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Tag: asia

  • Singapore Reconsiders Economic Reopening

    Singapore Reconsiders Economic Reopening

    A growing cluster of infections threatens to derail Singapore’s economic reopening, while expats in the country are growing restless from being cooped up on the island with no end in sight.

    Singapore’s Multi-Ministry Task Force is closely monitoring the growing number of community cases, particularly the expanding cluster of cases that now numbers 56, which originated from a neighborhood market.

    Day by day, we are seeing the number of unlinked cases – the cryptic cases in the community – is likely to be rising too. Given these developments, we are evaluating the timing and scope of the next stage of reopening, Finance Minister Lawrence Wong said in a video recording posted on Facebook and Instagram on Wednesday.

    The country is set for further relaxation of «heightened alert» restrictions from Monday, following a month of heightened Covid-19 related restrictions, during which community cases fell sharply, a and a week-long first stage of reopening.

    Singapore’s borders have been effectively shut for more than a year now, and many expats are getting restless, particularly as the U.S. and Europe return to normalcy.

    Many feel the country is too slow in reopening its borders, and may depart in the next six months if vaccinations and travel re-opening do not go as planned. Currently, returning residents face three weeks of quarantine – if they are allowed back into the country.

    Singapore said any ease in travel curbs will depend on the pace of vaccinations, which it has targeted for half of its population bu the end of August and 75 percent by October. Currently, about 35 percent of the population is vaccinated.

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  • DBS says Tsunami of Money is Flowing to ESG Investments

    DBS says Tsunami of Money is Flowing to ESG Investments

    Companies that focus on environmental, social, and governance (ESG) tend to be high-performing companies, therefore investing in a basket of ESG stock will you cannot do too badly with a portfolio ESG stock, DBS chief executive Piyush Gupta said.

    The truth is that there is a tsunami of money being directed at ESG investments, and therefore, even if the fundamentals don’t bear out, the supply-demand equation will Gupta said at the virtual CNBC Evolve Global Summit on Thursday.

    ESG assets are expected to bring in $1 trillion in investments, Gupta noted. If nothing else, that’s going to take prices up, he said, responding to a question of whether ESG is a passing fad or long-term strategy.

    DBS recently announced a revised sustainable financing target of S$50 billion ($37.53 billion) by 2024, up from its initial target of S$20 billion.

    The bank said there has been renewed focus on sustainability as a result of the Covid-19 pandemic, and as more companies seek to advance their corporate sustainability agenda through sustainable financing,

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  • Vietnam gets set to tax e-commerce revenue

    Vietnam gets set to tax e-commerce revenue

    Vietnam plans to tax 1.5 percent of annual e-commerce revenues of VND100 million ($4,297) and higher as part of leveling the field between traditional and online retail merchants.

    A decree with new regulations is set to take effect on August 1, but authorities have said they might give e-commerce platforms more time to prepare for the taxation regime.

    E-commerce platforms will need to provide authorities with monthly reports on their merchants, revenues, bank accounts, and types of goods.

    Tax officials had said earlier that the current taxation regime is unfair to traditional sellers who have to pay other overheads, while online sellers have been escaping several taxes.

    Taxing sellers through e-commerce platforms would also help prevent the sales of contraband and fake goods, the officials said.

    Vietnam’s e-commerce market expanded by 18 percent last year to $11.8 billion, the only country in Southeast Asia to record double-digit growth amid the pandemic, according to the Vietnam e-Commerce and Digital Economy Agency.

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  • Qualcomm sheds light on which smartwatches support Google’s new Wear OS

    Qualcomm sheds light on which smartwatches support Google’s new Wear OS

    The reveal of a new Wear OS fully supported by Samsung was a big surprise for the wearable industry. In fact, it was such as surprise that many smartwatch manufacturers don’t know whether or not their products support the platform that’s said to combine the best of Wear OS and Tizen.

    Not even Google was willing to offer a straight answer when asked which of the current smartwatches can be upgraded to Wear OS 3.0, and which ones will remain on their current version of the OS.

    Qualcomm on the other hand has been more generous and shared some info on the matter. XDA reports that a spokesperson for Qualcomm confirmed that Snapdragon Wear 3100 and Snapdragon Wear 4100/4100+ are the only chipsets that would be able to run the new Wear OS 3.0.

    We are working with Google on bringing Wear OS 3.0 to Snapdragon Wear 4100+ and 4100 platforms. Snapdragon Wear 3100, 4100+ and 4100 platforms are capable of supporting Wear OS 3.0, but we are not discussing any specifics at this time.

    Although that doesn’t necessarily mean that all smartwatches equipped with these specific chipsets will receive the Wear OS 3.0 upgrade, at least we know which ones are more likely to be updated.

    Of course, if you’re using a Fossil smartwatch, then you already know you won’t be getting the new Wear OS 3.0 update, as the company has already issued an official statement on the matter not long ago.

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  • SaSa International Closing 20 Hong Kong stores

    SaSa International Closing 20 Hong Kong stores

    Sa Sa International (0178) projects to close 15 to 20 shops in Hong Kong by the end of March 2022, but will add 30 stores in the mainland after recording a net loss of more than HK$350 million for the fiscal year ending March.

    Sa Sa said that it will close some physical stores in Hong Kong, especially in tourist areas, to cut down on rental costs.

    The group stated that the leases of 38 of their Hong Kong shops expired this year. Last year, the renewal rent in tourist areas was reduced by about 70 percent and in non-tourist areas by about 26 percent.

    So far this year, the rent renewal in tourist areas was reduced by 65 percent and in non-tourist areas by about 30 percent.

    As of the end of March, Hong Kong and Macau stores were reduced from 112 stores to 100 stores, Malaysian stores were reduced from 79 to 75, and mainland stores increased from 44 to 57.

    The group will focus more resources on its online business.

    This came after its net loss narrowed by 32 percent year-on-year to HK$351.4 million.

    Basic loss per share amounted to 11.3 HK cents. The board does not recommend the payment of a final dividend.

    Turnover for the continuing operations decreased by 46.8 percent to HK$3.04 billion. Sales of retail and wholesale in Hong Kong and Macau reduced by 57.8 percent to HK$1.99 billion. Mainland revenue rose 15.9 percent in yuan to HK$289.85 million. From April 1 to June 9, sales rose 55.1 percent. Hong Kong and Macau sales rose 53.5 percent and mainland sales rose 30.7 percent due to low base effect.

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  • Apple scores big Health Records app win by partnering with the Mayo Clinic

    Apple scores big Health Records app win by partnering with the Mayo Clinic

    While the Wall Street Journal was waxing poetic how Apple’s health industry push has stalled, we wouldn’t be underestimating its transformative potential in the field. Apple, after all, has proven numerous times that it may start slow and tread carefully, but the sheer scale of its market size eventually overcomes the pushback from new industries it is trying to break into.

    The latest case in point are its Health Records app that now has access to your patient portal in the renowned Mayo Clinic network, adding to the list of the already announced Apple Health partners in the HMO intermediary realm.

    The Mayo Clinic access would undoubtedly add plenty to the street cred of the Health Records app, and we don’t need to extoll the institution’s numerous virtues to back up this claim. This partnership is what resulted in the still-unsurpassed ECG function of the Apple Watch that took years to master with the help of Mayo Clinic physicians and databases that spearheaded the algorithm’s creation.

    What can a Mayo network patient can expect from the integration of their data in the Apple Health Records app when the service becomes live this fall? Well, those with an online patient portal account at the Mayo Clinic now have the alternative of the Health Records app to view their health data from multiple providers.

    Android users have the option of a similar app called CommonHealth but Apple has the advantage of sharing the health data derived from its Apple Watch like heart rate and detected falls directly with their physicians.

    While Google hasn’t given up on digitizing your personal health data with a new hospital chain partnership, Apple may eat its lunch in the field by simply leveraging the abundance of information collected in its Health app.

    That’s where all the Apple Watch sensor readings go, for instance, and Apple is now offering you the option to share your health data not only with your doctor, but with friends and family as well, so that users have “a trusted partner on their health journey.”

    New Apple Health app data features in iOS 15:

    • Walking Steadiness – new Mobility algorithms assess balance, stability, and coordination via the iPhone/Watch sensors.
    • Trends – long-term changes in various health and fitness metrics that the Apple Health app integrates.
    • Better Labs – bloodwork lab data tracking and analysis.

    All of these new and old data points can now be securely shared with either your doctor, or your loved ones, so you can have both a specialist and a person that is closer to you, be up to date with your health and fitness points at the same time, for an increased scope of coverage in case something unforeseen happens.

    By the fall, when iOS 15 and watchOS 8 hit your palm and your wrist, respectively, Apple will have likely scooped up many more partners for its Health Records sharing initiative, so we wouldn’t count them out in the health industry realm just yet.

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  • Open Finance Startup to Expand Across Southeast Asia

    Open Finance Startup to Expand Across Southeast Asia

    Singapore-based Finantier has closed an oversubscribed seed financing round at more than 20 times its pre-seed valuation.

    Finantier plans to strengthen its presence in Indonesia and Southeast Asia after raising seven figures in seed funding in a round led by Global Founders Capital and East Ventures, it announced on Wednesday.

    Founded in 2020, the fintech provides an application programming interface (API) platform for financial institutions to access and analyze consumer financial data. The new funds will also go towards scaling and enhancing its product offerings and double the size of its team.

    Southeast Asia’s large unbanked population presents challenges for financial institutions who lack access to consumer financial data, handicapping them in providing financial services such as payments, lending, and insurance, among others, Finantier explained.

    To address this, the company works with over 150 companies to aggregate data from alternative sources to give its clients access to a more comprehensive range of datasets and enable the unbanked population to benefit from their digital data footprint.

    Finantier’s clients and partnerships have seen over 50 percent monthly growth in 2021, while its team has grown fivefold to 50 employees, the company said.

    Open finance is an extension of open banking data-sharing principles to enable third-party providers to access customers’ data across a broader range of financial sectors and products, including savings and investments.

    With open finance facilitating the open exchange of consumer data, companies can leverage it to reach more customers while creating more personalized financial services, Diego Rojas, Finantier co-founder and CEO, said.

    Rojas previously worked closely with the co-founders of NYSE-listed LendingClub and was the technical lead at the founding team of GIC-backed Chinese online lending marketplace Dianrong.

    COO Edwin Kusuma was previously from Google and was also formerly CEO of P2P lending firm 360Kredi and director of operations at Kredinesia, while CPO Keng Low was the technical lead for a payments startup in Silicon Valley and previously an Entrepreneur-in-Residence at East Ventures.

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  • UOB Taps Digital Platform for Bond Issuance

    UOB Taps Digital Platform for Bond Issuance

    The bank has priced S$600 million of perpetual capital securities at a fixed coupon rate of 2.55 percent – the lowest for benchmark perpetual securities for banks in Singapore.

    UOB is piloting the digital issuance of its latest bond offering on exchange-operated digital asset issuance platform Marketnode, the bank said in an announcement on Wednesday.

    The non-call seven-year additional Tier 1 (AT1) capital securities offering is the industry’s first public capital issuance to reference the Singapore Overnight Rate Average Overnight Indexed Swap (SORA-OIS) rate. The digital bond is run in parallel with the conventional issuance process.

    UOB said the transaction saw a subscription rate of 1.7 times, supported by an extensive investor base comprising both quality institutional accounts and private banking investors

    Marketnode is a joint venture between Singapore Exchange and Temasek. It uses distributed ledger technology to connect various parties – from issuers to investors – and to tokenize capital securities so that smart contracts can be created and conducted for greater efficiency.

    UOB said it is fully behind the development of Singapore’s digital capital markets infrastructure and the smooth transition to a SORA-centred financial market.

    As more global issuers and investors come on board and participate in Singapore’s digital capital markets, we will see further strengthening of Singapore’s status as the region’s financial hub, Wee Ee Cheong, UOB deputy chairman, and CEO, said

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  • Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesia’s Bukalapak aiming for up to $800 million in IPO

    Indonesian e-commerce firm Bukalapak is keen to raise as much as US$800 million in an initial public offering (IPO) in August, two people with knowledge of the matter said, the first of two big tech listings in Jakarta this year that will add long-sought luster to the local bourse.

    A mid-year debut could see it become Indonesia’s biggest listing in 10 years and the largest ever for the country by a startup. But those milestones will likely later be overtaken by the planned listing of GoTo – a new company to be formed by the merger of e-commerce rival Tokopedia and ride-hailing and payments firm Gojek.

    Tapping a sharp pick-up in investor interest in Southeast Asia’s rapidly expanding technology sector, Bukalapak, the country’s No 4 e-commerce firm, is aiming to sell 10 to 15 percent of the company and wants a valuation of between US$4-5 billion, the people said.

    A confidential listing prospectus has been submitted to the Indonesia stock exchange, one of the sources said.

    Proceeds from the offering could range between US$500 million and US$800 million depending on investor demand and market conditions, said the sources who were not authorized to speak on the matter and declined to be identified.

    Bukalapak, which said in 2019 it was valued at more than US$2.5 billion, declined to comment.

    The 11-year-old startup which claims to have more than 100 million users has a plethora of big-name investors backing it including Microsoft, Singapore sovereign wealth fund GIC, local media conglomerate Emtek, the investment arm of Standard Chartered, and South Korean web portal Naver Corp.

    Bukalapak was originally aiming to raise US$300 million from its domestic listing before looking to merge with a special purpose acquisition company (SPAC) in the United States, but it is now focusing solely on its IPO, one of the sources said.

    The listing, which sources say is set to take place mid-August, is a victory for Indonesia’s bourse which has been conducting an extensive charm offensive to convince the country’s thriving startups to list locally instead of heading to the US.

    Stagnant for many years, Indonesia’s total IPO deal value took a further hit during the coronavirus pandemic, more than halving in 2020 to US$470 million, Refinitiv data showed. So far this year, 15 companies have raised a combined US$125 million via IPOs.

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  • Unilever buys digital-first skincare brand Paula’s Choice

    Unilever buys digital-first skincare brand Paula’s Choice

    Unilever is to add digital-led skincare brand Paula’s Choice to its portfolio after reaching a purchase agreement with TA Associates.

    The value of the deal – expected to be completed in the third quarter this year – has not yet been disclosed. According to Unilever, Paula’s Choice will join its Prestige division which manages other skincare brands such as Tatcha, Murad, and Dermalogica.

    “Developing Unilever’s portfolio in the high-growth premium skin-care segment is one of our strategic priorities,” said Sunny Jain, president of beauty & personal care at Unilever.

    “Paula’s Choice is a true pioneer in the digital space for beauty and has created a mission-based brand rooted in truth and transparency,” said Vasiliki Petrou, VP and CEO of Unilever Prestige.

    Founded in 1995 by Paula Begoun, the direct to consumer brand Paula’s Choice is known for its science-backed products and digital tools, including its ‘Ingredient Dictionary’ that breaks down the research behind nearly 4000 ingredients, and ‘Expert Advice’, a curated online hub of skincare and ingredient knowledge.

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  • HSBC AM Establishes Alternatives Unit

    HSBC AM Establishes Alternatives Unit

    The combined unit will have a 150-strong team and combined assets under management and advice of $53 billion.

    HSBC Asset Management has announced that it is bringing its alternatives capabilities under a single business unit, HSBC Alternatives, which will comprise of HSBC Alternatives Investments (HAIL), which includes the multi-manager hedge fund and private market teams, as well as the firm’s private debt, venture capital, and direct real estate teams.

    With its alternative assets doubling over the past four years, the move is the firm’s the next step in its strategy to reposition the business as a core solutions provider and specialist Asia, emerging markets, and alternatives asset manager, HSBC said in an announcement on Wednesday.

    HSBC has enlisted current global chief investment officer Joanna Munro to lead the combined unit. She will continue to be based in London, reporting directly to Nicolas Moreau as a member of the management committee. Munro joined HSBC in 2005, and held roles including CEO multi-manager and CEO Asia Pacific before becoming CIO in 2019.

    She has been tasked with enhancing and expanding the range of alternative investments available to the firm’s wealth and institutional clients, across indirect and direct alternatives including hedge funds, private markets, and real estate, and will look to grow the firm’s capabilities in Asia, the announcement said.

    Xavier Baraton, currently global CIO for fixed income, private debt, and alternatives, will succeed Munro as global CIO. Reporting to Nicolas Moreau, he will join the management committee and continue to be based in Paris.

    Baraton brings almost 20 years’ experience in investment management. He joined HSBC Asset Management as global head of credit research in 2002 and has been CIO for fixed income since 2010.

  • Ferrero trials recyclable retail displays across Australia

    Ferrero trials recyclable retail displays across Australia

    Beginning August, confectionary giant Ferrero will trial 3000 recyclable Kinder Bueno displays across retail stores nationwide. The initiative is part of the company’s sustainability strategy to reduce its carbon footprint by 2030.

    The retail displays are made from 100-per-cent recyclable dump bins using biodegradable varnish, with each dump bin set to save 3.75 sqm of plastic.

    According to the confectionery company, in-store shoppers won’t notice any difference between the recyclable displays and the ones made with polypropylene plastic discarded at landfills after use.

    The recyclable displays were developed in partnership with point-of-sale supplier Think Display, a company with its own sustainability initiatives such as carbon-neutral shipping and using soy-based inks when printing on display materials.

    The trial is just one of Ferrero’s initiatives as it seeks to make all of its displays 100-per-cent recyclable by 2030. Other projects like recycled bamboo moulded clips are currently being tested to replace plastic Corr-a-clips used in Nutella towers.

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  • Elon Musk Considers Tesla Making An HVAC To Advertise Car Air Purification Systems

    Elon Musk Considers Tesla Making An HVAC To Advertise Car Air Purification Systems

    Elon Musk often does weird things and the latest one is him considering making a Tesla-branded HVAC system leveraging the work Tesla has done to develop one for its cars. He also believes the system is so good that it could act as an advertisement for the system that Tesla has implemented in its cars which breaks his no-ad rule.

    Tesla was one of the first car manufacturers to improve the air quality inside the car. It was one of the first to implement a HEPA filter into the HVAC system of its higher-end electric cars. Tesla claims the system can theoretically remove 99.97 percent of the dust, pollen, mold, bacteria, and airborne particles which are of the size of 0.3 microns. All these things, the Tesla HVAC systems handle very well.

    While talking up the HVAC system on the new Model S and also talking about an update that’s inbound for the HVAC system which makes it more silent Musk also talked about how it could be scaled up for home use.

    “Oh man, home HVAC that is super energy efficient, quiet & purifies the air would be great. We developed it for the car, but it can be scaled up for home use,” said the billionaire.

    This is not the first time Musk has talked up the HVAC. He once claimed it was 10 times better than one on any other non-Tesla car. “Most people have no idea just how good the Tesla air purification system is. Literally, 10X better than any other car. Maybe we should advertise informationally just so people know stuff like this exists,” he said a while ago.

  • HSBC Private Banking Launches Online Trading in Asia

    HSBC Private Banking Launches Online Trading in Asia

    HSBC has opened access to online trading for private banking clients in Asia as part of $100 million of investment in its core banking and digital platforms in the coming two years.

    HSBC Private Banking has launched its online trading platform in Asia, according to a statement, opening access to 10 financial markets including Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, U.K., U.S., Germany, and France.

    Technology is redefining wealth management, giving greater access, flexibility, and control over the management of investments globally,» said APAC regional head of HSBC Private Banking Siew Meng Tan.

    The current offering will include cash equities and exchange-traded funds before expanding to listed warrants and callable bull bear contracts (CBBC), FX spot and forwards, structured notes, non-complex funds, dual currency instruments, and fixed income by 2022.

    Clients can buy and sell securities during market hours with a maximum trade of $2 million per transaction and $10 million per day.

    A dedicated support team will provide coverage of 20 hours per day across each market’s opening hours.

    According to Tan, the private bank will look to invest $100 million over the next two years to build and innovate its core banking and digital platforms.

    Earlier this year, HSBC announced that it planned to invest over $3.5 billion in the next five years in its wealth and personal banking unit which includes private banking.

    HSBC Private Banking has already made various upgrades over the last two years including a new internet banking application; integrated and direct client communications; an investment and research platform with personalized alerts; and instant messaging.

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  • Coles spending $2.5bn on digital over the next two years

    Coles spending $2.5bn on digital over the next two years

    Supermarket Coles will spend $2.5 billion over the next two years on improving its digital offer, the business announced today.

    The business will seek to improve its online shopping, as well as its self-service checkouts, data and automation across its warehouses, in an effort to streamline the experiences and make it even simpler for Australians to buy their groceries.

    Coles’ chief executive Steven Cain said following its demerger from Wesfarmers, and the subsequent Covid-19 pandemic, the business is increasing its pace of change.

    “There’s a myriad opportunity facing us. The market in Australia is very good for food and liquor. It’s growing, there’s plenty of opportunities, and we think we’ve got the assets to exploit some of them,” Cain said.

    “It’s making sure you’re confident that you’ve got the right returns before you press the accelerator. And I think what we’re saying today is we’re pressing the accelerator.”

    According to Cain, when Coles was demerged from former parent company Wesfarmers it wasn’t as advanced as it could have been – there hadn’t been enough investment in its online capabilities at the time, something he is hoping to rectify now.

    These changes have been coming for a while. Last year Coles appointed former Walmart SVP Ben Hassing to the position of Coles’ chief executive e-commerce, who said in February the supermarket’s online transformation will focus on creating a seamless and unified customer experience.

    “To activate this, we are connecting e-commerce and content. And then we’ll begin merging online and offline into a unified experience,” he said.

    This became more important as the changes to shopping behavior throughout Covid-19 opened up new pathways to the ‘omnichannel shopper’: customers who shop both online and offline.

    “These digitally-engaged customers are very, very important to Coles. We find them more loyal, they shop with Coles more frequently and they have a higher participation rate in Flybuys,” Hassing said.

    “This is a fast-growing customer segment for us. The year-over-year growth in total spend with Coles is much higher, as well.”

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