Tag Archives: SVY

PR Newswire

Fosun RZ Capital Continues To Dig Opportunities With Global Start-ups

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BEIJING, Sept. 10, 2020 — Fosun RZ Capital is an international equity investment institution focusing on technology, the Internet, and New Consumption. Founded in 2013 in China, Fosun RZ Capital has managed billions of assets, striving to detect innovative techniques and potential markets. Fosun RZ Capital has offices in 7 regions worldwide, covering cutting-edge technological innovation in the United States and Israel and high-growth emerging markets in China, India, and Southeast Asia, creating an influential global industry-wide innovation ecosystem.

Fosun RZ Capital Continues To Dig Opportunities With Global Start-ups Under Covid-19
Fosun RZ Capital Continues To Dig Opportunities With Global Start-ups Under Covid-19

Since the expansion of the Covid-19, the public lives and working patterns have been profoundly reshaped, with short video platforms, e-commerce, and AI techniques beginning to emerge. These alterations facilitate the digitization process, making technology, the Internet, and new consumption the new hotspots.

Until now, social distancing and masks become necessary before the public get normal life. Thus, people begin to look for auto-driving cars with limited social contacts. Robosense, invested by Fosun RZ Capital, provides Smart LiDAR Sensor Systems incorporating LiDAR sensors, AI algorithms, and IC chipsets, giving cars and robots a LiDAR system with excellent information understanding. In addition to the public’s concern for health when driving, such concern also prevails in shared communities. Increased smart locks’ requests represented people’s desire to create social distance, especially between people who share community spaces. Yunding, invested by Fosun RZ Capital, primarily provides smart home security to minimize social interactions. Till now, the lock brand has reached the total sales of 1 million in January, ensuring over 7.5 million users’ home safety.

In addition, Internet showed its glamor, pushing the traditional industries to foster digitization, making Industrial Internet the breakthrough point. According to KPMG research, with 80 percent of revenue growth hinging on digital offerings and operations by 2022, IT leaders should continue transforming their operating models (Boulton, 2020). Casstime, an online procurement platform for auto spare parts, quickly dominated the market due to the offline service request platform’s incapability and low labor efficiency. Casstime then becomes the leading character in the auto aftermarket by obtaining various businesses: various auto spare parts, a SaaS management system for workshops, supply chain finance, and logistics service. In addition, online car auction platforms, such as Bochewang, also became the hotspot for investment with the new digitization wave. The enterprise, providing services including leasing non-operating vehicles, personal financial leasing, and B2B trading, now has over 600 employees and over 10k professional buyer members.

Ultimately, the coronavirus pandemic dramatically reshaped people’s consumption patterns due to their change of living habits under this special occasion. "For many of you, working out has incredible immune benefits," wrote CEO Kari Saitowitz (Olick, 2020). In a message to a group of fitness training. This increased concern for health becomes a new trend, allowing online fitness programs to expand its services. Fosun RZ Capital’s investment project Supermonkey, an online workout platform, had over 170k viewers when it went live for the first time. The platform also reached 280k viewers once and over 50 million viewers chose to replay its sessions, which signaled a publicly shared passion for home fitness. In addition, according to the data provided by the Chinese Industrial Information Website, in 2020, the number of marriage registrations in China will peak within the next five years, and marriage expenses will reach as much as 3 trillion. This new wave of getting married, combined with the increased time people spend at home with their partners gave Hunliji, a wedding planning supply chain platform, to expand its reputation and sales. Lastly, the burgeoning of online platforms for cross-border retailor shops signals a new consumption pattern due to the limited access consumers obtain for global retail. Intramirror, invested by Fosun RZ Capital, focuses on constructing an ecological network linking the global source of both high end and low-end goods. With annual revenue of 800 million yuan in 2019 and monthly GMV over 100 million CNY, Intramirror aims to become the leading cross-border fashion and luxury goods platform.

With the global market entering the post-pandemic period, Fosun RZ capital will continue to dig into technology, the Internet, and new consumption fields, while incorporating Fosun’s enterprise spirits stressing on Health, Happiness, Wealth, and ESG (Environmental, Social and Governance).

References:

  1. Lekach, S. (2020, March 25).. Retrieved September 09, 2020, from https://mashable.com/article/autonomous-vehicles-2025/
  2. Olick, D. (2020, March 21). These fitness companies are offering free online workouts during coronavirus quarantine. Retrieved September 09, 2020, from https://www.cnbc.com/2020/03/21/free-online-workouts-available-during-the-coronavirus-quarantine.html
  3. Boulton, C., 2020. Doubling Down on Digital Transformation During The Coronavirus        Pandemic. Available at: https://www.cio.com/article/3533993/doubling-down-on-digital-transformation-during-the-coronavirus-pandemic.html

 

PR Newswire

ESCP study reveals: New Digital Risers challenge incumbents

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France top Digital Riser, China gains significantly, USA loses

BERLIN, Sept. 7, 2020 — Digital incumbents increasingly face new and dynamic competitors from around the world. While countries such as USA, Sweden and Singapore are often perceived as digital champions, a new study indicates that they are not necessarily dynamic Digital Risers. Only Singapore has managed to improve its relative position slightly over the last three years. In contrast, the USA and Sweden have actually lost ground over the same period. "We are in the middle of a digital revolution that is very likely being accelerated by the Covid-19 pandemic," says Professor Philip Meissner of the European Center for Digital Competitiveness by ESCP Business School Berlin campus.

ESCP Graph 1: Digital Riser Ranking: Group of 7 (G7)
ESCP Graph 1: Digital Riser Ranking: Group of 7 (G7)

Within the G7, France was able to advance most in its relative digital competitiveness between 2017 and 2019, which makes the country the top "Digital Riser" in this group; conversely, Italy and Germany decreased most within the G7. This is the result of the Digital Riser Report 2020, devised by the European Center for Digital Competitiveness by ESCP Business School in Berlin. The report analyses and ranks the changes that countries around the globe have seen in their digital competitiveness over the last three years based on data from the Global Competitiveness Report issued by the World Economic Forum (WEF).

The ranking also reveals clear dynamics regarding the two global digital superpowers. It shows that China has gained significantly in digital competitiveness, while the USA has lost out over the same time period.  

The top Digital Risers all had one thing in common: they have followed comprehensive, swiftly implemented plans along a long-term vision around digitisation and entrepreneurship. France’s example shows that governments that invest heavily in start-ups and employ lighthouse projects such as La French Tech can greatly increase their country’s digital competitiveness in a short timeframe.

More information: www.digital-competitiveness.eu/digitalriser

ESCP Business School

ESCP Business School was founded in 1819. The School has chosen to teach responsible leadership, open to the world and based on European multiculturalism. The School has campuses in Berlin, London, Madrid, Paris, Turin and Warsaw. 

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Press Contact
Markus Foederl 
Markus.Foederl@glh-online.com 
+49 (0)172 9051869

(c) ESCP. Graph 2: Digital Riser Ranking: Group of 20 (G20). 1) Turkey is not included due to a lack of data in three out of the five mindset dimensions. 2) EU is not included since it is a collection of countries.
(c) ESCP. Graph 2: Digital Riser Ranking: Group of 20 (G20). 1) Turkey is not included due to a lack of data in three out of the five mindset dimensions. 2) EU is not included since it is a collection of countries.

 

PR Newswire

JinkoSolar is Number 1 on Silicon Valley Toxics Coalition’s Latest Scorecard

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JACKSONVILLE, Fla., Sept. 4, 2020 — JinkoSolar Holding Co., Ltd. (NYSE: JKS) ("JinkoSolar"), an innovative global solar module manufacturer, today announced that it is the top manufacturer in Silicon Valley Toxics Coalition’s ("SVTC") latest Solar Scorecard. JinkoSolar earned a score of 100/100, more than the other 36 module manufacturers in the Scorecard. 

The Scorecard is a resource for consumers, investors, developers, EPCs, distributors, and installers who want to purchase PV modules from responsible product stewards. Criteria in the Scorecard includes environmental, health, and safety metrics. This achievement comes a year after JinkoSolar became the first PV module manufacturer to join the RE100, pledging to power 100% of its operations with renewables by 2025. 

Mr. Kangping Chen, Chief Executive Officer of JinkoSolar, commented, "We support SVTC’s goal to ensure that the solar industry does not overlook the importance of equitable environmental and holistic sustainable approaches to all business operations. We hope more of our peers follow our lead, so the solar industry as a whole can become a beacon of sustainable practices."

"We applaud JinkoSolar for its transparency, leadership, and commitment to producing modules in a clean and responsible way," said Sheila Davis, Executive Director of SVTC. "Customers have choices when they make purchases, and we hope that the Solar Scorecard can help them make informed decisions."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes it solar products and sells its solutions and services to a diversified international utility, commercial, and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 17.5 GW for silicon wafers, 10.6 GW for solar cells, and 16.0 GW for solar modules, as of March 31, 2020. 

JinkoSolar has 7 production facilities globally, and 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland, and Argentina.

To find out more, please see: www.jinkosolar.com

About Silicon Valley Toxics Coalition

Silicon Valley Toxics Coalition is a nonprofit organization engaged in research, advocacy and grassroots organizing to promote human health and environmental justice in response to the rapid growth of the high-tech industry. For more information, go to www.svtc.org.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: pr@jinkosolar.com

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PR Newswire

Huawei CloudEngine Data Center Switches Named a Leader by Independent Research Firm

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SHENZHEN, China, Sept. 4, 2020 — Huawei announced today that, in The Forrester Wave™: Open, Programmable Switches For A Businesswide SDN, Q3 2020 report, their CloudEngine data center switches were recognized as a leader by Forrester. These switches achieved the highest score in current offering as well as full marks in all of the following seven criteria — hardware support, switch hardware and OS strategy, automation and programmability strategy, evolution training, open networking, engineers, and partners. Huawei believe this fully reflects the leading position of its products and services.

"Firms need the flexibility to distribute applications and data across private cloud, public cloud, and edge compute areas….A single, businesswide switching fabric will become the de facto architecture." These are future trends recognized in the Forrester Wave™ report. This also means that there is still a large gap between many enterprises as they are still using networks that lack flexibility and agility.

According to the report, "With a large number of engineers and support staff, [Huawei] has been working on new ASICs and advanced monitoring solutions to develop an autonomous driving network, in conjunction with ensuring that the switching platform and operating system support a wide range of tools, hypervisors, and cloud platforms. Reference customers told Forrester that Huawei provides a lot of support deployment and guidance on what the organization should be doing. Firms looking for a vendor with wide global reach and leaning on a deep product portfolio rather than developing their configuration tools should put Huawei on their shortlists."

The Forrester report also fully affirmed that, "Huawei has one of the largest data networking portfolios across enterprise networking vendors and retains the largest networking market share in China, with a strong presence in Africa, Asia, Europe, and South America."

"We are honored that Forrester named Huawei’s data center CloudEngine switches a leader," said Leon Wang, President of Huawei Data Center Network Domain. "Huawei believes that leading switching performance, openness, and flexibility are very important. The CloudEngine switches perform well in these aspects and win industry recognition. We will also focus on 400GE super capacity, zero-packet-loss intelligent experience, and autonomous driving network to provide the optimal solution, building data center networks in the intelligence era and helping customers achieve business success."

Since the series’ launch in 2012, Huawei CloudEngine switches have maintained robust market growth due to their leading product capabilities and have been serving more than 9200 enterprises in over 140 countries, especially in the finance, Internet, cloud service, and telecom industries, accelerating the digital transformation of thousands of industries.

For more information about Huawei CloudEngine switches, visit:
https://e.huawei.com/en/products/enterprise-networking/switches/data-center-switches

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PR Newswire

Adecco Group Announces Jordan Topoleski, 20, from the United States as 2020 “CEO for One Month”

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Preparing the Next Generation to Lead in Uncertain Times

Program Builds Next Gen Leaders with Focus on a "New Leadership Profile"

ZURICH, Sept. 4, 2020 —

  • Jordan Topoleski, 20, from the United States has been named as the Global CEO for One Month to work alongside Alain Dehaze, CEO, the Adecco Group
  • Adecco Group CEO for One Month program builds next generation leaders, with a focus on the new profile of leadership required in a post-pandemic world of work
  • The pandemic has demanded a new set of required leadership competencies and these expectations will accelerate the reinvention of the modern-day leader.

Jordan Topoleski, 20, from the United States was today named the Adecco Group’s 2020 Global CEO for One Month. For the first time, the program was performed fully online. The CEO for One Month program is designed to build the next generation of leaders, informed by Adecco Group research that shows the emergence of a new profile of skills and qualities needed for future leaders to succeed in an increasingly uncertain world.

 

 

Following an eight-month selection process involving more than 200,000 applications from 34 countries, Jordan was chosen to spend one month serving alongside the Adecco Group CEO, Alain Dehaze. He will contribute to the day-to-day running of the world’s leading HR solutions company and help shape the future world of work.

Beginning in February, this year’s CEO for One Month selection process adapted quickly to COVID-19 requirements and used the situation to help young people to think about what it means to lead in challenging times. The process began when 34 talented young leaders of tomorrow were chosen to shadow the Adecco Group’s respective country CEOs. Ten finalists were then chosen to take part in the ‘virtual global bootcamp’ this week, which took them through a series of assessments and exercises to test their abilities and develop their leadership potential. At the close of the bootcamp, Jordan was selected as the Global CEO for One Month.

This year’s program comes at a time when sweeping workplace changes are coming in a post-pandemic world of work – especially around the expectations of leaders and what it takes to succeed.

The command and control approach of the past is quickly shifting toward more distributed leadership models. Being a ‘high EQ leader’ is crucial, with empathy, trust and a focus on wellbeing and culture-building critical. Research from the Adecco Group shows that the pandemic has demanded a new set of leadership competencies and that these expectations will accelerate a reinvention of the modern-day leader:

  • 74% of employees want their managers to demonstrate a leadership style focussed on empathy and a supportive attitude
  • 70% of employees say that support for their mental wellbeing will be important to them after the pandemic.

A further study commissioned by the Adecco Group which assessed ‘Gen Z’ leaders of tomorrow, found that many young people already possess many of the attributes needed to succeed. The report found that in many areas, including deductive reasoning and how world views are processed and applied to a strategic problem, the ‘Gen Z’ group showed stronger leadership traits than many current business leaders.

Commenting on today’s announcement, Adecco Group CEO, Alain Dehaze, said:

"It gives me great pleasure to welcome Jordan to the Adecco Group and I am looking forward to working alongside him and learning from his insights on the future of work and leadership. This year’s CEO for One Month announcement comes at a pivotal time, with the world of work likely to never return to the "normal" we knew before the pandemic. In particular, the sudden and dramatic change in the workplace landscape has accelerated the demand for a new leadership profile. Modern day leaders will need to reinvent themselves with a focus on emotional intelligence, and soft skills development will be critical. Now in its tenth year, the CEO for One Month program is an excellent opportunity to identify, develop, and learn from, the leaders of tomorrow, as they prepare to lead in an uncertain future."

The Global CEO for One Month 2020, Jordan Topoleski said:

"I am beyond happy to be the next CEO for One Month, especially in a company that is at the forefront of the current shifts taking place across the world of work. It is a historic and deeply challenging time to be a leader and I really look forward to further honing my own skills and helping shape the future of work."

About CEO for One Month
The ‘CEO for One Month’ program began as a local initiative in Norway in 2011 and went global in 2014, since growing to become a flagship initiative for the Adecco Group. It supports high potential young people increase their employability and career prospects through highly effective work-based learning. It operates under the Adecco Group Foundation which aims to improve work readiness of young people and other underserved populations. Applications for the 2020 programme exceeded 200,000.

Website: www.ceofor1month.com

Facebook: https://www.facebook.com/ceofor1month

Twitter: https://twitter.com/CEOfor1Month

Instagram: https://www.instagram.com/ceofor1month/

About the Adecco Group
The Adecco Group is the world’s leading HR solutions company. We believe in making the future work for everyone, and every day enable more than 3.5 million careers. We skill, develop, and hire talent in 60 countries, enabling organisations to embrace the future of work. As a Fortune Global 500 company, we lead by example, creating shared value that fuels economies and builds better societies. Our culture of inclusivity, entrepreneurship and teamwork empowers our 35,000 employees. We are proud to have been consistently ranked one of the ‘World’s Best Workplaces’ by Great Place to Work®.

The Adecco Group AG is headquartered in Zurich, Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN) and powered by nine global brands: Adecco, Adia, Badenoch + Clark, General Assembly, Lee Hecht Harrison, Modis, Pontoon, Spring Professional and Vettery.

For further information please contact:

The Adecco Group Press Office: media@adeccogroup.com or +41 (0) 44 878 87 87
Website: www.adeccogroup.com
Facebook: https://www.facebook.com/theadeccogroup
Twitter: @AdeccoGroup

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PR Newswire

New Research Shows How Sales Processes Are Adapting to COVID-19

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New research highlights rapid change to the traditional sales environment and how sales professionals are adapting

PETERSFIELD, England, Sept. 2, 2020 — Leading cloud CRM vendor, Really Simple Systems, has published a new report detailing the findings of recent international research into the roles, practices and processes of sales professionals.

In July 2020, the cloud-CRM developer and vendor, Really Simple Systems, conducted a research project, surveying sales professionals globally to generate data on their practices and the changing environment for the sales sector.

The research highlights the rapid change experienced over recent years, and more acutely in the last few months, identifying that traditional sales methods are largely outdated and ineffective. The report includes findings on how technology is influencing change and how sales professionals have adapted to the global pandemic.

  • Evidence of increased use of technology in sales including the emergence of LinkedIn as a primary tool
  • Impact of COVID-19 is demonstrated with a dramatic increase in use of video calling
  • Concerns that high numbers of small businesses are still using manual methods to manage their sales
  • Verification that sales value is the strongest determining factor in the sales process
  • Suggestion that use of cold sales approaches continue despite the introduction of data protection legislation
  • Move to the SaaS environment sees email and automation surge ahead of the telephone calls for sales

Really Simple Systems marketing manager, Helen Armour, commented: "Conducting this this sales research has been truly eye-opening. The sales sector has certainly seen some dramatic changes and although many are adapting well, it suggests more work is needed to prepare for an uncertain future."

The full Sales Professionals Research Report can be found here https://www.reallysimplesystems.com/blog/sales-statistics-2020/.

Notes for Editors

About Really Simple Systems

Established in 2006, Really Simple Systems is one of the world’s largest providers of cloud-based CRM software. Designed for small and mid-sized businesses operating B2B, its customers range from single user start-ups to 200 user systems, including the Red Cross, the Royal Academy of Arts, the British Museum and NHS. Featuring integrated modules for email marketing and customer service, Really Simple Systems CRM is credited as being super-easy to use with excellent customer support.

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PR Newswire

Frost & Sullivan Recognizes LinkShadow as Innovation Leader in User and Entity Behavior Analytics Based on Machine Learning

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LinkShadow’s next-generation cybersecurity analytics capabilities provide unparalleled detection of sophisticated threats

SANTA CLARA, California, Aug. 27, 2020 — Frost & Sullivan has named LinkShadow as a top industry innovator in the Frost Radar™: User and Entity Behavior Analytics Based on Machine Learning, 2020. The company is recognized for its strong track record in cybersecurity analytics and steadily evolving growth pipeline. LinkShadow’s flagship solution is the only one available in the market that tracks the chain of incidents, aggregates them, shows their stages, and graphically represents the attack path on a global map.

LinkShadow Frost Radar
LinkShadow Frost Radar

It is becoming more crucial for organizations to have security tools that analyze the behavior of users who are connected to their networks and entities or endpoints such as servers and applications to detect anomalies. As the number of under-the-radar attacks increases, it will become more challenging for security staff to investigate the attacks to effectively take action. Therefore, the need for user and entity behavior analytics (UEBA) tools is greater than ever.

To download the complimentary Frost Radar, please access: http://frost.ly/4ez

"LinkShadow is unique in providing behavioral analytics that leverage the capabilities of both supervised and unsupervised machine learning," explained Saurabh Verma, Director, ICT, at Frost & Sullivan. "The company thrives, thanks to its flexibility to fulfil client requests that rivals cannot commit to, such as developing an agent deployment in addition to its agentless deployment."

LinkShadow’s main differentiator among market competitors is its service bundle, which includes the UEBA, intelligence-driven threat hunting, insider threat detection, and comprehensive management (CXO) dashboard in a single solution. Moreover, unlike other service providers in the market, LinkShadow offers its solution on a perpetual model.

"We are proud to be recognized by Frost & Sullivan and stand out as an innovation pioneer in the cybersecurity analytics space," said Kiarash Jafari, Regional Director at LinkShadow. "The key to staying ahead in the game is innovation, and achieving the highest score in the Innovation index highlights our commitment to making a difference in the industry."

LinkShadow has fueled its success through its unique behavioral analytics capabilities, which enables it to effectively support multinational businesses with a diversified customer base by:

  • Delivering supreme solutions that include threat intelligence, insider threat management, privileged user analytics, network security optimization, machine learning, and statistical analysis.
  • Providing risk scoring, prioritization, application security visibility, and predictive analytics.
  • Providing technical support and training.
  • Identifying market needs beforehand and constantly enhancing customer value by adding new features and capabilities to its service bundles.
  • Establishing strategic partnerships with security information and event management (SIEM) providers and leveraging joint go-to-market strategies.

Frost Radar: User and Entity Behavior Analytics Based on Machine Learning, 2020 provides results from an in-depth analysis built on a 360-degree research methodology where over 20 companies were evaluated. The team of industry analysts identified nine industry leaders excelling at innovation, most poised for growth and ripe for investment, and recognizes them in the Frost Radar with insight into their innovative offerings, projected growth rates, strengths, and opportunities for the future.

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Zuzana Zukarnain
Corporate Communications
Phone: +60192657808                              
Email: zuzana.zukarnain@frost.com
http://www.frost.com

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FICO Survey: 73% of Philippine Banks Believe AI Will Stop More Money Laundering

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36 percent currently experience significant struggles modifying their existing rules-based anti-money laundering (AML) compliance system

MANILA, Philippines, Aug. 26, 2020 —

Highlights:

  • 73 percent of Philippine banks believe AI will stop more money laundering.
  • 95 percent of Philippine banks still believe in older rules-based technology for AML compliance, despite 36 percent saying that they experience significant struggles modifying these systems.
  • In the Philippines, 100 percent of banks said they will invest in financial crime compliance in the year ahead and 41 percent plan to significantly increase this investment in 2021.      

More information: https://www.fico.com/en/latest-thinking/executive-brief/adopting-integrated-approach-aml-compliance

A recent survey by global analytics software firm FICO has revealed that while 73 percent of Philippine banks believe AI will strengthen anti-money laundering efforts, many remain unsure how to operationalize the advanced technology.

Conversely, when asked about the efficacy of much older rules-based technology, 95 percent of Philippine banks say they still believe in the ability of these AML systems, despite 36 percent saying they experience significant struggles modifying them.

"Rules-based compliance systems continue to the be the workhorse for banks in Asia Pacific when fighting financial crime," said Timothy Choon, FICO’s Financial Crimes Leader in Asia Pacific. "However, some early adopters are starting to embrace the new world of AI and realize that the decade-old rules-based systems can’t keep up with sophisticated threats on their own.

"The secret sauce is operationalizing advanced AI technology and making it work side-by-side with the rules-based systems. In fact, 20 percent of respondents picked this as their principal obstacle in meeting financial crime risk mitigation targets."

The survey showed that the key challenges for existing AML compliance solutions regionally were: the ability to meet new types of compliance risks in channels and products; the capacity to provide an end-to-end integrated compliance solution; and the facility to update quickly to changes in regulation.

Across Asia Pacific, larger multinational banks were more likely to use a vendor solution for AML, while the use of an in-house system was more common with domestic banks.

Key drivers of financial crime strategy

One of the leading indicators driving change in financial crime strategy is customer experience. Over two-in-five respondents ranked this in their top considerations with 17 percent of Asia Pacific banks citing it as the primary factor behind their current and future approach.

"We can see that addressing the competing needs of regulatory compliance and customer experience remains a balancing act for most institutions," said Choon. "Banks are challenged by the need for more information to deal with high rates of alerts from ineffective systems, while not vexing customers with incessant due diligence questions."

Additional considerations ranked second and third by banks included, reputation damage and direct financial losses. When it came to financial crime challenges almost half of respondents cited the speed of responding to new threats, while a third believe achieving accurate detection remains a significant test.

FICO’s comprehensive compliance solution incorporates advanced machine learning techniques designed to address these challenges by significantly improving detection accuracy through patented advanced analytics models such as Soft Clustering Misalignment and Threat Score which can help financial institutions operationalize AI within their existing compliance strategies.

Investment in compliance technology

A significant majority of banks (93%) across Asia Pacific are likely to continue their technology spend on either upgrading or enhancing their compliance systems. However, in the key regional financial centres of Singapore and Hong Kong only two-thirds of respondents indicated that their banks are likely to start new investments in compliance technology, likely due to their more significant spend in this area in recent years.

In the Philippines, 100 percent of banks said they will continue to invest in compliance in the year ahead and 41 percent plan to significantly increase this investment in 2021.

Overall levels of investment in compliance technology by banks in Asia Pacific are expected to rise in 2021. 49 percent of respondents said budgets will increase, with an additional 34 percent expecting a significant increase. Interestingly, foreign banks are more inclined towards new spend compared with domestic counterparts. Indonesia, Australia, Thailand and the Philippines were the markets that said they would invest the most in 2021.

"This survey, conducted in May, shows that even in the recent economic downturn triggered by the pandemic, banks remain committed to targeted spending that boosts their AML compliance defenses," said Choon. "There is an increased willingness to perceive compliance and fraud as a common financial crime risk – a fraudster is more likely to launder money, and vice versa.

"This convergence is a global trend. Banks in the US and UK are well on their way to fully integrating their compliance and fraud functions, bringing together teams, leaders and technologies.  We believe banks in Asia Pacific are looking to these markets to see what will work, with plans to follow quickly in the next 24-36 months."

FICO’s Integrated AML Compliance Survey was produced in May 2020 using an online, quantitative poll of 256 senior executives from banks across eleven countries carried out on behalf of FICO by an independent research company. The countries and regions surveyed were Australia, Hong Kong, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at www.fico.com.

Join the conversation on Twitter at @FICOnews_APAC.

FICO is a registered trademark of Fair Isaac Corporation in the US and other countries

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Discover the Untapped Revenue Potential of Cinema in the Kingdom of Saudi Arabia

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Frost & Sullivan’s Digital Media team to explore the cinema exhibition market in KSA and outline strategies for growth during upcoming webinar

SANTA CLARA, California, Aug. 24, 2020 — The loosening of restrictions on the media and entertainment sector by The Kingdom of Saudi Arabia (KSA) has fueled the demand for public viewing of cinema in theaters. This positive development has created revenue generation opportunities for several stakeholders in the ecosystem, both nationally and internationally, as the region is one of few in the world where cinema exhibition is a new business. To help navigate this emergent market, our Digital Media team will provide insight on the near- to long-term growth opportunities present in KSA against a backdrop of challenges, such as the current COVID-19 pandemic and stiff competition faced from over-the-top (OTT) players.

Frost & Sullivan - cinema exhibition in KSA
Frost & Sullivan – cinema exhibition in KSA

Join Frost & Sullivan Director Saurabh Verma, accompanied by Runaway Insights experts Sailesh Dave and Neil Dave, for the Growth Opportunity briefing, "Cinema Exhibition Business in KSA: Strategies for Revenue Generation & Growth," on September 1 at 3 p.m. GST. The briefing will shed light on key innovative development strategies that can be launched by cinema chain operators to effectively enter the market in KSA and sustain long-term progress and profitability.

For more information and to register for the webinar, please visit: http://frost.ly/4do

Key benefits of attending this webinar:

  • Understand the role analytics and big data will play in the theatrical exhibition business in KSA.
  • Decipher if and how cinema chain operators can co-exist with OTT platforms.
  • Discover why KSA is the destination for future investments by real estate developers, cinema equipment and technology providers, and distribution and marketing companies.
  • Identify how cinema chain operators, independent local content creators, international production houses and studios can effectively capitalize on the immense growth opportunities from theatrical exhibition in KSA.

The event will also be recorded and available on-demand at http://frost.ly/1ti. 

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Press Contact: 

Jaylon Brinkley
Frost & Sullivan 
+1 (210) 247 2481
jaylon.brinkley@frost.com

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PR Newswire

South Korea’s KT Develops AI-Based COVID-19 Research

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– Korean Telecom Leader’s Proposal Accepted by Global Research Fund –

– KT’s AI, Big Data and Medical Resources Enhances Risk Assessment –

– New Project to Help KT Develop Global Epidemic Prevention Platform –

SEOUL, South Korea, Aug. 20, 2020 — KT Corp. (KRX: 030200; NYSE: KT), South Korea’s largest telecommunications company, is developing a COVID-19 infection risk assessment model, using its artificial intelligence (AI) and Big Data-based digital contact tracing technology, adding to global efforts to tackle the escalating pandemic.

The Korean telecom leader’s new pilot project is supported by the Research Investment for Global Health Technology Fund, better known as RIGHT Fund. The global research fund accepted the promising proposal by KT to develop AI-based technology that assesses COVID-19 infection risks.

"KT’s new project will help combat the pandemic globally," said Kim Chae-Hee, head of KT’s AI/Big Data division. "We at KT will do our best to help prevent COVID-19 from further spreading and raise the efficacy of medical service, using our AI and Big Data technologies for the sake of humanity."

KT plans to use the pilot project results to apply for a larger-scale, RIGHT Fund-supported project in 2021. RIGHT Fund is a global health research funding agency established in 2018 with contributions from Korea’s Ministry of Health and Welfare, the Bill & Melinda Gates Foundation and Korean life science companies to promote global public health.

For the pilot project, KT plans to assess COVID-19 infection risks by using AI and Big Data to analyze data on the movement of smartphone users and those who have been tested positive for COVID-19 and made public by the government.

"KT’s project will help developing countries, which are faced with shortages of medical resource, prevent the pandemic from spreading and conduct appropriate examinations and treatments," said Kim Youn-Been, CEO of the RIGHT Fund. "We hope that the project, taking advantage of Korea’s advanced expertise in ICT, will be carried out successfully to support developing countries in preventing, treating and managing the COVID-19 pandemic."

Mobile Doctor Corp. is also participating in this project, which is scheduled to end in February 2021. Both KT and Mobile Doctor, a provider of data-based platforms and solutions for health management, are members of a consortium conducting "A Next Generation Surveillance Study for Epidemic Preparedness," a three-year research program financed by the Bill & Melinda Gates Foundation.

KT expects the assessment model, based on identification of those who have been exposed to carriers of the novel coronavirus directly and indirectly, will help prevent further transmission of the COVID-19 pandemic while minimizing the risk of personal information leakage.

Korea’s top telecom company also looks forward to acquiring the capabilities to identify vulnerable high-risk groups in case of a second wave of the pandemic or group infections, and promote an effective use of limited medical resources, such as medical personnel and test kits.

Through the research, KT plans to further upgrade its Global Epidemic Prevention Platform (GEPP), focusing on providing information on infection risks of contagious diseases and digital contact tracing. GEPP uses Big Data and social media to give updates to travelers going to countries hit by epidemics and to track the movement of infected individuals.

At the same time, KT will help reduce the gap in the provision of medical service among different regions and different income groups in underdeveloped countries, using its information communication technology and digital capacity for research and development on health.

Eight South Korean life science companies donated to the RIGHT Fund. The fund is dedicated to addressing inequalities in health between regions and income groups around the world, through research and development for vaccines, therapeutics, diagnostics and digital health technologies, taking advantage of Korea’s advanced R&D capabilities.

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MEDIA CONTACTS

For inquiries, please contact our Foreign Media Relations Team at kt.fmrt@gmail.com

ABOUT KT CORPORATION (KRX: 030200; NYSE: KT)

KT Corp., Korea’s largest telecommunications service provider, reestablished in 1981 under the Telecommunications Business Act, is leading the era of innovations in the world’s most connected country. The company is leading the 4th industrial revolution with high speed wire/wireless network and new ICT technology. KT launched the world’s first nationwide commercial 5G network on April 3, 2019, after successfully showcasing the world’s first trial 5G services at the PyeongChang Winter Olympic Games in February 2018. This is another milestone in KT’s continuous efforts to deliver essential products and services as it aspires to be the number one ICT Company and People’s Company.

For more information, please visit our English website at https://corp.kt.com/eng/

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