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Ramco Systems inks partnership with BDO India to enhance and elevate payroll experience for businesses




To jointly offer organisations a unified, digital platform enhanced with advisory-led expertise, superior customer experience, unparalleled security and data privacy

MUMBAI, India and CHENNAI, India, Jan. 19, 2024 /PRNewswire/ — Global payroll solution provider, Ramco Systems, announced that it has entered into a partnership with BDO India LLP, one of India’s leading professional services organisations, part of BDO International, globally the 5th largest Network with presence in more than 162 countries. The partnership leverages the distinctive strengths of each entity, positioning Ramco as the Technology Platform Provider and BDO India as the Payroll & Managed Services Provider.

This partnership merges state-of-the-art technology, payroll computation & advisory, with an unwavering commitment to security and data privacy. The aim is to redefine the outsourced payroll experience for managing global payrolls through scalable expert solutions that span beyond borders.

Through the platform, organisations will have access to a unified view and control hub for all country payrolls, ensuring unparalleled efficiency and consistency. In addition, the platform offers ready-built and certified connectors with global HCM solutions, reducing implementation time and ensuring hassle-free connectivity. With BDO’s reach across the world and ability to provide last-mile compliance, the collaboration of technology and best-in-class service, it is expected to bring a compelling proposition for MNCs as a partner of choice in the future for their payroll and HCM requirements.

Commenting on the partnership, Milind Kothari, Managing Partner, BDO India, said, “With the global market undergoing a dynamic transformation, organisations require expert-designed frameworks to navigate the diverse regulatory and reporting requirements across borders. We’re glad to collaborate with Ramco to forge a path towards a one-stop global payroll future. This strategic partnership combines the capabilities of Ramco’s leading payroll platform with our strong expertise in advisory and global delivery to offer solutions that transform, simplify and streamline payroll processes with a holistic view of global operations. The collaboration will not only enable accurate and timely compliance but also lend clients a competitive edge through improved efficiency and productivity in today’s fast-paced and demanding business landscape. We’re excited about this partnership and the opportunities it will create for us and the businesses we serve together. Our existing efforts in the global payroll space are already a testament to the benefits of our synergies and we hope to extend them to other businesses as well.”

Sundar Subramanian, Chief Executive Officer, Ramco Systems, said, “Joining forces with BDO India reflects our dedication to delivering cutting-edge technology bundled with associated services, to enable a world-class payroll experience. We are very excited to share how Ramco & BDO India will offer an integrated payroll service for MNCs operating across the globe. Ramco’s next-gen innovations like low-code framework, lightning-fast in-memory payroll, self-service reporting and payroll workspace, together with BDO’s adept advisory, data security and privacy will provide an integrated payroll service for our global clientele. With some customers already benefitting from this partnership, we are excited to extend our joint global payroll transformation to the entire market.”

Trusted by 500+ customers worldwide, and powered by continuous tech innovations, Ramco Global Payroll has been at the forefront of delivering global payroll transformation for over 25 years. With a global payroll coverage across 150+ countries, the solution offers seamless integration with leading HCM providers offering an end-to-end digital payroll solution that can be deployed on-cloud or leveraged as a managed service. With new features around pre-built configurators, self-service reporting, financial wellness tools, payroll workspace, in-memory payroll engine, and an implementer module, Ramco Global Payroll aims to deliver faster and smoother implementations. By leveraging robotic process automation, artificial intelligence, and machine learning, Ramco continues to offer touchless payroll experience.

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About BDO India LLP:

BDO India LLP is the India member firm of BDO International. BDO India specialises in accounting, tax, advisory, business services, digital transformation and domain-led technology solutions, to clients across industries. Our payroll and managed services teams offer an elevated global payroll experience to organisations worldwide. BDO in India is led by more than 300 Partners & Directors and a team of over 9000 professionals* operating across 12 cities. Backed by a rich blend of experience and expertise, BDO India brings to fore a work culture that is innovative and solution driven. *Including BDO’s Shared Service Centres in India

About Ramco Systems:

Ramco Systems is a world-class enterprise software product/ platform provider disrupting the market with its multi-tenant cloud and mobile-based enterprise software, successfully driving innovation for over 25 years. Over the years, Ramco has maintained a consistent track record of serving 1000+ customers globally with 2million+ users, and delivering tangible business value in Global Payroll, Aviation Aerospace & Defense, and ERP.


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Velo Is Enhancing Its Own Ecosystem Through Interoperability




Interoperability in Velo: To Infinity and Beyond

BANGKOK, March 5, 2024 /PRNewswire/ — As new blockchains and blockchain-based platforms emerge, it’s crucial for these ecosystems to be interconnected, enabling users to seamlessly transfer their assets without complications. Velo is enhancing its own ecosystem through interoperability, aspiring to become a pivotal connection point for various blockchains.

A significant update within Universe is its support for multiple wallet addresses on a single platform, catering to users who possess multiple wallets across different platforms. This feature is essential for managing diverse assets conveniently.

Furthermore, Universe is integrating multi-chain login and registration support for networks such as Solana and Tron, thereby improving Velo’s accessibility and usability. Efforts are in place to refactor the user database and management code, ensuring a smooth and secure experience.

Velo is advancing its blockchain integration by incorporating the Solana and Tron networks, aiming to offer enhanced deposit and withdrawal functionalities to enrich its ecosystem. This initiative involves deploying Solana and Tron chain-node and full-node functionalities, thereby broadening the network’s diversity and user options. Additionally, Universe is introducing a dedicated user interface (UI) for Solana transactions, encompassing deposit-withdrawal and account management across Webplus and mobile platforms, ensuring a seamless user experience.

This streamlined approach guarantees that Velo’s users have comprehensive and intuitive access to a broader range of transaction options, significantly boosting the platform’s utility and user engagement.

The integration with the Lightning Network marks a significant advancement in improving Bitcoin transactions. By implementing Lightning chain-node and deploying a BTC full-node, Orbit aims to streamline Bitcoin deposits and withdrawals, making them faster and more cost-efficient.

Velo’s dedication to ensuring inclusivity and connectivity with other blockchains is evident through the concrete steps it has taken. With aggressive strides towards unlocking the full potential of the Velo Protocol, Velo is poised for significant growth and innovation.

About Velo Labs

Velo Labs is a global pioneer in Web3-based financial solutions, offering a cutting-edge liquidity and settlement network for secure, efficient value transfers. Backed by Stellar Network and CP Group, our reach has expanded beyond Southeast Asia and the Pacific, now serving partners worldwide. We connect and complement the gap between traditional banking infrastructure and Web3, leading the way in blockchain mass adoption. Our extensive Web3-based payment network and Lightnet, our licensed settlement partner, position us as a global heavyweight. Velo Labs offers a diverse range of Web3-based products, notably Orbit, tailored for individuals, merchants, corporations, and enterprises worldwide — dedicated to empowering global financial connectivity and expanding accessibility globally.

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CGTN: China vows to develop new quality productive forces in modernization drive




BEIJING, March 5, 2024 /PRNewswire/ — China saw the number of contracted technology transactions grow by 28.6 percent in 2023, an achievement that speaks volumes of the country’s enhanced capacity for innovation-driven development.

China will leverage the leading role of innovation, spur industrial innovation through advancements in science and technology, and press ahead with new industrialization, according to a government work report submitted on Tuesday to the national legislature for deliberation.

Chinese Premier Li Qiang delivered the report at the opening meeting of the second session of the 14th National People’s Congress in the Great Hall of the People in Beijing.

The report says that the country will strive to modernize the industrial system and develop new quality productive forces at a faster pace.

Developing new quality productive forces

With innovation leading the way, new quality productive forces mean going beyond the traditional models of economic growth. This path features high technology, high efficiency and high quality, and aligns with China’s new development philosophy.

In order to develop these new quality productive forces, the government work report lists a series of tasks.

It calls for improving and upgrading industrial and supply chains besides cultivating emerging and future-oriented industries, such as hydrogen power, new materials, biomanufacturing, commercial spaceflight, quantum technology and life sciences.

The report also says that innovative development of the digital economy will be promoted, an Artificial Intelligence Plus initiative will be launched, and the country will consolidate and enhance its leading position in industries such as intelligent connected new-energy vehicles.

Moreover, China has set an economic growth target of around 5 percent for 2024 and vowed to promote high-quality development. It will issue ultra-long special treasury bonds annually over the next several years for implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year, according to the report.

The report also stresses efforts for invigorating China through science and education and consolidating the foundations for high-quality development.

China will speed up efforts to build a contingent of personnel with expertise of strategic importance and cultivate more first-class scientists and innovation teams.

The country will develop platforms for identifying basic research talent, train high-performing engineers and highly-skilled workers, and enhance support for young scientists and engineers, according to the report.

Acting on people-centered development philosophy

China will make efforts to ensure and improve the people’s welling and promote better and new ways of conducting social governance, the report says.

It highlights that China will deliver real benefits to the people to their satisfaction by acting on the people-centered development philosophy.

In 2023, China’s per capita disposable income of residents increased by 6.1 percent, and over 66 million taxpayers benefited from an increase in the special additional deductions for individual income tax, which cover children nursing expenses, children’s education and elderly care expenses, according to the report.

In 2024, the country expects to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at around 5.5 percent.

China will also enhance ecological conservation and promote green and low-carbon development, including taking comprehensive steps to improve the environment and boosting the green and low-carbon economy, according to the report.

In 2023, China’s installed renewable energy capacity surpassed its thermal power capacity for the first time in history and it accounted for over half of newly installed renewable energy capacity worldwide, according to data released by the National Energy Administration.

The country will advance the energy revolution and actively and prudently work toward peaking carbon dioxide emissions and achieving carbon neutrality, according to the report.

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SK chemicals, Hyosung Advanced Materials, and Hankook Tire Commercialize South Korea’s First Chemically Recycled PET Tire



  • Establishing a circular economy that extends from recycled PET to high-strength tire cords and electric vehicle-exclusive tires
  • Leading the global tire industry’s sustainable management by commercializing products with 45% eco-friendly certified materials

SEONGNAM, South Korea, March 5, 2024 /PRNewswire/ — To reduce carbon emissions, the South Korean industrial sector has developed and commercialized the country’s first tire using chemically recycled PET.

SK chemicals (CEO Ahn Jae-hyun), Hyosung Advanced Materials Co., Ltd. (CEO Cho Yong-soo), and Hankook Tire & Technology Co., Ltd. (CEO Lee Soo-il, hereafter Hankook Tire) announced on the 5th that they have successfully developed the electric vehicle-exclusive tire “iON” applying “circular recycled PET (polyester) fiber tire cords.” Circular recycling is an exclusive chemical recycling technology of SK chemicals that breaks down discarded plastics through chemical reactions into molecular units and then uses these raw materials to produce recycled plastics.

Before the commercialization phase, there were instances where chemical recycling technology was applied to concept tires or prototypes, but the release of a tire product to the market using chemically recycled PET-based tire cords through to commercialization is a first in South Korea.

SK chemicals, Hyosung Advanced Materials, and Hankook Tire have collaboratively developed this tire over a period of about two years. SK chemicals has reliably supplied the circular recycled PET “SKYPET CR”, and Hyosung Advanced Materials developed the high-strength recycled PET-based tire cords using this as a raw material. The developed tire cords were applied to Hankook Tire’s premium electric vehicle tire brand, iON. The iON tire, with a 45% sustainable material content, has recently passed the stringent reliability verification by a European automotive manufacturer, securing final approval for use and being mounted as tires for new vehicles.

Tire cords are fiber reinforcement materials that help maintain the shape of the tire and withstand the load and impact applied during driving, enhancing the tire’s durability, driving performance, and ride comfort.

SK chemicals’ “SKYPET CR” has the advantage of maintaining high-quality properties and safety even after infinite recycling, compared to the physical recycling method of washing discarded plastics or cutting them into flakes for reuse, and it can achieve properties equivalent to petrochemical-based materials.

The iON model developed by Hankook Tire incorporates 45% sustainable materials, including bio-based, circular, and bio-circular polymers, bio-based silica along with Hyosung Advanced Materials’ tire cords, and the model is the first tire to bear the ISCC PLUS certification logo.


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