Fintech PR
Ping An’s NBV up 45% YoY in the first half of 2023, interim cash dividend per share grows to RMB0.93
HONG KONG and SHANGHAI, Aug. 29, 2023 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An“, the “Company” or the “Group”, HKEX: 2318; SSE: 601318) today announced its 2023 interim results for the six month period ended 30 June 2023.
The external environment remained complex and China’s economy was generally stable in the first half of 2023. However, market confidence still needed to be continuously boosted. Amid internal and external complexities and uncertainties, Ping An followed the spirit of the 20th National Congress of CPC and adhered to the original aspiration of being people-centered. Under the leadership of the Board of Directors and in response to the financial consumption needs of the new era, Ping An has integrated its services into insurance, investment and wealth management, healthcare and elderlycare services scenarios, boosting domestic demand and consumption while simultaneously serving hundreds of millions of consumers through its integrated finance one-stop service model. With the continuous advancement of life insurance reform and the construction of the healthcare ecosystem, Ping An deeply implemented the new concept of high-quality development. The Group continuously improved its capability and level of financial services for the real economy and the protection of people’s livelihoods. Furthermore, Ping An strengthened technological support and digital empowerment, comprehensively managed risks, optimized portfolios, and increased cost-effectiveness to ensure the long-term sustainable and sound operation of the Company.
Overall operating results remain solid. Ping An delivered an 18.2% annualized operating ROE, with operating profit and net profit attributable to shareholders of the parent company reaching RMB81,957 million and RMB 69,841 million, respectively, in the first half of 2023. The Group’s basic operating earnings per share reached RMB4.63 in the first half of 2023. Ping An attaches importance to shareholder returns, and interim cash dividend per share continued to grow to RMB0.93, up 1.1% year on year. Life insurance reform showed significant results. Thanks to the Group’s unwavering life insurance reform and innovation in the past 3 years, as well as the stabilization and improvement in market demand, Life & Health NBV amounted to RMB25,960 million in the first half of 2023, up 45.0% on a like-for-like basis year on year. In the agent channel, productivity strongly improved with NBV per agent rising 94.3% year on year. Bancassurance channel NBV also increased sharply by 174.7% year on year on a like-for-like basis to RMB2,825 million in the first half of 2023, mainly benefiting from the deepening exclusive agency model with Ping An Bank. Ping An continuously developed its “integrated finance + healthcare” strategy. Retail customers exceeded 229 million as of June 30, 2023, and contracts per customer grew 0.7% from the beginning of the year to 2.99. Over 90.71 million retail customers held multiple contracts with different subsidiaries and 29.7% of the Group’s new retail customers were acquired from its healthcare ecosystem as of June 30, 2023. Customers entitled to “insurance + service” benefits accounted for over 68% of Ping An Life’s NBV in the first half of 2023.
Top business highlights in 1H2023
- Continuously growing cash dividends amid steady business results. The Group delivered an 18.2% annualized operating ROE, with operating profit attributable to shareholders of the parent company reaching RMB81,957 million in the first half of 2023. Ping An attaches importance to shareholder returns, and interim cash dividend per share continued to grow to RMB0.93, up 1.1% year on year.
- Ping An continuously develops its integrated finance model. Retail customers exceeded 229 million as of June 30, 2023, and contracts per customer grew 0.7% from the beginning of the year to 2.99. Retail business accounted for 83.4% of total operating profit attributable to shareholders of the parent company.
- NBV jumped year on year and life insurance reform showed results. Life & Health NBV amounted to RMB25,960 million in the first half of 2023. On a like-for-like basis, NBV grew 45.0% year on year in the first half of 2023, with NBV of the agent channel and the bancassurance channel increasing 43.0% and 174.7%, respectively, year on year.
- Ping An Property and Casualty (“Ping An P&C”) boosted insurance revenue steadily and maintained good business quality. Insurance revenue grew 7.8% year on year to RMB155,899 million in the first half of 2023. Overall underwriting combined ratio remained healthy at 98.0% due to strengthened business management and risk screening.
- Ping An Bank achieved double-digit growth in net profit and maintained solid overall asset quality. Net profit grew 14.9% year on year to RMB25,387 million in the first half of 2023. Non-performing loan ratio declined by 0.02 pps from the beginning of the year to 1.03% and provision coverage ratio rose by 1.23 pps from the beginning of the year to 291.51% as of June 30, 2023.
- Ping An continued to implement its healthcare ecosystem strategy to empower its core financial businesses. Through integration of providers, Ping An partnered with all top 100 hospitals and 3A hospitals, and had nearly 4,000 in-house doctors and over 50,000 contracted external doctors in China as of June 30, 2023. Ping An partnered with approximately 226,000 pharmacies in China as of June 30, 2023, up by nearly 2,000 from the beginning of the year. Customers entitled to “Insurance + service” benefits accounted for over 68% of Ping An Life’s NBV in the first half of 2023.
- Ping An supported the real economy and advanced green finance initiatives. Ping An cumulatively invested over RMB8.27 trillion as of June 30, 2023 to support the real economy. Green investment of insurance funds and green loan balance totaled RMB140,929 million and RMB134,926 million, respectively, as of June 30, 2023. Green insurance premium income amounted to RMB17,735 million in the first half of 2023.
- Ping An maintained its leadership in brand value. In 2023, Ping An ranked 33rd in the Fortune Global 500 list (1st among global insurers again and 5th among global financial services companies), 9th in the Fortune China 500 list, 16th in the Forbes Global 2000 list, and 1st in the Brand Finance Insurance 100 list in relation to global insurance brand value for the 7th consecutive year.
Unique advantages under the integrated finance model continually drove the core financial businesses
Focusing on the development of retail customers under a customer-centric philosophy, Ping An steadily optimized its integrated finance strategy. Ping An’s retail operating profit was RMB68,355 million in the first half of 2023, accounting for 83.4% of its operating profit attributable to shareholders of the parent company. In retail business, Ping An leverages its ecosystems to build a brand of heartwarming financial services by providing “worry-free, time-saving, and money-saving” one-stop integrated finance solutions. Ping An’s retail customers exceeded 229 million as of June 30, 2023, up 1.2% from the beginning of the year. Contracts per retail customer grew to 2.99, up 0.7% from the beginning of the year. Over 90.71 million retail customers held multiple contracts with different subsidiaries.
The retail finance market in China has long-term high growth potential with the strong growth rate of the wealth management market and the huge growth potential of the retail insurance market. Ping An provided customers with insurance, banking, investment, elderlycare and healthcare services leveraging the advantages of Ping An’s full suite of financial business licenses. Ping An offered customers with heartwarming products and services based on in-depth, comprehensive customer insights. The Group built a robust ecosystem-based service capability and strong technology platform capabilities to promote customer migrations within the Group. Customer acquisition cost of integrated finance channels is lower than that of external channels. Approximately 12.04 million customer migrations occurred within the Group in the first half of 2023. Integrated finance continued to make contributions to the Company’s insurance businesses and Ping An Bank’s retail business in the first half of 2023. The wealthier the customers are, the more contracts they hold. Middle-class and above customers accounted for more than 75.7% of the Group’s total retail customers as of June 30, 2023. High-net-worth individuals held 21.44 contracts per customer as of June 30, 2023. Customers holding multiple contracts show greater stickiness. 26% of our customers held four or more contracts within the Group as of June 30, 2023, and their churn rate was only 0.91%.
Ping An Life advanced the “4 channels + 3 products” strategy and the reform showed significant results[1]. Ping An Life achieved steady business development thanks to comprehensive advancement in channels, improved business quality, and diverse products and services launched. China’s macro economy resumed an upward trend in the first half of 2023 as market demand recovered gradually. Life & Health NBV amounted to RMB25,960 million in the first half of 2023. On a like-for-like basis, NBV grew 45.0% year on year in the first half of 2023. Business quality continued to improve. Ping An Life recorded a material improvement in its persistency ratios with the 13-month persistency ratio rising 2.1 pps year on year and 25-month persistency ratio rising 7.0 pps year on year in the first half of 2023.
Ping An Life realized comprehensive advancement in channels. Ping An Life facilitated the high-quality transformation of the agent channel. The agent channel’s NBV grew 43.0% on a like-for-like basis year on year to RMB21,303 million in the first half of 2023. Productivity strongly improved with NBV per agent rising 94.3% year on year. The proportion of “Talent +” new agents increased by 25 pps year on year in the first half of 2023. Ping An Life has achieved a jump in value growth by furthering the strategic transformation of the bancassurance channel, boosting the channel’s NBV by 174.7% year on year on a like-for-like basis to RMB2,825 million in the first half of 2023. Ping An Life furthered the exclusive agency model with Ping An Bank, and helped Ping An Bank build a team of over 2,000 professional Private Wealth Advisers. Ping An Life has successfully rolled out Community Grid in 51 cities and 13-month policy persistency ratio of “retained customers” improved by 5.7 pps year on year. In respect of the lower-tier channel, Ping An Life continuously promoted sales via the lower-tier channel in seven provinces in the first half of 2023. By upgrading its insurance product portfolio, Ping An Life penetrates wealth management and pension insurance markets by focusing on wealth management, pension savings and health protection. Leveraging the Group’s healthcare ecosystem, Ping An Life improved its three core services, namely healthcare, home-based elderlycare and high-end elderlycare, aiming to build differential advantages under the “insurance + service” framework. Ping An Life served over 16 million customers through health management in the first half of 2023. Nearly 70% of newly enrolled customers used health management services. Ping An’s home-based elderlycare services covered 47 cities across China as of June 30, 2023. Over 60,000 customers have qualified for the home-based elderlycare services. Ping An has unveiled high-end elderlycare projects in four cities, namely Shenzhen, Guangzhou, Shanghai and Foshan as of June 30, 2023.
Ping An P&C maintained stable business growth and good business quality. Ping An P&C grew its insurance revenue by 7.8% year on year to RMB155,899 million in the first half of 2023 and delivered a 98.0% overall underwriting combined ratio (“underwriting COR”) which included a 97.1% auto insurance underwriting COR. Ping An P&C actively refined operations and overall operations were in steady and healthy good order. Vehicles insured by Ping An P&C increased 5.4% year on year, and auto insurance premium income rose 6.1% year on year to RMB101,348 million in the first half of 2023. Registered users of the “Ping An Auto Owner” app, the largest automotive service app in China, exceeded 186 million as of June 30, 2023, with over 125 million vehicles linked to the app. Ping An P&C scored 94.52 in the Auto Insurance Service Quality Index evaluation by China Banking and Insurance Information Technology Management Co., Ltd., ranking among the top players in the property and casualty insurance industry.
Ping An Bank maintained stable, healthy business performance and solid overall asset quality. Ping An Bank’s revenue totaled RMB88,610 million in the first half of 2023. Net profit grew 14.9% year on year to RMB25,387 million, and annualized weighted average ROE rose by 0.45 pps year on year to 12.65% in the first half of 2023. Thanks to continuously strengthened risk management, non-performing loan ratio dropped 0.02 pps from the beginning of the year to 1.03%, and provision coverage ratio increased by 1.23 pps from the beginning of the year to 291.51% as of June 30, 2023. Ping An Bank achieved steady growth in retail business. Retail assets under management (AUM) rose 7.7% from the beginning of the year to RMB3,864,024 million, and retail deposit balance grew 10.9% from the beginning of the year to RMB1,147,481 million as of June 30, 2023. As Ping An Bank continued to strengthen omni-channel customer acquisition and full-scenario business development, “Ping An Pocket Bank” app’s registered users increased 4.6% from the beginning of the year to 159,925 thousand as of June 30, 2023.
The Company’s insurance funds investment portfolio grew 6.5% from the beginning of the year to nearly RMB4.62 trillion as of June 30, 2023. The Company’s insurance funds investment portfolio achieved an annualized comprehensive investment yield of 4.1% in the first half of 2023, up by 0.7 pps year on year. The Company continued to optimize asset-liability matching and tactical allocation, and effectively managed investment risks by strengthening risk review, refining risk limits, and tightening concentration risk management and post-investment management.
Developing healthcare as a new driver of value growth
Currently, the healthcare industry in China has huge growth potential and elderlycare services are in high demand at all levels. Ping An launched an innovative Chinese “managed care model” with its over ten years of operational and management experience in insurance and healthcare industries. Leveraging its online, in-store and home-delivery service capabilities and wide coverage of hundreds of healthcare and elderlycare service resources, Ping An seamlessly combined its online/offline healthcare ecosystem with financial businesses in which Ping An acts as a payer to create a unique business model.
Ping An’s healthcare ecosystem continuously empowers its core financial businesses. 29.7% of the Group’s new retail customers were acquired from its healthcare ecosystem and customers entitled to service benefits in the healthcare ecosystem accounted for over 68% of Ping An Life’s NBV in the first half of 2023. More than 64% of Ping An’s over 229 million retail customers had used services from the healthcare ecosystem as of June 30, 2023. They held approximately 3.43 contracts and RMB55,800 in AUM per capita, 1.6 times and 3.2 times those held by non-users of these services respectively.
As a payer, Ping An made significant progress in both retail and corporate customer development by effectively integrating insurance with healthcare and elderlycare services. Ping An’s healthcare ecosystem achieved over 33,000 paying corporate clients in the first half of 2023. Ping An Health reached over 45 million paying users over the past 12 months. Ping An achieved over RMB70 billion in health insurance premium income in the first half of 2023. Over 16 million customers of Ping An Life used services from the healthcare ecosystem in the first half of 2023. Notably, nearly 70% of Ping An Life’s newly-enrolled customers used the healthcare services in the first half of 2023. As a provider, Ping An had a team of nearly 4,000 in-house doctors and over 50,000 contracted external doctors in China as of June 30, 2023. Ping An had six proprietary 3A/tier-3 hospitals, and partnered with over 10,000 hospitals (including all top 100 hospitals and 3A hospitals), over 100,000 healthcare management institutions and approximately 226,000 pharmacies in China as of June 30, 2023. Ping An enhanced its presence in the healthcare industry by acquiring PKU Healthcare Group and integrating its excellent resources into Ping An’s existing healthcare ecosystem. These resources include six 3A/tier-3 hospitals, specialty medical institutions and so on, among which Peking University International Hospital is a flagship hospital.
Ping An empowers its core financial businesses with innovative technologies to improve quality and efficiency. With 49,429 patent applications in total, the Group ranked first globally by the number of both fintech and healthcare patent applications as of June 30, 2023. The digital marketing platform helped agents reach out to customers over 110 million times, and renewal premiums collected via self-service under smart guidance grew 13% year on year to RMB173.4 billion in the first half of 2023. The volume of services provided by AI service representatives reached about 990 million times, accounting for 81% of Ping An’s total customer service volume in the first half of 2023. Claims loss reduction via smart risk identification reached RMB6 billion, up 33% year on year. Net profit of the technology business segment amounted to RMB2,308 million in the first half of 2023. While Lufax Holding’s net profit decreased year on year, business results at Autohome, Ping An Health and OneConnect improved.
In the second half of 2023, China’s macro economy will continue to move forward despite the new challenges such as insufficient domestic demand and pressure on exports. Ping An will continue adhering to the business policy of “focusing on core businesses, increasing cost-effectiveness, optimizing portfolios, and improving policies and procedures” in the second half of 2023. Under the technology-driven “integrated finance + healthcare” strategy, Ping An will remain people-centered and customer needs-oriented, continue to seek synergies from integrated finance by advancing the development and comprehensive digital transformation of healthcare and elderlycare. The Group will improve the quality and efficiency of serving the real economy by boosting domestic demand and consumption. The Group will promote the inner strength potential of core finance, insurance, and healthcare businesses, promote high-quality development, and continuously create solid and sustainable value for customers, employees, shareholders and society.
[1] 4 channels include agent channel, bancassurance channel, Community Grid channel, and lower-tier channel, and 3 products include insurance + healthcare, insurance + home-based elderlycare, and insurance + high-end elderlycare. |
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Fintech PR
GemVax Announces Topline Results from Phase 2a Progressive Supranuclear Palsy Clinical Trial at Neuro2024
– Topline supports moving to Phase 3 trial and shows potential to develop GV1001 as the world’s first PSP treatment
SEOUL, South Korea, Oct. 29, 2024 /PRNewswire/ — GemVax & KAEL Co., Ltd. (“GemVax”; KOSDAQ ticker: 082270) announced that topline results of a Phase 2a clinical trial (the “Phase 2a PSP Clinical Trial”) of GV1001, an investigational peptide drug for the treatment of progressive supranuclear palsy (“PSP”), were presented at “Neuro2024: The PSP and CBD International Research Symposium” in Toronto, Canada, at 4:45 p.m. local time on 24th October.
PSP is a degenerative disease that, like Parkinson’s disease, causes symptoms such as gait disturbances, early falls, vertical gaze palsy, rigidity, tremors, and cognitive decline, but it progresses faster and currently has no fundamental treatment. PSP is classified into several types, including PSP-Richardson’s syndrome (“PSP-RS”) and PSP-parkinsonism (“PSP-P”). Compared to other types of PSP, the PSP-RS type shows a greater accumulation of tau protein and affects larger areas, including the cerebellum, dentate nucleus, pontine nuclei, frontal lobe, and parietal lobe.
The Phase 2a PSP Clinical Trial was a 24-week, randomized, double-blind, placebo-controlled, prospective exploratory clinical trial conducted in 78 patients with PSP at 5 centers in Korea. The participants were randomized 1:1:1 to receive either placebo or GV1001 0.56 mg or GV1001 1.12 mg administered subcutaneously once weekly for the first 4 weeks (1 month), and then at 2-week intervals for 20 weeks (5 months) for a total of 24 weeks (6 months). Patients with both PSP-RS and PSP-P types were eligible to participate in the study. Results showed higher benefits in the lower dose group (0.56 mg), particularly in PSP-RS type patients.
The primary endpoint of the trial was change from baseline in total score (calculated as the least-square mean using MMRM method) of PSP-Rating Scale after 24 weeks of GV1001 administration, which showed deterioration by 2.14 points in GV1001 0.56 mg dose group compared to 4.10 points in the placebo group, demonstrating a 48% reduction in disease progression (see Figure 1). Although statistical significance was not demonstrated, the results support the potential of GV1001 as a treatment of PSP, a disease for which there is currently no cure, and the potential to advance GV1001 into further clinical trials.
The clinically typical PSP is often referred to as the PSP-RS type, which accounts for the majority of PSP patients. This type progresses faster and has a shorter average survival time compared to other PSP types. Subgroup analysis was conducted in patients with PSP-RS type only. The change from baseline in PSP-Rating Scale total score mean (calculated using simple average) at 24 weeks of GV1001 administration to PSP-RS type patients was a deterioration by 0.25 points in the GV1001 0.56 mg dose group compared to a deterioration by 5.19 points in the placebo group, demonstrating a 4.94-point difference or a 95% reduction in disease progression (see Figure 2).
Many PSP-RS type patients in the treatment group experienced symptom stabilization or even improvement during the clinical period. When calculated as responder rate based on the percentage of patients whose PSP Rating Scale scores improved or remained stable after six months of treatment compared to baseline, 58.33% of PSP-RS type patients in the 0.56 mg GV1001 group showed improvement or stabilization (see Figure3).
The safety profile of GV1001 in the Phase 2a PSP Clinical Trial was consistent with prior safety data. GV1001 was generally well-tolerated with no serious adverse events related to the drug reported.
Hyungsik Moon, CSO of GemVax, stated that “this Phase 2a trial was an exploratory study to determine the optimal dosage and find out how the peptide works on different subgroups. Although the topline result did not achieve statistical significance, the evidence is strong enough to consider moving forward to a pivotal trial and shows potential to develop GV1001 as the world’s first treatment option for PSP.”
Experts at the Neuro2024 meeting welcomed the results of the PSP trial as encouraging and expressed excitement for the drug to enter a global Phase 3 clinical trial for further development.
“This pilot study was not fully powered and the treatment duration with 6 months was short. Thus, statistically significant confirmatory results could not be expected” said Peter Schüler, MD, Senior Vice President of Drug Development at global CRO ICON. “Nonetheless, the observed trends are very plausible and consistent in two domains: motor performance and cognitive function, both favoring the lower dose group.”
“The trial identified the optimal dose, which was one of the primary objectives of the Phase 2a study, and demonstrated clinically meaningful benefits, namely full stabilization of the disease compared to the placebo group,” said Dr. Schüler, adding “these topline results provide a strong foundation for advancing to Phase 3.”
Dr. Günter U. Höglinger, Head of the Department of Neurology, LMU Hospital, Munich, and a world-renowned expert in PSP, commented: “very exciting Phase 2 level data with novel drug study with new mechanisms of action. Data is preliminary but very promising and it is in line with [GV1001] Alzheimer’s disease clinical data. I look forward to further development and very excited to participate and lead the [PSP] Phase 3 study.”
Dr. Kristophe Diaz, Director of CurePSP, said that “we are encouraged by the results of the recent GemVax clinical trial, which offer hope to the entire PSP community, including patients who currently have no treatment options, their families and the physicians who care for them” and that “we congratulate GemVax on the successful completion of this trial and look forward to further developments that benefit the PSP community.” He also said that “CurePSP remains committed to collaborating and supporting efforts that bring hope and progress for those affected by this devastating disease.”
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About Phase 2a PSP Clinical Trial (NCT05819658)
The Phase 2a PSP clinical trial was a 24-week, multicenter, randomized, double-blind, placebo-controlled, prospective phase 2a exploratory clinical trial to evaluate the safety and efficacy of GV1001 0.56 mg or 1.12 mg compared to placebo for the treatment of patients with PSP. The primary outcome of the study was change from baseline in the total score of PSP-Rating Scale after 24 weeks of GV1001 administration. Secondary endpoints included change from baseline in the total score of PSP-Rating Scale at 3 months, MoCA-K, K-FAB and ES-ADL at both 3 and 6 months. Overall safety of GV1001 administration was also assessed.
About GV1001
GV1001 is a synthetic peptide consisting of 16 amino acids based on the key sequence of telomerase. GV1001 has been studied for the potential treatment of neurodegenerative diseases including Alzheimer’s disease and PSP. In neurodegenerative diseases, GV1001 has been demonstrated to modulate phenotypes of glial cells, and to regulate neuroinflammation. In addition to the Phase 2a PSP clinical trial, a Phase 2 Alzheimer’s disease clinical trial of GV1001 is currently ongoing in the U.S. and Europe (NCT05189210).
About PSP
Progressive supranuclear palsy is a rare progressive and adult-onset neurodegenerative disease that currently has no disease-modifying drug. Approximately seven in 100,000 people worldwide is affected by PSP and is more common in men. People over the age of 60 are mainly affected. The symptoms of PSP include loss of balance, changes in personality, weakness of eye movements, especially in the downward direction, difficulty in swallowing, slurred speech and cognitive impairment.
About GemVax & KAEL
GemVax & KAEL Co., Ltd. is a pioneering clinical-stage biopharmaceutical company based in Korea, dedicated to developing proprietary therapeutics for neurodegenerative diseases including progressive supranuclear palsy and Alzheimer’s disease. As for PSP, GemVax is currently conducting a Phase 2a study in Korea to evaluate the efficacy and safety of GV1001 in patients with PSP. Preparations are also underway for a global PSP clinical trial. In addition, GemVax is currently conducting a Phase 2 Alzheimer’s disease clinical trial in the U.S. and Europe. For more information, visit www.gemvax.com and follow us on Linkedin.
Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and GemVax undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.
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Fintech PR
Tap to Pay on iPhone now available to customers in Sweden, Ireland, Austria, Romania and Czech Republic with SumUp
STOCKHOLM, Oct. 29, 2024 /PRNewswire/ — Tap to Pay on iPhone is now available for SumUp customers in Sweden, Ireland, Austria, Czech Republic and Romania. Using Tap to Pay on iPhone, SumUp merchants can now seamlessly accept contactless payments, including credit and debit cards, Apple Pay and other digital wallets, using only an iPhone and the free SumUp iOS app, with no additional hardware needed.
The availability for SumUp customers means that merchants – even the smallest, or most recently launched ventures – can accept contactless payments anywhere, as long as they have a compatible iPhone and the SumUp iOS app. Tap to Pay on iPhone can be an ideal stepping stone for nano merchants as they look to scale their business and consider payment solutions, alongside other business tools. Tap to Pay on iPhone can also complement and extend existing point of sale systems – for example, by service staff at eateries. The service is therefore an important step in democratising digital payments, something which SumUp has pioneered and led for over a decade.
Marc-Alexander Christ, co-founder of SumUp, said: “SumUp is pleased to announce the availability of Tap to Pay on iPhone for merchants in more markets across Europe . Our mission is to make business simple for our merchants and this roll-out is an extension of our existing work supporting SMEs and merchants of all sizes to get paid. Importantly, Tap to Pay on iPhone is easy, secure and private. I am especially pleased with the exceptional functionality of the product and the fact it lowers barriers to entry, with the potential to fuel entrepreneurship.”
Tap to Pay on iPhone uses the built-in features of iPhone to keep business and customer data private and secure. When a payment is processed, Apple does not store card numbers or transaction information on the device or on Apple servers.
Tap to Pay on iPhone accepts all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets. SumUp merchants will have the ability to activate Tap to Pay on iPhone directly within the app settings.
The service is available for those with an iPhone XS or later, running the latest version of iOS.
SumUp has always championed businesses of all sizes. With a portfolio of products, from card readers to invoicing, the online store builder to a business account (and so much more), SumUp makes it easier for merchants to get paid doing what they love. As the needs and demands of business have evolved since the company’s founding in 2012, SumUp has diversified its product suite and expanded its solutions ecosystem.
About SumUp
SumUp is a leading global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in 36 markets worldwide, helping them start, run and grow their business. Through its SuperApp, SumUp can provide merchants with a free business account and card, an online store, and an invoicing solution – as well as in-person and remote payment acceptance seamlessly integrated with SumUp’s card terminals and point-of-sale registers. SumUp is committed to leveraging its success to make the world a better place, pledging to donate 1% of its revenue to support environmental causes and advocating for educational and entrepreneurial projects around the world. In 2023 SumUp was recognised as a Top Global Employer for inclusion by the Stonewall Workplace Equality Index.
For more information, please visit www.sumup.com/sv-se
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Gabriel Destremaut, [email protected]
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Fintech PR
Bluecrux Teams Up with Bridgestone for Seamless SAP S/4HANA Upgrade
ANTWERP and AALST, Belgium, Oct. 29, 2024 /PRNewswire/ — Bluecrux, a leading value chain consulting and technology firm, is thrilled to announce its successful collaboration with Bridgestone on the implementation of SAP S/4HANA. This state-of-the-art enterprise resource planning (ERP) system is set to streamline operations and boost business efficiency across Bridgestone’s global operations, replacing its older version of SAP ahead of 2027, when it will no longer be supported.
The SAP S/4HANA system officially went live at Bridgestone at the beginning of this year, making an impact on over 3,800 end users across 9 manufacturing sites and 8 sales regions. Bluecrux worked closely with Bridgestone’s internal teams to ensure a smooth transition as it upgraded its ERP system. Bluecrux provided hands-on support during this critical time, providing hypercare with teams on-site at 20 locations to monitor SAP S/4HANA’s integration on an end-to-end level. The company also set up daily reports to track key highlights and quickly solve any issues at every site.
Since the implementation of SAP S/4HANA, Bridgestone has been able to harmonize its processes across the organization. The platform is seen as a crucial enabler for future initiatives and projects as it improves supply chain visibility, accelerates financial reporting and enhances the company’s ability to respond to market demands more efficiently.
“The collaboration with Bluecrux has been a key part of our digital transformation journey,” said Donald Connally, RYOGA Program Manager of Bridgestone. “Their expertise in supply chain processes and hands-on approach, ensured a seamless transition to SAP S/4HANA across our global operations. We’re grateful for the Bluecrux team’s dedication and proactive support through hypercare, helping us reach our goals.”
This project is the latest achievement in the long and successful partnership between Bluecrux and Bridgestone. Over the years, Bluecrux has been by Bridgestone’s side as it goes through the phases of its supply chain transformation. Together, their respective teams have tackled projects like production planning, demand and allocation planning and developing a global Advanced Planning System (APS) strategy. This strong foundation paved the way for the recent SAP S/4HANA roll-out, bringing together years of shared expertise and trust.
“Our ongoing partnership with Bridgestone has been built on mutual trust and a shared commitment to continuous improvement,” said Anneleen Tronquo, Managing Parter of Planning Solutions at Bluecrux. “The successful SAP S/4HANA implementation marks a significant milestone in our journey together, and it showcases the power of collaboration and hands-on support. We’re proud to be part of this journey and look forward to driving even greater achievements together.”
The success of this SAP S/4HANA project underscores Bluecrux’s deep expertise in deploying and monitoring the solution, as well as the company’s commitment to supporting clients in meeting their business transformation aims. As Bridgestone continues to benefit from SAP S/4HANA, Bluecrux looks forward to providing ongoing support for the company’s digital journey.
Navigating your own SAP S/4HANA transformation? Reach out to us and discover how Bluecrux can support your transformation journey.
About Bluecrux
Founded in 2011, Bluecrux is a leading value chain technology and consulting company, assisting global companies to navigate and improve their supply chains. The company’s international growth story and innovative technologies, Binocs and Axon, reflect its goal to combine expertise with technology, turning challenges into opportunities.
About Bridgestone
Bridgestone in Europe, the Middle East and Africa (Bridgestone EMEA) is the regional Strategic Business Unit of Bridgestone Corporation, a global leader in premium tires and sustainable mobility solutions. Headquartered in Zaventem (Belgium), Bridgestone EMEA employs more than 14,000 people and conducts business in 35 countries across the region. Bridgestone EMEA operates 13 tire plants, a major R&D center, and a proving ground, and serves its customers in an extensive retail network with thousands of touchpoints. Bridgestone offers a diverse portfolio of premium tyres, tyre technologies and advanced mobility solutions. The company’s vision is to provide social and customer value as a sustainable solutions company. The Bridgestone E8 Commitment is a broad, global corporate commitment that clearly defines the value the company is promising to deliver to society, our customers and future generations in eight focus areas; Energy, Ecology, Efficiency, Extension, Economy, Emotion, Ease and Empowerment. These provide a compass to guide strategic priorities, decision making and actions throughout every area of the business.
Olivier Souffriau,
Business Alliance Manager Bluecrux,
[email protected],
+32476382612
View original content:https://www.prnewswire.co.uk/news-releases/bluecrux-teams-up-with-bridgestone-for-seamless-sap-s4hana-upgrade-302289213.html
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