Tag: asia

  • H&M tops fashion transparency

    H&M tops fashion transparency

    Fashion Revolution has crowned H&M the most transparent fashion business in the world in 2019, scoring 73 percent of a possible 250 points in its annual Fashion Transparency Index.

    The index ranks the world’s largest fashion brands according to how much they disclose about their social and environmental policies, practices and impacts across a number of topics, including animal welfare, forced labor, gender equality, living wages, waste and recycling, and more.

    Following H&M was C&A at 70 percent, and Adidas and Reebok at 69 percent each. The average overall score across the 198 brands reviewed landed at 25 percent, 3 percentage points higher than 2019.

    However, an ongoing issue remains that brands tend to disclose more about the policies in a vacuum, and not touch on how these policies are put into action and detailing outcomes, results, and progress.

    And the types of information that is used on brand websites and documents are generally repeated and slightly altered for each document or page, generally with no substantive difference in what is said.

    “Some brands use a large number of filler words and fluffy explanations and details that obscure what information or data is actually relevant and useful for external stakeholders. We’ve even found instances of conflicting facts and statistics,” Fashion Revolution wrote.

    “It can be counterproductive to transparency and accountability. Not everyone has the hours and days it can sometimes take to decipher what brands are actually disclosing and how to use this information in an effective way.”

    After ranking 220 of the biggest fashion brands in the world, Fashion Revolution laid out actions to be taken in the industry over the next 12 months to improve transparency further.

    Firstly, brands should publicly disclose their suppliers beginning with the first tier, but should continue all the way down to the raw material level.

    Secondly, honoring contracts and paying suppliers through the COVID-19 crisis will help keep supply chain workers employed and supported.

    There should also be more information published about brands’ environmental impacts, including the number of carbon emissions, water consumption, pollution and waste created, as well as what is being done to address these concerns.

    And, finally, Fashion Revolution urges brands to answer customer questions on social media or email with practical information, not just with policy information and brand principles. This way, customers can join brands on their sustainability journeys and help to hold them accountable.

    “Transparency is the first step towards a different culture, one where brands become open and accountable, and customers are ready to become vigilant and ask, ‘who made my clothes?’,” said Fashion Revolution co-founder Orsola de Castro.

  • UOB Offers Liquidity Boost to SMEs

    UOB Offers Liquidity Boost to SMEs

    Businesses that require urgent access to funding to stay afloat during the Covid-19 outbreak can take up pre-approved loans of up to S$200,000 ($140,000) and only service the interest until December 31.

    UOB has announced collateral-free loans to help small and medium enterprises, especially those from hard-hit sectors such as retail and food and beverage, gain access to much-needed funds quickly.

    According to a statement on Tuesday, this will be offered to customers with a good repayment track record and at least a 12-month borrowing relationship with the bank, and the funds will be available in two business days.

    UOB said that as a result of the Covid-19 outbreak, it has seen more customers who are seeking loans to provide their businesses with liquidity, citing a threefold increase in loan approvals from January to March this year.

    The reality is that small businesses already operate on tight cash flow and do not have the liquidity to withstand the prolonged economic shock that is expected from the Covid-19 pandemic. As such, they require urgent access to funding in order to stay afloat, said Lawrence Loh, head of group business banking, UOB.

  • Burger chain Eggslut set to open in Korea and Singapore

    Burger chain Eggslut set to open in Korea and Singapore

    SPC Group, operator of Shake Shack in South Korea, is bringing Eggslut, the California-based egg sandwich chain, to Seoul.

    The group has acquired the rights to exclusively operate in South Korea and Singapore. The first Korean Eggslut store will be launched at the Starfield Coex Mall in Seoul in June.

    Details of a Singapore launch have yet to be revealed.

    “We are pleased to show Korean guests the special taste of Eggslut, which means someone who loves eggs,” said Jeff Vales, co-founder of Eggslut.

    “SPC Samlip has the standout production and supply chain of eggs, meat processing, vegetables, sauces, etc. based on baking technology. Therefore SPC Samlip is the best partner to maintain the high quality of the Eggslut menus,” he added.

    Founded by chef Alvin Cailan in 2011, Eggslut is famous for its egg sandwich made with a brioche bun, coddled egg and sriracha mayo sauce. The chain now operates stores in four countries including the UK and Japan.

  • Cath Kidston to close UK stores and stronger focus on Asia

    Cath Kidston to close UK stores and stronger focus on Asia

    British home-furnishings and apparel retailer Cath Kidston will permanently close all 60 of its stores in the UK, realigning itself as a wholesaler and online brand.

    The locations, currently shuttered due to the coronavirus lockdown, will not reopen once the crisis is over following its parent company Baring Private Equity Asia securing a pre-pack administration deal under which it bought back the brand and online operations.

    The firm’s stores in Asia, including Malaysia, will continue to trade as normal after lockdowns are lifted.

    The closure of physical stores in Britain has put 908 staff out of work, with only 32 positions spared.

    Measures to revive the flailing business were apparently working before the emergence of the coronavirus outbreak.

    “While we are pleased that the future of Cath Kidston has been secured, this is obviously an extremely difficult day as we say goodbye to many colleagues,” said Cath Kidston CEO Melinda Paraie. “Despite our very best efforts, against the backdrop of Covid-19, we were unable to secure a solvent sale of the business which would have allowed us to avoid administration and carry on trading in our current form.

    The brand will live on in the territory as a digital business.

    “Going forward we will continue to help the company grow through its e-commerce platform and international wholesale and franchise businesses,” said a spokesperson for Baring Private Equity Asia, adding that the firm’s management had established “a viable future for the business in the UK.”

  • Ex-Deutsche Banker Kicks Off Japanese Crypto Exchange

    Ex-Deutsche Banker Kicks Off Japanese Crypto Exchange

    Japan’s FXCoin will begin operations after more than two years of building its foundation led by founder and chief executive Tomoo Onishi – ironically an ex-FX sales manager with Deutsche Bank.

    The exchange has begun accepting applications to open accounts and will initially focus on Bitcoin, according to a report – a timely choice given its more than 40 percent surge since mid-March. FXcoin has plans to later expand into other cryptocurrencies like Ripple and Litecoin.

    The firm will also target to increase its headcount to 50 by year-end, from its current 36, and begin profiting by 2021-end with no quantitative earnings target.

    FXcoin, backed by Softbank subsidiary and financial conglomerate SBI, is amongst the 23 exchange operators registered with Japan’s regulator.

    Onishi expects digital currencies to benefit from the ongoing coronavirus pandemic, due to ample cash flooding the market from global stimulus measures. What’s more, he notes that there is evidence that the new asset class’ price movements are uncorrelated with conversational asset prices in the long-term – a key differentiator in a market rushing to find diversification into real alternatives in an increasingly correlated world.

    Despite his bullishness, Onishi still provides the standard investor warning, underlining that no asset is absolutely safe.

  • UBS Tops Broadridge’s China Rankings for Asset Managers

    UBS Tops Broadridge’s China Rankings for Asset Managers

    UBS Global Asset Management took the top of Broadridge’s ranking of global asset managers in China, based on a survey of 50 fund gatekeepers from the mainland market.

    The survey is based on six criteria: brand perception, China fund assets under management (AUM), global investment strength, local business operations and scope, and the firm’s strategic prioritization of the China market.

    The Swiss asset manager took the top spot again – the firmed first launched the rankings in October 2019 – followed by J.P. Morgan and Blackrock. By AUM size, Blackrock, UBS, DWS, Invesco and Fidelity all ranked in the top five.

    As with many other things in the mainland market, brand name matters and it often has stronger effects to distribution than other more mature markets that may use a portfolio of diverse instruments such as through discretionary mandates.

    The survey highlighted both J.P. Morgan and Fidelity for their strong efforts in this regard, with the former taking the top rank – it scored high across all 50 respondents – and the latter breaking the top 10 as a new entrant.

    Despite an ongoing global pandemic, global asset managers continue to capitalize on a historic opportunity to enter the mainland market with such deep levels of participation, sometimes at the wholly-owned level. J.P. Morgan will look to invest $1 billion to take full ownership of its joint venture partner China International Fund Management (CIFM). BlackRock and Singapore’s Temasek are in talks with China Construction Bank’s wealth unit to form a new asset management joint venture.

    Barring further COVID-19 related setbacks in the mainland, we see that global managers are well set to resume the rapid ramp-up of their onshore presence, said Yoon Ng, Broadridge’s senior director of APAC insights, adding that local authorities are expected to keep opening up the financial sector as planned.

  • FairPrice launches mobile supermarket in Singapore

    FairPrice launches mobile supermarket in Singapore

    Singapore supermarket chain FairPrice has launched a mobile grocery service dubbed ‘FairPrice on Wheels’, delivering essential groceries closer to customers’ homes.

    With FairPrice on Wheels, customers living far away from supermarkets can now buy products from FairPrice’s vans parked near their home. Essential products include rice, milk, eggs, canned products, vegetables and toiletries. FairPrice has imposed purchase limits on these products as per below:

    “While we encourage everyone to stay home during the circuit breaker period, we also understand that there may be people who do not have the option to have their groceries purchased on their behalf,” said FairPrice Group CEO Seah Kian Peng.

    “Therefore, we aim to bring daily essentials closer to their homes, especially for seniors, so that they do not have to spend too much time away from home.”

    FairPrice on Wheels is available in five locations: Commonwealth Link, Telok Blangah Crescent, Telok Blangah Rise, Kampong Glam Community Club and Jalan Kukoh. More locations will be added soon.

  • Facebook investing billions in India’s Jio Platforms

    Facebook investing billions in India’s Jio Platforms

    Facebook has paid US$5.7 billion for a 9.99-per-cent stake in Indian telco and e-commerce enabler Jio Platforms, becoming the largest minority shareholder in the Reliance Industries-controlled company.

    The size of the investment is reportedly the largest yet by a foreign company into an Indian-controlled company, underlining that the transaction is far more significant than the percentage partnership might at first suggest.

    In a statement published online, Facebook chief revenue officer David Fischer and Facebook India VP and MD Ajit Mohan, said one focus of the US company’s collaboration with Jio will be to create new ways for people and businesses to operate more effectively in the world’s fastest-growing digital economy.

    “For instance, by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop, and ultimately purchase products in a seamless mobile experience.”

    In less than four years, Jio Platforms has helped nearly 400 million Indians move online, helping create new digital enterprises and connecting them through chat programs like Facebook’s WhatsApp. About 560 million people nationwide are now online out of a population of 1.387 billion.

    “This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country,” the Facebook pair said.

    Aurojyoti Bose, lead analyst at GlobalData, described the deal, as “a well-devised approach offering a win-win situation for both the companies”.

    “India is a key market for Facebook with millions of users and its messaging app WhatsApp also has a huge user base. On the other hand, Jio is one of the largest telecom networks in India with around 370 million subscriber base and the deal can help Facebook in further enhancing its footprint in the country.”

    Bose says the deal has become even more crucial for Facebook at a time when WhatApp is preparing to launch a payments app in the country. Jio, as its local partner, will be pivotal in navigating the regulatory hurdles.

    “Moreover, encouraged by the growing popularity of TikTok, Facebook has plans to launch video app Lasso, which will benefit from Jio’s huge subscriber base in India.”

    Using the JioMart 0e-commerce platform, the two companies will now have a clear path to using WhatsApp as a conduit for online orders, especially important with the advent of the Covid-19 pandemic.

    “Jio will benefit from the technical expertise of Facebook,” adds Bose. “In addition, the deal is a step forward towards Jio’s strategy to … become debt-free by March next year.”

    The size of Facebook’s investment puts Jio Platforms’ valuation at $65.95 billion, making it the fifth-largest company in India in terms of market capitalization.

    Fischer and Mohan, meanwhile, say the rapid adoption of digital technologies by Indians marks  “one of the most dynamic social and economic transformations the world has ever seen”.

    “Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India. They account for the majority of jobs in the country and form the heart and soul of rural and urban communities alike. In the face of the coronavirus, it is important that we both combat this global pandemic now, and lay the groundwork to help people and businesses in the years to come,” they said.

  • Alibaba Cloud Launches USD 30 Million Global SME Enablement Program

    Alibaba Cloud Launches USD 30 Million Global SME Enablement Program

    Alibaba Cloud, the data intelligence backbone of Alibaba Group, today launched a Global SME Enablement Program to provide cloud technology relief worth more than USD 30 million to new and existing small and medium enterprise (SME) customers around the world and equip them with the solutions needed to maintain business continuity amid the COVID-19 pandemic.

    Under the program, new SME customers worldwide can apply for the relief between now and June 22 to start using a portfolio of proven solutions from Alibaba Cloud. The portfolio consists of a support package with 12 key products, including Elastic Compute Service (ECS), which powers cloud applications with low latency, and Object Storage Service (OSS), an encrypted service for data storage and backup in the cloud, as well as Alibaba Cloud Academy Courses.

    Existing customers can also apply for product coupons between now and June 22 to help them expand or upgrade their cloud applications. In addition, Alibaba Cloud will reach out to SME associations to help meet their members’ technology needs as they fight the pandemic.

    “COVID-19 has created unprecedented challenges and vulnerabilities to the global economy and especially to SMEs, who are often faced with financial constraints and limited access to technological support,” said Selina Yuan, President of International Business, Alibaba Cloud Intelligence. “Since its inception, Alibaba Cloud has always been committed to helping businesses of all sizes and making it easy to do business anywhere. The Alibaba Cloud Global SME Enablement Program aims to provide much needed and timely relief to SMEs so they can rapidly respond to the current crisis while speeding up their digital transformation and emerging from the current pandemic stronger and more resilient.”

    Alibaba Cloud announced the Global SME Enablement Program at its Digital Cloud Day. The interactive one-day online conference introduced Alibaba Cloud’s latest technologies and customer case studies; and in particular how Alibaba Cloud is applying cloud computing, data analytics, and artificial intelligence capabilities to help businesses and the wider communities better cope with COVID-19.

  • Singapore Digital Payment Provider Expands Abroad

    Singapore Digital Payment Provider Expands Abroad

    Digital payment and digital banking solution provider Fomo Pay has opened an office in Kuala Lumpur, Malaysia and has partnered OCBC Bank on a cross-border funds collection service.

    Fomo Pay has made its first overseas foray into Malaysia, and has partnered OCBC Bank (Malaysia) to develop the country’s first merchant cross-border QR code collection service, the Singapore-based firm announced Tuesday on its blog.

    Under the partnership, Malaysia merchants can collect payments from Singapore customers on PayNow via direct QR code payments through OCBC OneCollect. Prior to this, QR code payments in Malaysia could only be done for local ringgit currency transactions.

    The collaboration «opens up opportunities to provide customer support in a larger territory, and signals continued rapid growth for the company in the region,» Fomo Pay said.

    Fomo’s decision to open an office in Kuala Lumpur ties in with the company’s expansion strategy to focus on Southeast Asia and other emerging economies, which are undergoing rapid digital transformation, it said.

    Fomo Pay allows merchants to accept a full suite of new payment methods including WeChat Pay, NETSPay, Grab Pay, SingTel Dash, EZLink Pay, mVISA and more.

    It was launched in 2015 and acquired 4,000 merchants within its first year. Its network now includes Changi Airport, Marina Bay Sands, StarHub, Jumbo, Club 21, Chanel, Singapore Press Holdings and more.

  • Social group e-commerce booms in China during Covid-19 crisis

    Social group e-commerce booms in China during Covid-19 crisis

    Social group e-commerce is booming, fuelled by the consequences of the coronavirus pandemic, reports Chinese online retail platform JD.

    The online retailing model has experienced a major boost as Chinese consumers under lockdown have recommended products to friends, customers and others in close proximity, with JD’s sales in the sector for the first quarter of this year exceeding that of the entirety of last year.

    An example of the boom is JD’s collaboration with China Youth Travel Service, offering tour guides part-time work as JD “shopping guides” via WeChat to recommend products to friends, customers and others nearby.

    JD’s broader social group e-commerce initiative on WeChat enables participants to act as shopping guides to recommend products in the digital community.

    “JD continues to recommend good products to Chinese consumers through innovative marketing models,” said social group e-commerce initiative head Jiarui Liu.

    “Sales representatives and tour guides from travel agencies have something in common with young moms and middle-aged women. Their customers are highly targeted and have a strong sense of trust, which is consistent with the trust that JD has established over the years. JD highly values working with people who have a strong connection with their customer groups, and it is also a good way to explore new business scenarios.”

    As part social group e-commerce initiative, JD’s cloud-stored solution is assisting offline stores to resume trading post-pandemic. After receiving training, shopping guides can use the solution to generate orders. Thus far, 54,000 shopping guides in the fashion and home industry have joined JD’s cloud storage solution.

  • Owners Agree Lower Sale Price for Bank Permata

    Owners Agree Lower Sale Price for Bank Permata

    The two partners will lower the purchase price of the Indonesian bank to 1.63 times Permata’s shareholders’ equity as at March, from 1.77 times the equity.

    Standard Chartered and partner Astra International have agreed to sell their stake combined 89.1 percent stake in Bank Permata to Bangkok Bank at a reduced price if the sale closes before the end of June, Standard Chartered said on Monday.

    This would bring the total amount payable to each stakeholder to 17 trillion Indonesian rupiah ($1.13 billion), based on 1.63 times book value as at December 31, 2019.

    In December, Standard Chartered said it was selling its 44.56 percent stake in the Jakarta-based lender for $1.3 billion, which would be used to fund some of its restructuring over the next three years. Bangkok Bank also acquired a stake of the same size from Astra, a 50.1-per cent subsidiary of Singapore-listed Jardine Cycle & Carriage.

    Permata operates about 330 branches across 62 cities in Indonesia, where it is the country’s 12th-largest lender by assets.

    Bangkok Bank said the acquisition would help it diversify and grow away from its maturing home market. Indonesia is also one of Asia’s fastest-growing economies and has favourable demographics at a time of growing economic integration in Southeast Asia, it said.

  • Brotzeit creates a virtual experience to promote new outlet during Covid-19 crisis

    Brotzeit creates a virtual experience to promote new outlet during Covid-19 crisis

    German-themed restaurant chain Brotzeit engaged a design firm to create a virtual walkthrough video of its new outlet to promote the venue during the coronavirus crisis.

    The 3D walkthrough video of Brotzeit’s new restaurant in Hong Kong was put together by 5 Star Plus Design, which says such technology helps brands strengthen their retail strategy.

    The video creates a virtual extension of the physical restaurant while also providing their guests with an immersive experience.

    Brotzeit engaged the design firm to enhance its existing interior design concept for its latest franchise unit in Hong Kong with modern touches, so as to make it more attractive to both younger guests as well as lunch and dinner customers.

    The videography is intended to align with Brotzeit’s brand strategy, enabling customers to observe the restaurant virtually.

    The Singapore-based German brand operates stores in seven countries across Asia Pacific.

  • Meitu lets retailers test online makeup service during Covid-19

    Meitu lets retailers test online makeup service during Covid-19

    Chinese imaging app Meitu has offered its AR online makeup trial system to global beauty enterprises and retailers for free to help them overcome difficulties caused by the coronavirus pandemic.

    The firm’s Beauty Industry Support Plan was extended from limited-time free use in specific regions to apply universally. The plan was rolled out as a three-month free trial service in the wake of the outbreak for 10,000 beauty enterprises and retailers, with a three-month extension given to existing users – including Givenchy, Shiseido, Clarins, Bausch + Lomb, DFS, and other partners.

    The software, called the Cosmetic Promotion Assistant, is based on Meitu’s facial-recognition and image-processing technologies and is. The system can also recommend suitable colors and styles based on the user’s facial features. It generates a virtual makeup effect within one minute, and also supports sharing and purchase functions, with multiple payment methods allowed.

    In providing free trials to potential customers, users of the service have seen increased sales of makeup products such as lip gloss, blush, eye shadow, and foundation.

    Enterprises and their beauty assistants are able to configure makeup effects on their own branded websites, which can then be shared to social platforms such as Facebook and Twitter. Purchase links provided on the trial page can redirect users to the vendor’s official website, or marketplaces like Amazon or eBay.

  • Food, gaming and business app downloads soar during crisis

    Food, gaming and business app downloads soar during crisis

    App downloads have soared during the coronavirus crisis, with the business, food & beverage and gaming categories showing the highest growth.

    SaaS company Adjust has published in its App Trends 2020 report, in which it compares app downloads data from the first quarter of this year with the same period in 2019.

    Adjust says business app sessions have undergone a huge rise (an increase of 105 percent over last year), with app downloads surging 70 percent. Revenue events have risen 75 percent, as users select premium app versions to assist the transition to work from home.

    With many restaurants forced to offer takeout-only meals, F&B apps also saw a major increase in sessions (up 73 percent on this time last year). Installs of these apps have gone up by 21 percent.

    But the fastest-growing category for app downloads was Gaming, with a 132-per-cent increase during the last week of March alone. There was a 47-per-cent year-on-year increase in gaming sessions and a 75 percent increase in installs in the first quarter of this year compared to last year.

    “Beyond these increases in installs and sessions, the report shows little evidence to suggest that there’s been a fundamental shift in user behavior post-install,” said Adjust co-founder and CTO Paul H. Muller.

    “Users are still taking the same actions in-app, such as averaging a little above two sessions a day, to churning at predictable points in the customer journey.”