Fintech PR

Upgrade Ecommerce Trust to next level by Blockchain and InsurTech

Published

5 years ago

May 28, 2019

Newsfile

Reading Time: 3 minutes

Hong Kong Federation of E-Commerce (HKFEC) reached a strategic cooperation agreement with Dowsure Technologies Co., Ltd. (Dowsure) to integrate blockchain technology and consumer insurance to Hong Kong Trust Mark, and to build a trustworthy cross-border e-commerce environment for Hong Kong retailers, at the conference held at Trade & Industry Department (TID)’s Support and Consultation Centre for SMEs today.

Hong Kong Trust Mark was launched by the Federation in 2016 to tackle disputes raised on IP rights, integrity, trust over marketplaces, and to strengthen confidence level for all people shop online with Hong Kong merchants. The trust mark scheme was launched to provide guidance and assistance for Hong Kong online merchants over domestic and cross-border trade. In 2019, there are over 1,000 online merchants using Hong Kong Trustmark to provide a product guarantee to consumers. To further enhance the scheme and provide immediate protection to consumer, HKFEC has formed a strategic partnership with Dowsure Technologies to provide insurance service by well-known insurance companies such as, China Insurance, PICC, CPIC…etc., over Blockchain technology to further protect consumers and sellers from unnecessary loss or damage occurred in every online transaction.

Mr. Joseph Yuen, Chairman of HKFEC said, “We are excited to work with Dowsure to enhance Hong Kong Trust Mark to the next level. Hong Kong has advantage to be a trusted FinTech and InsurTech hub over Greater Bay Area. We are glad to leverage the InsurTech solution by Dowsure for a secure blockchain insurance service for ecommerce merchants with many great insurance companies. It certainly proofs to the world again that Hong Kong has the capability to lead in a healthy digital development as a Smart City.”

Dowsure was established in 2016, as a leading insurtech company in China, is now building a secure and trustworthy insurance and services network for the global cross-border e-commerce. Dowsure creates the solution of “Protection for Global Ecommerce”, through the analysis and research on the whole cross-border e-commerce, dividing the industry into different sections to analyze the risk, probability of risk occurrence and the sustainability. Dowsure designs insurance products based on big data, uses AI technology for actuarial science, controlling risks and pricing, traces information and guarantees products quality by blockchain technology, develops the traditional insurance into “digital insurance” through insurtech and cooperate with insurance companies for product supervision. The innovative solution protects the whole process of massive, fragmented and short-term orders of cross-border e-commerce (import & export). Therefore, Dowsure’s solution solves the problems of fake product and the lack of consumers’ rights protection, lead a positive development of cross-border e-commerce.

Mr. Byron Pei, Founder and CEO of Dowsure said, “E-commerce in Hong Kongshows great prospects for development, however due to the complexity of cross-border e-commerce levels, counterfeit and shoddy goods perplex the consumers and sellers. HKFEC is very authoritative around Hong Kong e-commerce, we are very honored to work with HKFEC and to create a better and safer environment for Hong Kong cross-border e-commerce.“

China being the largest Ecommerce market in the world, both seller and consumer have big concerns in trust. In the sellers’ point of view, they have difficulties to proof themselves a valid source for genuine product with good quality. This damage the reputation and customer satisfaction, which causes some international brand hesitated to develop ecommerce in Hong Kong and China market. From the consumer perspective, No.1 concern is getting fake product online, and once that happened, they do not know who responsible for the claim. Therefore, HKFEC and Dowsure aims at protecting consumer rights and privacy, strengthening confidence level of consumer by recruiting brand retailers joining the scheme, all purchase from that particular brand will then be insured by large insurance company.

By utilizing blockchain technology, information including product origin, ordering, logistics arrangement, product receipt, complaints and claims, can be checked by sellers and consumers with a dedicated key. Sellers or consumers can insure for their transaction, if there are any problems arise, consumers are entitled to claims backed by renowned insurance companies such as China Insurance, PICC, CPIC and so on. HKFEC as an organization representing the industry, will continue to actively promote FinTech and e-commerce in the digital economy. The scheme will first launch for local and cross-border e-commerce players in Hong Kong, Macau and mainland, and gradually expand to other regions.

SOURCE Hong Kong Federation of E-Commerce

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

12 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html

Fintech PR

China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

13 hours ago

November 23, 2024

CISION (PR Newswire)

china-telecom-gulf-officially-launches-in-saudi-arabia-for-business

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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View original content:https://www.prnewswire.co.uk/news-releases/china-telecom-gulf-officially-launches-in-saudi-arabia-for-business-302314765.html

Fintech PR

Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

1 day ago

November 23, 2024

CISION (PR Newswire)

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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