Fintech PR
Western Union: Nearly 2 in 5 migrants living in Canada state that without being able to send money back home their family would be in poverty
DENVER, July 11, 2023 /PRNewswire/ — New research released today by Western Union has revealed that nearly 2 in 5 (35%) migrants living in Canada believe their friends or family would be in poverty if it wasn’t for them sending regular payments back home.
The report – The Value of Remittance – looks to shed a light on the real-world impact of remittance payments, finding that 40% of migrants believe that without being able to send money, their family or friends would not be able to afford medical treatment and 32% state that members of their family would not be able to attend school or further education. Forty-six percent went on to say that without their support, their family or friends back home would not be able to afford good quality food.
The study, which surveyed migrants living in Canada, demonstrates the positive affect that remittance payments have on families around the world. The report found that 61% of migrants believe that their families’ quality of life has improved vastly due to the money that they send and 60% believe that their family and friends have more opportunities in life as a result of their remittance payments.
How is remittance being used by families of migrants living in Canada?
On average migrants were found to send 9% of their annual income as remittance. With the primary reasons being to support their families with the cost of groceries (61% of respondents), healthcare (54%) and accommodation (33%). Ninety percent of migrants were found to have sent money to family back home in the past 12 months and 43% of migrants state that being able to send money to family back home was a key factor in their decision to move to Canada.
The most common uses of remittance amongst families of migrants:
- Groceries (61%)
- Healthcare (54%)
- Accommodation (33%)
- Paying off family debt (26%)
- Education (25%)
- Transport costs (15%)
- Paying towards family childcare (12%)
- Supporting a family members business (11%)
- Paying towards family wedding costs (11%)
The pressure of providing back home
The study found that amongst rising inflation, many migrants are struggling with the pressure of providing for their families and friends back home. Over half (57%) of migrant’s state that due to the rising cost of living, they have had to work extra hours or have started another job to continue sending remittance payments and 47% say that they have had to reduce the amount of remittance that they send due to rising living costs. Over a third (34%) reported that they were concerned about the possibility of losing their job in the next 12 months and the impact this will have on their families back home.
Top 10 countries migrants living in Canada are sending money to:
- India
- Philippines
- China
- France
- Pakistan
- Vietnam
- Germany
- Italy
- Lebanon
- United States
(Source: KNOMAD/World Bank Bilateral Remittance Matrix)
This pressure is having a profound strain on the mental wellbeing of migrants living in Canada. Over two-thirds (37%) state that the responsibility of having to support their family or friends can sometimes be too much to bear and over half (53%) of migrants say that they regularly make sacrifices in their own life to ensure that they are able to continue sending money to their friends or family. Thirty-six percent also reported that they often feel lonely, suggesting many migrants are prioritising work over building their own personal relationships.
Despite this, nearly three-quarters (74%) of migrants of state that the fact that they are able to send money to their friends or family gives their life a sense of purpose and 46% of migrants say that without having moved to Canada they may not have been able to support their friends or family financially at all.
Bob Rupczynski, Chief Marketing Officer at Western Union says: “This research highlights the crucial role that remittance payments play in supporting families and communities around the world.
The money that migrants send provides an essential lifeline for their families and friends back home and at Western Union we recognise the immense impact that these payments have, providing access to basic needs, healthcare, education, and opportunities for a better life.
We are proud to help facilitate these important connections and to help power people’s pursuits all over the world. It’s our guiding mission to make finance accessible to all, so that we can all achieve financial prosperity, wherever we are.”
For more information and to read the full report please visit: https://www.westernunion.com/blog/en/ca/value-of-remittance-canada/
Note to editors:
If you choose to run this story, please provide a link back to the Western Union page: https://www.westernunion.com/blog/en/ca/value-of-remittance-canada/
Methodology
Research was conducted by 3Gem on behalf of Western Union in March 2023. The research surveyed 1,500 migrants who regularly send remittance across the following countries:
|
Country |
N= |
|
UK |
350 |
|
Italy |
300 |
|
Spain |
300 |
|
Canada |
200 |
|
Australia |
200 |
|
New Zealand |
150 |
|
Total |
1500 |
The top 10 countries for outward remittances were sourced from: KNOMAD/World Bank Bilateral Remittance Matrix 2021, December 2022: https://www.knomad.org/data/remittances
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com .
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Fintech PR
TEAM NAVER to establish a joint venture with the National Housing Company in Saudi Arabia, building additional foundations for business along with its digital twin platform
– NHC, named “the largest real estate developer in the Middle East” this year, accounts for 70% of real estate transactions in Saudi Arabia
– Leading digital transformation in the real estate sector, including smart cities, plans underway to develop a map-enabled super app for public administration with NAVER
SEONGNAM, South Korea, Nov. 18, 2024 /PRNewswire/ — TEAM NAVER is to establish a joint venture with Saudi Arabia’s National Housing Company (NHC), a state-owned company under the Ministry of Municipalities and Housing. The JV will serve as NAVER’s business unit for the Saudi Arabia region, along with NAVER Arabia (tentative name) which will oversee the company’s business in the MENA region.
TEAM NAVER and NHC signed an MOU to establish a JV at Cityscape Global 2024, held from November 11 to 14 in Riyadh, Saudi Arabia. The MOU signing ceremony was attended by key figures from both companies, including Chae Seon-ju, President of ESG and External Affairs at NAVER, Kim Yuwon, CEO of NAVER Cloud, Majed Al-Hogail, Saudi Arabian Minister of Municipalities and Housing, and Ryan Al-Aql, CSO of NHC.
The JV will operate under NAVER Arabia (tentative name), with the operation and commercialization of the digital twin platform in Saudi Arabia as its core business along with NHC. The JV will also be TEAM NAVER’s first business entity for its technology platform business in the Middle East.
NHC, a key partner of TEAM NAVER in Saudi Arabia, is a state-owned company under the Saudi Arabian Ministry of Municipalities and Housing that is responsible for 70% of real estate transactions in the country. As part of Saudi Arabia’s “Vision 2030” initiative, the company is currently focused on digital transformation such as digital innovation in the real estate sector and smart city development. Since its establishment in 2016, NHC has been in charge of over 380 projects for real estate development projects including public housing provision, and the value of its real estate portfolio is expected to exceed 60 billion USD (80 trillion KRW) as of the end of 2025. The company has also been selected as the largest real estate developer in the Gulf Cooperation Council (GCC) by the Construction Week Middle East in 2024.
TEAM NAVER and NHC will operate and commercialize the digital twin platform in Saudi Arabia through the JV, while also developing other businesses such as a public monitoring platform for urban areas and a map-enabled super app for public administration.
“TEAM NAVER’s global competitiveness in technology and business has been recognized by various ministries and organizations in Saudi Arabia, and we are excited to further discover business opportunities with different partners in the region,” said Chae Seon-ju, President of ESG and External Affairs at NAVER.
Meanwhile, from November 11 to 14 TEAM NAVER attended and exhibited its technologies in Cityscape Global 2024, a prime construction exhibition in Saudi Arabia, to further explore various business opportunities.
About NAVER
Founded in 1999, NAVER is Korea’s largest Internet company. It operates No.1 search engine in Korea ‘NAVER’, along with the e-commerce platform and various global online services such as LINE mobile messenger, Webtoon and Webnovel publishing, SNOW video camera app and ZEPETO metaverse platform.
In addition to its own offerings, NAVER is building a strong global business portfolio through partnerships with industry-leading companies, including Softbank, Poshmark, and Wattpad. NAVER recorded sales of KRW 9.6 trillion (USD 6.9 billion) in 2023. The company invests approximately 25% of its annual sales in R&D projects, pursuing innovation through continuous research and development of future technologies, such as artificial intelligence, robotics and autonomous driving technologies.
To learn more, visit www.navercorp.com/en
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Fintech PR
Setting a New Safety Benchmark for the Industry: Sungrow Achieves Success in the World’s Largest BESS Fire Test
HEFEI, China, Nov. 18, 2024 /PRNewswire/ — In June 2024, Sungrow took the bold step of deliberately combusting the 10MWh of its PowerTitan 1.0 liquid-cooled battery energy storage system (BESS), becoming the first company globally to conduct a large-scale burn test on an energy storage system. Recently, the company invested approximately 4.23 million USD[1] to perform the world’s largest and longest burn test on 20MWh of its PowerTitan 2.0 liquid-cooled BESS.
These two burn tests conducted within six months underscore Sungrow’s commitment to technological innovation, its relentless pursuit of product quality, and its unwavering dedication to ensuring the safety of both personnel and assets at energy storage plants. Meanwhile, the test represents Sungrow’s steadfast commitment to upholding the safety baseline for the energy storage industry.
The 20MWh burn test replicated a real-world power plant fire scenario, completed under the oversight of DNV (Det Norske Veritas) experts and over 100 clients, and delivered results exceeding expectations. The results were clear: there was no fire propagation during the thermal runaway incident. In contrast to conventional industry burn tests, this test was a significant upgrade in terms of combustion duration, testing conditions, and safety standards, establishing a new benchmark for safety through rigorous and extreme testing.
Challenge 1:
Withstanding Over 25 Hours of Combustion, Proving Superior System Protection Capability
Unlike common industry-standard combustion tests within 4 to 8 hours, this challenging test was designed to sustain for 3 to 6 times longer. After continuous burning within 25 hours and 43 minutes, the container structure of the thermal runaway unit remained intact, and the system could still be safely hoisted for removal. Importantly, the fire did not spread beyond the unit, demonstrating the PowerTitan 2.0’s advanced explosion venting, flame retardancy, and impact resistance capabilities.
Challenge 2:
Enduring Temperatures High Enough to Melt Steel, Verifying Thermal Runaway Containment
To simulate extreme operating conditions, four fully-charged energy storage units were arrayed nearby — containers A and B were only 15 cm apart, which is the absolute minimum distance permitted in the industry (most power plant containers are spaced 3 meters apart). Despite the flames from container A reaching 1,385°C — temperatures high enough to melt steel — the fire did not spread to the neighboring container B, which maintained a safe temperature of 40°C. This result validates the PowerTitan 2.0’s superior fire insulation ability, even when the units are placed in extremely close quarters.
Challenge 3:
Testing Fire Resistance and Flame Retardancy Without Firefighting Protection
In this phase of the test, all firefighting systems for the BESS containers were intentionally shut off, leaving the units unprotected and significantly increasing the safety risks. Despite this, the PowerTitan 2.0 performed admirably, with all four storage container doors remaining intact and not burned through. The fire was effectively contained within the container, and the damage was limited. This demonstrated the BESS’s ability to autonomously respond to extreme fire situations, highlighting the robust passive fire protection design that minimizes risk.
Safety is the cornerstone of the energy storage industry. Sungrow’s two consecutive, high-investment, extremely large-scale burn tests on the PowerTitan series reflect the company’s unwavering commitment to safeguarding personnel, assets, and operations at power plants, as well as its dedication to reinforcing the safety standards for the entire industry. The success of this rigorous and high-standard combustion test sets a new benchmark for safety in the energy storage sector, providing valuable real-world evidence for future safety protocols.
|
[1] 30 million CNY (approximately 4.23 million USD at an exchange rate of 7.1 CNY to 1 USD). |
About Sungrow
Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com.
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View original content:https://www.prnewswire.co.uk/news-releases/setting-a-new-safety-benchmark-for-the-industry-sungrow-achieves-success-in-the-worlds-largest-bess-fire-test-302308067.html
QINGDAO, China, Nov. 18, 2024 /PRNewswire/ — A news report from chinadaily.com.cn:
Important in Qingdao’s development strategy, Laoshan district is a city of science and technology that is a fertile ground for innovation and a number of strategic emerging industries and future industries.
In 1994, the initial batch of high-tech enterprises in Qingdao began to congregate in Laoshan. Over the past 30 years, Laoshan has focused on expanding and strengthening the value chains of seven key industries including artificial intelligence, virtual reality, and modern finance.
The district has attracted a large number of innovative enterprises, including nine unicorn companies, 28 nationally recognized specialized and new “little giant” enterprises, 47 provincial-level gazelle enterprises, and 920 high-tech enterprises, all of which are among the top in the city in terms of quantity.
Laoshan district currently has the highest density of scientific and technological innovation in Shandong, with 178 high-tech enterprises per 10,000 companies, 52 national and provincial-level scientific research institutions, and 160 academicians and high-level talents.
By 2023, the proportion of the output value of high-tech industries in Laoshan district to the total output value of large-scale industries reached 86.55 percent, with the leading industry scale exceeding 180 billion yuan ($25.33 billion). Laoshan district has been selected as one of the nation’s top 100 industrial zones for two consecutive years.
Taking virtual reality as an example, as early as 2016, Laoshan district proposed that it become China’s virtual reality industry capital. In 2022, Qingdao constructed an industrial park featuring virtual reality in Laoshan, which has a planned area of over 2,000 mu (133.33 hectares), aiming to create an internationally leading highland for the virtual reality industry.
With the establishment of the industrial park, Laoshan district has vigorously attracted industry-leading enterprises and high-growth companies, as well as top talents in virtual reality. Currently, the park has attracted leading consumer-facing companies such as Douyin Pico and Dapeng VR, as well as core supporting enterprises such as electroacoustic components manufacturer GoerTek and Chinese virtual reality headset maker Pico. Shipments of high-end VR products from leading companies in the park account for over 80 percent of the domestic market.
In 2023, the scale of the virtual reality industry in Laoshan district surpassed 18 billion yuan, a year-on-year increase of 50 percent, and the virtual reality industry cluster was selected as a provincial-level future industry cluster.
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View original content:https://www.prnewswire.co.uk/news-releases/qingdaos-laoshan-district-boosts-innovative-growth-302308048.html
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