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  • Indonesia amends controversial internet law

    Indonesia amends controversial internet law

    Indonesia’s House of Representatives has passed amendments to the controversial Electronic Information and Transactions Law to reduce penalties and set more clear definitions.

    The strict law lays out tough penalties including jail time for online defamation and “online intimidation,” and has provoked controversy on multiple occasions due to its use to stifle what is seen as legitimate speech.

    The new amendments set a definition of what constitutes defamation to prevent a loose interpretation of the law.

    Additionally the revisions reduce jail time for defamation to four from six years, and for online intimidation to four from 12.

    The amendments also introduce a “right to be forgotten” – giving courts the ability to request the deletion of certain online information.

    In terms of enforcement the revisions include new regulation governing how state authorities should investigate internet-related crimes, and synchronize procedures on confiscation, seizure, arrest and detention with Indonesia’s criminal law.

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  • Indonesian Muslim fashion brand penetrates British market

    Indonesian Muslim fashion brand penetrates British market

    Indonesian Muslim fashion brand Elzatta Dauky by Elhijab successfully penetrated the UK market at the Muslim Lifestyle Expo in Manchester city over the weekend.

    “Elzatta Dauky is participating in this exhibition for the second time, having appeared previously at the Indonesian Weekend,” the companys Head of Brand Strategy Ina Binandari said here on Tuesday. In addition to exhibiting Muslim fashion products, Elzatta Dauky also showcased 10 designs at a fashion show themed “Gloomessence.”

    The Muslim Lifestyle Expo, one of the biggest Muslim-focused fairs in the world, saw participation from over a hundred exhibitors from various countries, including the United States, Turkey, Germany, Russia, Austria and Malaysia.

    Elzatta Dauky was the only Indonesian participant.

    The organizers said more than 10,000 people from across the city had visited the exhibition.

    Speaking of the brands future plans, Binandari explained that Elzatta Dauky by Elhijab was gearing up to launch an online store in the United Kingdom.

    “Hopefully, with the online store, we will be able to meet the fashion demands of the Muslim community here,” Binandari stated.

    Reports from Thomson Reuters suggested Muslim consumer spending on food, lifestyle products, and services will reach an estimated 1.9 billion pounds sterling in 2020, up from the 1.3 billion pounds sterling seen in 2014.

    Data from the Office for National Statistics, released in late January 2016, show that the number of Muslims in the United Kingdom has, for the first time, exceeded three million, amounting to 3,114,992 people in 2014, equivalent to 5.4 percent of the total population of the country.

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  • Big C profit grows despite challenging economy

    Big C profit grows despite challenging economy

    Thai hypermarket operator Big C Supercenter boosted margins in the latest quarter despite the challenging economic climate.

    The company has reported continued resilient rental and service income growth, margin improvement across the board thanks to a focus on the quality of sales – delivering a “robust” Big C profit boost.

    The third quarter to September 30 was the first full reporting period of its new strategic focus on quality of sales rather than the absolute sales amount.

    “On our operations we continued our push to localise our offer in order to become the ‘Thai retailer with customers in our heart’ as we will be better positioned to serve local communities and their varying tastes,”explained Rumpa Kumhomreun, CFO & VP of accounting and finance, in a filing with the Thai SET. “Our work to capture synergies between BJC and Big C is continuing, and during the quarter we for example moved some of our private label tissue manufacturing to BJC. We also started serving Big C Soft Serve ice cream in pilot hypermarkets and Mini Big C stores. Our access to TCC “land bank” also made it possible for us to open an additional Big C Market store at Pantip Chiang Mai during the quarter.”

    The company also improved its online offer, rebranding its Cdiscount.co.th to Cmart.co.th, with over 70,000 SKUs available.

    Big C’s Total Revenues from retail sales, rental and service income, and other income, for the quarter reached Baht 25.892 billion – a decline of Baht 5.799 billion or 18.3 per cent over the same period last year. This decrease was driven by a retail sales decline of 20 per cent from the same period last year, and a same-store-sales decline of 22.6 per cent.

    “The significantly declining same-store-sales trend was driven by our strategic focus on the quality of sales rather than absolute sales volume,” said Kumhomreun.

    With a similar fall in expenses, however, Big C’s net income attributable to shareholders grew by 14.6 per cent to Baht 1.538 billion for the quarter, up Baht 196 million year-on-year.

    Gross profit margin reached 17.8 per cent for the quarter, representing an increase of 487 basis points from last year.

    Store expansion continued during the quarter in all store formats, with two hypermarkets opening in Phonphisai and Na Thawi, two Big C Market stores in Loei and Chiangmai, 23 Mini Big C stores including 15 franchise stores, and one Pure Drugstore. Those took the store count at the end of September to 128 large format stores (Big C Supercenter, Extra, and Jumbo), 59 Big C Market, 431 Mini Big C (including 21 franchise stores), and 142 Pure Drugstores.

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  • IAG to construct freight facility

    IAG to construct freight facility

    IAG Cargo has announced that it is set to build a new premium freight facility at its London Heathrow Hub. The new building will be twice the size of IAG Cargo’s existing Premia facility and has been designed around the modern demands of premium airfreight.

    With a larger dedicated Constant Climate Quality Centre for pharmaceuticals; new delivery and collection doors and an advanced warehouse management system that will prioritise freight. The facility is designed to support the future demands of international premium trade.  Set to become operational in 2018, the building will operate alongside IAG Cargo’s existing Premia facility.

    The new building will manage the flow-through of all express Prioritise shipments and passive Constant Climate shipments.

    Drew Crawley, CEO of IAG Cargo said: ‘IAG Cargo’s four airlines now carry more premium freight than at any point in their combined history. With the continued growth of high speed e-commerce and cool chain logistics in particular , as well as the ongoing expansion of the IAG family and network, we need facilities that are ready for the next generation of premium freight.’

    ‘We believe that the  blend of our next generation aircraft, new freight facilities such as this one and our expanding  network means that IAG Cargo is extremely well positioned in the market to meet the current and future premium freight demands of all our customers. Our new premium warehouse will be built away from existing Premia, leaving our current operation and customer service unaffected.”

    Sarah Coulson, Head of Strategy and Business Development at IAG Cargo said: ‘Over the past few years we have continued to see year on year growth in premium freight. Our commitment to consistently deliver a high level of service to our customers has undoubtedly influenced our strong performance in this market. We want to continue our growth and performance in this sector and our new facility will help deliver this.’

    IAG is in the midst of a major fleet renewal programme, which is opening up new route opportunities and providing greater capacity on key trade lanes. The new facility will be designed to accommodate this growth, offering optimised handling capabilities and an enhanced premium proposition.

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  • Pop-up cafe inspired by PPAP

    Pop-up cafe inspired by PPAP

    With a bright exterior and unusual menu, the world’s first official PPAP cafe opens in Tokyo tomorrow.

    PPAP? That stands for Pen Pineapple Apple Pen, a music video by Japanese comedian Kosaka Daimaou’s stage character Piko Taro. It made its debut on YouTube on August 25, receiving more than 7.9 million views and 4000 comments within its first month.

    ppap

    There are even spin-off products including Pen Pineapple Apple Bread from a Japanese bakery in Kanagawa. Now the comedian’s management company has teamed up with the Tree Village store area at the foot of Tokyo Skytree for an official cafe.

    The pop-up cafe, open until November 20, features Piko Taro surrounded by the colours of a golden pineapple, while the store sign includes images of a pen pineapple and an apple pen. The menu features items branded with the PPAP logo, including parfaits, pancakes, soft drinks, a burger, and fresh pineapple juice served inside a whole fruit. Prices range from 420 yen (US$3.99) for the tea up to 878 yen for the pineapple juice.

    Most of the items include a chocolate “pen” and slices of fruit so diners can act out the song while eating. Customers can also take home a souvenir coaster with each order. There will also be branded merchandise to buy

    Daimaou has meanwhile been awarded a Guinness World Record for the shortest song to appear on the US Billboard Hot 100 charts, where PPAP made its debut at number 77.

    Dragon Ball

    Also cashing in on Japan’s taste for the bizarre, three cafes are opening to pay tribute to anime hit Dragon Ball, which burst on to TV in Japan 30 years ago.

    In a collaboration with Tower Records, three Dragon Ball cafes will be opened in Japan, serving food and drinks inspired by creator Akira Toriyama.

    The cafe interiors will be decorated with art from the martial arts series, with the outlets in Tokyo’s Shibuya and Osaka’s Umeda neighbourhoods offering Vegeta Salad, Yamcha Spaghetti, and Bulma’s “I’ll Give You Romantic” Cake, all featuring character artwork. The drink menu includes beverages based on Goku’s Flying Nimbus cloud and the mystic Dragon Balls themselves, plus latte art coffee featuring Master Roshi’s insignia and the series logo.

    Tokyo’s second Dragon Ball Cafe, on the swanky Omotesando avenue in Harajuku, has a different food offering such as Goku’s Finishing Technique Kaio-ken Red Curry, Majin Buu’s Turn You Into Candy Sweets Plate, Flying Nimbus Pancake and Piccolo’s Ma Junior Soda.

    Customers will also receive special coasters while supplies last, plus there will be limited-edition merchandise.

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  • India’s Trai sets 512kbps broadband speed minimum

    India’s Trai sets 512kbps broadband speed minimum

    The Telecommunications Regulatory Authority of India (Trai) has instructed the market’s fixed line operators to guarantee a minimum download speed of 512kbps at all times.

    In a new directive, Trai set the minimum required speed to be considered broadband at 512kbs and ordered the nation’s operators not to reduce their speeds below this even when throttling customers for excess data use.

    ISPs as well as mobile broadband subscribers have also been told to provide information on data usage limits, connection speeds and capped speeds in any advertisements published in any media covering broadband plans.

    New and existing subscribers must also be informed of this information over email or SMS.

    Finally, operators will need to provide alerts to customers via these channels when their data usage reaches 50%, 90% and 100% of their allocation, and to maintain a portal or website to allow users to access their usage at any time.

    Operators including Bharti Airtel, Reliance Communications and Sistema Shyam Teleservices had urged the regulator to allow throttling to speeds of just 64kbps to prevent misuse of fixed broadband services. With the directive this request has now been rebuffed.

    But on the other hand, the government had previously considered setting 2Mbps rather than 512kbps as the minimum speed.

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  • Jollibee Foods counts down to 1000

    Jollibee Foods counts down to 1000

    Jollibee Foods (JFC) has opened the 991st branch of its flagship brand Jollibee in the Philippines, in the Ma-a area of Davao.

    It marks the start of its countdown to its 1000th store, to be unveiled in the first quarter of next year. Its expansion is spread around Cebu, Luzon and Metro Manila “so all the regions will be well represented”, says Jollibee corporate PR and events manager Dennis Reyes.

    “The 1000th store is symbolic, but we cannot divulge yet the exact location,” he says.

    The company opened its first branch in Cubao, Quezon City, and its latest story is the 26th in Davao and 115th in Mindanao.

    Reyes says the countdown campaign is part of Jollibee’s way of thanking its patrons, celebrating its continued expansion as well as the contribution to the local economy with an average of 70 jobs created for every new branch.

    JFC is investing P10.4 billion (US$214.8 million) for capital expenditure this year, with P7.5 billion set for the opening of 200 outlets as well renovations.

    For its latest six months, JFC netted P3.06 billion, or 13.4 per cent more than the same period last year, following a 14.9 per cent increase in system-wide retail sales to P71.45 billion.

    At the end of June, the company had 2528 restaurant outlets in the Philippines under the brands Burger King (62), Chowking (457), Greenwich (237), Jollibee (939), Mang Inasal (455) and Red Ribbon (378).

    JFC also has a 50 per cent interest in 12 Hotpot, Highlands Coffee and Pho 24 (Vietnam), plus a 40 per cent interest in Smashburger (US).

    Outside the Philippines, Jollibee has 80 stores including Vietnam (32) and Hong Kong (1).

  • Samsung Pay to expand to Malaysia, Thailand

    Samsung Pay to expand to Malaysia, Thailand

    Samsung Electronics has confirmed Samsung Pay Thailand will make its debut before the end of this year.

    Thailand, Malaysia and Russia are three of 10 new markets where the payment technology will be introduced.

    Samsung Pay has also announced a global partnership with MasterCard to offer a simplified online payment and express checkout solution through its digital payment service Masterpass, starting early next year. Hundreds of thousands of merchants in 33 countries currently accept Masterpass for online payments.

    “When we introduced online payments in South Korea last year, the service was well received by the market.

    Online payments accounted for more than 25 per cent of the 2 trillion won in processed transactions, demonstrating that consumers may be actively looking for solutions to make their online experiences faster, simpler and secure,” said Thomas Ko, VP and Global GM, Samsung Pay, Mobile Communications Business at Samsung Electronics.

    Samsung Pay will provide consumers with a seamless online payment platform with benefits including:

    • Express Checkout: Skip the process of filling out long online forms. With the express checkout solution, customers will be able use their Mastercard debit or credit cards along with the shipping information saved on their Samsung Pay account to quickly complete online transactions.
    • Make Purchases from Any Device: Customers can make online purchases from a computer, tablet or smartphone while shopping on their favorite sites or apps.
    • Secure Transactions: Security remains our top priority. When making online payments, a unique token is used in an encrypted form – not the actual debit or credit card number. Users can authenticate transactions using secure methods including a fingerprint scanner, which is built into Samsung’s mobile devices.
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  • Latest results show Indonesian recovery still patchy

    Latest results show Indonesian recovery still patchy

    The earnings of Indonesian companies as of September has revealed a patchy recovery in local firms as they continue along a bumpy road with persistently weak demand. However, efficiency and currency gains are compensating for financial pressures.

    The mixed results of the January to September financial performance of publicly listed firms is reflected in the performance of the benchmark Jakarta Composite Index (JCI), which has hovered around the 5,400 level for the past two weeks during corporate earnings announcement season.

    “The 50:50 result, by which half of the listed companies announced higher-than-expected earnings while the other half were bad, brought the index nowhere,” Recapital Securities analyst Kiswoyo Adi Joe said on Tuesday.

    Indonesia’s economy is expected to recover this year and reach a 5 percent growth rate from a six-year low level of 4.79 percent last year.

    But sluggish global demand and a slump in commodity prices are hampering sectors such as trade, mining and agribusiness, while consumer goods, infrastructure and financial companies are showing resilience, according to the JanuarySeptember financial reports submitted to the Indonesia Stock Exchange (IDX).

    Diversified conglomerate Astra International, whose miningrelated business is being hit by low prices this year, saw net profits contract by 6 percent to Rp 11.28 trillion (US$865.3 million). Revenues were 4 percent lower in the January-September period year-on-year (yoy).

    “Astra’s performance is a reflection of our domestic economy. If it’s good, we can hope the economy will move faster,” Kiswoyo said. The second largest listed Indonesian company by market value has seven business lines from automotives and palm oil to finance and heavy equipment.

    Cigarette maker HM Sampoerna, Indonesia’s largest company by market value, saw net profits surge 20 percent to Rp 9.1 trillion on the back of huge financial revenues and a 7.3 percent rise in sales to Rp 70.3 trillion in the January to September period yoy.

    Another consumer goods giant Unilever saw its net sales and net profits grow by 9.5 percent and 14.3 percent yoy, respectively. The company’s efforts to lower operating costs included lowering advertising and promotions spending in the third quarter of this year from the previous quarter.

    Instant noodle maker Indofood CBP saw its sales increase by 10 percent while its net profit jumped by 19.1 percent.

    Overall, consumer goods stocks on the IDX rose by 0.57 percent during the earnings announcement season in October as the benchmark stock index flat-lined.

    In the telecommunications sector, a stronger rupiah has helped XL Axiata reverse its losses although its revenues dropped by around 5 percent.

    Financial revenues from interest on time deposits and plunging costs have also helped state-owned miner Aneka Tambang (Antam) prop up its earnings. The state-run miner reversed its losses amid sales that contracted by more than 28 percent and costs that dropped by almost 30 percent.

    In the financial sector, banks booked varying results. State-owned lenders mostly recorded positive performances across the board, but private companies recorded gloomier results as their credit growth was still floating around or even below the industry average.

    Going forward, banking remains the overweight sector for First Asia Capital analyst David Sutyanto.

    “Banking will perform well because they’ll get fresh funds from the tax amnesty,” David said. “Second, the mining sector will get a windfall from rising commodity prices.”

    The government’s ongoing tax amnesty runs from July this year to next March and has seen nearly Rp 3.9 quadrillion in assets declared, of which Rp 143 trillion have been repatriated from overseas.

  • Vudu picks Ooyala for new free streaming servic

    Vudu picks Ooyala for new free streaming servic

    Ooyala now powers the new advertising (AVOD) service, Vudu Movies on Us, from Vudu, Walmart’s subscription-free, premium video streaming service.

    Advertisers are now able to access Vudu’s millions of customers, reaching millions of streams every month across thousands of titles on connected devices.

    Ooyala is the exclusive technology provider for Vudu’s entire free-ad-supported service and is also representing the advertising inventory, helping them expand the business beyond the current leading transactional-based (TVOD) service.

    Vudu uses Ooyala Pulse, Ooyala’s holistic advertising platform, to manage every campaign running across its ad-supported service in real-time. With forecasting capabilities that come out-of-the-box with Ooyala Pulse, Vudu can see if campaigns are on track to reach their goals and impression commitments. If not, Vudu is able to adjust and optimize campaigns on the fly to ensure all campaigns are successful.

    Also, Ooyala is powering all video for Toca TV, the first video streaming service from Toca Boca.

    With Ooyala, Toca Boca now delivers its extensive video library of original and curated content to its global audience as the company moves into a new category of kids’ entertainment.

    To maximize viewership and return on every asset, they chose Ooyala as its technology partner to deliver personalized recommendations so its audience engages longer and gets the most value out of every video, everytime.

    Using Ooyala Discovery, Ooyala’s content recommendation technology, videos are served based on contextual factors such as like-viewing patterns on similar devices and geographical locations.

  • Smartfren launches carrier billing with Fortumo

    Smartfren launches carrier billing with Fortumo

    Indonesia’s Smartfren has launched direct carrier billing for the operator’s 12.5 million subscribers, in collaboration with mobile payments company Fortumo.

    The partnership will allow Smartfren to support carrier billing from Google Play and the Windows Phone Store, as well as select digital media and gaming companies.

    The World Bank estimates that only around 5 million of Indonesia’s 250 million citizens have a credit card, limiting most customers’ access to online content. By contrast over 65 million Indonesians own a smartphone.

    “With direct carrier billing supported by Fortumo, our subscriber will be able to purchase their in-app items and premium memberships as easy as deducting their own Smartfren balance or bill, and this is fully supported by our widest 4G LTE network for the best experience to enjoy the services,” Smartfren SVP of digital services Revie Sylvaina said.

    In August, Smartfren rival Indosat Ooredoo made a similar deal to bring Fortumo’s direct carrier billing services to its own mobile customer base. Fortumo has also recently announced partnerships with Tri in Indonesia and Globe Telecom in the Philippines.

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  • Apple to Build Innovation Center in Indonesia

    Apple to Build Innovation Center in Indonesia

    Industry Minister Airlangga Hartanto supports US-based technology giant Apple’s plan to build innovation centers in Indonesia. He hopes the facilities will trigger the use of domestic components and raise the number of app developers in Indonesia.

    “They have expressed their commitment to build innovation centers along with Apple’s plan to enter Indonesia’s market,” Airlangga said in a press release yesterday, October 27, 2016.

    The Apple innovation centers will be built in three locations, aimed at creating the latest digital technology, including the development of apps that can be used on their production devices.

    According to Airlangga, Apple sees a huge market potential in Indonesia. In the last five years, the number of mobile telecommunications subscribers has increased four times to 211 million. In Indonesia, the number mobile phones used is estimated to reach 300 million units.

    The Industry Ministry noted that in 2014, Indonesia imported 57.7 million units of mobile phones, 59,000 units of handheld computers and 5.7 million units of tablet computers. In 2015, the number declined; replaced by products assembled in Indonesia.

    Today, there are 17 manufacturing industries capable of assembling mobile phones, handheld computers, and tablet computers.

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  • Honda raises profit forecast on strong China sales

    Honda raises profit forecast on strong China sales

    Honda Motor Co lifted its full-year net profit forecast by 6 percent, betting that Chinese customers will keep buying its XR-V and Vezel SUVs and the popular Civic sedan after robust demand there boosted Asian sales sharply in the latest quarter.

    Japan’s third-largest automaker by sales said on Monday it expects full-year net profit to hit 415 billion yen ($3.95 billion), compared to its previous forecast of 390 billion yen. Honda upgraded its global sales forecast to reflect strong demand in China, the world’s biggest auto market and the company’s second largest.

    It also expects cost cuts and lower quality-related costs to offset the impact of a stronger currency and lift its bottomline this year, after taking a hit last year due to hefty provisions for costs to recall Takata (7312.T) air bag inflators.

    Strong demand in growing cities has pushed Honda’s Chinese sales up 26 percent higher year-on-year to 872,000 in the first nine months of 2016, boosted by a near doubling in sales for the Civic, which underwent a model change this year.

    This prompted it to lift the forecast for group vehicle sales in Asia by 11 percent on the year to 1.915 million for the year ending in March 2017, after overall Asian sales rose 22 percent on the year in the second quarter.

    As a result, it sees global sales rising by 5 percent from last year to 4.98 million cars.

    “We’re seeing a positive impact from our new models. The Civic is doing very well in North America, China, and South America,” Honda Executive Vice President Seiji Kuraishi told reporters at a briefing, adding that strong demand for the XR-V compact SUV crossover was also lifting Chinese sales.

    To keep up with rapidly growing demand for its sedans and SUVs in China, Honda is planning to build a new factory in the country with partner Dongfeng Motor Group Co (0489.HK), two people familiar with the matter told Reuters earlier this month.

    Honda sells roughly 40 percent of its global production in North America, but as growing demand in China drives Asian sales higher, the automaker expects sales in the two regions to be roughly the same this year.

    Despite the rosier profit outlook, Honda’s new profit forecast remains lower than the average 482 billion yen profit expected by 21 analysts polled by Thomson Reuters, and Honda said that its conservative outlook was largely due to global uncertainties.

    “At the moment we see uncertainties related to the U.S. elections, Brexit and a weaker sterling, and in Asia, the outlook for Thailand after the death of the country’s monarch,” Kuraishi said.

    “We haven’t seen the impact of these factors yet, but we’re taking a cautious approach to our forecasts.”

    Honda operates a plant in Britain, producing around 140,000 vehicles per year, including the CR-V crossover SUV and Civic sedan at its plant in Swindon. Half of its production is exported to the EU.

    Kuraishi said that the automaker had no plans at the moment to shift its production away from Britain, adding that it would consider factors including the value of sterling and the likely introduction of tariffs when deciding its future in the country.

    Honda is assuming an average rate of 103 yen to a dollar for the current year, against its earlier forecast of 105 yen.

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  • Ant Financial announces global blueprint for digital financial inclusion

    Ant Financial announces global blueprint for digital financial inclusion

    Ant Financial Services Group (“Ant Financial”, or the “Company”), one of the world’s leading digital financial services providers, today announced its global blueprint for promoting digital financial inclusion, and a strategic agreement with Ascend Money, the leading fintech company in Thailand. Under the agreement Ant Financial will invest in Ascend Money, which aims to accelerate the growth of a leading mobile lifestyle and digital financial services platform in Thailand and support its growth in SE Asia.

    Together with Ant Financial, Ascend Money will grow its online and offline payment and financial services ecosystem and strengthen its trusted and convenient payment services for users and merchants. The deal represents Ant Financial’s first–ever investment in a Thailand–based company and demonstrates the Company’s confidence in the financial services sector in Southeast Asia. With this partnership Ant Financial, which also runs Alipay – the largest mobile lifestyle and payment app in China and beyond with over 450 million users – will provide Ascend Money with strategic and technical support for the growth of its business.

    Leveraging Ant Financial’s capabilities in payment, Big Data, risk control and cloud computing capabilities, the partnership with Ascend Money will build on synergies in digital financial services in order to offer Thai consumers comprehensive and equal access to financial services. Ascend Money is Ant Financial’s first partner in Southeast Asia and second globally after Paytm in India, as the Company aims to “bring small and beautiful changes to the world”.

    “Imagination, innovation and information are key to realizing Ant Financial’s goal of promoting equal access to financial services on a global platform,” Eric Jing, CEO of Ant Financial, said. “As we aim to provide services to over two billion users in ten years, we are building an open ecosystem with our global partners. The payment market in SE Asia has vast untapped potential and we are dedicated to contributing our share to bring a greater variety of convenient and reliable financial services to small and micro enterprises and individual consumers. Ascend Money, as a leader in Thailand, is best equipped to build an innovative financial ecosystem in the country.”

    “Ascend Money’s mission is to enable everyone access to innovative financial services, leading to better lives,” said Suphachai Chearavanont, Chairman of Ascend Group. “The shared vision of financial inclusion and company values in creating opportunity and sustainability have lead us to this partnership.”

    “It’s our life purpose to help the under–served, which include digital consumers and the under-banked,” Punnamas Vichitkulwongsa, CEO of Ascend Group, said. “Our goal is to provide innovative financial services to over one hundred million customers and SMEs in Thailand and Southeast Asia by 2020. Our partnership with Ant will help accelerate innovative financial services and platforms, enabling a strong financial services ecosystem.”

    Ascend Money is the leading fintech company in Thailand and Southeast Asia, operating under the TrueMoney brand for payments and Ascend Nano for lending. With its headquarters in Bangkok, Thailand, Ascend Money operates in six countries, including Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia. Ascend Money targets two under–served groups, including digital consumers with its innovative mobile wallet application and the under–banked with its massive agent network. It currently provides payment services such as domestic and international remittance, bill payment, top up services, online and offline payments and payroll services. Future services will include lending, insurance and investment. 

    “Ant Financial is setting its footprint worldwide, not only to provide services for its Chinese users, but to promote equal access to financial services globally,” Douglas Feagin, Senior Vice President of Ant Financial, said. “Partnerships are vital for Ant Financial’s growth and we want to work alongside companies around the world who share our missions.”

    In early 2015 Ant Financial joined forces with Paytm, the world’s fourth largest e–wallet, to promote secured digital payment to local users in India.. Ant Financial’s innovative technologies in payment and risk control are now supporting a mobile lifestyle, ranging from online and offline payment, mobile top–up, utility bill payments and movie ticketing, of over 150 million Indian consumers. Meanwhile, Ant Financial is working with dozens of global payment partners, including Concardis, Ingenico, Wirecard and Zapper in Europe, First Data and Verifone in North America, Paysbuy and Counter Services in Southeast Asia, Recruit in Japan and KICC and ICB in Korea.

    Since late 2014, Alipay has worked closely with local merchants at popular destinations for Chinese visitors and tourists, including Korea, Hong Kong, Taiwan and Macau. In March 2015, Alipay was accepted at approximately 15,000 retailers in those countries and regions. By the end of September 2016, this network had expanded to over 80,000 retailers in 70 countries and regions, where restaurants, malls, duty free shops, amusement parks and O2O sharing platforms accept Alipay’s in–store and other offline payments. The network covers countries and regions including the US, UK, Germany, Australia, New Zealand, Thailand, Singapore, Malaysia, Vietnam, Hong Kong, Macau, Taiwan, Japan and Korea.

    During the Golden Week holiday in 2016 (October 1 to 7), transaction volume processed by Alipay at overseas destinations increased by four times compared to the same period last year. The countries and regions outside mainland China with the largest number of Alipay transactions are, in order, Korea, Thailand, Hong Kong, Japan and Germany.  

  • DFS Group, will launch the eighth annual Masters of Time exhibition on December 3

    DFS Group, will launch the eighth annual Masters of Time exhibition on December 3

    DFS Group, the world’s leading luxury travel retailer, will launch the eighth annual Masters of Time exhibition on December 3, 2016 with a gala event at T Galleria by DFS, Macau in partnership with Shoppes at Four Seasons. Widely recognized as the world’s leading retail exhibition of fine watches and jewelry, this year’s Masters of Time event embraces the theme of relationships and is inspired by the close bonds that inspire collectors when building their watch collections.

    By recognizing the significant life moments that are often commemorated through purchasing a timepiece, and understanding the thought process that accompanies the selection of a new watch, DFS Group becomes a part of every watch’s story. The relationships between luxury retailers and their prestigious clientele, between a customer and their timepiece, are all explored throughout the program. The exclusive exhibition of over 400 pieces from 27 brands will be shown in store at T Galleria by DFS and available for purchase until February 28, 2017.

    This year DFS expands the experience to members of the public as, in addition to the prestigious gala event, they will be able to experience and enjoy a wide array of activations. TAG Heuer will offer a virtual reality experience from August to December; the Franck Muller flagship boutique opens at the end of November; Girard Perregaux celebrates its 225th anniversary with an exhibition during December; and Bulgari will house the Finissimo Minute Repeater exhibition with experiential and educational activities from November to February 2017. Cartier will celebrate the concept of time with a showcase of some of the maison’s most exceptional creations from the high watchmaking and high jewelry worlds.

    “For over 500 years, the watchmaking industry and its craftsmen have worked to encapsulate time in the form of a watch. This year’s Masters of Time not only celebrates the relationship between man and machine, but also the pivotal moments and relationships in life we all seek to commemorate. We’re thrilled to once again host the world’s top collectors and explore  those relationships and the meaning behind these precious pieces, and of course to take a privileged first look at this exceptional Masters of Time collection,” said Philippe Schaus, DFS Group Chairman and Chief Executive Officer.

    Christophe Chaix, DFS Group Senior Vice President Fashion, Watches, Jewelry and Accessories, added, “This year’s Master of Time exhibition showcases an exclusive range of luxury watches and fine jewelry that perfectly epitomizes the latest and most cutting-edge innovations and designs in watchmaking. Through our partnerships with the world’s leading watch and fine jewelry brands, we are able to curate a truly unique and unparalleled exhibition and provide our loyal customers with an unmissable opportunity to build their collection with DFS.”

    2016 DFS MASTERS OF TIME COLLECTION

    This year’s exhibition includes exclusive pieces from brands including: Arnold & Son; Angelus; Blancpain; Breguet; Bulgari; Cartier; Chopard; Franck Muller; Girard-Perregaux; Glashütte Original; Hautlence; H. Moser & Cie; Hermès; Hublot; IWC Schaffhausen; Jaeger-LeCoultre; Jaquet Droz; Manufacture Royale; Officine Panerai; Omega; Piaget; Roger Dubuis; Speake Marin; Tiffany & Co.; Vacheron Constantin; Van Cleef & Arpels; Zenith and more. 

    Highlights include:

    • Breguet’s Tradition Independent Chronograph 7077
    • Bulgari’s Octo Finissimo Répétition Minutes
    • Cartier’s Panther High Jewelry Watch with two panther heads decor
    • Girard-Perregaux’s La Esmeralda Tourbillon
    • Glashütte Original’s Senator Excellence
    • Hautlence’s Labyrinth
    • Moser & Cie’s Swiss Alp Watch S.
    • Jacquet Droz’s Petite Heure Minute Thousand Year Lights
    • Jaeger-LeCoultre’s Rendez-vous Moon
    • Roger Dubuis’ Blossom Velvet Blue
    • Vacheron Constantin’s Overseas World Time
    • Van Cleef & Arpels’ Jour Nuit Fée Ondine
    • Zenith’s Heritage Pilot Ton-Up 

    DFS Masters of Time is part of the DFS Masters Series, a signature program of exhibitions that also includes Masters of Wines and Spirits that takes place in Singapore. The Masters Series is a showcase of the pinnacle of DFS’ leadership and innovation in curating and creating exceptional experiences across its five pillars of luxury: Wines and Spirits, Beauty and Fragrances, Watches and Jewelry, Fashion and Accessories, and Food and Gifts.