Fintech PR

The BRICS Wealth Report: Challenging the Global Economic Order

Published

10 months ago

January 30, 2024

LONDON, Jan. 30, 2024 /PRNewswire/ — The total investable wealth currently held in the BRICS bloc amounts to USD 45 trillion and its millionaire population is expected to rise by 85% over the next 10 years, according to the inaugural BRICS Wealth Report, published by international investment migration advisory firm Henley & Partners. There are currently 1.6 million individuals with investable assets of over USD 1 million in the grouping of the world’s leading emerging economies, including 4,716 centi-millionaires or ‘centis’ and 549 billionaires.

The original BRICS cohort comprising Brazil, Russia, India, China, and South Africa added substantial new financial firepower and geopolitical clout with the inclusion this month of new MENA members Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. The BRICS bloc now represents more than 45% of the world’s population and accounts for a larger share (nearly 36%) of global GDP than G7 countries (30%) when adjusting for purchasing power parity (PPP).

CEO of Henley & Partners, Dr. Juerg Steffen, says an expanded BRICS presents attractive new opportunities for investors and entrepreneurs worldwide. “The inclusion of MENA countries is not just a political realignment but a recognition of their growing economic stature, offering access to fast-growing consumer markets, strategic geographic positioning, and unique cultural and business environments.”

Wealth growth trends

The new report reveals that in the last decade, private wealth grew by a remarkable 92% in China, which is now home to 862,400 millionaires, including 2,352 centis and 305 billionaires. India follows in 2^nd place in the BRICS HNWI ranking, with 326,400 millionaires, including over 1,000 centis and 120 billionaires, and wealth growth soaring by 85% over the past 10 years. The UAE’s millionaire population has also shot up since 2013, by 77%, and is now home to 116,500 millionaires, including over 300 centis. The past decade has also seen robust private wealth growth in Saudi Arabia and Ethiopia, with their millionaire populations rising by 35% and 30%, respectively.

Leading personal finance and investment expert Jeff D. Opdyke says “economically, non-Western nations — with BRICS at the vanguard — are pushing the globe into a new reality: An emerging economic, social, and monetary status quo that is upending what the world has accepted as normal for nearly eight decades.”

Looking to the decade ahead, India leads the BRICS pack with a forecast 110% increase in wealth per capita by 2033. Saudi Arabia is runner up with its wealth per capita expected to expand by over 105% in the next 10 years, followed closely by the UAE on 95%, China (85%), Ethiopia (75%), South Africa (60%), and Egypt (55%).

Wealthiest cities

China lays claim to five of the Top 10 wealthiest cities in BRICS, with capital Beijing securing top honors with 125,600 millionaires, including 347 centis and 42 billionaires. Hot on its heels in 2^nd place is Shanghai (123,400 millionaires), with Shenzhen (5^th with 50,300), Hangzhou (6^th with 31,600), and Guangzhou (9^th with 24,500) also making the Top 10.

The UAE and India each have two cities in the Top 10. Dubai is in 3^rd place with 72,500 resident millionaires (including 212 centis and 15 billionaires), and Abu Dhabi sits in 10^th place with 22,700 HNWIs (68 centis and 5 billionaires). Mumbai, India’s de-facto financial center, is 4^th with 58,800 millionaires (236 centis and 29 billionaires) and national capital Delhi ranks 7^th (home to 31,000 millionaires, including 123 centis and 16 billionaires) ahead of Moscow in 8^th place (30,300 millionaires, with 207 centis and 23 billionaires).

The Russian Federation’s capital is the only Top 10 city with a declining millionaire population over the past decade. Moscow saw a 24% drop in HNWIs while the rest of the wealthiest cities in BRICS have all enjoyed significant private wealth growth of between 75% (Abu Dhabi) and — in the case of Shenzhen — an astonishing 140% more millionaires than in 2013.

Head of Research at New World Wealth, Andrew Amoils, says five BRICS cities to watch are Bengaluru, Cape Town, Jeddah, Riyadh and Sharjah, as all are expected to experience particularly strong (80%+) wealth growth over the coming decade.

Read the Full Press Release

View original content:https://www.prnewswire.co.uk/news-releases/the-brics-wealth-report-challenging-the-global-economic-order-302045639.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

4 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.

Photo – https://mma.prnewswire.com/media/2557788/image.jpg
Photo – https://mma.prnewswire.com/media/2565550/Image2.jpg
Logo – https://mma.prnewswire.com/media/2449955/5026987/AIMA_Technology_Logo.jpg

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

5 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.

Photo – https://mma.prnewswire.com/media/2566044/image_5024765_40051959.jpg

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

20 hours ago

November 23, 2024

CISION (PR Newswire)

redefining-financial-frontiers:-nucleus-software-celebrates-30-years-with-synapse-2024-in-singapore

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.

Photo: https://mma.prnewswire.com/media/2565374/Synapse_2024.jpg
Logo: https://mma.prnewswire.com/media/2565373/Nucleus_Software_Logo.jpg