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Top PH firm Globe brings hunger alleviation program to international stage, partners with UN WFP
MANILA, Philippines, June 10, 2024 /PRNewswire/ — Globe, a top telco and digital solutions provider in the Philippines, has partnered with the United Nations World Food Programme (WFP) to bring its hunger alleviation program, Hapag Movement, to the international stage.
Launched on World Hunger Day, the partnership opens Globe’s Hapag Movement to international donors, building on the initiative’s momentum over the last two years.
The partnership seeks to expand the Hapag Movement’s donor reach and amplify its impact. Since its launch in 2022, it has reached over 95,000 people and produced 2,662 livelihood training graduates.
“Hapag,” the Filipino word for dining table, carries a deeper meaning than its definition, as it evokes the warmth and openness among family and friends while sharing food and stories together.
As a movement, Globe’s initiative aims to address involuntary hunger by providing sustainable feeding and livelihood training to vulnerable families, leveraging partnerships to raise funds and reach communities. By joining forces with WFP, Globe hopes to tap the Filipino diaspora and get support from other international donors to bring urgent help to the hungry.
“We are privileged to collaborate with the UN World Food Programme, global leader in the fight against hunger and the largest international ally of the Hapag Movement. With their support, we are optimistic about mobilizing the global donor community to tackle the urgent issue of hunger in the Philippines,” said Yoly Crisanto, Chief Sustainability and Corporate Communications Officer at Globe.
Hunger persists as a critical challenge in the country. According to the latest Social Weather Stations survey, nearly 4 million Filipino families experienced involuntary hunger in the first quarter of 2024. The Philippines also scored 14.8 on the 2023 Global Hunger Index, indicating a “moderate” level of hunger.
“Private sector partnerships are critical in achieving UN Sustainable Development Goal 2: Zero Hunger. Globe’s expansive network will allow us to support more food-insecure Filipinos. We are grateful for Globe’s strong commitment to address hunger,” said Dipayan Bhattacharyya, WFP Philippines Country Director ad interim.
Founded in 1961, the UN World Food Programme is the world’s largest humanitarian organization addressing hunger and promoting food security. With over 23,000 staff in over 120 countries and territories, WFP provides life-saving food assistance in emergencies and works with communities to improve nutrition and build resilience.
WFP runs the ShareTheMeal initiative founded in 2015, providing over 226 million meals and garnered 1.6 million supporters across 38 countries, including the Philippines. For as low as Php40 pesos and a few taps on the phone, anyone can provide a nourishing meal to someone in need.
Donations can be made beginning today by visiting the Hapag Movement challenge link on ShareTheMeal. Globe and TM customers may also donate their points to ShareTheMeal through the GlobeOne app. In addition, supporters all around the world will soon be able to donate to ShareTheMeal through GCash.
WFP also assists Walang Gutom 2027, a nutrition-sensitive program led by the Department of Social Welfare and Development (DSWD), to address involuntary hunger, and works with the Philippine Government to expand the School-Based Feeding Program. Funds raised through this partnership will be channeled to WFP to support the implementation of school meals and Walang Gutom 2027: Food e-Voucher Program.
This support is crucial to help address child stunting, where children are unable to attain their full growth potential. About one third of Filipino children are stunted or too short for their age, an incidence closely linked to hunger. Hunger, in turn, affects a child’s ability to learn and grow, setting back their intellectual development.
Child stunting is consequential to national development in the long run, as it affects an individual’s future productivity. Citing a 2016 study by the Philippines’ Department of Health, the National Nutrition Council, and UNICEF, the Philippine Statistics Authority earlier said child stunting could cost the country losses of US$1.9 billion in future adult productivity.
“The DSWD welcomes this partnership between Globe and the World Food Programme that will boost our full-scale implementation of the Walang Gutom 2027 Food Stamps Program for the benefit of food poor families,” DSWD Usec. Eduardo Punay.
“Both organizations had significant contributions to the success of the flagship program’s pilot implementation. The Department is glad to again share with Globe and WFP the goal of addressing hunger and malnutrition in our country in pursuit of the Marcos Jr. administration’s whole-of-nation approach in tackling socio-economic problems,” he added.
To learn more about the Hapag Movement, visit https://www.globe.com.ph/about-us/sustainability/globe-of-good.
ABOUT GLOBE
Globe Telecom, Inc. is a leading full-service telecommunications company in the Philippines and publicly listed in the PSE with the stock symbol GLO. The company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. It offers innovative digital solutions in the areas of fintech, healthtech, adtech, climate tech, shared services and venture capital. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principals are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region.
ABOUT THE UNITED NATIONS WORLD FOOD PROGRAMME
The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.
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Hong Kong Boosts Fintech Scene with Focus on DeFi and Metaverse
The Hong Kong government is now concentrating on decentralized finance (DeFi) and metaverse technologies to bolster its global fintech reputation.
Recent insights from the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), back this strategic shift.
According to the HKIMR report, the DeFi sector has seen remarkable growth, with its market capitalization surging from $6 billion in 2021 to over $80 billion in 2023. Despite this rapid expansion, DeFi still accounts for only 4% of the overall crypto-asset market. The report indicates that over 70% of crypto businesses have yet to fully explore DeFi’s potential.
The report also highlights the challenges DeFi faces, such as governance, compliance, and security issues. However, it remains hopeful about DeFi’s ability to offer innovative financial services. These services can increase automation and financial inclusion, making them a significant component of future financial systems.
Metaverse Engagement Among Financial Institutions
Another report from HKIMR delves into the metaverse, showing a moderate level of engagement from Hong Kong’s financial institutions. Despite the interest, more than half of the respondents (51%) expressed doubts about the metaverse’s future potential. Nonetheless, certain segments of Hong Kong’s fintech sector are actively exploring metaverse-related developments, signaling a growing recognition of its potential.
Enoch Fung, CEO of the AoF and executive director of the HKIMR, commented on the integration of emerging technologies with financial services.
“The emerging technologies of DeFi and the metaverse, which are closely connected to the broader virtual asset and Web3 developments, will likely present various opportunities for the financial services industry in Hong Kong.”
Promoting Hong Kong in the International Tech Scene
Hong Kong officials are actively promoting the city as a premier destination for fintech and Web3 startups. They participated in the Collision 2024 tech conference in Toronto, highlighting Hong Kong’s readiness to serve as an offshore technology hub for Canadian crypto and Web3 businesses. This event was co-hosted by the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK).
Despite its efforts to position itself as a crypto-friendly hub, Hong Kong has seen a series of crypto exchange closures. In March 2024, HKVAEX, allegedly linked to Binance, withdrew its license application. This was followed by the exits of IBTCEX, QuanXLab, Huobi HK, Gate.HK, OKX HK, and Bybit (Spark Fintech Limited) in May. As a result, 17 virtual asset trading platforms remain on the application list, with 11 companies withdrawing or returning their license applications.
The withdrawal of license applications has sparked concerns about Hong Kong’s cryptocurrency licensing system. Hong Kong Legislative Council member Wu Shuo has publicly criticized the system, claiming it undermines market confidence. These recent closures and withdrawals underscore the challenges crypto businesses face in navigating Hong Kong’s regulatory environment.
Source: coinfomania.com
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Auto industry product liability and recall
India’s automobile sector has recently seen a surge of incentives aimed at attracting investment, increasing capital expenditure, and boosting domestic value addition in auto manufacturing. These policies, which include tariff reductions, duty waivers and concessions, production-linked incentives, and consumer subsidies, also bring statutory liabilities, increased regulation, and heightened oversight.
This comes amidst rising reports of manufacturing defects. Between 2012 and 2023, India documented over 5 million “moderate to serious” incidents, primarily involving fossil fuel-dependent vehicles. More recently, incidents involving electric vehicle (EV) motors catching fire have raised concerns about the safety, suitability, and adequacy of stress testing new technologies for India’s climatic and driving conditions.
Regulatory Interventions and Their Impact
Key regulatory measures include a new product liability regime with significant implications for original equipment manufacturers (OEMs) and other stakeholders in the value chain, such as component suppliers, dealers, distributors, and service providers. Significant developments include updated technical standards in manufacturing, enhanced safety norms for vehicles, and the empowerment of governmental authorities to initiate investigations, impose penalties, and order product recalls.
The Motor Vehicles (Amendment) Act, 2019 (MVA), authorizes a designated authority to recall vehicles when a defect affects the product safety of a specific number or percentage of annual sales. The MVA permits designated officers to inspect manufacturers’ premises and review records and procedures. Non-compliance with manufacturing specifications, technical standards, and safety norms can lead to vehicle recalls and penalties. The MVA holds directors and officers vicariously liable for the company’s actions, including non-executive directors who approve contravening acts through board decisions.
Enhancing Safety and Consumer Protection
While the MVA enhances manufacturing safety, the Consumer Protection Act, 2019 is consumer-focused legislation addressing product liability. It shifts the burden of proof from the consumer to the manufacturer and seller to disprove liability for specified defaults.
Implications for OEMs and Component Manufacturers
These regulatory changes require OEMs to certify that new vehicles meet improved technical standards and safety norms, involving additional testing, mandatory anti-hazard safeguards, smart management systems to prevent overcharging and short circuits, and comprehensive warranty support.
Japanese companies, among others, must note that OEMs and component manufacturers are subject to presumptive liability. The regulatory amendments necessitate OEMs to review and update product testing and commissioning processes, enhance compliance, conduct audits, and perform thorough vehicle risk assessments. Manufacturing processes must be thoroughly documented. OEMs must ensure adherence to safety norms, pre-certification, and warranty coverage, while drafting carefully worded liability management provisions in supply contracts to apportion statutory liability and costs to component manufacturers and other parties.
To mitigate product liability, OEMs should implement comprehensive and robust quality controls and testing measures throughout the manufacturing lifecycle. Third parties should conduct testing and validation, and OEMs must maintain detailed records to demonstrate due diligence and transparency. With statutory powers allowing for investigations, document reviews, and procedure recordings, OEMs must prepare for business disruption risks and potential breaches of confidentiality.
Strategic Recommendations
OEMs should regularly audit suppliers and track parts to identify defective vehicles, facilitating the assignment of liability and costs. Board procedures must be rigorous, ensuring nominees fulfill their fiduciary duties. Insurance policies must cover product liability and recall.
OEMs should develop clear escalation procedures and crisis management plans, and establish robust contracts with suppliers and partners that include warranties, indemnities, and allocated responsibilities.
Cost Implications
In the near term, these measures may increase manufacturing costs in India. Given India’s highly competitive and price-sensitive market, OEMs might find it challenging to pass these costs onto consumers.
Source: law.asia
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Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security
A recent study by Jumio, an AI-driven identity verification and compliance solutions provider, has revealed that 78% of consumers in Singapore are prepared to switch banks due to insufficient fraud protection.
The Jumio 2024 Online Identity Study highlights the increasing concern among consumers about their banks’ ability to protect them from fraud. The study found that 75% of consumers globally, and 78% in Singapore, would consider changing their banking provider if fraud protection was inadequate.
Surveying over 8,000 adults across the United Kingdom, United States, Singapore, and Mexico, the study reveals that 75% of consumers hold their banks ultimately responsible for safeguarding against cybercrime and fraud.
The rising sophistication of fraud tactics, such as deepfakes and voice cloning, has intensified these concerns. Deepfake technology, in particular, is being used more frequently to deceive consumers into divulging sensitive information, significantly contributing to their anxiety.
In Singapore, 78% of respondents are especially concerned about their bank’s efforts to combat deepfake-powered fraud, compared to the global average of 67%. Additionally, 74% of Singaporeans call for stronger cybersecurity measures, surpassing the global average of 69%.
The expectation for financial institutions to provide robust fraud protection is increasing, with three-quarters of consumers expecting a full refund if they become victims of cybercrime.
Source: fintechnews.sg
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