices and we are delighted to see Jason Ho, co-founder of BEYOND Expo bring this inspiring event to Macau. A platform like this is exactly what we need where people connect and confluence of great minds happens. This Summit is an occasion for us to celebrate new friendship and embrace new ideas. I am sure that my fellow panellists and participants all have benefited greatly like I have. I look forward to seeing this initiative grow in the future.”

About Black Spade Capital Limited

Spritzer’s ‘Plastic Reimagined’ inspires exciting ideas whilst giving new life and uses to recycled plastic

KUALA LUMPUR, May 21, 2024 – (ACN Newswire) – Spritzer, Malaysia’s leading mineral water brand, is excited to present “Plastic Reimagined,” an interactive and educational experience to inspire Malaysians to see plastic waste in a new light and raise awareness about recycling. Visitors to the 5-day event will have the opportunity to get up-close and personal with upcycled items and participate in a variety of exciting activities.

Second life of Recycled Plastic Bottles Process

This immersive event will be happening from May 22nd to 26th, 2024, at IOI City Mall in Putrajaya. Event highlights include the Spritzer upcycling art exhibition and a series of engaging activities designed to inform the public about the importance of recycling and the potential second life of recycled plastics.

Spritzer’s ‘Plastic Reimagined’ event represents a bold step towards a future rooted in sustainability and circularity, particularly in encouraging individuals to view plastic waste as a resource rather than refuse. By showcasing creative recycling methods and the potential of plastic, the event aims to transform the perception of waste, especially plastic waste, and demonstrate how every piece of plastic can be given a second life by turning it into something beautiful or functional. The ultimate goal of the campaign is to foster sustainable mindsets among Malaysians.

Spritzer’s goal is to become a fully circular brand by 2030 and the company has been actively seeking new ways to integrate sustainable practices into their business and lifestyle. They are also leading innovation in packaging by using recycled materials (rPET), with the packaging being 100% recyclable. ‘Plastic Reimagined’ is part of Spritzer’s ongoing efforts to change perceptions and aims to facilitate a shift towards more eco-friendly mindsets, where every piece of plastic has a purpose and a second life.

To that end, visitors to the ‘Plastic Reimagined’ event can look forward to a diverse range of activities and exhibits, including:

Plastic Bottles Recycling: Bring any 3 used plastic items, such as Spritzer bottles, to recycle and receive a complimentary Spritzer tote bag.
Exploring the Second Life of Recycled Plastic & Interactive Showcase: Learn how recycled plastics are processed and upcycled through engaging displays, providing a first-hand look at how plastics are transformed.
Succulent Planting Workshops: Learn sustainable practices through succulent planting workshops using recycled materials to incorporate eco-friendly techniques at home and in the garden.
Upcycling Art Exhibition: Experience stunning art installations made from recycled Spritzer plastic bottles by homegrown artists, showcasing the endless creative possibilities of upcycling. The featured artists include:
- CO2_karbondioksida by Celine Tan & Oscar Lee: Husband-and-wife duo from Muar, Johor. Celine Tan and her husband, Oscar Lee, created the Co2 art collective in response to the urgent need to raise awareness about the significance of producing less waste for the welfare of the earth. They are renowned for constructing colossal recycled marvels.
- Artsy Daphy: Celebrated for her vibrant works fusing traditional and contemporary styles, Artsy Daphy explores local heritage while promoting environmental awareness.
- Mereka by Biji-Biji Group: Mereka designs and implements training programs to inspire and equip future leaders in various industries. At the core of Mereka is a commitment to sustainability, incorporating eco-friendly practices and technologies that support innovative projects and environmental sustainability.

The ’Plastic Reimagined’ campaign is part of Spritzer’s ongoing efforts to drive positive change and contribute to a more sustainable future for Malaysia. By engaging the community through interactive experiences and thought-provoking art, the brand aims to shift mindsets and behaviours towards a more conscious and responsible approach to plastic waste management.

Plastic Reimagined is open to the public from 22nd to 26th May between 10AM and 10PM at the Ground Floor, West Court of IOI City Mall in Putrajaya

For more information and updates on “Plastic Reimagined,” visit Spritzer Mineral Water Malaysia.

Please download the high-res images from this link.

About Spritzer:

Established in 1989, Spritzer Group has been a pioneer in providing Malaysians with natural mineral water sourced from a 440-acre green rainforest. Committed to innovation, Spritzer Group leads the Malaysian bottled water industry through manufacturing, distribution, marketing, and sales of its diverse product line. From renowned natural mineral water to refreshing non-carbonated fruit-flavoured drinks, each product is carefully crafted to meet consumer needs.

Comprising eight business subsidiaries, Spritzer Group specializes in the production and distribution of silica-rich natural mineral water, sparkling natural mineral water, distilled drinking water, carbonated fruit-flavoured drinks, and non-carbonated fruit-flavoured drinks.

With over 30 years of experience, Spritzer Group is Malaysia’s largest and only listed bottled water producer. For more information, please visit www.spritzer.com.my.

For media enquiries please contact:

Hema Rengasamy
Senior Executive
Narro Communications
T: +6019-718 0410
E: hema@narrocomms.com

Winnie Chin
Head of Public Relations
Spritzer Berhad
T: +6019 553 2663
E: winniecgl@spritzer.com.my

Alta Partners with TRIREC to Unlock Opportunities in Impact Investing for Third Climate-Focused Fund

Alta’s strategic partnership with TRIREC will provide access to the TRIREC Venture II (TVII) fund on its platform to Southeast Asian investors seeking meaningful opportunities to invest in impact investments.
The TVII invests globally in companies focusing on breakthrough areas of growth and innovation in climate tech looking to accelerate the rate of decarbonisation, providing investors the opportunity to participate in the growth of these companies in their nascent stages.

SINGAPORE, May 21, 2024 – (ACN Newswire) – Alta Alternative Investments Pte. Ltd. (Alta), Asia’s leading digital securities exchange for alternative assets, announces its strategic partnership with Singapore-headquartered investment firm focused on decarbonisation as its mandate, TRIREC. The partnership will enable Alta to provide its global community of investors access to the TRIREC Venture II (TVII) fund via its platform and unlock opportunities in impact investing.

The TVII fund aims to invest in portfolio companies that will play a significant role in positively impacting climate change. With a global investment mandate and a focus on APAC, the fund looks to invest in 15 to 18 early-stage portfolio companies. Through TVII, investors can access decarbonisation investments in energy, industries, mobility, building, and food & agriculture verticals, capitalising on the growing demand and substantial global government policy support.

“In recent years, the investment landscape has witnessed a significant shift towards impact investing with the global impact investment market estimated to hit US$4.5 trillion by the end of 2030. At Alta, we endeavour to bring such unique opportunities in alternative investments and private companies that deliver both potentially stellar investment returns, as well as tangible environmental impact. The partnership with TRIREC, the leading global decarbonisation fund, and the introduction of TVII on our platform will look to help investors deploy capital conscientiously while ensuring that their investments can truly create meaningful and lasting change for future generations,” said Benjamin Twoon, Co-founder & Chief Commercial Officer, Alta.

As the world grapples with ever-pressing issues of climate change, impact investing has only become more urgent, picking up momentum in recent years. In Singapore, the Monetary Authority of Singapore launched the Finance for Net Zero Action Plan in 2023 to set out strategies to mobilise financing to catalyse Asia’s net zero transition and decarbonization activities in Singapore and the region.

Melvyn Yeo, Managing Partner of TRIREC added, “We are extremely pleased to partner with Alta in our third decarbonisation-focused fund, TVII. Since 2015, TRIREC has seen over 3,000 deals from both inbound and outbound channels, and we have been extremely selective with the firms we invest in. We are witnessing investor interest in emerging areas of growth and innovation in climate tech and are looking forward to tapping into Alta’s extensive network of global investors. This will enable us to extend the opportunities to invest in high-growth companies that are redefining how humanity tackles decarbonisation.”

TRIREC has successfully managed two funds and invested in over 20 decarbonisation companies, three of which have reached unicorn status. Importantly, TRIREC has also achieved successful exits for 3 of its portfolio companies previously. TVII is TRIREC’s third fund, further solidifying its position as one of the most established decarbonisation investment platforms globally.

TVII was launched in late 2023 and has made its first three investments in the following companies:

Immaterial – UK-based company focused on developing novel nanoporous materials and systems for carbon capture and hydrogen storage at ultra-low cost and highest efficiencies.
Fiutur – US-based start-up spun out of Xpansiv, a marketplace for environmental commodities, focused on developing an end-to-end financial data platform that enables a universal tracking system for all environmental commodities and a centralised tracking platform across the ESG asset lifecycle.
Type-1 Energy – US-based start-up harnessing advanced manufacturing methods, modern computational physics and innovations in high-temperature superconductors to develop stellarator systems.

About Alta

We’re Building the Future of Capital Markets
As Asia’s leading licensed digital securities exchange for alternative investments, we believe that access to capital markets are pivotal in all economies and recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Empowering Private Markets
Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets.

Innovative Financial Ecosystem
Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities (ABS) (representing Real World Assets (“RWA”) like whiskies and wines) to include fund management and digital custody services.

Established in 2016 and headquartered in Singapore, Alta operates offices globally and is the only integrated securities exchange, brokerage, and fund management group in Southeast Asia. Visit us on https://alta.exchange/

About TRIREC

Founded in 2015, TRIREC is a Singapore-headquartered SFDR Article 8 certified global venture capital investment firm. The mission is to drive decarbonisation focused investments for a more sustainable future. Having been pioneers and experienced managers in decarbonization, we have witnessed the progression of climate technology from its infancy to its current state of advancement.

TRIREC benefits from its robust ecosystem, fostering substantial deal flow by collaborating with global stakeholders. We invest in companies focused on decarbonisation solutions that actively contribute to the reduction and removal of greenhouse gas emissions. Our portfolio companies span across five decarbonisation verticals: Food and Agriculture, Mobility, Buildings, Industries and Energy. TRIREC will continue to capitalise on its deep and wide roots in Asia, to serve as a natural bridge between the East and West. Find out more about TRIREC’s portfolio and purpose: https://www.trirec.co/

For media inquiries, please contact:
PRecious Communications for Alta
alta@preciouscomms.com