HONG KONG’S NEW REGULATORY FRAMEWORK TO IMPROVE ENTERPRISE RISK MANAGEMENT PRACTICES - AM BEST

KUALA LUMPUR, Sept 25 (Bernama) -- Hong Kong’s new risk-based capital regulatory framework is expected to strengthen enterprise risk management (ERM) practices among the (re)insurers doing business there, according to a new AM Best report.

The Best’s Special Report includes details and analysis on the risk-based framework that was implemented on July 1, replacing the legacy Hong Kong insurance ordinance-based regime.

According to AM Best in a statement, the new regulatory framework comprises three individual pillars that address quantitative requirements, qualitative requirements and disclosure requirements.

In addition to the three pillars, the Hong Kong Insurance Authority (HKIA) also has established an approach toward group-wide supervision (GWS) to regulate designated insurance holding companies (DIHCs).

“Under the GWS framework, the HKIA has direct regulatory powers over the designated insurance holding groups, such as requiring DIHCs to comply with group capital requirements and mandating disciplinary actions, and even assessing the suitability of key persons,” said AM Best senior financial analyst, Lucie Huang.

Aligning with international standards, the GWS spells out principles and standards for DIHCs in a wide range of areas, including ERM, corporate governance, capital requirements and public disclosure.

The report notes that as a result of the new regulatory scheme, (re)insurers are gradually adjusting their business and investment strategies to optimise capital efficiency.

The disclosure requirements are also expected to improve industry-wide transparency and comparability among insurers in Hong Kong; however, the new approach has added management expense pressure to small insurers.

The new approach will also require insurers to submit quarterly disclosures to regulators and provide audited annual disclosures for more detailed aspects.

-- BERNAMA

ZORAN VASILJEV JOINS XSOLLA TO DRIVE GLOBAL EXPANSION

KUALA LUMPUR, Sept 25 (Bernama) -- Xsolla, a global video game commerce company, announced the appointment of Zoran Vasiljev as its Senior Vice President of Global Strategic Partnerships, effective Oct 1.

Xsolla Founder and Chief Executive Officer, Shurick Agapitov said the company is confident that Vasiljev will play a crucial role in enhancing its strategic partnerships and driving its continued success in the gaming industry.

“His extensive experience and proven leadership in the digital and telecom sectors perfectly align with our vision of advancing game commerce and expanding our global reach,” he said in a statement.

Meanwhile, Vasiljev said: “The dynamic evolution of mobile gaming and the shifting payment landscape present fascinating opportunities. Xsolla is uniquely positioned to guide our partners toward a sustainable and profitable future.

“As we navigate the economic and technological changes impacting the gaming industry, we will focus on driving innovation, expanding our global partnerships, and delivering exceptional value to merchants and consumers.”

A seasoned C-Level executive and serial entrepreneur, Vasiljev joins Xsolla with a wealth of experience and a distinguished track record in digital monetisation and international business leadership.

Renowned for his innovative contributions to digitisation and monetisation, and with a career marked by six successful ventures and significant executive roles, he has consistently driven growth and strategic transformation across various markets.

Vasiljev’s appointment reflects Xsolla’s commitment to enhancing its global network and advancing its game commerce solutions. His extensive industry knowledge and strategic vision will drive the company’s continued success and global expansion.

-- BERNAMA

NIELSENIQ MID-YEAR CONSUMER OUTLOOK: GUIDE TO 2025 REVEALS CATALYSTS TO CHANGE IN KEY VERTICALS ACROSS INDUSTRIES

• Increased entrepreneurship, with 64% of respondents actively seeking additional income streams
• Buying decisions increasingly influenced by AI, with 40% of consumers willing to use AI to enhance daily shopping decisions
• Macro 2025 catalysts: AI readiness, GLP-1 ripple effect, omnichannel evolution, and commodity costs

CHICAGO, Sept 24 (Bernama-BUSINESS WIRE) -- NielsenIQ (NIQ), the world’s leading global consumer intelligence company, has released its much-anticipated Mid-Year Consumer Outlook: Guide to 2025 report, identifying macro catalysts across industries. The forward-looking study found consumers remain determined and resilient despite the uncertainty, providing a strategic roadmap for retailers looking to win over consumers over the next 12–18 months and beyond.

The report anticipates that global consumers will spend $3.2 trillion more in 2025, representing nearly 6% growth compared with 2024, according to World Data Lab.

With the global economy facing ongoing and unprecedented challenges, understanding consumer behavior has become mission-critical for businesses seeking to thrive in an ever-evolving landscape. NIQ’s semi-annual study offers a comprehensive analysis of the impact of economic events and trends on consumer confidence, changes in consumer attitudes, and important insights into the factors influencing purchasing decisions. The report also explores regional variances, providing in-depth analysis of the unique dynamics of Asia Pacific, Europe, North America, the Middle East, and Latin America.

With looming uncertainty around geopolitical crises, economic stability, and environmental health, consumers are becoming resilient and are spending where it matters most. This shows a determined shift from cautious to intentional consumption, with a focus on a sense of prosperity and well-being.

“There is increasing demand for AI-driven insights based on large quantities of granular data that only NIQ can deliver,” said Tracey Massey, COO of NIQ. “Having your finger on the pulse of current and expected consumer behavior that is benchmarked globally is now table stakes to establish and maintain any competitive advantage.”

Global catalysts to change in 2025:

• Readiness for AI: 40% of consumers would accept a product recommendation from their AI assistant, and 40% would leverage AI to automate and speed up their everyday shopping decisions, making it essential for companies to assess which AI advancements are going to appeal to consumers and provide options to support older consumers.
• The rise and impact of GLP-1 drugs: 31% of global consumers ​are likely to use a medication or drug to support weight loss, but GLP-1 medications will drive a wide scope of impact by inspiring new spending sources, influencing consumer lifestyles, and shaping norms of interpersonal behavior.
• Omnichannel evolution: The social commerce revolution has led to the evolution of omni, with an 11.6% increase in global online sales performance and the rise of gamification, with 36% of consumers saying they would spend more on a purchase because of an in-app experience.
• Hot commodity costs: 60% of respondents said they will buy fewer snacks and confectionery products if prices continue to increase or remain high for the next three months—the highest ‘dropout' response across all surveyed categories. Cocoa (+128%), Coffee (+43%), and Milk (+44%) are "hot commodities," according to measures by Trading Economics, with rising prices impacting volume sales of related categories/products.

Top trends framing expected 2025 spending:

• Consumers’ top concern remains rising food prices (33%), followed by increasing utilities costs (20%) and the threat of an economic downturn (19%)​. Climate change is fourth (14%), owing to the numerous extreme weather events around the world.
  • A majority (67%) of surveyed consumers around the globe say they are likely to change or try a new brand because of lower pricing.
• They intend to continue cutting back on non-essentials like Out-of-Home (OOH) Dining (38%), Out-of-Home Entertainment (37%), and Food Delivery/Takeaways (36%)​. Expect to see decreased spend on OOH activities, while intentional choices around In-Home Entertainment (48%) and spending on Socializing/Gatherings (46%) are likely to be maintained in 2025.
  • Meanwhile, private label product interest continues to rise, with 50% of consumers buying more private label products than ever. What’s more, 40% of global consumers say they would switch to a private label product they enjoy, even if it costs more.
• North American consumers worry most about rising housing costs, while global conflict is a top concern for Africa, Middle East, and Europe.
  • The pace of monthly consumer packaged goods (CPG) inflation continues to slow across countries, down to less than 2% growth YoY. Regionally, CPG inflation is also trending down, but it remains higher than average in Latin America and Africa. Monthly global prices have risen fastest in Latin America, which has seen as much as 9% YoY growth.
• Upselling opportunities: Intentional consumers are willing to pay a premium for worthwhile attributes. In Tech & Durables, unit sales of premium priced smart / mobile phones are up 17% in 2023 vs. 2019, compared with economy options, which are down 32% in the same period.

“Over the past six months, there has been a determined shift from cautious to intentional consumption habits. Consumers are willing to spend more but remain conscious of potential changes,” said Lauren Fernandes, Vice President, Global Thought Leadership, NIQ. “Consumers are seeking value with every purchase in multiple ways. They are spreading their spending very purposefully—and expect to leverage any excess in strategic ways in 2025 and beyond.”

NIQ’s Mid-Year Consumer Outlook: Guide to 2025 provides key insights for businesses to navigate trends and strategically plan for sustainable growth. The report highlights a significant shift in consumer behavior—from cautious to intentional consumption.

To learn more, download the report today and sign up for our global webinar, being held Sept. 24, 2024, at 10 a.m. EST. Click on the link to register for the event.

About NIQ:

NIQ is the world’s leading global consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today, NIQ has operations in 95+ countries representing 97% of the world’s GDP. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™. For more information, please visit www.niq.com

About Mid-Year Consumer Outlook: Guide to 2025:

NIQ’s Mid-Year Consumer Outlook 2024 provides an analytic assessment of the state of consumers, based on a global footprint of consumer intelligence solutions and the feedback of over 17,000 online consumers in 23 countries. The goal: to better understand their current thinking about the economic environment, as well as what they're buying—and why. The survey was conducted between June and July 2024.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240923781286/en/


Contact

Global:
Sweta Patra
Sweta.patra@nielseniq.com

APAC:
Liza Martija
liza.martija@nielseniq.com

EEMEA:
Melina Mammidou
melina.mammidou@nielseniq.com

LATAM:
Ari Rodriquez
ari.rodriguez@nielseniq.com

North America:
Abbey Benn
abbey.benn@nielseniq.com

Western Europe:
Julia Mayer
julia.mayer@nielseniq.com

Source : NielsenIQ

LYB STARTS CONSTRUCTIONS OF ADVANCED RECYCLING PLANT IN GERMANY

KUALA LUMPUR, Sept 23 (Bernama) -- LyondellBasell (LYB) advanced its journey toward sustainable growth and value creation by laying the foundation of its first, catalytic advanced recycling plant at its Wesseling, Germany site.

German Federal Chancellor Olaf Scholz and North Rhine-Westphalia Minister-President Hendrik Wüst attended the celebrations, underscoring the project’s importance for both the region’s and Germany’s goals for a circular, low carbon economy.

Targeted startup for the new unit is set for 2026, as part of the company’s strategy to build a profitable Circular and Low Carbon Solutions business.

Its Chief Executive Officer, Peter Vanacker said with investments like these, the company is creating solutions and addressing rising demand for more sustainable products from its customers and society.

“The new facility has the potential to turn back hard to recycle, processed mixed plastic waste of more than 1.2 million German citizens into valuable raw materials to make new products. And this is only the first unit that we are building, we are already working on our future MoReTec plants,” he said in a statement.

Meanwhile, Chancellor Scholz said the German government is committed to strengthening and further enhancing Germany as a location for the chemical industry.

Using LYB proprietary MoReTec technology, this plant will be the first commercial scale, single-train advanced recycling plant, designed to demonstrate its capability for further scalability.

This unit will convert pre-treated, mixed waste plastic into raw materials to produce new plastic polymers that will be sold under the LYB CirculenRevive brand.

LYB anticipates its MoReTec technology will gradually help shift the use of traditional fossil-based raw materials toward circular resources, as the catalytic nature of the technology allows it to conserve energy and significantly lower greenhouse gas emissions, while serving as a blueprint for future investments.

-- BERNAMA

EBC BOLSTERS GLOBAL LEADERSHIP WITH BROKERSVIEW BEST TRADING EXPERIENCE AWARD

KUALA LUMPUR, Sept 23 (Bernama) -- EBC Financial Group (EBC) has been awarded the “Best Trading Experience” Award recently at the BrokersView Award Ceremony in Vietnam, once again solidifying its position as a world-class leader in the financial industry specialising in forex, contract for differences (CFDs), and stocks.

According to a statement, the latest award also recognised its commitment to facilitating the most robust trading conditions and delivering an exceptional trading experience.

BrokersView, a FastBull brand, is a financial information portal helping investors identify suitable brokers quickly and efficiently. In evaluating EBC for their 2024 awards, BrokersView conducted a rigorous assessment of EBC on six key aspects, namely trading speed, stability, liquidity, slippage, spreads, and swap rates.

Adding to the accolades at the BrokersView Award Ceremony, EBC’s senior analyst, Al Hamidi, was also honoured with the “Best Innovative Trading Strategy” Award at the FastBull 2024 Trading Influencers Awards Ceremony.

Going beyond active efforts to innovate its trading platform and ensure highly competitive spreads, EBC is dedicated to ensuring compliance with stringent regulation, fair and transparent pricing mechanisms, and multi-layered security measures.

Through strategic investments in regulatory licenses, institutional-level liquidity, and advanced trading infrastructure, EBC is positioning itself to serve a broader international clientele with a diverse range of trading tools and services.

EBC's growth in emerging markets, particularly in Southeast Asia, Latin America, India and Africa, is part of the company's commitment to empowering traders with access to robust financial ecosystems, which have traditionally been underserved by major financial institutions.

As EBC scales its operations, the company is continuing to expand its support infrastructure in these regions to ensure traders can enjoy the same seamless experience available in more established financial hubs.

Looking ahead, EBC remains focused on its global development roadmap, delivering the ultimate trading experience and keeping traders at the core of its operations, aligned with its longstanding goal which is to empower traders with informed decisions and to be their trusted partner on every trading journey.

-- BERNAMA

CIOS FIND AI BOTH EXCITING, STRESSFUL - EXPEREO STUDY

KUALA LUMPUR, Sept 23 (Bernama) -- Expereo in its latest survey revealed that 64 per cent of technology leaders from large global enterprises find it challenging and/or stressful to meet the technology demands of the business and that artificial intelligence (AI) is a key source of both pressure and opportunity.

The research conducted by IDC and commissioned by Expereo delves into the complexities chief information officers (CIOs) face as AI becomes a major force of innovation and disruption, revealing that AI has raised the profile and expectations of technology leaders at board level, a double-edged sword for many senior technology decision-makers.

While 60 per cent of global respondents say their focus on AI has boosted their personal reputation, 47 per cent also say their board has unrealistic demands regarding the impact of AI on international business performance and 39 per cent felt their job is more stressful or negative because of their added profile.

Expereo Chief Executive Officer, Ben Elms said technology leaders are at the forefront of driving innovation and transformation in their organisations, but they also face significant challenges and pressures from the business and the board.

“It is vital that CIOs align with their CEOs to ensure they are given the proper support by their stakeholders, teams and their external partners, to help them make the most of a challenging but exciting technology landscape,” said Elms in a statement.

The report, titled Enterprise Horizons 2024: Technology Leaders' Priorities on Their Digital Business Journey, highlights the perceived impact of AI on the workforce, both within and outside of information technology (IT) which could be partly causing this ‘AI-anxiety’.

While the emergence of a chief AI officer (CAIO) role could bring businesses new opportunities, 40 per cent of technology leaders say a CAIO role will take over much of the CIO’s responsibilities within two years, and 38 per cent of them are worried that AI could replace their or their team’s role.

Moreover, 46 per cent of global respondents believe increased automation will also result in some roles outside of information technology (IT) being displaced.

However, technology leaders are also excited about the pace of technology innovation, with the survey showing that 68 per cent of respondents say this is the most exciting time to be a technology leader, and 71 per cent of them are confident that they or their team can support growth and efficiency gains through their current technology strategy.

The survey also shows that technology leaders are expected to contribute to various aspects of the business, such as growth, risk management, and IT modernisation, but their role will become even more demanding in the next two years, as they will have to orchestrate digital transformation and generate digital revenue.

-- BERNAMA

PREQIN EXPECTS GLOBAL ALTERNATIVE MARKETS TO SURPASS US$30 TRILLION BY 2030

KUALA LUMPUR, Sept 23 (Bernama) -- Preqin in its Future of Alternatives 2029 report forecasted the global alternatives industry to reach US$29.2 trillion in assets under management (AUM) by 2029, from US$16.8 trillion at the end of 2023. (US$1=RM4.20)

In a statement, the company said while not part of the official report forecasts, the analysis predicted the industry is on course to exceed US$30 trillion in AUM by 2030.

This signifies an annualised growth rate of 9.7 per cent in the forecast period, 2023-end to 2029, which represents a slowdown from 10.5 per cent during the 2017 to 2023 period due to softer expectations for the private equity and venture capital markets.

Preqin Global Head of Research Insights, Cameron Joyce said global alternatives markets continue to evolve rapidly, especially as individual investors’ access opens up, as the private wealth channel’s growth continues to gather pace.

Private wealth and weak exit markets are expected to drive secondaries to an annualised growth rate of 13.1 per cent, with secondaries forecast to be the fastest growing area of alternatives from 2023-end to 2029.

Currently, the secondaries market remains a buyer’s market, as investors’ portfolios face liquidity constraints, and Preqin anticipates ongoing demand for secondaries strategies from the private wealth channel, as they offer inherent advantages for investors that are new to private markets.

Meanwhile, private equity is predicted to remain the largest private capital asset class, with Preqin forecasting it is on course to more than double in AUM from 2023-end to 2029, from US$5.8 trillion to US$12.0 trillion, at an annualised growth rate of 12.8 per cent.

The report also found that artificial intelligence (AI) is expected to be one of the factors buoying early-stage venture capital with annualised AUM growth at 13.2 per cent, followed by venture (general) at 11.1 per cent, from end-2023 to 2029.

By 2029, global private real estate AUM is forecast to continue its steady growth to US$2.7 trillion; global unlisted infrastructure AUM to reach US$2.4 trillion as the energy transition lifts fundraising and deals from 2027 onwards; and global hedge funds AUM to surpass US$5.7 trillion but outflows are predicted to impact performance-based growth.

The Future of Alternatives report series forecasts the size and growth of the global alternatives industry based on Preqin’s Research Insights team’s data-driven predictive models and analysis, as well as covers all alternative asset classes, including by strategy, across major global regions.

-- BERNAMA

AM BEST MAINTAINS STABLE OUTLOOK ON CHINA'S NON-LIFE INSURANCE SEGMENT

KUALA LUMPUR, Sept 19 (Bernama) -- Global credit rating agency, AM Best has maintained a stable outlook on China’s non-life insurance segment, citing several factors that include a supportive regulatory environment, increased health insurance awareness and strong growth potential in the electric vehicle (EV) insurance market.

Its “Market Segment Outlook: China Non-Life Insurance” report notes that the segment’s solvency ratios under China Risk-Oriented Solvency System (C-ROSS) stabilised in 2023 and through the first half of 2024, following a decline in 2022.

According to AM Best in a statement, large Chinese insurers have been able to raise funds from the domestic debt capital market at favourable financing costs by issuing capital supplementary bonds in recent years.

The credit rating agency views this move as credit-positive and expects that as the capital market expands over time, investor confidence and risk appetite will grow.

“AM Best expects large insurers to maintain their competitive advantage by leveraging more-abundant data, greater bargaining power in distribution networks and advanced actuarial analytics for more-accurate pricing and risk differentiation,” said AM Best senior director, head of analytics, Christie Lee.

Additionally, premium in the health insurance segment has experienced notable growth, supported primarily by high-deductible, high-limit, medical reimbursement policies, often referred to as “million-yuan policies”.

Insurers also have introduced new products with enhanced coverage to meet evolving customer needs, such as tailored protection for subgroups of the population and changes in claims payment structures.

The rapid adoption and strong growth in EV sales have elevated the demand for EV motor insurance. According to the report, many insurers have been cautious in underwriting EV motor insurance due to higher loss frequency and claims costs, but China’s regulator has given insurers greater flexibility to adjust rates based on differentiated customer risk profiles.

This change should encourage insurers to conduct a more-detailed analysis to better assess customer risks.

-- BERNAMA

EIG’S MIDOCEAN RAISES STAKE IN PERU LNG TO 35 PCT

KUALA LUMPUR, Sept 17 (Bernama) -- MidOcean Energy (MidOcean), a liquefied natural gas (LNG) company formed and managed by EIG, and Hunt Oil Company (Hunt) announced they have entered into a definitive agreement for MidOcean to acquire an additional 15 per cent interest in Peru LNG (PLNG) from Hunt.

Following the closing of the deal, MidOcean’s interest in PLNG will rise from 20 per cent to 35 per cent, according to a statement.

“Our belief in the long-term fundamentals of the LNG market and in the strength of PLNG’s unique position as the only LNG export facility in South America remains steadfast.

“We look forward to strengthening our partnership with Hunt Oil and the other PLNG co-venturers and continuing to support the project’s positive impact on the Peruvian energy market,” said MidOcean chief executive officer (CEO), De la Rey Venter.

Meanwhile, Hunt CEO, Mark Gunnin said: “We are focused on positioning the PLNG project for the future, and the opportunity to bring in MidOcean as a partner was a great strategic fit to make that happen.”

Aramco played a pivotal role in the transaction, including undertaking key technical and commercial due diligence as well as engaging with key stakeholders for transaction approval. The transaction will be funded entirely by Aramco, which will increase its interest in MidOcean to 49 per cent.

This further investment strengthens MidOcean and Aramco’s position in the global LNG market and will provide both parties exposure to South America’s only LNG export project, with Aramco’s indirect stake of 17.2 per cent in PLNG.

Hunt’s interest in PLNG will decrease from 50 per cent to 35 per cent, though it will remain the operator of the project. Hunt continues to own a 25.2 per cent interest in the Camisea upstream project in Peru.

Located in Pampa Melchorita, 170 kilometres (km) south of Lima, Peru, PLNG owns and operates the only LNG export facility in South America. The facility is operated by Hunt and is one of only two LNG production facilities in Latin America.

-- BERNAMA

Akur8 Raises US$120 Mln To Boost Next Generation Actuarial Platform Growth

KUALA LUMPUR, Sept 17 (Bernama) -- Akur8, the machine learning-powered insurance pricing and reserving platform, has secured US$120 million in series C funding, which will significantly bolster the company’s ability to expand its product portfolio and fuel its growth in key global markets.

According to a statement, the new funding will bring its total raised investment to US$180 million. (US$1=RM4.29)

This latest funding round was led by One Peak, a growth equity firm investing in software scale-ups, with participation from Partners Group, one of the largest firms in the global private markets industry acting on behalf of its clients, and historical investor Guidewire Software Inc.

“We look forward to collaborating closely with our new investors, One Peak and Partners Group, two leading investment firms that share our vision for innovation and excellence.

“With their support, we are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally,” said its Chief Executive Officer and Co-Founder, Samuel Falmagne.

Developed explicitly for insurers, Akur8 has been revolutionising non-life insurance pricing with transparent artificial intelligence since 2019, and its cloud-based, fully integrated platform empowers insurers to price at unprecedented speed, directly influencing financial outcomes and enhancing risk assessments.

With the recent acquisition of the Arius reserving platform, Akur8 further expands its product portfolio and customer base, amplifying the value delivered to insurance carriers worldwide.

The new funding will be used to fuel product innovation with two new modules, namely Optim and Deploy; drive growth by leveraging Akur8’s recent acquisition of Arius; and accelerate global expansion, particularly in North America.

Walter Billet Avocats acted as legal advisor for Akur8 in this transaction and has been advising the company since its founding, while Perella Weinberg Partners served as the company’s financial advisor.

-- BERNAMA

NETSFERE UNVEILS BREAKTHROUGH IN SECURE COMMUNICATION WITH PROPRIETARY GENERATIVE AI INTEGRATION

New AI Capabilities Redefine Enterprise Security and Productivity

SINGAPORE, Sept 13 (Bernama-GLOBE NEWSWIRE) -- At the NetSfere Connections 2024 event, NetSfere, a global leader in cutting-edge secure and compliant messaging and mobility solutions, proudly unveiled a groundbreaking advancement in secure communications. By introducing proprietary artificial intelligence (AI) and machine learning (ML) capabilities, NetSfere is setting a new benchmark for enterprise security and productivity.

As AI adoption accelerates globally—now embraced by 77% of businesses—enterprises are facing complex challenges such as data privacy concerns, trust in AI outputs, model interpretability, infrastructure limitations, and regulatory compliance. NetSfere’s latest innovations are strategically designed to address these challenges, empowering organizations to harness AI’s transformative power while maintaining rigorous security standards.

“Our commitment to innovation drives us to continually enhance secure communication for enterprises,” said Anurag Lal, President & CEO of NetSfere. “Our new AI capabilities are built with a focus on security, compliance, and user experience, ensuring enterprises can confidently integrate AI into their workflows while retaining full control over their data and communications.”

NetSfere’s AI-enhanced platform revolutionizes how enterprises interact with their data, offering secure, instant access to actionable insights within a mobile-first, messaging-first environment. By leveraging AI, users can interact with enterprise data through natural language across various departments, including Sales, HR, Support, and R&D. Features like conversation summarization and actionable insights extraction further drive productivity and efficiency.

A key highlight of the platform is Net-C, NetSfere’s AI-enabled chatbot feature that allows enterprises to leverage the power of generative AI in a secure messaging environment. Unlike other solutions, Net-C is designed exclusively for the enterprise, ensuring no integration with open-source AI functionalities. This guarantees that enterprise data remains secure and encrypted within the organization’s domain, maintaining the highest levels of security and compliance.

Ken Soh, Chair of SGTech’s Cyber Security Chapter, commented, “As the leading voice for Singapore’s tech industry, SGTech is pleased to see innovations like NetSfere’s generative AI integration pushing the boundaries of secure communication. This advancement not only enhances security and compliance but also aligns with our broader vision of positioning Singapore as a global digital and data node built on trust. NetSfere’s new capabilities are a significant step forward in building a robust and resilient cybersecurity ecosystem, one that is essential in the global digital economy.”

“As a key partner and customer of NetSfere in Singapore, we are excited about the integration of Generative AI into their secure communication platform. The integration of NetSfere’s advanced messaging platform with NTT DATA’s services offers a comprehensive solution for secure and efficient enterprise-wide communication. Today, we have helped our clients in regulated industries like public sector and financial services secure their communication solutions to meet growing demands without compromising on performance. This enables them to focus on innovation and growth while managing digital risks effectively,” said Pranay Anand, Vice President, Innovation and Technology Solutions, Singapore, NTT DATA.

For more information about NetSfere’s new AI capabilities, please visit www.netsfere.com.

About NetSfere

NetSfere is a secure enterprise messaging service and platform from Infinite Convergence Solutions, Inc. NetSfere provides industry-leading security and message delivery capabilities, including global cloud-based service availability, device-to-device encryption, location-based features, and administrative controls. The service is also offered in partnership with Deutsche Telekom GmbH, one of the world’s leading integrated telecommunications companies, and with NTT Ltd., a global information communications & technology service provider, to jointly offer NetSfere to its worldwide customers. The service leverages Infinite Convergence's experience in delivering mobility solutions to tier 1 mobile operators globally and technology that supports more than 500 million subscribers and over a trillion messages annually. NetSfere is also compliant with global regulatory requirements, including GDPR, HIPAA, Sarbanes-Oxley, ISO 27001, and others. Infinite Convergence Solutions has offices in the United States, United Kingdom, Germany, India and Singapore. For more information, visit www.netsfere.com.

Media Contact
Erica Torres
Uproar PR for NetSfere
etorres@uproarpr.com 

SOURCE: NetSfere

--BERNAMA

Saudi Arabia Showcases Investment Opportunities In Tourism Industry At IHIF Asia

_{Tareq Al-Shaghrood, General Manager of Investment Planning and Attraction, speaking at IHIF Asia (Photo: AETOSWire)} 

KUALA LUMPUR, Sept 10 (Bernama) -- The Saudi Ministry of Tourism recently highlighted the Kingdom’s thriving tourism sector, emphasising the enormous opportunity for foreign investors to capitalise on its rapidly expanding and diverse tourism sector at the International Hospitality Investment Forum (IHIF) Asia, in Hong Kong.

A highlight of Saudi Arabia’s participation at IHIF Asia was the panel discussion titled "Invest, Enable, Prosper: Empowering Tourism Destinations", led by Saudi Ministry of Tourism General Manager of Investment Planning & Attraction, Tareq Al-Shaghrood, that explores the Kingdom's strategic approach to developing a world-class, diverse tourism ecosystem.

“Saudi Arabia's commitment to creating a wide array of tourism experiences, from cultural heritage and adventure tourism to luxury and eco-tourism, is underpinned by a robust framework of incentives and support for investors.

“Our vision is to enable and empower those who join us in this transformative journey, ensuring prosperity for all stakeholders,” he said in a statement.

Saudi Arabia’s strategic location at the crossroads of three continents and its strong economic ties with Asia underscore its potential as a global tourism hub, to which the Kingdom welcomed over 20.9 million tourists from Asia, in 2023.

This significant influx highlights the increasing confidence Asian markets have in Saudi Arabia’s tourism potential and the lucrative opportunities it presents for investors. The Kingdom's appeal to Asian travellers is further evidenced by the substantial growth in tourism receipts, reflecting the strong demand for Saudi Arabia as a diverse and culturally rich destination.

To capitalise on this momentum, the Kingdom has introduced the Tourism Investment Enablers Program (TIEP), with the Hospitality Investment Enablers (HIE) initiative serving as a cornerstone, with the aims to create 120,000 new jobs, supporting Saudi Arabia’s broader economic diversification goals.

As Saudi Arabia continues its ascent as a leading tourism destination, the Kingdom invites investors worldwide to seize the opportunity to be part of this extraordinary transformation.

With its robust infrastructure, strategic location, and unwavering commitment to sustainable growth, Saudi Arabia offers unmatched prospects for those looking to invest in a rapidly evolving and highly rewarding market.

-- BERNAMA

Fujitec Receives Certification For Elevator Maintenance Using Remote Monitoring In Singapore

KUALA LUMPUR, Sept 12 (Bernama) -- Fujitec Co Ltd became the first Japanese company to obtain certification for elevator maintenance using remote monitoring through its group company, Fujitec Singapore Corporation Ltd.

According to a statement, these regulations are the first of their kind, established in Singapore for the remote monitoring of maintenance in the countless high-rise buildings located in the country to enhance elevator sustainability.

Elevators are a critical part of social infrastructure in Singapore, a country of numerous high-rise buildings to make effective use of limited land area.

To this end, the government takes various initiatives to ensure sound maintenance and management, earning Singapore a reputation in advanced elevator maintenance.

In addition, the government also began pursuing measures to enhance maintenance efficiency and develop careers in response to recent trends in the ageing population of engineers involved in maintenance.

The Building and Construction Authority of Singapore (BCA) established new elevator maintenance regulations in August 2022 to enhance maintenance efficiency, in which these unprecedented regulations stipulate the use of remote monitoring for elevator maintenance.

These standards feature advanced criteria, including 24-hour monitoring of operational status using a remote monitoring system and the constant detection of signs of malfunctions.

Building managers benefit from reduced frequency of manned inspections from once a month to once every three months if each relevant elevator obtains certification through a six-month functional evaluation.

Fujitec Singapore plans to increase the adoption and deployment of this system in the coming years. By enhancing productivity through the remote monitoring system, the company strived to alleviate labor shortages for engineers.

-- BERNAMA

AI-MEDIA AND ITV ANNOUNCE LANDMARK PARTNERSHIP TO REVOLUTIONIZE CAPTIONING SERVICES

LONDON, Sept 10 (Bernama-GLOBE NEWSWIRE) -- AI-Media, the global leader in AI-powered captioning and translation services, is proud to announce a new partnership with ITV, the UK’s largest commercial broadcaster. This collaboration marks a significant step forward in the use of AI captioning technology to enhance accessibility and operational efficiency across ITV's extensive broadcast network.

David Padmore, Director of Accessibility for ITV, emphasised the importance of this partnership in advancing ITV's commitment to adopting new technologies. "At ITV, we are constantly seeking innovative solutions to improve our services and meet the diverse needs of our audience. Working with AI-Media has allowed us to take advantage of cutting-edge AI to streamline our captioning workflows while maintaining the highest standards of accuracy and reliability."

The partnership centres on the deployment of AI-Media’s LEXI live automatic captioning solution, which integrates seamlessly with ITV's existing infrastructure. The collaborative effort between AI-Media and ITV has resulted in a technology architecture tailored to the broadcaster's complex requirements, including its 18 regional news variants. The solution will utilise AI Media’s SDI Encoder Pro Cards to deliver LEXI captioning as VANC embedded data into ITV’s existing architecture and will be operated by ITV’s expert Access Services team. AI Media’s Alta product will also be used for ITVX and other IP video workflows.

Traditionally, ITV’s regional news captioning involved a manual workflow with significant staffing requirements. The shift to automation through AI-Media's LEXI is expected to dramatically impact resourcing, leading to significant efficiencies and cost reductions. The automation of workflows allows ITV to provide more captions, enhancing accessibility for its viewers. Additionally, the LEXI system's increased reliability and reduced latency are expected to improve the overall quality of service. 

http://mrem.bernama.com/viewsm.php?idm=49302

BRAND IDENTITY REDEFINED: DEPENDABLE, TRUSTWORTHY EXPERIENCE AT EVERY TURN WITH DORMER PRAMET

KUALA LUMPUR, Sept 10 (Bernama) -- Dormer Pramet, a global manufacturer and supplier of tools for the metal cutting industry has unveiled its redefined brand identity at The International Manufacturing Technology Show (IMTS) 2024, marking the beginning of a new era.

According to a statement, visitors to the company’s booth will experience first-hand the fresh visual identity and innovative products that reflect its commitment to simplifying messages and enhancing user experiences.

The new brand promise underscores Dormer Pramet’s dedication to delivering reliable product performance and simple, easy experiences for its customers, in which this theme resonates through its entire repositioning effort, ensuring that every interaction with the company is dependable and trustworthy.

Key highlights of the new brand identity include unified global master brand, whereby Dormer and Pramet brands are now united under the global master brand, Dormer Pramet, to create a clearly defined space in the market, simplifying product groupings and enhancing customer value.

On top of that, its updated corporate identity includes a refreshed visual style that will be rolled out across the company’s website, packaging, and various touchpoints, in addition to all packaging will transition to grey starting January next year, reflecting the new brand identity.

Dormer Pramet cares deeply about the manufacturing community, to which this dedication to supporting its growth and resilience is embedded in its brand values and is reflected in its commitments.

In addition, visitors at IMTS 2024 are able to experience the company’s latest cutting tools and solutions designed to improve performance and reduce operational costs; engage with experts to understand how the products and solutions can benefit their specific applications; as well as learn about Dormer Pramet brand values and behaviors through powerful storytelling.

A part of the Sandvik Group, Dormer Pramet’s comprehensive product programme encompasses both rotary and indexable drilling, milling, threading, and turning tools for use in a wide variety of production environments.

-- BERNAMA

QUANTEXA NAMED CATEGORY LEADER IN CHARTIS' REPORT FOR ENTERPRISE FRAUD SOLUTIONS

KUALA LUMPUR, Sept 10 (Bernama) -- Quantexa announced it has been recognised as a Category Leader in the RiskTech Quadrant for Enterprise Fraud Solutions in Chartis Research’s Enterprise and Payment Fraud Solutions, 2024 Market Update and Vendor Landscape report.

In a statement, Quantexa said the positioning as a leader reflects its strong performance across multiple key criteria, particularly in advanced fraud detection techniques and its robust platform for fraud analytics.

Its Global Head of Fraud Solutions, Ivan Heard said being ranked among other category change-makers by Chartis inspires the company to continue exceeding in advanced, artificial intelligence (AI)-driven fraud detection techniques.

“The recognition that we are a best-in-class solution validates that we are providing our customers with some of the strongest capabilities in emerging fraud types like APP and mule detection,” said Heard.

The annual Chartis Market Update and Vendor Landscape report notes several key themes in the market for anti-fraud solutions which include the growing role of generative AI in automation and the co-piloting of fraud solutions.

In addition, the report explains how vendors are using new cutting-edge technology to address their clients’ evolving needs in the fraud landscape.

Quantexa’s inclusion as a Category Leader recognises its innovative and comprehensive platform approach, integrating workflow with knowledge graph analytics and addressing the constant evolution of challenges in identity risk and application fraud.

The company has also been recognised as one of the top vendors in the inaugural Chartis RiskTechAI 50 2024 ranking and research report, whereby Quantexa technology has been commended in two categories, namely ‘Advanced tax fraud capabilities’ and ‘AI for government applications’.

This recognition underlines Quantexa's industry leading expertise in leveraging AI for specialised applications in tax fraud detection and government use cases.

-- BERNAMA

KOREAN VRAD ENTERS ASIAN MARKET WITH SERIES OF MEDICAL EDUCATION SIMULATORS

KUALA LUMPUR, Sept 11 (Bernama) -- VRAD, a Korean virtual reality medical education company, has announced its entry into the Asian market by launching a new series of medical education simulators.

By introducing its flagship medical education simulators to these markets, VRAD said in a statement it is expanding its presence in key Asian countries, including Thailand, India, Taiwan, and Singapore.

The newly launched simulators include the "Core Nursing Skills Simulator", "Oral Radiography Simulator", "Severe Trauma Management Simulator", "Ventilator Management Simulator", and "Neonatal APGAR Scoring Simulator".

Medical professionals can receive training in environments that closely mimic real-life scenarios thanks to the meticulous design of each simulator.

The company is showcasing these products at the Medical Fair Asia (MFA) in Singapore on Sept 11, with its innovative medical education solutions expected to garner significant attention at this event, highlighting VRAD's growing influence in the Asian market.

A VRAD representative stated that the expansion into the Asian market is a pivotal step in the company’s global growth strategy, and the unveiling of its products at MFA in Singapore is particularly significant, as it will play a crucial role in strengthening VRAD's position in the Asian medical education sector.

Currently, VRAD has supplied its virtual reality medical education simulators to over 80 medical and educational institutions across Korea, demonstrating its outstanding technological capabilities and the effectiveness of its educational solutions.

The company anticipates that its entry into the Asian market will allow more medical institutions to leverage its innovative educational tools.

Designed to support real-time interaction and learning in virtual environments, VRAD's solutions aim to enhance the capabilities of medical professionals by preparing them for a wide range of medical scenarios.

-- BERNAMA

HANSEN’S SOFTWARE UPGRADED TO ENHANCE NEPAL’S DISHHOME CUSTOMER OFFERS, EXPERIENCES

KUALA LUMPUR, Sept 10 (Bernama) -- Hansen Technologies, a global software and services to the communications, energy, and water industries provider, announced that DishHome, Nepal’s communications services provider (CSP), has upgraded its version of Hansen CCB, part of the Hansen Suite for Communications, Technology & Media.

Hansen Communications Division President, Scott Weir said the rapid modernisation of Nepal has driven not just the increase in demand for faster connectivity and seamless entertainment offerings, but also accelerated customer expectations.

“We are delighted to continue our longstanding partnership with DishHome and to introduce enhanced flexibility in bundles and offers, the ability to reduce payable bills, as well as new discounts and vouchers.

“These enhancements deliver savings and efficiencies to our customer, particularly around maintenance of databases, security and privacy,” he said in a statement.

Meanwhile, Dish Media Network Limited Director, Sudeep Acharya said: “This most recent technology upgrade is testament not just to the leadership of Hansen’s products but also the true collaboration and partnership of our respective teams.

“Their ability to have the finger on the pulse of the customer and market opportunities, which enable us to bring our customers modern and flexible experiences, demonstrates their immense value as a partner.”

DishHome will also leverage Hansen’s unified customer care and billing system for broadband and cable, as the company seeks to deliver a more enhanced degree of service to its growing customer base nationwide.

Prior to this implementation, DishHome’s direct-to-home television and fibernet customers would be billed separately for various subscribed products.

However, with the latest Hansen products, DishHome customers can make a single payment for connectivity and entertainment, reducing the burden of having to pay multiple bills and vendors.

-- BERNAMA

APREVENT TRIUMPH AT MEDTECH INNOVATOR 6TH ANNUAL APAC COMPETITION

KUALA LUMPUR, Sept 9 (Bernama) -- MedTech Innovator, the largest accelerator of medical technology companies in the world, announced that APrevent was named the 2024 MedTech Innovator Asia Pacific Accelerator programme Finals Competition Winner.

Taiwan-based company APrevent was awarded a US$175,000 Grand Prize, while the other finalists, INOPASE (Japan), KA Imaging (Canada), and Qritive (Singapore), will each receive US$10,000 in addition to a one-year APACMed membership, according to MedTech Innovator in a statement. (US$1=RM4.34)

The four finalists competed at the MedTech Innovator Asia Pacific 2024 Grand Finals hosted by MedTech Innovator in partnership with Asia Pacific Medical Technology Association (APACMed) at the APACMed MedTech Forum, which took place Sept 5 and 6, in Singapore.

APrevent has developed innovative solutions for voice and speech disorders and is the first Taiwanese company to win the MedTech Innovator Asia Pacific accelerator programme Grand Prize.

Following each finalist’s presentation, a panel of distinguished medtech executives engaged in a Q&A session with the finalist and the winner was determined by a live audience vote.

Besides APrevent’s Grand Prize of US$175,000 in non-dilutive funding, additional prizes were also awarded. Gyder Surgical took home the Johnson & Johnson – JLABS Asia Pacific Award; INOPASE was awarded the Cambridge Consultants Product Design & Development Award; and Qritive received the Enterprise Singapore (EnterpriseSG) Startup SG Grant Award, among others.

Over 400 companies applied for the APAC programme this year, and after a rigorous selection process, 60 companies were invited to pitch, of which 20 were selected to complete the four-month accelerator programme.

Featuring medical device, diagnostic, and digital health companies from around the globe, the 2024 Asia Pacific cohort companies received customised resources, mentorship, an unparalleled network of over 600 global peers, exposure to industry leaders, and were awarded over US$300,000 in cash prizes and in-kind awards.

During the APACMed MedTech Forum, all 20 accelerator companies were showcased to the conference attendees, representing the key leadership of the APAC medtech industry.

-- BERNAMA

AI-MEDIA TO SHOWCASE CUTTING-EDGE ALTA PLATFORM INNOVATIONS AT IBC 2024

LONDON, Sept 6 (Bernama-GLOBE NEWSWIRE) -- AI-Media, the leader in live video captioning and subtitling solutions, is set to unveil a suite of groundbreaking updates to its Alta platform at the International Broadcasting Convention (IBC) 2024 happening in Amsterdam, 13-16 September. As broadcasters across the globe seek to modernize workflows and improve accessibility, AI-Media continues to deliver innovative solutions that address the industry's most pressing challenges.

Strategic Focus at IBC 2024

At IBC 2024, AI-Media will focus on expanding its footprint in the European market with its LEXI broadcast workflow, emphasizing solutions that deliver cost savings and workflow efficiencies. The primary highlights will include:

• LEXI Live AI-Powered Captions: Offering hands-on trials to demonstrate the power, low-latency and accuracy of AI-Media's automated captioning.
• Gold standard SDI and video IP caption encoder tech trusted by major global broadcasters.
• File-based Solutions: Promoting new solutions for video-on-demand captioning workflows.
• Multilingual Captions and Translation: Showcasing solutions that support multiple languages to cater to diverse audiences.
• Innovation Station: showcasing new tech on the horizon including LEXI Live Voice dubbing, LEXI automated audio description, generative AI topic modelling, automated sound effects recognition plus more.

AI-Media's Value Proposition

For EMEA broadcasters, AI-Media offers turnkey subtitling solutions that integrate seamlessly into existing workflows, backed by over 20 years of in-field experience and a proven track record of delivering cost savings and workflow efficiencies for their customers. As a trusted partner to major broadcasters globally, AI-Media is committed to ongoing investment and innovation in subtitling solutions.

Revolutionary Alta Platform Enhancements

AI-Media's latest updates to the Alta platform underscore the company’s commitment to delivering cutting-edge technology for live video captioning and subtitling:

• SMPTE ST 2110-43 Support: AI-Media's Alta now supports outputting live captions in a 2110-43 stream, leveraging the popular standard for transporting Timed Text Markup Language (TTML) within 2110 streams. This enables broadcasters to send non-Latin character sets in low bandwidth and facilitates easy integration with third-party systems, as well as conversion to online formats for OTT distribution.
• Audio Dubbing Capabilities: LEXI audio dubbing support in Alta TS. Broadcasters will be able to create synthetically dubbed audio tracks in multiple languages, which can be inserted into MPEG TS output streams, offering new layers of accessibility.
• SCTE Trigger Automation: Alta's LEXI triggering automation enables automated control of captions during ad breaks. LEXI captions will automatically pause, or resume based on SCTE triggers, streamlining ad break management. Triggers can also be used to position captions.
• DVB Subs Customization: Alta TS now allows end users to configure DVB Subs/bitmap caption appearance, including font size, colours, and positioning. This supports image-based characters, expanding accessibility for Asian languages.
• Google Cloud Deployment: In addition to AWS, Alta is now deployable in Google Cloud, providing broadcasters with more cloud-based alternatives to enhance their operations.

The latest updates to the Alta platform are game-changers for broadcasters, offering unparalleled automation, flexibility, efficiency, and accessibility enhancements that meet the demands of modern media environments, from cloud-native deployments to advanced automation and multilingual support.

Visit AI-Media at IBC 2024

Experience AI-Media's latest innovations at IBC 2024 and discover why broadcasters worldwide trust AI-Media to transform their captioning workflows. To book a 1:1 meeting click HERE. For more information, visit ai-media.tv.

Watch an interview between James Ward, Chief Sales Officer at AI-Media and TVB Europe about AI-Media's planned showcase for IBC Show 2024.

About AI-Media

Founded in Australia in 2003, AI-Media is a pioneering technology company specialising in AI language and captioning workflow solutions.

As a global leader, AI-Media provides high-quality AI-powered live and recorded captioning and translation technology and solutions to a diverse range of customers and markets worldwide.

For the first time in February 2024, AI-Media unveiled groundbreaking data showcasing the superiority of its AI captioning product, LEXI, over traditional more expensive human workflows.

With deep industry experience and sophisticated AI technology to create solutions which streamline and simplify processes, AI-Media empowers leading broadcasters, enterprises and government agencies globally to ensure seamless accessibility and inclusivity of their content.

AI-Media (ASX: AIM) commenced trading on the ASX on 15 September 2020.   

Media Contact: Fiona Habben – Fiona.habben@ai-media.tv

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00176e34-613c-44dd-9daa-e1ec76c395d3 

SOURCE : Ai-Media Technologies LLC

Nippon Kinzoku To Showcase Carbon Neutral Products At Stainless Steel World Asia 2024

 

We will exhibit our carbon neutral products such as high-performance stainless steel, high-precision tubes, profile rolled products (Fine Profile), and rolled magnesium alloy materials, along with examples of their applications. (Graphic: Business Wire)

KUALA LUMPUR, Sept 4 (Bernama) -- Nippon Kinzoku Co Ltd and Tokyo Stainless Grinding Co will jointly participate in Stainless Steel World Asia 2024, which will take place from Sept 11 to 12, at Singapore EXPO.

According to a statement, Nippon Kinzoku will exhibit its carbon neutral products such as high-performance stainless steel, high-precision tubes, profile rolled products, and rolled magnesium alloy materials, along with examples of their applications at the event.

An exhibition of global cutting-edge material technologies, Stainless Steel World Asia will provide a technology and trade gateway to the entire ASEAN region and beyond.

Headquartered in Tokyo, Nippon Kinzoku is a stainless steel rolling and processing provider for the automotive, battery, semiconductor and other markets.

-- BERNAMA

EBC FINANCIAL GROUP MAKES A MARK ON LALIGA STAGE WITH FC BARCELONA PARTNERSHIP

KUALA LUMPUR, Sept 5 (Bernama) -- EBC Financial Group (EBC), a global leader in financial brokerage, continued to strengthen its three and a half years strategic partnership with FC Barcelona, one of the world’s most iconic multi-sports clubs.

This collaboration, which began in April 2024, has not only elevated EBC’s global presence but also marked a significant chapter in the integration of finance and sports, according to a statement.

EBC Financial Group’s presence on the LaLiga stage is a testament to the strength of this partnership, which not only enhances EBC’s brand visibility but also reinforces the shared values and goals between the two organisations.

For financial institutions like EBC, football offers an unparalleled platform to connect with diverse global audiences, tapping into the passion and loyalty that sports inspire.

FC Barcelona, with its rich history and global fanbase, represents more than just a football club, it embodies a set of values that resonate worldwide, in which these values align perfectly with EBC’s principles, making this partnership a natural fit.

By leveraging the global reach of FC Barcelona, EBC is strategically positioning itself to deepen its market presence in Asia Pacific, Latin America, the Middle East, and Africa.

Both institutions share a commitment to excellence, discipline, and innovation, which forms the basis for a partnership that extends beyond traditional sponsorship.

For EBC, by partnering with a club as renowned as FC Barcelona, EBC connects with a vast and engaged audience, providing an opportunity to promote financial literacy and introduce tailored financial products to football fans worldwide, reaching a younger, more diverse audience, aligning its services with their interests and needs.

FC Barcelona, on the other hand, gains a partner with deep financial knowledge and a commitment to excellence, that supports the club’s global expansion strategy, ensuring that it remains at the forefront of football both on and off the pitch.

Looking ahead, the partnership between EBC and FC Barcelona is poised to grow even stronger, representing their shared values of determination, innovation, and a relentless pursuit of greatness.

-- BERNAMA 

Strong Technical Results Propel Global Reinsurers Momentum - AM Best

KUALA LUMPUR, Sept 4 (Bernama) -- Global credit rating agency, AM Best in its latest research on the global reinsurance industry highlights the segment’s strong technical results amid an ongoing shift to the International Financial Reporting Standards (IFRS) 17 reporting standard.

AM Best has published its annual review of the global reinsurance industry, an analysis highlighting companies’ favourable results and financial reporting shifts, as reinsurance industry leaders prepare to gather in Monte Carlo for the annual Rendez-Vous de Septembre.

In a statement, AM Best said the report is available in one comprehensive volume, featuring exclusive extra content, the credit rating agency’s in-depth analysis of key segments and regional markets spotlights a global momentum that was the main driver of its first-ever positive outlook on the reinsurance segment in June 2024.

Given the comprehensive de-risking measures and a realignment of interests between reinsurers and primary carriers, albeit with a lack of new company formations, the credit rating agency expects the hard pricing conditions to last longer than in previous cycles.

At the same time, IFRS 17, which became effective on Jan 1, 2023, has been adopted by many reinsurers, and this move has created challenges for users of the new financial standard and has also prompted AM Best to modify its listing of the largest reinsurers, depending on the reporting standard used.

The report explores factors affecting different reinsurance market participants, with specific regional observations including improved underwriting results among reinsurers in Sub-Saharan Africa; and certain markets experiencing significant levels of economic deterioration, challenging fiscal manoeuvrability despite resilience among Middle East and North Africa (MENA)-region reinsurers.

In addition, the report also examines the catastrophes in the previous year, including Hurricane Otis, highlight the need for additional capacity in the Latin America region’s reinsurance market; the Asia Pacific reinsurance composite achieving significant growth in 2023, owing mostly to China Re’s international expansion.

Factors such as better pricing and terms and conditions, along with a strong, global reach paved the way for a solid year by Europe’s “Big Four” reinsurers; and the data and analysis behind AM Best’s latest list of the 50 largest reinsurance groups, were among the observations highlighted in the report.

-- BERNAMA

AM Best To Join Panel Discussion At East Asian Insurance Congress 2024

KUALA LUMPUR, Sept 2 (Bernama) -- Global credit rating agency, AM Best will participate in a customer centric panel discussion at the 30th East Asian Insurance Congress’ (EAIC) Hong Kong Conference, taking place on Sept 24 to 27, at the Hong Kong Convention and Exhibition Center.

AM Best Rating Services Inc executive vice president and chief strategy officer, Andrea Keenan will moderate a panel discussion titled “Customer centricity in insurance: empowering policyholders and enhancing the value chain”, which is scheduled on Sept 25.

Panellists will include International Union of Marine Insurance secretary general, Lars Lange; Philippine Insurers and Reinsurers Association trustee/executive director, Michael Rellosa; Thai General Insurance Association president, Dr Somporn Suebthawilkul; and Nan Shan General Insurance Co Ltd chairman, Jason Tsai.

According to AM Best in a statement, the credit rating agency’s market development team for Asia Pacific will also be exhibiting at and attending the EAIC, including its chief executive officer and managing director, market development for the region, Rob Curtis.

During the EAIC conference, AM Best will also celebrate the 25th anniversary of its Asia Pacific base of operations launching from the Hong Kong office with a reception, scheduled on Sept 25, at the Renaissance Hong Kong Harbor View Hotel, which coincides with its 125th anniversary. 

Headquartered in the United States, AM Best does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

-- BERNAMA

Expansion Of Malaysian Plant Operations Provides Additional Capacity, Testing Services - PPG

KUALA LUMPUR, Aug 30 (Bernama) -- PPG announced it has expanded operations in Petaling Jaya, Malaysia to include the production of non-stick coatings for kitchenware, industrial bakeware and low friction applications.

PPG in a statement said the plant now has additional capacity to support growing regional coatings demand as well as increased space dedicated to valuable services for customers, including a state-of-the-art testing laboratory.

“Our investment in this facility underscores our commitment to growth in the region. We are proud to now offer customers in Asia Pacific more consistent and reliable supply along with additional value-added services.

“The capacity expansion in Petaling Jaya better equips us to meet the increasing demand for high performance non-stick and low friction coatings,” said PPG senior vice president, Industrial Coatings, Irene Tasi.

Meanwhile, its general manager, Industrial Coatings, Asia Pacific (excluding Greater China and Taiwan), Denise Lu said: “Our investment in the Petaling Jaya plant reflects our commitment to the growing number of customers based here that rely on our high-performance coatings.”

The facility is now equipped with five new production lines for both waterborne and solventborne non-stick and low-friction coatings, in which this dual capability enables PPG to tailor solutions to meet a wide range of customer needs and product specifications.

With a focus on sustainably advantaged coatings solutions, the Petaling Jaya plant will service customers in the energy sector, as these low friction coatings offer a high degree of corrosion resistance and controlled torque required for oil and gas applications.

Additionally, non-stick and decorative coatings produced at the plant will offer customers in the kitchen and industrial bakeware industries, coatings options that are made without PFAS.

With headquarters in Pittsburgh, United States, PPG operates and innovates in more than 70 countries, having served customers in construction, consumer products, industrial, and transportation markets and aftermarkets.

-- BERNAMA