Fintech PR

Growth for Growth: utu Expansion to Harness Booming Middle East Travel

Published

1 year ago

June 29, 2023

Travel-tech company raises US$33 Million, Acquires SC Ventures-Incubated CardsPal to Bring More Value to Travellers

DUBAI, UAE, June 29, 2023 /PRNewswire/ — utu, a travel technology company transforming the customer experience in tax-free shopping, has closed a deal of US$33 million in combined transaction value. The deal, comprising of an acquisition and a funding round, consists of both a portion of new funding, with SC Ventures participating, and the roll-over of earlier funding from Singapore-based investors, marking a major milestone in scaling up the brand’s endeavours to transform tax-free shopping experiences worldwide. Using the Covid hiatus to establish key partnerships with global airlines such as Emirates, Etihad Airways and Qatar Airways, along with hotel chains and retail brands, utu will use the funds to further expand rewards opportunities for tax-free shopping.

In May 2023, the UN World Tourism Organisation published data showing that the Middle East was the first region in the world to reach and exceed pre-pandemic travel levels during Q1 of 2023, surpassing 2019 figures by 15%. With growth of internal resources to meet this external growth in the region and beyond, utu, co-founded by travel retail and VAT refund veteran Asad Jumabhoy, is poised to disrupt the travel shopping industry by re-engineering the tax refund process, reaching more travellers.

Re-engineering tax-free shopping with Middle East rewards partners

Rather than competing with existing players, utu collaborates with refund and travel industry partners, enhancing refund value through innovative B2B and B2C solutions. With a reengineered approach that links payments, rewards, and shopping, utu introduces new value for tourist shoppers, retailers, VAT refund operators and the entire tax-free shopping value chain.

In the Middle East, this value chain extends to major airlines, specifically their frequent flyer programs. With Emirates Skywards, Etihad Guest, and the Qatar Airways Privilege Club as rewards partners, utu allows users to earn miles with VAT refunds with increased value and to choose among several top regional carriers’ rewards programs. It also partners with Accor, Europe’s largest hospitality brand.

Asad Jumabhoy, co-founder and CEO of utu, commented: “The cross-border travel market is ripe for a technology-driven transformation, with tax-free shopping presenting vast untapped potential. By enhancing the value of VAT and GST refunds for travellers, we’ve reimagined the cross-border retail experience and devised a technology-based business model unlocking previously inaccessible value. This strategy benefits all stakeholders while also enabling governments to compliantly recycle VAT refunds within their borders.”

In re-engineering the refund process, utu offers users two primary value-centric benefits when they opt to receive tax refunds via their utu Tax Free Card. Firstly, travellers can gain up to 40% more value by opting for frequent flyer miles or hotel points over cash refunds. Secondly, utu can issue an immediate store voucher equivalent to up to 120% of the VAT or GST paid during overseas shopping.

Accelerating availability of utu worldwide

The CardsPal acquisition equips utu with a digital marketplace, a unique promotions engine, a self-service merchant registration portal, and more. This technology will expedite utu’s rollout in major tax-free shopping markets like the UAE alongside some 50 countries offering VAT and GST refunds. Additionally, utu is developing plans to integrate CardsPal’s hyper-localised retail experience into an improved pay-with-points offer more value.

Gautam Jain, Member, at SC Ventures said: “CardsPal is a great example of why we at SC Ventures believe in the power of innovation and support our employees to have transformational impact. Through SC Ventures’ Intrapreneurship Program, CardsPal grew to become a substantial business with award winning UX. We look forward to utu’s continued success scaling its products across the globe using CardsPal’s technology.”

About utu

utu is a travel technology company on a mission to enrich the tax-free shopping experience. Leveraging over 27 years of sector expertise, co-founders Asad and Ameer Jumabhoy sought to create a platform that firmly positions tourists at the heart of the international shopping experience. By making use of innovative cross-border rewards technology, utu is able to reward travellers for every tax-free shopping transaction across 50 countries and with any VAT Refund Operator (VRO). utu is changing the world of tax-free shopping, transforming a once administrative process into a more rewarding experience for everyone involved – brands, VROs and tourists.

SC Ventures

SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models.

For more information, please visit www.scventures.io and follow SC Ventures on LinkedIn.

View original content:https://www.prnewswire.co.uk/news-releases/growth-for-growth-utu-expansion-to-harness-booming-middle-east-travel-301866002.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

2 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

3 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

18 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.

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