Tag Archives: FIN

PR Newswire

HKBN Announces Interim Results for the 6 Months Ended 29 February 2020

Leave a comment

HONG KONG, April 22, 2020 /PRNewswire/ — HKBN Ltd. (“HKBN” or the “Company”; SEHK stock code: 1310) today announced solid growth in its financial and business performance for the six months ended 29 February 2020 (“1H2020”). Through a sequence of five strategic mergers and acquisitions over the last few years, culminating most recently with the acquisition of JOS completed in December 2019, HKBN has further bolstered its capabilities as an integrated telecom and technology solutions provider. The most recent JOS acquisition has greatly extended HKBN’s customer reach, broadened the scope of its service offerings and enhanced its market competitiveness in the enterprise space.

Key highlights from the interim period include:

  • Revenue, EBITDA and Adjusted Free Cash Flow (“AFF”) continued to grow year-on-year 101%, 77% and 47%, respectively, to HK$4,457 million, HK$1,283 million and HK$440 million. The substantial year-on-year increase was mainly contributed by:
    • consolidating six months of results of HKBN Enterprise Solutions Development Ltd and its subsidiaries (collectively “WTT Group”) with revenue and EBITDA contribution of HK$1,104 million and HK$509 million;
    • consolidating two and a half months of results of HKBN JOS Holdings (C.I.) Limited and its subsidiaries, Adura Hong Kong Limited and Adura Cyber Services Pte. Ltd. (“collectively “JOS Group”) with revenue and EBITDA contribution of HK$836 million and HK$57 million; and
    • reducing operating lease expenses of HK$106 million in the calculation of EBITDA, after adopting HKFRS 16.
  • Enterprise revenue increased by 190% year-on-year to HK$2,276 million after consolidating six months and two and a half months of operating results of WTT Group and JOS Group, respectively, in 1H2020. Total number of enterprise customers increased year-on-year to 104,000 while enterprise ARPU increased from HK$1,508 to HK$2,775.
  • Residential revenue grew by 2% year-on-year to HK$1,252 million from the successful execution of a quad-play strategy. This enabled the Company to increase its historical full base residential ARPU by 3% year-on-year, from HK$184/month in 1H2019 to HK$190/month in 1H2020, while the monthly churn rate remained low.
  • The Board of Directors has recommended the payment of an interim dividend of 37 HK cents (1H2019: 34 HK cents per share), resulting in a 9% year-on-year growth.  

935 Co-Owners = Unprecedented Management Alignment

“In crisis there is opportunity. Our Co-Ownership culture is our most distinct and important LUCA (Legal Unfair Competitive Advantage). Our Talent force of 5,861, including those from JOS and WTT, is now led by 935 Co-Owners who have invested their family savings in HKBN. Most impressively, the Co-Ownership take-up for our top 73 executives is 100%, which demonstrates incredible alignment of interest amongst our leadership team,” said Co-Owner and Executive Vice-chairman William Yeung, and Co-Owner and Group CEO NiQ Lai.

HKBN Co-Ownership Take-up Amongst Talents:

Seniority

 Total Invited for
Co-Ownership

Co-Ownership

Take-up

Co-Ownership

Take-up Rate

CXO Management Committee,
Directors and Associate Directors

73

73

 

100%

 

Managers

405

300

 

74%

 

Supervisors

1,124

562

 

50%

 

Total eligible for Co-Ownership

1,602

935

 

58%

Note: As of 31 March 2020

For more details of HKBN’s results in 1H2020, please refer to the announcement:
https://reg.hkbn.net/WwwCMS/upload/pdf/en/e_InterimResultsAnnouncement_FY20.pdf   

Appendix: Shareholder Letter

At the interim results presentation, William Yeung, HKBN Co-Owner and Executive Vice-chairman (left), Samuel Hui, Co-Owner and Chief Transformation Officer (middle) and NiQ Lai, Co-Owner and Group CEO (right), provided an in-depth look at HKBN’s transformative growth performance and its focus to deliver accelerated transformations for customers.
At the interim results presentation, William Yeung, HKBN Co-Owner and Executive Vice-chairman (left), Samuel Hui, Co-Owner and Chief Transformation Officer (middle) and NiQ Lai, Co-Owner and Group CEO (right), provided an in-depth look at HKBN’s transformative growth performance and its focus to deliver accelerated transformations for customers.

About HKBN Ltd.

HKBN Ltd. (SEHK Stock Code: 1310, together with its subsidiaries, “HKBN” or the “Group”) is an investment holding company. HKBN, headquartered in Hong Kong with operations spanning Asia across Hong Kong, Singapore, Malaysia, mainland China and Macau, is a leading integrated telecom and technology solutions provider. Through three core brands, Hong Kong Broadband Network, HKBN Enterprise Solutions and HKBN JOS, the Group offers comprehensive one-stop information and communications technology (“ICT”) services that include broadband, data connectivity, managed Wi-Fi, integrated cloud solutions, information security, mobile, voice communications, digital solutions, IoT, big data, enterprise applications, data centre facilities, business continuity services, system integration and OTT entertainment. HKBN’s tri-carrier fibre infrastructure in Hong Kong covers about 2.4 million residential homes and 7,300 commercial buildings and facilities. Committed to creating a lasting positive impact to wherever it operates, HKBN embraces a Core Purpose to “Make our Home a Better Place to Live”. The Group is managed by around 930 of Co-Owners (supervisory and management level Talents in the Group) who invested their family savings to buy shares of HKBN Ltd. (SEHK Stock Code: 1310) or invest a portion of their salary towards a common KPI for the Beyond-Hong Kong business of the Group.

Appendix:

Shareholder Letter

Dear Fellow HKBN Shareholders,

#ToughTimesTogether

We are committed to our pursuit of Purposeful profit even during toughest times. Whilst the global COVID-19 crisis is impacting all of us, HKBN is one of the fortunate companies that continues to grow through this crisis, so we are in an exceptional situation whereby we can do good and do well. In February 2020, we launched our #ToughTimesTogether initiatives to help alleviate economic impact of the crisis, starting with waiving of our February 2020 service fees for our residential fixed-services and corporate customers, followed by 10,000 free broadband services for families in financial difficulties, and offering three months of fixed contract work experience for 100 fresh graduates. In doing these, we hope to inspire other purpose-driven companies to act, and together make a far bigger impact.

HKBN is a Talent-obsessed company; in fact, HKBN is nothing but a Talent company. All our business hardware and software can be replicated with enough money and time, but our cultural DNA is impossible to replicate. At HKBN, we believe we must first WOW our 5,861 Talents before we can together WOW other stakeholders such as customers, business partners, shareholders etc.

Just a year ago, we were three competitors, being HKBN, WTT and JOS. Today, we are one entity of 5,861 HKBNers led by 935 Co-Owners (refer to the QR code below) who now share one common “elite sports team” bank account for our family savings. Our culture is based on “pride” of common success leading to individual success, rather than the “envy” that is the disease of many legacy companies. When an HKBNer is doing well, be it on our Co-Ownership upside, pain/GAIN payout, earning higher commissions etc., we know that we are all aligned and contributing to each other’s success. “Pride” in each other’s success is why we do not set caps in sales commissions, as we are happy to see a top performing sales person earn more in total compensation via commissions, than managers above them. Conversely, when an HKBNer does poorly on any of the above, we all suffer together; hence this makes us work smarter together to avoid this pain.

Whilst the economy is currently facing unprecedented headwinds, times of crisis create opportunity for legacy market change. With our recent sequence of acquisitions and the completion of our Co-Ownership III Plus Scheme, we have completely transformed into an integrated telecom and technology solutions provider. At HKBN, we believe in “eat what we cook first, before we sell it”. Today we are undergoing a massive internal digital transformation which in turn we will sell externally as Transformation as a Service (“TaaS”) to help our customers.

We expect that COVID-19 will structurally slow down global business-as-usual economic activities but force massive demand for business transformations; it is the latter that we are focused on for growth. In short, we are optimistic of the mid-term future.

Sincerely yours,

William Yeung
Co-Owner and Executive Vice-chairman        

NiQ Lai
Co-Owner and Group Chief Executive Officer

Scan QR code for our full list of Co-Owners
https://reg.hkbn.net/WwwCMS/upload/web/en/images/QRcode-Co-Owner-List-EN.png

Photo – https://photos.prnasia.com/prnh/20200422/2783521-1?lang=0
Logo – https://photos.prnasia.com/prnh/20190604/2486375-1LOGO?lang=0

Source: HKBN Ltd.

PR Newswire

RattanIndia Finance Wins the Celent Model Bank Award 2020 for Retail Lending Powered by Nucleus FinnOne Neo

Leave a comment

NEW DELHI, April 22, 2020 /PRNewswire/ — Celent, the world’s leading research, advisory and consulting firm focused on financial services technology, has named RattanIndia Finance as the winner of The Celent Model Bank Award 2020 for Retail Lending, powered by FinnOne Neo from Nucleus Software.

Celent Model Bank Awards recognize the best practices of technology usage in banking. RattanIndia Finance deployed FinnOne Neo in the cloud, disrupting the consumer finance market with a superior digital experience, speedy approvals and the rapid launch of innovative loan products. With FinnOne Neo, RattanIndia reduced the time taken to bring new products to market by 50%, decreased the IT resource count by 75% and lowered the cost of ownership by 90%. They recorded rapid business growth and became the first lender to offer loans for electric bikes in India

Mr. Craig Focardi (Senior Analyst, Celent) said, “Although the growth of cloud computing has accelerated in recent years, the movement of mission-critical core lending and banking solutions has not. RattanIndia Finance’s successful transition of its entire end-to-end lending platform for retail and corporate banking is a leading-edge example of the future potential for public cloud, which is why RattanIndia Finance is worthy of Celent’s Model Bank 2020 Award for retail lending.”

Mr. Harvinder Gandhi (Head of Technology, RattanIndia Finance) commented, “We are really excited to win the Celent Model Bank Award, powered by FinnOne Neo. This project helped us differentiate as an agile, digital and customer focused lender. We are delighted that the project confirmed our belief that technology powers business growth and helps us deliver a superior customer experience. The results that we have seen are truly remarkable.”

Mr. R. P. Singh (CEO, Nucleus Software) said, “Our heartiest congratulations to RattanIndia Finance for wining this prestigious Model Bank Award from Celent. RattanIndia Finance is an innovative company and we are proud to support them in their goal to provide a faster, easier and more customer centric experience. This achievement is a further testament to the confidence of global financial services industry in the power, reliability and robustness of our solutions.”

About: Nucleus Software. 

Media Relations:  

Rashmi Joshi
rashmi.joshi@nucleussoftware.com  
+91-9560-694654

Photo – https://techent.tv/wp-content/uploads/2020/04/rattanindia-finance-wins-the-celent-model-bank-award-2020-for-retail-lending-powered-by-nucleus-finnone-neo.jpg 

PR Newswire

Tradewind Finance Supports Businesses with Fast and Flexible Financing Solutions

Leave a comment

NEW YORK, April 21, 2020 /PRNewswire/ — Tradewind Finance, an international trade finance company, is offering more flexible financing solutions to address the economic and operational upheaval businesses are presently facing due to the COVID-19 pandemic. The solutions that have been rolled out are intended to help buyers and sellers overcome cash flow and supply chain challenges during a time of global disruption. This includes Tradewind Finance’s move to finance payment terms of up to 180 days for new shipments. With a longer financing period available, suppliers can offer extended payment terms to their buyers. Overall, suppliers and buyers can build a more transparent and trusting relationship with the help of international trade finance companies who can work with both business partners to grow and succeed together.

As supply chains are rattled, the firm is staying attuned to their clients’ needs and is maximizing their efforts to curb these disruptions. They are providing creative solutions to their clients faced with various scenarios, such as those who are forced to hold onto goods that have already been produced.

Not only is Tradewind Finance creating working capital for their clients and alleviating stress on supply chains with more lenient financing parameters, but they are also offering these solutions to new businesses who are interested in their services to help them through the impacts of the current global crisis. The firm works with exporters and importers across a myriad of industries, including medical supplies, seafood, electronics, and apparel.

Tradewind’s trade finance services have helped companies for over 20 years by accelerating cash flow to their businesses. During this challenging period for companies everywhere, Tradewind’s global chief financial officer and senior executive officer Peter Maerevoet insists that trust and collaboration between buyers and suppliers is the key to viability over other immediate fixes that can destroy companies in the long run.

Recently, Maerevoet was approached by Sourcing Journal, a leading apparel and textile publication that serves a worldwide readership of sourcing executives, supply chain executives and others within the industry, to weigh in on the havoc that has been wrought on retailers and suppliers in the fashion sector.  Tradewind Finance has been instrumental in financing the apparel and textile industry for two decades and can help charter fashion companies to safer waters during the current period.

With the unprecedented impacts of COVID-19, retailers and suppliers have to choose whether to cooperate under these new circumstances to preserve partnerships, or instead think of their own survival in the short term, no matter the cost. Maerevoet shares his thoughts on why trust and collaboration are critical in the Sourcing Journal article titled, “Collaboration, Compassion Key for Supply Chain Crisis Management”, in which he was featured:

“Relationships with mutual trust have a much better chance to survive crises than some opportunistic or tactical price-driven relationships.” “I think that’s something you will see in the next couple of months that a lot of these opportunistic relationships… will stop forever or at least for a couple of years. And those strategic relationships where people have had mutual trust for many years will survive the crisis and they’ll even be stronger.”

As businesses look to survive — and even thrive — in a period with negative impacts that permeate all facets of the world, Tradewind Finance is providing much-needed support to weather the storm. With the firm’s cash flow solutions, credit protection, and facilitation of longer payment terms, buyers and suppliers can maintain their business partnerships and overcome cash flow hurdles.

Contact info:
Tradewind Finance
contact@tradewindfinance.com
212-765-4349
https://www.tradewindfinance.com/

Logo – https://techent.tv/wp-content/uploads/2020/04/tradewind-finance-supports-businesses-with-fast-and-flexible-financing-solutions.jpg

PR Newswire

Vestiaire Collective Raises €59 Million to Support Its Community in Changing the Fashion Industry for a Better Tomorrow

Leave a comment

PARIS, April 21, 2020 /PRNewswire/ —

  • The new round brings on board Korelya Capital, funds managed by Fidelity International, Vaultier7 and Cuir Invest
  • Existing shareholders Eurazeo (Eurazeo Growth & Idinvest Venture funds), Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s CEO, Max Bittner also reinvest
  •  The round will be used to:
    –     Continue transforming the fashion system while offering a smart, circular and responsible alternative to throw-away fashion
    –     Jointly explore the expansion of the global business into Japan and Korea through Korelya Capital, backed by Naver
    –     Expand the launch of Direct Shipping service in the US

Ahead of Earth Day’s 50th anniversary and in this unprecedented period of uncertainty, Vestiaire Collective, the leading global platform for desirable pre-owned fashion today announces the completion of a €59 million round of financing, existing shareholders reinvest alongside new investors Korelya Capital, which is backed by Korean technology conglomerate Naver, funds managed by Fidelity International,  Vaultier7, a specialist female-led consumer fund, and Cuir Invest, which is backed by the French Leather industry.

The current economic and ecological crisis are accelerating an existing shift in consumer mindset, driven by growing criticism of waste-producing business models, and increased desire for purpose-driven brand action. As a company, Vestiaire Collective is committed to limiting the waste produced by the fashion industry, by keeping clothes out of landfill and increasing the number of times they are worn today, for a better tomorrow.

As the leading global resale platform, this round demonstrates that the Vestiaire Collective model embodies the future of the fashion industry and unifies growing consumer sentiments. Following the COVID-19 crisis, we expect:

  • Further adoption of online shopping, but more importantly an increased focus on social values and communities, with more people supporting each other.
  • Consumers are set to become increasingly resourceful as they look to resale as an additional way to raise funds and find unexpected value in their wardrobe.
  • Environmental concerns will further drive a more conscious approach to consumption, as 20% of consumers expect to reduce their clothing consumption following the crisis*.

Vestiaire Collective has seen deposits and orders quickly rebound to the pre-COVID 19 baseline or above. During this challenging period this clearly demonstrates customer demand for circular business models, both now and looking ahead to the future of the rapidly evolving retail landscape.  

Vestiaire Collective encourages a move away from throwaway fashion towards quality that lasts and holds value. We believe that today, our community of over 9 million fashion activists will be proud to lead by example and spread the word converting more consumers to the cause. Because in the end, it’s not the big, impressive statements that will make the most impact, but the meaningful change taken every day by individuals, no matter how small or large. We trust Vaultier7 as members and ambassadors of the Vestiaire Collective community to help us build on this momentum by expanding in the most thoughtful way. We are also excited by their extraordinary network which will  support us in further unlocking underutilized personal luxury goods to meet the demand of buyers globally.

This new round of funding will also allow for further acceleration of Vestiaire Collective international business beyond the countries where the company’s community is already well established. Currently, over 80% of the French headquartered company’s transactions are already generated cross-border.

Thanks to Korelya Capital, which is backed by Korean technology conglomerate Naver, Vestiaire Collective will jointly explore the expansion towards Japan, the biggest resale market in the world, and Korea in 2020 and beyond.

Finally, this round will help us continue to drive ambitious growth in the US market and further develop our successful Direct Shipping model. Launched in Europe in September 2019 the service is increasingly popular with a growing number of customers. Currently already over 50% of orders in the EU are fulfilled through the new service, which is also growing at a rate of +60% MoM. The model will be launched in the United States in early summer followed by Asia before the end of 2020.

Max Bittner, CEO of Vestiaire Collective - Investment Announcement
Max Bittner, CEO of Vestiaire Collective – Investment Announcement

Max Bittner, Vestiaire Collective’s CEO comments:

“I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop. Vestiaire Collective was built during the 2008 crisis, and proves today how it can help people in their daily life to make the most out of their belongings, but also to access fashion in a sustainable and conscious way. Everyday, I feel proud and amazed by our global community of fashion activists who are leading the way towards a brighter future.”

Paul Degueuse, General Partner of Korelya Capital says,

“As we all take a step back and contemplate the way we live, we believe consumption patterns are on the verge of a deep structural evolution, and C2C platforms have a strong role to play here. We see in Vestiaire Collective an emerging leader and catalyst of this upcoming disruption. We are extremely enthusiastic to support Vestiaire Collective and its founders in its expansion. There are tremendous opportunities for growth in Asia, and we look forward to helping the company accelerate its expansion in this part of the globe.”

Vaultier7 comments:

“Vestiaire Collective has transformed the way people consume desirable and luxury fashion with its trusted and inspirational resale model and we are truly proud to be there at this time to support them in their mission, and support buyers and sellers across the globe on their path to cautious, minded consumption, values which are more important than ever and which are at the core of Vaultier7.”

Frank Boehly, Président of SIC SA investor Cuir Invest, says,

“Cuir Invest is happy to support Vestiaire Collective, as it is a company with an impressive management team, and huge growth potential. We have been impressed by the technological quality of the solution, by the quality and the dynamism of the management team, and by their intelligent and sustainable approach to fashion. We truly believe that Vestiaire Collective can become the world leader in their sector.”

NOTES TO EDITORS:
*McKinsey Covid-19 response in Apparel and fashion study 

About

About Vestiairecollective.com Vestiaire Collective is the leading global platform for desirable pre-owned fashion. Curated by its trusted community of fashion lovers, members inspire one another whilst selling and buying unique pieces from each other’s wardrobes. Encouraging consumers to join the circular economy as a sustainable alternative to throw-away fashion, the platform is unique due to its highly engaged community, its rare desirable inventory and its authenticity and quality control process. Launched in Paris in October 2009, Vestiairecollective.com has over 9 million members across 90 countries worldwide with offices in Paris, London, New York, Milan, Berlin and Hong Kong. Over 60,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces whilst participating in the circular fashion movement. @vestiaireco

ABOUT VAULTIER7

Founded by experienced dealmakers Montse Suarez and Anna Sweeting, and backed by elite investors, Vaultier7 is the UK’s first specialist investment fund dedicated to partnering high growth category creators and disrupters in the converging sectors of Beauty & Personal Care, Health & Wellness and Lifestyle.

Vestiaire Collective - Investment Announcement
Vestiaire Collective – Investment Announcement

Photo – https://techent.tv/wp-content/uploads/2020/04/vestiaire-collective-raises-e59-million-to-support-its-community-in-changing-the-fashion-industry-for-a-better-tomorrow-1.jpg 
Photo – https://techent.tv/wp-content/uploads/2020/04/vestiaire-collective-raises-e59-million-to-support-its-community-in-changing-the-fashion-industry-for-a-better-tomorrow-2.jpg
Logo – https://techent.tv/wp-content/uploads/2020/04/vestiaire-collective-raises-e59-million-to-support-its-community-in-changing-the-fashion-industry-for-a-better-tomorrow.jpg

PR Newswire

Italian Chamber of Commerce Rolls out New Initiatives to Battle COVID-19

Leave a comment

SINGAPORE, April 21, 2020 /PRNewswire/ — In light of the COVID-19 pandemic bringing about an unprecedented impact on businesses and workers around the world, companies need to adapt faster than ever before by showing how business can be done differently.

With a mission to foster and strengthen bilateral business, economic, commercial and industrial relations between Italy and Singapore, the Italian Chamber of Commerce (ICCS), a non-profit association, has unveiled the necessary measures implemented in accordance with guidance on social distancing during these trying times.

The series of initiatives for its Italian members kicks off with an e-commerce strategy, with ICCS engaging the help of online stores such as Shopee, Lazada and RedMart. Through these partnerships, Italian companies protected under the ICCS umbrella are able to sustain brand presence in the respective markets, with the ability to reach out to consumers through virtual experiences.

Amplifying on the efforts to transform to a digital workspace, ICCS has increased its digitised offerings, with Webinars in place of events. The Webinars is scheduled to take place in the Asian afternoon time, in order to allow participation from a European audience.

“As a result of the lockdown measures, we have seen a clear increase in interest and demand for information and training from Italy,” comments Alberto Maria Martinelli, President of ICCS.

With determination to make a difference on ground, ICCS takes a step further to support the Italian Civil Protection Agency by granting further economic assistance to battle the crisis in Italy. Through this meaningful initiative, the ICCS Management and their Board Members have collectively contributed on behalf of the Chambers.

Building on these humanitarian efforts, ICCS announced that they have engaged a reliable and efficient channel to purchase sanitary products, to be sent to Italy to provide urgent help for emergency services and caregivers, to strengthen healthcare systems.

“We will continue to show ongoing support of the Italian business community in Singapore and in Italy with the launch of our e-commerce and business-to-consumer projects, focused on expansion in the Asian region,” Mr. Martinelli signs off with these words to reassure the community.

To find out more about Italian Chamber of Commerce, please visit: http://www.italchamber.org.sg

About Italian Chamber of Commerce (ICCS)

The Italian Chamber of Commerce is a non-profit association recognized by the Italian Government and member of Assocamerestero, apex body of over 70 Italian Chambers abroad. The Chamber aims to strengthen bilateral relations between Italy and Singapore in collaboration with strategic partners from the two Countries.

The Italian Chamber of Commerce in Singapore is geared to provide a wide range of business services tailored to the requirements of its members, as well as Italian and Singaporean companies. Thanks to strategic partnerships with Institutions, Chambers of Commerce and Agencies in the ASEAN region, the Chamber is a springboard for business in South-East Asia beyond Singapore.

Logo – https://photos.prnasia.com/prnh/20200420/2781046-1logo?lang=0

PR Newswire

CPA Australia: A stronger focus on customers and technology essential for small business recovery

Leave a comment

SINGAPORE, April 21, 2020 /PRNewswire/ — With COVID-19 reshaping the way people live, work and consume, small enterprises in Singapore could boost their business recovery prospects by building technology capabilities to better reach their customers, according to a new survey of Asia-Pacific small businesses by global professional accounting body CPA Australia.

Small businesses will also do well to invest in good staff who can help to improve customer loyalty and satisfaction as companies rebuild their operations when the current circuit breaker measures in Singapore are lifted.

CPA Australia’s Asia-Pacific Small Business Survey 2019-20 found that there is much opportunity for Singapore’s small businesses to improve their online sales presence.

Safe distancing measures implemented to battle COVID-19 have shifted consumer behaviour towards buying goods and services online, and this trend is likely to become even more entrenched going forward.

Only 35.7 per cent of the Singapore businesses surveyed said they generated more than 10 per cent of their revenue from online sales compared with the survey average of 51.0 per cent. The survey also showed a slightly declining trend over the last three years for Singapore small businesses booking revenue through online sales.

“With the current COVID-19 crisis, small businesses have little margin for error. Prudent financial management, focusing on the changing needs of customers and even greater adoption of technology, rather than good fortune, will be essential to business recovery and ongoing future success,” said Paul Drum, CPA Australia’s General Manager of External Affairs.

“The Singapore government’s excellent E-Commerce Booster package for small retailers and changing consumer behaviours accelerated by the circuit breaker should lead to a seismic increase in the online presence of many small businesses, which will not only assist them to survive this challenging period but also to thrive in the post-pandemic environment,” said Mr Drum.

Looking over 2019, the survey found that only 50.2 per cent of small businesses in Singapore reported growth last year amid slowing economic growth from tensions brought about by the US-China trade situation. This compares with 58.7 per cent in 2018, and below the survey average of 65.8 per cent.

However, most small businesses typically entered the COVID-19 crisis in relatively sound financial health, with only a small proportion (15.7 per cent) reporting problems paying their debts in 2019.

According to the survey, the top four factors that had a positive influence on strongly growing small businesses in 2019 were:

  • Improved customer satisfaction
  • Customer loyalty
  • Good staff
  • Improved business strategy

The survey, now in its 11th year, has shown that year after year, through both good times and bad, businesses with a focus on their customer, technology and strategy are much more likely to grow strongly compared to other businesses.

Mr Chng Lay Chew, CPA Australia’s Divisional President for Singapore, said, “Small businesses face the challenge of adapting their businesses to ‘a new normal’ at a time when their finances are tight. While it is wise to focus on cash flow and financial health at this time, businesses should also look at how they can meet the evolving needs of customers, especially through increasing their digital presence, and online engagement and sales.”

“Though the COVID-19 outbreak has taken centre stage for much of 2020 so far, businesses still need to consider other potential disruptors to the economy, such as an anticipated global recession, as they map out their recovery plan,” said Mr Chng.

To help small businesses navigate the challenges of COVID-19, and support them through the recovery process, CPA Australia has released a set of checklists targeted at small enterprises.

CPA Australia’s Suggestions for Small Businesses

  • Focus on improving cash flow and your financial health
  • Utilise technology and online sales to meet changing consumer behaviour
  • Capitalise on the existing pool of loyal customers
  • Investigate the generous SME relief measures made available by the government
  • Dedicate any spare time to developing and implementing a recovery plan, and learning about industry trends and emerging technologies and how they can be applied to the business
  • Ask staff with any downtime to undertake training so they are better skilled to meet the recovery needs of the business
  • If companies are in a relatively strong financial position, keep an open eye to any opportunities that may emerge in the recovery
  • Seek professional advice.

Key statistics for Singapore from the Small Business Survey

https://www.cpaaustralia.com.au/-/media/corporate/allfiles/document/professional-resources/business-management/small-business-survey/small-business-survey-singapore-2019-20.pdf?la=en&rev=135dfc02595149578c5dbeb4e4f21e66

CPA Australia resources to assist Singapore small businesses to manage through COVID-19

About the CPA Australia Asia-Pacific Small Business Survey

The CPA Australia Asia-Pacific Small Business Survey provides annual insights into the views of small businesses across the region and forms part of a longitudinal study that began in 2009. The 11th CPA Australia annual survey comprised extensive surveying of 4,193 small business operators in eleven markets, including Singapore, Malaysia, Australia, Hong Kong, India, Indonesia, Mainland China, New Zealand, Philippines, Taiwan and Vietnam. The survey was conducted between 18 November and 12 December 2019.

About CPA Australia

CPA Australia is one of the world’s largest accounting bodies with more than 166,000 members working in 100 countries and regions around the world, and with more than 25,000 members working in senior leadership positions. It has established a strong membership base of more than 8300 in Singapore.

Logo – https://photos.prnasia.com/prnh/20200420/2780870-1LOGO?lang=0

PR Newswire

CreditEase Fund of Funds Profiled in London Business School Case Study

Leave a comment

LONDON, April 20, 2020 /PRNewswire/ — CreditEase’s support on investors’ asset allocation with a Fund of Funds (FoF) has been officially introduced to the masterclass in private equity at the London Business School (LBS), making it the first Chinese FinTech company selected as an LBS case study.

“We picked CreditEase FoF not only because it represents Chinese exploration on FinTech, but also because it is worth attention and research of private equity professionals around the world,” said Professor Florin Vasvari, the program leader and instructor, who spent nearly one year on developing the course and interviewing the core team of CreditEase Private Equity FoF. Prof. Vasvari is the co-author of Private Capital, a highly acclaimed book endorsed by leading figures in the private equity industry.

Since its establishment in 2013, CreditEase FoF’s globalized team has managed assets over 25 billion yuan, a leading player among domestic market-oriented FoFs. It has invested in more than 200 funds and indirectly invested in more than 4,000 high-growth enterprises covering TMT, health care, consumption upgrading, energy and environmental protection and other emerging industries. By far among the companies CreditEase FoF has invested, more than 100 went public or listed on National Equities Exchange and Quotations.

The outperformance of CreditEase FoF is not only owing to the investment strategy that evaluates both sustainability and stability of funds, but also based on real-time analysis generated by an AI platform with processing capacity of 10 million data items per second, enabled by cloud computing, big data and self-developed AI algorithm. The AI system tracks 20,000 investment firms, 30,000 funds and over one million financing enterprises, screens target funds with the highest investment value and makes dynamic adjustments.

“CreditEase FoF is a pioneer and practitioner of financial and technology innovation in China. It is of great research value to the global wealth management industry,” said Dickie Liang-Hong Ke, Sloan Fellow at London Business School and a well-known innovation and entrepreneurship expert. Mr. Ke has been paying a lot of attention to the development of Fintech innovation in China for many years. He began to communicate with CreditEase two years ago, and initiated the interviews and kicked off the case study with Professor Florin Vasvari.

Tang Ning, CreditEase Founder and CEO, highlights the rising role of FoF in wealth management and asset allocation that drives capital market positively and serves real economy, particularly new economy. “Market-oriented FoFs effectively connect social capital with the needs for scientific and technological innovation, providing long-term, patient and humane funding support,” said Tang.

“A key contribution of FoF to the Chinese financial industry and the society is to perfectly match the enormous wealth created by traditional economy over the past 40 years, thanks to the reform and opening up, with the capital required by new economy to boost scientific and technological innovation for the next 40 years,” said Tang.

“This is what a wealth management company can serve the society, and also what a FoF can do for the future of China. I think it’s revolutionary,” added Tang.

About CreditEase

Founded in 2006, CreditEase is a world-leading FinTech conglomerate in China. It specializes in inclusive finance and wealth management with a dominant position in credit technology, wealth management technology, insurance technology, etc. The main business sectors of CreditEase include Yiren Digital, CreditEase Wealth Management and CreditEase Insurance. Better tech, better finance, better world.

About London Business School

London Business School’s vision is to have a profound impact on the way the world does business. The School is consistently ranked in the global top 10 for its programmes and is widely acknowledged as a centre for outstanding research. As well as its top-ranked full-time MBA, the School offers degree and award-winning executive education programmes to executives from around the world. With a presence in four international cities – London, New York, Hong Kong and Dubai – the School is well-positioned to equip students from more than 130 countries with the tools needed to operate in today’s business environment. The School has more than 44,000 alumni, from over 150 countries, which provide a wealth of knowledge, business experience, and worldwide networking opportunities. London Business School’s 157 academics come from more than 30 countries and cover seven subject areas: accounting; economics; finance; management science and operations; marketing; organisational behaviour; and strategy and entrepreneurship.

Cision View original content:http://www.prnewswire.com/news-releases/creditease-fund-of-funds-profiled-in-london-business-school-case-study-301043353.html

PR Newswire

Linkage Pay Brings Disruption Changes to the Payment Status Quo

Leave a comment

SINGAPORE, April 18, 2020 /PRNewswire/ — With the development of fintech breakthroughs such as blockchain, big data, cloud computing, and artificial intelligence, the financial sector has witnessed unprecedented paradigm shifts in the past decade. The ever-shifting digital landscape opens possibilities of new business models and consumer behaviours. The acceptive attitude towards novel concepts accelerates the gradual implementation of nascent technologies in traditional sectors. Linkage Pay emerges as a timely response to the shifting landscape of the payment industry and sets out to bring about disruptive changes to the payment industry.

Linkage Pay
Linkage Pay

What is Linkage Pay?

Linkage Pay is committed to the improvement of global payment solutions. By moving the bulk of offline trading services online, Linkage Pay will revolutionize the payment process and empower users to manage their assets more efficiently. These services include transactions, exchange, trading, clearing and settlement, and payment services. The integration of transaction channels and customer-oriented services will afford clients a one-stop experience that is not only convenient but also highly secure. Linkage Pay boasts four key competitive advantages that set it apart from mainstream online payment platforms. These competitive advantages are innovative payment, rapid settlement, integrated payment, and smart business.    

Linkage Pay’s Business Model

1. Integrated Payment

The traditional payment system is cumbered with layers of red tape, resulting in low efficiency and high processing fee. On top of that, the traditional system relies heavily on third or even fourth-party platforms. The dependence on external factors renders the system more vulnerable to inconsistency, unexpected account closure, among other potential risks. Leveraging blockchain technology, Linkage Pay makes rapid peer-to-peer payment a reality, by offering the most straightforward solution to issues such as complex processes and high exchange rates.    

2. Financial Settlement

Linkage Pay’s payment system mobilizes innovative payment technology to circumvent information monitoring and high gas fees incurred from the over reliance on third-party platforms. Linkage Pay, in collaboration with Alipay and WeChat Pay, aims to minimize redundancy during the payment processes and cut operating costs by 30 to 50 percent.   

3. Investment and Asset Management  

Linkage Pay utilizes a portion of the savings to maintain liquidity. The fund will be used to invest in sound and low-risk financial products during the capital accumulation phase to generate multiple returns for the clients. 

4. Technical Competitiveness

Linkage Pay incorporates automatic confirmation of Alipay and WeChat Pay barcode in the payment system. A single transaction of US$100 – $50,000 typically generate a return rate of 0.5% to 1%. These transactions can be repeated multiple times in a same day until the platform quota is met.   

About the Team

Linkage Pay boasts a team of sophisticated industry professionals from diverse backgrounds. Its co-founder, Jimmy Li, takes on multiple managerial roles in tech startups, including AVG Group and Influence Chain. Graduated with a master’s degree in Supply Chain Management from a prestigious university, Jimmy has established himself as a top-tier supply chain analyst, before venturing into the world of entrepreneurship. In 2013, he founded Ads Venture Group (AVG), which has since become the largest Chinese digital media company in Southeast Asia, with branch offices operating in 7 countries and providing services to industry giants, including Baidu, Alibaba, and Tencent. In 2016, Jimmy challenged the status quo of the payment industry by establishing AIC Fintech, a firm committed to providing digital payment solutions powered by blockchain technology. In a short span of five years, Jimmy has attained several prominent awards under his belt, including being accorded the honour of Young Eminent Overseas Chinese. He has been named as an adjunct professor at the MBA centre of Shanghai University in recognition of his extensive contributions to the university and the industry.

Photo – https://photos.prnasia.com/prnh/20200417/2776204-1?lang=0

PR Newswire

TAL’s AI Mandarin Teaching App Receives Recognition by UNESCO

Leave a comment

BEIJING, April 18, 2020 /PRNewswire/ — TAL’s Improving literacy, preserving language, and providing inclusion using AI and big data has been selects by UNESCO as one of the innovative projects of Mobile Learning Week 2020, under the theme “Artificial Intelligence and Inclusion”. 

UNESCO certificate presented to TAL Education Group
UNESCO certificate presented to TAL Education Group

TAL’s AI “Putonghua” Teacher is an app that allows Yi children, as well as other students from all backgrounds, access to Mandarin language learning resources and tools. The system requirements are minimal and mobile-friendly, available across all platforms and devices. One device or PC with audio capabilities are sufficient to run the system, making it easier for users to learn both on the go and in the classroom. The interface is easy to learn and navigate, even for self-learning students, without the need of teacher assistants.

The project focuses on helping improve the overall literacy rate, using AI speech recognition and big data, to increase opportunities for further inclusivity and social mobility within these rural communities. In 2018, Xueersi Online School under TAL, developed the AI Mandarin Teaching System specifically for Zhaojue County (Yi Autonomous Prefecture in Liangshan), Sichuan. The customized Mandarin-Yi bilingual learning module was developed for pre-school children there. Its system deeply integrates technologies, such as voice recognition and voice assessment, conducts intelligent real-time assessment and correction. Therefore, the program can help kids improve their mandarin proficiency. By November 2019, nearly 80,000 students and over 2,000 middle and primary school teachers have benefited from this program, which has laid the foundation for future education equity and poverty elimination in remote regions inhabited by rural communities. The idea is to help preserve the Yi language while connecting learners to the outside world.

Having been exhibited at multiple events, including China-CEEC Education Cooperation Exhibition and the 1st International Conference on Artificial Intelligence and Education, the program has won worldwide recognition.

Mobile Learning Week (MLW) is the United Nations’ flagship event on Information and Communication Technology (ICT) in education, and has been organized by UNESCO and its partners for eight consecutive years. The 2020 edition of MLW, under the theme Artificial Intelligence and Inclusion, was postponed due to the outbreak. However, its design to steer the use of Artificial Intelligence (AI) towards the inclusion and equity in education has succeeded, standing behind its core values of the Sustainable Development Goals (SDGs) and propeller of digital opportunities for all. It is noted that programs from Google and University College London are also among the recipients awarded Mobile Learning Week 2020 Innovation Certificate for their contributions.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/tals-ai-mandarin-teaching-app-receives-recognition-by-unesco-301042884.html

PR Newswire

Sohu.com Announces Completion of Changyou Going-Private Transaction

Leave a comment

BEIJING, April 18, 2020 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu”), China’s leading online media, video, search and gaming business group, today announced that it has completed the acquisition of all of the outstanding shares of Changyou.com Limited (“Changyou”) that it did not already beneficially own, through the merger (the “Changyou Merger”) of an indirect wholly-owned subsidiary (“Changyou Merger Co.”) of Sohu with and into Changyou, with Changyou being the company surviving the Changyou Merger. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “Changyou ADSs”), each of which represented two Changyou Class A ordinary shares (“Changyou Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, each Changyou Class A Ordinary Share issued and outstanding immediately prior to the effectiveness of the Changyou Merger, other than Changyou Class A ordinary shares owned beneficially by Sohu, was cancelled in exchange for the right to receive $5.40 in cash without interest, and each outstanding Changyou ADS was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

In connection with the Changyou Merger, each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y) the number of Changyou Class A Ordinary Shares underlying such Vested Option; and each outstanding but unvested option (each, an “Unvested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the effectiveness of the Changyou Merger in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the effectiveness of the Changyou Merger.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Changyou Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of Changyou Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of Changyou Class A Ordinary Shares becomes effective.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Sohu

Sohu is China’s premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products which offer the vast Sohu user community a broad array of choices regarding information, entertainment and communication. Sohu has built one of the most comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and leading online media destination www.sohu.com; interactive search engine www.sogou.com; developer and operator of online games www.changyou.com and the online video website tv.sohu.com.

Sohu’s corporate services consist of online brand advertising on Sohu’s matrix of websites as well as bid listing and home page on its in-house developed search directory and engine. Sohu also provides multiple news and information services on mobile platforms, including Sohu News App and the mobile news portal m.sohu.com. Sohu’s online game subsidiary Changyou develops and operates a diverse portfolio of PC and mobile games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China. Changyou also owns and operates the 17173.com Website, a game information portal in China. Sohu’s online search subsidiary Sogou (NYSE: SOGO) has grown to become the second largest search engine by mobile queries in China. It also owns and operates Sogou Input Method, the largest Chinese language input software. Sohu, established by Dr. Charles Zhang, one of China’s internet pioneers, is in its twenty-fourth year of operation.

For investor and media inquiries, please contact:

In China:

In the United States:

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/sohucom-announces-completion-of-changyou-going-private-transaction-301042630.html

Source: Sohu.com Ltd.