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Labuan IBFC to be Asia’s Leading Digital-Based Financial Gateway with Islamic Finance Capabilities

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Labuan International Business and Financial Centre (Labuan IBFC) is rapidly revolutionising its digital offerings, entrenching its commitment to become a facilitator of Asia’s digital revolution, a key driver of the centre’s success in recent years.

Labuan Financial Services Authority (Labuan FSA) – the jurisdiction’s regulator – provides an innovative licensing regime to support this evolving digital financial landscape. Allowing digital financial services (DFS) firms to operate within a live market environment, anchored on innovation, intermediation and financial inclusion.

“The DFS in Labuan IBFC is continually growing in recognition of the progressive approach that the centre has taken in embracing the digital revolution, by being as facilitative as possible to enable innovative digital business to take root in Labuan IBFC,” said Labuan FSA Director General, Nik Mohamed Din Nik Musa during his Welcome Address at the third Connecting Digital Ecosystems Asia (CoDE Asia 2021) today.

He added: “Labuan IBFC is envisioned to become a digital-based gateway with Islamic finance capabilities for all global investors and players as the future of Islamic finance looks ever promising. The digital transformation in Islamic finance positively contributes to the evolution and innovation of Islamic financial products and services in a rapid tone.”

“As we continue to strengthen Islamic finance footing in the region, our focus now is to realise the full potential of digital opportunities by offering an all-inclusive solution of a shariah based digital regime leveraging on Islamic finance and social-based finance instruments. This could further expand Islamic finance development across emerging markets while building connectivity with wider Islamic finance industry.”

“As digitisation for the financial sector evolves, regulatory bodies globally will be posed with the balancing act of determining appropriate ways of regulating these changes vis-a-vis promoting market breakthrough and innovations. Ensuring stability will remain of paramount importance as financial transactions become more seamless, intangible and borderless. Therefore, Labuan FSA is committed to adopting a facilitative approach by developing ‘fit-for-purpose’ requirements to cater for emerging business technologies,” said Nik Mohamed Din.

This year, Labuan FSA launched two key policy documents – the Guiding Principles on Business Continuity Management to enhance the Labuan financial institutions’ operational resilience; as well as a digital governance and cyber resilience framework which aims to protect DFS providers from cyber threats.

Farah Jaafar, CEO of Labuan IBFC Inc, said, “Being home to one of the fastest growing digital families in Asia, our ethos of constant engagement with industry coupled with innovation and facilitation, puts us in good stead to embrace the next digital evolution, governed by sound regulatory parameters. This curates a regulated digital ecosystem, providing synergy between wholesale financial intermediation and digitalisation allowing our licensees to operate in a facilitative borderless environment.”

As at September 2021, the number of DFS providers that have been approved to operate in the Labuan IBFC digital space has grown to 85 licensees, having licensed 25 intermediaries as of September 2021. The key licensees include 2 digital banks, 1 insurtech and 1 digital securities exchange, 16 payment systems providers, 18 credit token issuers and 33 money brokers (digital currency exchanges). Out of the total number of DFS providers in Labuan IBFC, the majority were licensed to provide digital currency trading platform, issuance of digital token and e-payment system or e-wallet.

Labuan IBFC’s debut as a digital friendly jurisdiction began in 2017 with just one licence and has since expanded with a wide range of digital businesses and players, from digital banking and insurtech to intermediaries such as robo-advisory, digital asset exchanges, crypto trading platforms, tokenisation licences and e-payment systems.

Having celebrated its 30th year of establishment in 2020, Labuan IBFC is now home to more than 5,000 active entities which include 70 banks, 232 insurance and insurance-related entities, 65 trust companies and other business sectors, with an ecosystem creating a robust environment promoting the growth of digital business.

The 3rd edition (virtual) of Connecting Digital Ecosystems Asia 2021 (CoDE Asia 2021) themed “Future Forward: Next Gen Digital Ecosystems” was attended by more than 400 regional delegates and featured a line-up of industry players and subject matter experts, discussing the current and emerging developments in the digital financial industry.

In conjunction with the conference, a joint white paper entitled ‘Curating a Regulated Digital Ecosystem’ was launched. The paper produced with Deloitte, examines the challenges faced by regulators in an ever-evolving digital landscape, and how jurisdictions can support and facilitate a well-balanced regulatory and business conducive environment.

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/C O R R E C T I O N — Roborock/

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Roborock Reports 2023 Full Year Financial Results

Achieving Record-breaking Financial Success and Reaching Historic High in Total Assets

HONG KONG, March 28, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced its financial results for the full year ending December 31, 2023.

Roborock achieved remarkable financial success during the reporting period, posting revenue of 8.65 billion Yuan (US$1.22 billion), representing a significant 30.55% Year-On-Year increase. The company recorded a net profit of 2.05 billion Yuan (US$288 million), achieving an annual growth rate of 73.32%.

Roborock’s total assets reached an all-time high of 14.38 billion Yuan (US$2.02 billion), reflecting Year-On-Year growth of 32.71%. These achievements solidify Roborock’s position as one of the leading players in the smart vacuum industry. The company also recorded impressive overseas revenue, growing at a rate of 21.42%, while total robot vacuums shipments surpassed 2 million units.

“Ever since we founded Roborock back in 2014, our long-term mindset and unwavering commitment to focusing on delivering true value to our customers is what has gotten us to where we are today. It’s been an amazing journey, and we are truly proud to emerge as a global leader in smart vacuums.” said Richard Chang, Founder & CEO of Roborock.

“As we approach our 10-year anniversary, we are excited to introduce more of our cutting-edge vacuums, including the S8 MaxV Ultra which we unveiled at CES 2024. This flagship innovation represents our most technologically advanced one-stop cleaning solution to date, underlining our focus on enriching future lifestyles within the smart home ecosystem to enhance the quality of life for our customers worldwide.

Financial Performance Highlights

Sales and Net Profit

  • Total revenue recorded was 8.65 billion Yuan (US$1.22 billion)
  • Of this, 4.23 billion Yuan (US$595 million) is attributed to Roborock’s overseas operations, accounting for 49% of total revenue
  • Roborock’s overseas operation recorded a revenue growth of 21.42% compared to the previous year
  • The company achieved a net profit of 2.05 billion Yuan (US$288 million), with an annual growth rate of 73.32%
  • Roborock’s total assets reached a historic high of 14.38 billion Yuan (US$2.02 billion), reflecting a remarkable 32.71% Year-On-Year growth

Growth across Product Categories

  • Roborock’s total robot vacuums shipments surpassed 2 million units, generating an income of 8.09 billion Yuan income (US$1.14 billion) and achieving a Year-On-Year growth of 27.14%
  • Roborock experienced rapid growth across new product categories (product portfolios except robot vacuums), with an income of 554 million Yuan (US$78 million) income and a Year-On-Year growth of 109.4%

Research & Development

  • R&D expenditure amounted to 619 million Yuan (US$87 million), accounting for 7.15% of total revenue. This represents a year-on-year growth of 26.69%
  • During the reporting period, 522 new domestic and overseas patents were filed

Major accounting data and financial indicators in the past 3 years

(Unit: Yuan; Currency: RMB)

2023

2022

Year-On-Year
Growth (%)

Total Assets

14,376,641,614

10,833,053,890

32.71

Net assets
attributable to
shareholders of
listed companies

11,380,526,122

9,556,378,416

19.09

Revenue

8,653,783,788

6,628,716,402

30.55

Net profit
attributable to
shareholders of
listed companies

2,051,217,414

1,183,476,942

73.32

Net profit
attributable to
shareholders of
listed companies
after deducting
non-recurring
gains and losses

1,826,089,668

1,197,719,439

52.46

Net cash flow
from
operating activities

2,185,931,368

1,120,467,567

95.09

About Roborock

Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 7.1132 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2023. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be at any particular rate or at all.

Photo – https://mma.prnewswire.com/media/2374470/Roborock_2023_Financial_Results.jpg

 

 

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Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

Photo – https://mma.prnewswire.com/media/2374872/REMY_Sleep_1.jpg

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Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/bitrue-coin-btr-analyzes-user-behavior-and-announces-upcoming-developments-to-enhance-utility-302103427.html

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