Southeast Asia is an important node in the “trinity” overseas strategy of 9F Group. The group uses digital technologies as a bridgehead to help local banks and enterprises on digital transformations and other challenging situations. They are also building blocks to the “Belt and Road” initiative and “Community of Human Destiny” idea.
Continued investment in Indonesian fintech company Investree and “License-First” to expand digital financial inclusion
The number and amount of VC investments in Southeast Asia markets are decreasing, the developments of the economy and innovation ecosystem have been considerably hampered.
But there are some stars that buck the trend. Among these stars, Indonesian P2P firm Investree has just secured $23.5 million as the first tranche of its Series C funding round. 9F Group together with Japan’s SBI Holdings, as existing investors, also participated in this Series C round. The funding will be used to accelerate Investree’s business in Indonesia, Thailand and the Philippines to support SMEs in the region and to strengthen its working capital.
Investree is based in Indonesia but has grown its regional footprint in Thailand and the Philippines. Investree’s mission as marketplace is to use technology and data to provide small businesses with access to working capital solutions from retail and institutional lenders. It is fully licensed by Financial Services Authority of Indonesia (OJK) for both conventional and Shariah businesses. The additional investment in Investree demonstrates 9F Group’s confidence and commitment to Indonesian as well as Southeast Asian markets.
Technology enables digital transformation of Cambodia Chief Bank and enhances inclusive finance
Regarding traditional financial institutions in Southeast Asia, 9F Group also continues to deep dive to identify high-quality partners for technology enabling. Recently 9F reached a strategic cooperation with the Chief (Cambodia) Commercial Bank PLC. The two will jointly launch online micro loan services to provide local people with simpler and more convenient digital financial inclusion services amid the pandemic.
Chief (Cambodia) Commercial Bank PLC. was founded by the founder of the Hong Kong Chief Group. The headquarters are located in Phnom Penh, the capital of Cambodia. In 2018, it became a fully licensed local bank. 9F Group will provide Chief Bank with customized digital financial solutions including a front-end mobile app, full-process online lending system, credit review system and other modules to help improve the level of digital financial infrastructure and drive digital transformation of Chief Bank.
Empowering leading jewelry retailer in Thailand with digitalization and building brand trust value proposition thru blockchain technology
In the midst of the COVID–19, many Southeast Asian countries are imposing stricter border control and social distancing while retailers, entertainment, and department stores are among the most being impacted. Official sources from Thailand and Vietnam have claimed that hotel and restaurants were seeing drastic drop of over 26%, while tourism and related services had slipped over 10%, pulling down the overall retail sales by 0.3% in March.
Looking into the Chinese market, online consumption had been a major contribution to stabilizing the overall economy. 9F Group has applied our expertise in the “Chinese model” to our client in Thailand. Being a leading jewelry retailer in Thailand, our client is fully utilizing our turn-key solution to assist in their digitalization and image rebranding strategy. 9F has not only provided a digital wallet that helps our client to tap into the new age and audience of the digital economy but also built a trust platform of e-certificate based on the blockchain technology. The blockchain-based e-certificate contains information such as origin data, logistic data, and transaction data. The traceability and immutability characters of the blockchain technology will also in turn strengthen their brand image by providing credibility on their products.
High-end talents join to further strengthen Southeast Asian market footholds
9F Inc. (NASDAQ: JFU) listed in August 2018 released its quarterly financial report of Q3 2019 with net income reached USD1.705 billion. Besides cooperation with 25 licensed financial institutions, the group also engaged in collaborations in the technology field with well-known tech giants such as Alibaba Cloud and Huawei Cloud. In addition, 9F Group is actively recruiting local talents and incubating innovations in Southeast Asia. Recently, Wilfred Yong, Executive Director of SilverLake Innovation in Malaysia, was attracted by the Group’s digital technology advantages and ideas. He formally joined 9F Group and served as the Managing Director, Southeast Asia of 9F International. Awarded “2015 Top Ten Outstanding Young Chinese Overseas Chinese in Guangdong“, a Malaysian entrepreneur, senior lawyer and MBA, Wilfred Yong’s joining will help 9F Group to expand overseas markets and add significance in the group’s composition at Southeast Asia. It will effectively enhance the group’s digital financial inclusion ecosystem and accelerate the digital transformation progress of Southeast Asian financial institutions and enterprises.
According to China’s experience, under the COVID–19 pandemic, both financial and retail businesses have been forced to transformed digitally: online business has gradually become mainstream; financial technologies have been widely used; and Internet+ industries have developed rapidly. 9F Group has always been rooted in China’s values and responsibilities: in the face of the war with COVID–19, it will proactively utilize its own digital technologies to help pandemic preventions and controls. By upholding the concept of “Community of Human Destiny”, 9F Group stands and fights with the international community in the battle against COVID-19.
SOURCE 9F Inc.
67% of larger hospitality operators are unhappy with their current tech stack: insights unveiled in new research report from Vita Mojo
New research from Vita Mojo and KAM reveals the shortcomings of modern restaurant tech, with over half of operators reporting inefficiencies are stopping them achieving business goals.
LONDON, Sept. 22, 2023 /PRNewswire/ — Vita Mojo, the hospitality tech specialist, has launched a new research report into the impact of technology on the hospitality industry, shining a light on how operators feel about their current tech stack.
Commissioned by Vita Mojo and conducted by specialist hospitality market research agency KAM, the survey asked 81 executives from the leading quick-service restaurant (QSR) and coffee chain brands about their experiences with restaurant technology.
The resulting report – Hospitality Tech 2024: Bridging the efficiency and profitability gap – indicates that certain technologies are holding the industry back.
The survey results show that the hospitality sector is facing a number of challenges:
- A disconnect between efficiency and growth
56% of operators say that not having enough time is a significant barrier to achieving their business goals, but only 28% report fixing inefficiencies is a focus area for the business.
- Frustrations with the complexity of technology
44% of operators don’t think they have the in-house skills to make the most out of their tech solutions, and 31% believe that too much training is needed to use digital solutions properly.
- Missing out on data-driven decision-making
Two in three businesses are frustrated that they are not making the most of the data they collect through their tech solutions. Nearly 40% find it hard to use data because it’s split across siloed platforms.
- Technical support is failing to deliver
Just one in four are very satisfied with the support or advice they receive from their providers.
“When tech works well, your restaurant works well,” says Vita Mojo’s co-founder and CEO, Nick Popovici. “But when it goes wrong – which is often – running a restaurant becomes an uphill struggle. By combining multiple point solutions from a range of different suppliers, the modern Point of Sale (POS) restaurant tech stack used by so many restaurants and chains has become a serious barrier to growth and success.”
“The results of this survey prove that the POS-centric model isn’t working for restaurants. From wasting time updating menus across multiple systems to spending countless hours updating pricing and site information, there are just too many ways in which restaurant tech isn’t making the grade.”
Along with insights from the survey results, Vita Mojo’s report includes real-life examples of exactly how restaurant brands are managing to overcome these tech challenges and fix inefficiencies, which has allowed them to operate and grow with new confidence.
About Vita Mojo
Vita Mojo transforms chaos into confidence for hospitality operators worldwide. Founded in 2016, Vita Mojo started life as the UK’s first cashless, digital-only restaurant, but it soon became clear the entire hospitality industry could benefit from its end-to-end, flexible Order Management System.
Today, Vita Mojo empowers over 130 brands across five countries (including LEON, YO!, tossed and GAIL’s Bakery) to streamline order management, improve guest relationships, seamlessly expand across channels, and grow their business.
For more information visit www.vitamojo.com
View original content:https://www.prnewswire.co.uk/news-releases/67-of-larger-hospitality-operators-are-unhappy-with-their-current-tech-stack-insights-unveiled-in-new-research-report-from-vita-mojo-301936223.html
Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
President Nana Akufo-Addo unveils country’s roadmap for green growth and decarbonizing key economic sectors developed by Government of Ghana and SEforALL
NEW YORK, Sept. 22, 2023 /PRNewswire/ — His Excellency Nana Akufo-Addo, President of the Republic of Ghana, launched the country’s new Energy Transition and Investment Plan yesterday during a Global Africa Business Initiative event in New York.
The plan marks Ghana’s commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.
Ghana’s government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a USD 550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, it would generate 400,000 net jobs within Ghana’s economy.
The country’s existing Energy Transition Framework previously set a target of net zero by 2070, but this new plan shows Ghana has increased its ambition and is targeting net zero by 2060.
Various sectoral changes and technologies are proposed in the plan. Four main decarbonization technologies – renewables, low-carbon hydrogen, battery electric vehicles and clean cookstoves – would cover over 90 percent of the targeted abatement by 2060.
Without pursuing the plan, under a business-as-usual scenario, Ghana’s emissions are expected to rise from 28 Mt CO2e in 2021 to over 140 Mt in 2050, with the bulk of emissions growth coming from transport, driven by population growth, GDP per capita growth, and vehicle ownership.
By implementing this plan, Ghana and its partners can instead bring the country’s energy-sector-related carbon emissions to net zero, while demonstrating that action against climate change does not need to come at the expense of economic development.
The Energy Transition and Investment Plan was developed by the Government of Ghana with technical support from Sustainable Energy for All (SEforALL).
“This pioneering Energy Transition and Investment Plan maps out Ghana’s journey to achieve net-zero emissions by 2060 based on the latest data and evidence, ensuring that as our economy thrives, it does so in harmony with the environment. This plan is a testament to our dedication to fostering green industries, nurturing the evolution of cutting-edge low-carbon technologies, and propelling our nation towards a sustainable industrial revolution while giving equal growth opportunities to men and women.”
-His Excellency Nana Akufo-Addo, President of the Republic of Ghana
“Ghana’s commitment to a just and equitable energy transition has translated to an ambitious plan that builds a case for low-carbon and energy-efficient solutions across Ghana’s entire energy system. These solutions present a tremendous opportunity for partners and investors from around the world to contribute to climate action and sustainable development in Ghana.”
–Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy
View original content:https://www.prnewswire.co.uk/news-releases/ghana-launches-usd-550-billion-energy-transition-and-investment-plan-for-achieving-net-zero-emissions-creating-400-000-jobs-by-2060–301936200.html
World Investment Forum to incentivize global investment in sustainable development
ABU DHABI, UAE, Sept. 22, 2023 /PRNewswire/ — Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries.
The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences.
Over 7,000 investment stakeholders from 160 countries will be participating in the 8th edition of WIF at the Abu Dhabi National Exhibition Centre (ADNEC).
The UAE hosting WIF this year coincides with the country’s declaration of the year 2023 as the “Year of Sustainability,” which will encourage nationwide commitment to sustainable practices and innovative solutions to help address environmental issues on a global scale.
His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, reaffirmed the country’s dedication to sustainability, saying that “the UAE is committed to playing a leading role in the global transition to a more sustainable future. We believe that WIF 2023 will provide a unique platform for international leaders to come together to mobilize the necessary investments to make this transition a reality.”
His Excellency Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED) said: “Hosting WIF 2023 reflects Abu Dhabi’s approach and commitment to sustainable socio-economic development, which is based on strong beliefs and a long history of the wise use of resources. We will be working closely with all partners to ensure that the Forum’s conversations generate innovative ideas and solutions to create a more sustainable future for all.”
Some of the sustainability sessions include “Delivering Public Sector Investment for Sustainable Development” in partnership with ACCA; “Alignment of Investment in Sustainable Infrastructure with the Paris Agreement” with Middlesex University Dubai; and “Accelerating Green Investments in Tourism for Sustainable Development” with the United Nations World Tourism Organization (UNWTO).
- 67% of larger hospitality operators are unhappy with their current tech stack: insights unveiled in new research report from Vita Mojo
- Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
- World Investment Forum to incentivize global investment in sustainable development
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