Fintech PR
UnionPay International Pledges Support for Stronger Financial Cooperation Between Shanghai and Singapore
Global payment network, UnionPay International (UPI), has pledged its support for stronger financial cooperation between Shanghai and Singapore at the 12th Lujiazui Forum 2020, a major financial summit held in Shanghai, China on 18 and 19 June. At the event, Cai Jianbo, Chairman of UnionPay International, outlined three key areas for the company to play a bigger role in facilitating intercity cooperation. This includes the acceleration of digital payment adoption in Singapore to realise the country’s Smart Nation vision, improvements to cross-border payment infrastructure to facilitate payment between Shanghai and Singapore, and expediting trade flows and exchanges between residents and corporates in both cities. His remarks echoed the sentiments of many industry experts in China and Singapore, and have been covered widely by mainstream media in China.
Following the establishment of the Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) and the signing of a Memorandum of Understanding (MoU) to deepen third-party market cooperation between Singapore’s Ministry of Trade and Industry (MTI) and the People’s Republic of China’s National Development and Reform Commission (NDRC) in April 2019, representatives from both cities have been working together to explore new collaborations as part of China’s Belt and Road Initiative. As one of the fastest-growing international payment networks with a growing presence in Singapore since 2004, UnionPay is well-placed to play a key role to strengthen intercity cooperation in the financial services arena and Cai said the company is committed to doing more. The company’s efforts will also play a part in enhancing ties between both cities.
Accelerating Digital Payment Adoption to Realise Singapore’s Smart Nation Vision
To realise Singapore’s Smart Nation vision, UPI has been working on a series of initiatives to accelerate digital payment adoption in the country. This includes participation in the SGQR roll-out to promote the use of digital payments in the heartlands and at hawker centres islandwide, partnerships with local payment providers such as NETS to enhance digital payment infrastructure, and the introduction of e-wallets through NETSPay and HuaweiPay to provide local consumers with a greater variety of mobile payment options.
Two months ago, UnionPay, Huawei and Industrial and Commercial Bank of China (ICBC) launched Huawei Pay in Singapore. Today, Huawei and Honor device users in Singapore can register their ICBC UnionPay credit cards with Huawei Pay and use it to make payment at over 20 million UnionPay mobile contactless acceptance points in 49 countries and regions.
To support the growing demand for e-commerce today, UnionPay has expanded its online acceptance network to merchants such as iShopChangi, Zalora, foodpanda, Qoo10, iHerb, Steam, and introduced a new way to pay with UnionPay Online Merchant QR Code Payment on welovesupermom.com. With this new payment method, consumers who do not hold a UnionPay card can also use their NETSPay app to pay for their online purchases at welovesupermom.com with a quick scan of the UnionPay QR Code.
Improving Cross-Border Payment Infrastructure to Facilitate Payments
To facilitate cross-border payments between Shanghai and Singapore, UPI has been expanding its acceptance network in Singapore to better serve the payment needs of tourists from China and other parts of Southeast Asia. With 90 percent of merchants in Singapore now accepting payment via UnionPay, more merchants will be able to benefit from the overseas tourist market upon resumption of international travel in future.
For Singaporeans who travel overseas, UPI has been working with local payment partners such as NETS to enable cross-border mobile payment at UnionPay QR merchants in 33 countries and regions through NETSPay. At the same time, UPI is partnering with other Southeast Asian payment providers to enable greater interconnection of payment facilities between countries in the region to support the collective move towards a cashless society.
Expediting Trade Flows and Exchanges Between Residents and Corporates
To expedite exchanges between residents and corporates in both cities, UnionPay partnered Singapore fintech firm Aleta Planet and leading remittance company Zhongguo Remittance, to launch Aleta China Express (ACE). As an online remittance service that offers consumers and corporates a faster and safer way to remit money to China, ACE is powered by Aleta Planet’s proprietary technology built on UnionPay’s global platform.
Fintech PR
The Adecco Group: Q3 2024 RESULTS
Robust performance in challenging markets; volumes stabilising
ZURICH, Nov. 5, 2024 /PRNewswire/ —
- Revenues -5% yoy organic TDA, -3% yoy organic, a solid result given market conditions, high comparison base; volumes stabilising
- By GBU, Adecco -5%, with good results across Asia, Iberia, EEMENA, LatAm outweighed by challenging markets, particularly in France, US; Akkodis -5%, with Consulting +2%; LHH -7%, with Recruitment Solutions stable qoq
- Resilient 19.4% gross margin, sequentially flat, reflecting lower volumes, current business mix, firm pricing
- SG&A expenses improved to €925 million, -5% yoy, with G&A -10% yoy and at 3.2% of revenues
- Robust 3.3% EBITA margin, reflecting strong G&A savings, selective protection of sales and delivery capacity
- Operating income €162 million; Net income €99 million; Basic EPS €0.59; Adjusted EPS €0.68
- Operating cash flow +€121 million, weighed by timing differences; Free cash flow +€117 million YTD, higher yoy
- Continued delivery of Simplify-Execute-Grow agenda:
- G&A savings run-rate end-24 lifted to €171 million
- Reprioritised IT/digital plan: accelerating AI adoption, expanding Global Delivery to improve fill rates, time-to-fill
- Strong track record of market share gains; relative revenue growth, reported, +850 bps since introduction of Simplify-Execute-Grow (Q3 22), and +290 bps YTD
Denis Machuel, Adecco Group CEO, commented:
“We continue to successfully deliver on our Simplify, Execute, Grow plan and third quarter performance was robust, against a high comparison base. The macroeconomic environment remains challenging, but I am encouraged to see that volume trends have stabilised.
We made further G&A savings in the quarter, allowing us to lift the year-end run-rate. We have reprioritised our IT/digital plans to accelerate AI adoption, and to expand Global Delivery to our top 25 customers. This will boost recruiter productivity and improve fill rates and time-to-fill, supporting profitable growth. We remain focused on capturing market share, building on strong progress over the last two years, and have positioned resources to capture growth opportunities as the market recovers.”
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Fintech PR
DAMAC International Expands Presence in APAC with New Office in Hong Kong
Strategic launch to cater to the growing demand for luxury real estate across Asia-Pacific
HONG KONG, Nov. 5, 2024 /PRNewswire/ — DAMAC International, a global leader in luxury real estate, has officially opened its new office in Hong Kong, marking its third office in the Asia-Pacific (APAC) region. This expansion is part of DAMAC’s broader vision to strengthen its presence in one of the world’s fastest-growing regions, renowned for its rapid investment growth. The Hong Kong office is a strategic gateway to the APAC market. It allows DAMAC to better serve its expanding clientele by offering direct access to its prestigious properties in Dubai and other international locations, such as London and Miami.
The Hong Kong office will provide investors across the region access to personalised services, offering exclusive insights into DAMAC’s luxury residential towers, branded residences, and lifestyle communities. As demand from the APAC region continues to rise, DAMAC is poised to offer high-end real estate investment opportunities that cater to the needs of discerning clients.
Talking about the opening, Abbas Sajwani, Board Member, DAMAC International, stated: “This is yet another milestone in our expansion into the APAC region. The new office will allow us to be closer to our clientele. It is a testament to our belief in the region’s potential and commitment to providing top-tier investment opportunities in luxury development.”
By establishing this new office, DAMAC continues positioning itself as a leading player in the global real estate market. It further strengthens its ability to connect with clients to provide unparalleled luxury investment opportunities for long-term value.
About DAMAC International
DAMAC International has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region and internationally, including in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the United States, as well as the United Kingdom.
Since then, the company has delivered more than 47,000 homes with over 40,000 more in diverse planning and development phases. Joining forces with some of the world’s most eminent fashion and lifestyle brands to create tremendous living experiences, such as with Versace, Roberto Cavalli, or de GRISOGONO. With a consistent vision and momentum, DAMAC is building the next generation of luxury living across the globe.
Live the Luxury.
Visit us at www.damacgroup.com
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Fintech PR
GTN and SBI Group collaborate to launch “SBI Saudi Arabia Equity Exchange Traded Fund (ETF)”
The launch marks the first ETF dedicated to investing in the Saudi Arabian stock market listed on the Tokyo Stock Exchange.
DUBAI, UAE, Nov. 4, 2024 /PRNewswire/ — GTN and SBI Holdings announced on October 30 at FII 8th Edition 2024 in Riyadh the launch of the “SBI Saudi Arabia Equity Exchange Traded Fund (ETF)”- a groundbreaking ETF dedicated to investing in the Saudi Arabian stock market and listed on the Tokyo Stock Exchange. This fund marks a significant milestone as it represents the first ETF focusing exclusively on Saudi equities to be accessible to Japanese investors.
The collaboration between GTN and SBI Group stems from a Memorandum of Understanding (MOU) signed in May 2024 in Tokyo at the Saudi Japan Vision 2030 Event in the presence of H.E. Eng. Khalid bin Abdulaziz Al-Falih, the Minister of Investment.
Inspired by Vision 2030, the ETF is expected to reflect the performance of the Saudi market and attract Japanese investors due to Saudi Arabia’s significant economic transformation, sustainable growth, and advanced financial infrastructure. The ETF will be managed to achieve investment results linked to the “MSCI Saudi Arabia Index (yen equivalent basis)”. SBI Asset Management received the regulator’s approval, and the ETF was successfully listed on the Tokyo Stock Exchange on October 31, 2024.
As per the MOU signed between the parties, SBI Asset Management will be responsible for creating, managing and promoting the ETF in Japan, while GTN will provide research, execution, clearing and settlement services to the ETF.
SBI Group is a strategic investor of GTN and a key partner in GTN’s expansion plans in Asia.
The Chairman of GTN and its mother company NTG, Mohammed Rashid Al Ballaa said: “We are excited about the collaboration between SBI Group and GTN to launch the first-ever Saudi-focused ETF in Japan. SBI Group has access to over 10 million customers and is ideally suited to promote an ETF linked to the Saudi market in Japan. This milestone was achieved thanks to Mr. Yoshitaka Kitao, the visionary leader and founder of SBI Group.” “The ongoing support of the Saudi Stock Exchange and the Ministry of Investment in Saudi Arabia were also essential success factors in reaching this milestone,” said Mr. Al Ballaa.
At the FII conference in Riyadh, Mr. Yoshitaka Kitao said: “I am excited to be in the Kingdom and see the development that has taken place over the past few years. I am also excited to see the unfolding of the Vision 2030. I am confident that the Saudi Arabia ETF will provide Japanese investors the opportunity to participate and be part of the growth journey of Saudi Arabia.”
About GTN
GTN is a fintech pioneer with decades of success, holding broker-dealer and capital markets services licenses in multiple jurisdictions through subsidiaries. We are committed to empowering brokers, banks, asset managers, and fintechs with scalable and innovative investment and trading solutions that enable access to a comprehensive network of global markets and multiple asset classes, making investment and trading accessible to all.
GTN brings together a diverse team of over 500 talented individuals spread across Brazil, Hong Kong, Saudi Arabia, Singapore, South Africa, Sri Lanka, the UAE, the UK, and the US, united by a shared passion and purpose: empowering clients and transforming the accessibility to investment and trading opportunities for all.
GTN is backed by strategic investors IFC, a member of the World Bank Group, and SBI Group, one of the largest financial services firms listed on the Tokyo Stock Exchange. To learn more, visit www.gtngroup.com or follow us on LinkedIn.
About SBI Group
Over 25 years of successful track record, SBI Group has become one of the largest FinTech companies in Japan. Listed on the Tokyo Stock Exchange, the SBI Group has over 19,000 employees and 685 group companies. SBI Group’s main businesses are financial services, asset management, investment business, Crypto-assets and Next Gen businesses such as biotechnology, healthcare and Web3.
SBI Group companies include SBI Securities, Japan’s number one online securities company, SBI Sumishin Net Bank, Japan’s largest internet bank in terms of deposit amount, and a variety of other financial companies.
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