The 7th edition of World CX Summit shed light on the need to accelerate the adoption of CX in India

India played host to one of the most content-rich conference on Customer Experience that took place at Taj Lands End in Mumbai on 27 April 2022. Hosted by Trescon, World CX Summit convened over 200 participants that included major stakeholders of India’s CX ecosystem, including top CX solution providers. The Summit featured leading CX organizations such as Ozonetel Communications, Gupshup, Tata Communications, Infobip and other leading solution providers to discuss India’s CX prospects, and the ever changing CX landscape.

The summit included a glittering awards ceremony for honoring the ‘Top 100 CX leaders’ in India with ‘World CX Awards’. The event also held exciting contests and received overwhelming response from participants. 10 lucky winners were announced.

The event focused on topics such as Digital Transformation with Customer-First Thinking; Customer Data: Designing for Transparency & Trust; CX Strategies for a Touchless World; Adopting Digital Omnichannel; Future of Chatbots & Virtual Assistants; Rise of the Flexible Workforce; Role of Cybersecurity in Building Customer Trust and much more.

The event witnessed a panel discussion on ‘Harmonizing Humans and Automation to Improve CX’. The speakers on the panel included Dharmender Narang, SVP- Chief CXO, IIFL Securities; Hari Shankar Mishra, SVP – CX, Future Generali India Insurance Company Limited; Nitin Jain, Head of CX (CS&L and Sales) for India & Middle East and Africa, Mondelēz International and the panel was moderated by Sujay Kalaria, VP – Digital Strategy, Transformation & Digital Business Build, Bajaj Auto Limited.

Chaitanya Chokkareddy, CIO at Ozonetel Communications Pvt. Ltd, spoke at length on topic, ‘Innovations driving the contact center of the future’. In his tech talk he shared insights on topics like the role of AI contact centers in unifying interactions and much more. He was found quoting, “It is important to remember that it’s the people that come first, technology will be there to help people deliver customer experience. But it should not be that technology drives people.”

Ninad Takpere, VP – Sales at Gupshup shared his insights as to how CX can be future-proofed with Conversational Engagement. He was quoted saying, “Messaging apps are where the customers are and brands are required to be on these apps to make sure that they are providing the right kind of experience across brands within all the possible journeys which are required to be met.”

Nishant Shrivastava, Global Head – Centre of Excellence for Unified Communications and Collaborations at Tata Communications Ltd, shared insights from his tech talk session on “Elevating CX through Technology”. He mentioned that, “Cloud contact center is being adopted in India while traditionally India has been a regulated market wherein we see a lot of on-prem deployment of contact centers, but slowly that is changing thanks to the pandemic, people don’t want any dependency.”

Pooja Makhija, Executive Director & Co-Founder at Phonon Communications Pvt Ltd. Spoke at length on topic “Get Set Go with Digital Contact Center”, She was quoted saying, “Curate a solution tied with technology in context with what the customer wants and not how we would want it or not how it would look fancy to us.”

UserTesting conducted an executive roundtable discussion which was Co-Moderated by Mayank Sharma, Regional Director – Emerging Markets; UserTesting and by KV Dipu, Senior President – Head Operations and Customer Service, Bajaj Allianz General Insurance Company, on “Who owns CX? Translating CX maturity into execution,” where the core discussions were on topics like How are organisations measuring CX maturity?

– What are the gaps between perceived maturity and CX strategies?
– What are the benefits and pitfalls of an “everyone owns CX” mindset?

“CX & CEM has been one of the top business differentiators; especially after the global pandemic. We are happy to have hosted all these experts at our platform and look forward to having them again at our future initiatives. I would also like to congratulate all the top 100 CX leaders in India who won World CX Awards,” stated Mithun Shetty, CEO, Trescon.

World CX Summit – India is officially sponsored by Lead Partner – Ozonetel Communications; Platinum Partners – Gupshup, TATA Communications, Infobip; Gold Partners – UserTesting; Freshworks; Silver Partner – Phonon Communications; Premier Bronze Partner – Avaya; Bronze Partner – Haptik, NeoSOFT Tech, Yellow.ai.

About Trescon

Trescon is a global business events and consulting firm that provides a wide range of business services to a diversified client base that includes corporations, governments and individuals. Trescon is specialised in producing highly focused B2B events that connect businesses with opportunities through conferences, road shows, expos, demand generation, investor connect and consulting services.

About World CX Summit

World CX Summit is a thought-leadership-driven, business-focused, global series of events that takes place in strategic locations across the world. As a part of the global series, the Indian edition will be gathering pre-qualified CX leaders ‘all under one roof’ to discuss how the latest CX technologies and customer insights can be combined to transform CX with a new approach.

The summit will also host a combination of insightful sessions, keynotes, case studies and panel discussions sure to deliver actionable insights that attendees can apply to their Customer Experience strategies.

For further details about the announcement, please contact:
Monith Shetty
Media, PR & Corporate Communications
+91 81059 75937
media@tresconglobal.com

Kitchen Culture’s business transformation at risk – funds raised not accounted for

As the single largest shareholder of Kitchen Culture Holdings Ltd. (“Kitchen Culture”) with a 21.19% stake, OOWAY Group Ltd. (“OOWAY Group” or the “Group”) shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture’s recent Annual General Meeting held on 18 March 2022.

We are deeply disappointed by the findings of Baker Tilly Consulting (Singapore) Pte. Ltd.’s (“BTC”) latest report which confirm our worst fears regarding the shocking matters of concern which were first revealed in June 2021 after Kitchen Culture’s Audit Committee engaged BTC to review its internal controls.

In August 2020, Kitchen Culture entered into a sale and purchase agreement and a shareholder’s agreement with OOWAY Group to acquire a 30% equity stake in OOWAY Technology Pte. Ltd. (“OOWAY Technology”) at a purchase consideration of S$23.92 million (the “Purchase Consideration”) to be satisfied by way of the allotment and issue of 90,000,000 new ordinary shares in the capital of Kitchen Culture at an issue price of S$0.2658 per ordinary share (“Acquisition”).

Mr Liu Yanlong, representative for OOWAY Group, said, “We welcomed Kitchen Culture as a strategic investor in OOWAY Technology given the mutual benefits of the acquisition, which was in line with Kitchen Culture’s diversification strategy and OOWAY Group’s expansion in the ASEAN region. OOWAY Group provided an opportunity for Kitchen Culture to leverage our network and capabilities, as well as to participate in the significant growth potential of Big Data analytics and Artificial Intelligence.”

Kitchen Culture’s diversification strategy was crucial as it had long suffered from recurring losses and negative operating cash flow from its core business as a kitchen solutions provider for 8 years and was in a dire state at the time of the acquisition.

The combination of the newly raised funds and OOWAY Technology’s gilt-edge technical capabilities would have provided new engines for growth and hastened the return to profitability for Kitchen Culture.

Prospective investors present at OOWAY Group-led investment roadshows, eventually took up equity in Kitchen Culture, with the expectation of the game-changing business diversification through the acquisition of OOWAY Technology. Unfortunately, the raised capital has not materialised into any effort in business transformation.

Instead, we are deeply disappointed with the findings of the BTC report, which revealed that the gaps in Kitchen Culture’s financial operating procedures led to[2]:

– Risk of misuse of Kitchen Culture’s funds
– Risk of unauthorised use of proceeds obtained from the S$19.23 million of funds raised
– Risk of diversion of raised funds to purposes outside business diversification purposes
– Risk of questionable debt repayments to third parties
– Lack of independence and checks and balances in approving and processing payments
– Lack of accountability and traceability over entertainment expenses
– Lack of documentation for personnel hiring and pay increments
– Inappropriate operating structure involving multiple family members as management staff

These risks which were unknown to us prior to the acquisition have had a major impact on our growth plans as ongoing audits, investigations and lawsuits require significant time and resources, a challenging situation further compounded by the historical losses. Furthermore, Kitchen Culture has suffered reputational damage as a result of these issues.

Kitchen Culture’s last traded price of S$0.08 per share marks an unrealised loss of close to 70% or S$16.72 million for the OOWAY Group following the completion of the acquisition. On the other hand, OOWAY Technology’s value has remained stable during this period, which is also Kitchen Culture’s key asset. As OOWAY Technology continues its development and making encouraging progress to grow its business, the long-term value of Kitchen Culture’s stake in OOWAY Technology remains fundamentally intact.

Mr Liu added, “As a shareholder of Kitchen Culture, we have sustained significant losses, but we remain committed to growing our business together with Kitchen Culture and intend to provide the funding support needed in the near term to allay going concern issues.”

The latest BTC report has identified S$7.22 million as “unmatched”. This is a staggering sum and OOWAY Group hopes that the Management of Kitchen Culture investigates further to get to the bottom of this issue, so that any and all discrepancies will be ultimately accounted for to shareholders.

The Commercial Affairs Department (CAD) has recently requested for copies of the BTC reports for further review and investigation. We call on the new Board of Kitchen Culture to continue its relentless efforts to strengthen internal controls and implement BTC’s recommendations without delay and to cooperate with the CAD to leave no stone unturned in fully resolving all outstanding issues, so we can lead the company in business transformation again.

Our confidence in Kitchen Culture’s new Board to safeguard the interests of shareholders remains strong, but it must work hard to rebuild long-term value for Kitchen Culture and its shareholders.

BTC’s Schedule of Matched and Unmatched Expense Items[3]
https://www.acnnewswire.com/docs/Multimedia/Low_OOWAY20220421.jpg

General Announcement:: UPDATE ON REVIEW BY BAKER TILLY CONSULTANCY (SINGAPORE) PTE. LTD. https://bit.ly/386bU8i
General Announcement:: ASSISTANCE IN THE REVIEW BY THE COMMERCIAL AFFAIRS DEPARTMENT https://bit.ly/3jWNY9U

[1] “Unmatched” refers to situations with any of the following criteria:
– Expenses cannot be traced to the bank statements
– Details of expenses cannot be traced to the underlying supporting documents
– Description of the expenses on the supporting document is not in line with the categories of utilisation as stated in Kitchen Culture’s schedules
[2] These risks and gaps reflect the summary of findings listed in Kitchen Culture’s response to SGX queries on 12 July 2021
[3] Rounded up to two decimal points

About OOWAY Technology Pte. Ltd.

OOWAY Technology is a big data AI technology company which uses innovative applications to creatively design intelligent digital products and models used in multiple fields. It does so by forming a closed loop of the entire process which includes data collection, model analysis, and intelligent applications.

OOWAY’s development of an advanced technology platform – DIGIT (Digital Innovation of Global Integrated Trade) propels it to leading the way in a new era of B2B trading 4.0. By integrating the vitality of global trading businesses with emerging digital technologies, OOWAY’s credit 3.0 technology is combined to construct a smart platform that ensures the authenticity and credibility of global trade whilst reducing costs, increasing efficiency and facilitating trade in a more reliable fashion. OOWAY brings to users the 5S operating framework, pushing out a new form of Ultimate Trade (UT). This has enabled global trade to evolve towards a new stage of standardization and intelligence.

Issued by OOWAY Group Ltd.

Media Contact:
Email: service@ooway.com

Trintech Announces New Chief Human Resources Officer

Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced the appointment of Monna Nevils as Chief Human Resources Officer (CHRO) of Trintech. With a focus on employees, Nevils will help Trintech continue to build an engaged, inclusive, and high-performing culture. She will lead all aspects of human resources, including talent acquisition, learning and development, organizational development and effectiveness, compensation and benefits, diversity and inclusion programs, and benefit systems.

“Businesses don’t create value; people do. Our employees are the heart of our business which is why I am thrilled to welcome Monna as our new CHRO focused on continuing to provide our employees with a great place to work and ways to grow and develop their careers,” said Teresa Mackintosh, Chief Executive Officer of Trintech. “Monna’s strong track record and rich experience in talent development and change management across teams will help us to ensure we continue to build an agile culture of inclusivity and personal growth for all, while attracting the talent to meet the evolving needs of our customers in this digital world.”

Nevils joins the Trintech team with more than 20 years of experience holding global HR leadership roles spanning industries such as technology, real-estate, banking, and healthcare. She is a creative and innovative global human resources executive with experience in aligning the people function to the overall business strategy, developing and executing plans that amplify an inclusive, collaborative culture. Her broad experience includes M&A, change management, talent acquisition, succession planning, learning and development, performance management and total rewards. Prior to joining Trintech, Nevils was the VP, HR – Americas; Global HRBP, Product Marketing for Datalogic. She also served as the Chief Human Resources Officer for Behavioral Health Group (BHG). Nevils earned her MBA from the University of Houston and undergraduate degree in business from Lamar University. She is also a certified trainer and coach and has her Senior Professional in Human Resources (SPHR) certification.

“I am very excited to be joining Trintech as the new CHRO to continue building upon the strong foundation of practices Trintech already has in place today,” said Monna Nevils, Chief Human Resources Officer of Trintech. “It is evident to me that Trintech prioritizes a customer and people-centric culture and passion for innovation, and I look forward to partnering with the team to develop a progressive and aligned global HR strategy to support an environment where talent and culture continue to be a foundational and driving factor in the success of Trintech.”

Trintech has most recently been named a Dallas/Fort Worth “Best and Brightest Companies to Work For(R)” 2022 Elite Award Winner by the National Association for Business Resources. Interested in joining our team? Check out our open positions here. https://www.trintech.com/careers/

About Trintech

Trintech Inc., a leading global provider of cloud-based financial close solutions for the Office of Finance, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure and fiduciary reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Kelli Shoevlin
Sr. Manager, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

Singapore-based FinTechs, TechCreate and Diginius, to Merge and Combine Together into an Integrated Fintech Enterprise, TechCreate Group; Focus on Powering the Future of Payments in Asia

TechCreate Solutions Private Limited (“TechCreate”), a Singapore-based technology services group specialising in innovative digital payment and digitalisation solutions, and Diginius Pte. Ltd. (“Diginius”), a provider for IT security and infrastructure solutions, are pleased to announce a merger between both companies via a share swap transaction that will value the enlarged fintech enterprise, TechCreate Group, at USD$30 million, based on a valuation that was recently completed by one of the Big 4 accounting firms.

From left: Mr Lim Heng Hai, (Group CEO of TechCreate Group) and Mr Ronald Vong, (Managing Partner of TechCreate Group)

As a trusted leader in digital solutions, TechCreate has been at the forefront of technology innovation and since its establishment, it has developed its own proprietary Real-Time Payment Engine (RTE) that can further enhance the payment capabilities of financial and banking institutions. Leveraging its technological expertise, legal experience and extensive operational track record, TechCreate has successfully enabled end-to-end digital solutions (such as payment gateways, API gateways and blockchain solutions, among others) for several banking and financial institutions in Asia.

With Diginius’ strengths in intelligence and security for concrete cyber resilience, it has built a growing track record with a focus on delivering technology solutions related to cyber security, hyper-converged IT infrastructure and secure application services. Diginius also works with some of the industry’s indisputable experts in cyber security and secured infrastructure services, combined with market-leading technologies to provide a springboard for the next phase of digital transformation.

The current CEO of TechCreate, Mr Lim Heng Hai, will be appointed as the Group CEO of TechCreate Group, while the current CEO of Diginius, Mr Ronald Vong, will be designated as the Managing Partner of TechCreate Group.

Strategic Rationale – Powering the Future of Payments in Asia

According to a Mckinsey report issued on November 2020, Asia has outpaced all other regions in terms of payments-revenue growth over the past several years. The region is also the largest contributor to global payments revenue, generating over US$900 billion in 2019, nearly half the global total. The Asia’s payments industry is expected to return to mid-to-high single-digit growth rates and, by 2022 or 2023, generating more than US$1 trillion in annual revenue.

Notably, the COVID-19 pandemic has accelerated Asia’s payments megatrends and chief among these was the rapidly expanding number of connected and digitally active consumers, with booming e-commerce markets reinforcing the need for digital solutions. The competitive landscape was simultaneously heating up, with the entry of formidable new players–including telecommunications firms, fintechs, “big techs,” and other conglomerates–spurring incumbents to step up their own innovation efforts.

Meanwhile, regulators sought to standardise infrastructure while encouraging competition, fostering the introduction of real-time payments, digital know your customer (KYC), and various local payment schemes.

With a focus on powering the future of payments in Asia, TechCreate Group aims to provide cutting-edge innovation and technology capability to enhance value creation for its customers as follows:

– Expanded business scale with integrated solutions: Having the capabilities to provide more comprehensive and integrated technology solutions related to payment and digitalisation platforms to serve new and existing customers across Asia.

– Strong potential to create new customer value propositions: Ability to broaden its reach and serve diverse customer segments with differentiated requirements and objectives, thereby creating the opportunity and potential to develop proprietary insights and innovative solutions that are aligned with the new trends of payments and digitalisation in Asia.

Commenting on the merger, Mr Lim Heng Hai, Group CEO of TechCreate Group, said, “This is a transformational transaction for both companies, creating an enlarged company with end-to-end digital payment offerings in high-growth verticals as economies in Asia accelerate their digitisation roadmap.

With our combined capabilities, it amplifies our mission be a leading innovative, customer-centric and eco-friendly technology solution provider in Asia.”

Mr Ronald Vong, Managing Partner of TechCreate Group, added, “We are confident that the strengths of the combined company will enable meaningful growth to stakeholders, delivering new value and insights to better serve our markets and customers.

At the same time, it can accelerate our growth and more effectively capitalise on our pipeline and broader market opportunities within the banking and financial industries in Asia.”

For more information on TechCreate Group, please visit: http://www.techcreate.com.sg/

Issued on behalf of TechCreate Group by 8PR Asia Pte Ltd.

Media Contact:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com

CMGE’s (0302.HK) seven-fold growth in international revenues: an emerging growth engine

Despite regulation and a suspension of new game licenses in China, CMGE (0302.HK) grossed RMB3,957 million in 2021, representing a year-on-year increase of 3.6%, according to its 2021 annual earnings report. The company’s gross profit margin increased to 37.2% in 2021 from 32.0% in 2020, while gross profit totaled RMB1,473 million, a year-on-year increase of 20.5%.

Jian Xiao, Executive Director, Chairman and CEO of CMGE, stated at the Performance Meeting that several games to be released in 2021 had been delayed due to the failure of achieving the game license as scheduled, as well as greater contributions to development and research, caused 2021 adjusted net margin to decline by 21.9%

With strong performance in 2020, CMGE’s performance in 2021 is virtually superior to that of most peer companies.

01. The company’s games have achieved international success with a year-on-year international game publishing revenue increasing by 7,260%, and another growth engine emerges.

CMGE’s financial statements show that its profits are essentially sourced from developing and operating IP-based games, RMB905 million of which is sourced from the profits of its game development, representing a year-on-year increase of 23.9% and accounting for 22.9% of its annual business revenues, and RMB232 million of which is sourced from the profits of its IP licensing, doubled over the last year, representing a year-on-year increase of 106.9%, showing the abundant IP reserves and outstanding performance of its self-development strategy.

It’s noteworthy that CMGE gained revenue of RMB459 million overseas, a year-on-year increase of 72 times. With this growth, its international revenue increased to 11.6% in 2021 from 0.2% in 2020, sharply representing the great progress from its overseas strategy of games.

According to an insider, it’s inevitable for domestic game developers to make a breakthrough by surviving on international markets under the more serious regulation. Also, to survive on international markets, the company is facing challenges in all aspects such as the research and development of products, operation, marketing and organization. To survive on international markets has become a key indicator to measure whether a game developer is of competence.

At the Performance Meeting, Jian Xiao stated that CMGE, having committed to international game markets, has provided multiple games products in Hong Kong, Macao and Taiwan, Southeastern Asia, Europe and America and has created professional localization teams in products operation, marketing, user service and advertising. With the success of several products in practice, the international markets will be further developed, the revenue of which will also be increasing.

02. The company has laid a strong foundation for challenges with a year-on-year contribution increase of 48.9% in R&D for core competence of excellent self-developed products.

The research and development is a must for excellent products, and CMGE’s financial statements shows that it has been committed to the research and development. As indicated by a set of data, CMGE has a R&D team of 624 professionals by the end of the period, representing a year-on-year increase of 30.0%; its contributions to the R&D are increased from RMB208.6 million in 2020 to RMB310.7 million in 2021, representing a year-on-year increase of 48.9% and accounting for 7.9% of the corporate revenue.

CMGE has also invested in great game developers to develop game business. According to the financial statements, CMGE has invested in over 20 game developers directly or by convertible bonds in recent years.

With its investment, merger and self-development, CMGE’s R&D has become mature gradually with five major game types – numerical games, platform games, strategy games, E-sports games and card games, and several new R&D studios and subsidiaries have also been established.

In the long run, the enhanced R&D will lay a strong foundation for the continuous development of products for a game company.

Jiao Xiao believes that as the game industry has been more and more limited and regulated, the game companies must pay more attention to high-quality, multi-platform and long-cycle products and gain profits of one game from multiple platforms. Also, the companies need to attract more loyal customers and enhance user stickiness by the worldview and IP of games, social function and other factors.

Driven by technologies, the game developers should develop more quality products to meet new demands of gamers. The game “Sword and Fairy: World” self-developed by CMGE to be released is a model one.

“Sword and Fairy: World”, based on the worldview and IP of “Sword and Fairy”, is an immersive open-world RPG where gamers are provided with great freedom to make choices. The game is available on multiple devices including PC, console, mobile phone and VR. The game art meets the VR standard to offer the best immersive experience for gamers. CMGE expects that “Sword and Fairy: World” will be developed into a bestselling strategy game with an annual revenue of over RMB3,000 billion, a high profit ratio and a long life cycle.

03. The company expects a promising future as the returns of self-developed products in international markets will begin after significant games are released.

Next, CMGE is going to release a series of self-developed products and further promote its international markets strategy to earn more reputation among international gamers.

CMGE is scheduled to release several new games with license in the first half of 2022, including “A New Record of a Mortal’s Journey to Immortality”, “Ultraman: Assembly” and “All Star Fight” that were released this January.

In addition, CMGE is also looking forward to the license of several major new games including “Sword and Fairy: Wen Qing”, “Rakshasa Street: Chosen One”, “Cultivation Fantasy” and “Daily Life of Group Chat”.

As for the expected time when the license will be granted, Jian Xiao holds the view that the reason why the authority has stopped granting game licenses is essentially related to the improvement and review of the game protection system for the minors. In the long run, the government will still support the healthy development of game industry.

In addition, the key product “Sword and Fairy: World” is about to undergo the first test in August 2022 and to be released around the middle of 2023. And the E-sports game “Code: Basketball 3V3” developed by Shanghai Zhoujing will be tested by the end of 2022 and released around the middle of 2023.

At the Performance Meeting, Jian Xiao stated that considering the status quo, the company’s R&D will truly pay off in 2023 with a target that the revenue of independent R&D business accounts for 40% or even more of the total revenue in 2023.

Please contact:
PEANUT MEDIA LIMITED
Lu Jing / He MeiYu
Direct Line: (+86) 755-61619798 +8210
Email: hswh@czgmcn.com

G3 Global Gets Shareholders’ Nod for Healthcare Venture and Three Other Resolutions

Artificial Intelligence specialist G3 Global Berhad (G3) has cemented its entry into the higher-margin Healthcare business – beginning with the sale of COVID-19 test kits – after it received approval from its shareholders today. Via a virtual Extraordinary General Meeting (EGM), the shareholders also approved a cash call to grow the Healthcare and ICT divisions; a higher limit to issue new shares; and the engagement in related party transactions (RPT).

Dirk Quinten, Managing Director

Four resolutions were tabled at the EGM, all of which received approval by the voting shareholders. The first resolution was on the proposed diversification into healthcare-related business, whereas the second resolution was on a proposed private placement of up to 432,849,300 new ordinary shares or 20% of G3’s total issued shares. The new shares will be issued to independent third-party investors to be identified at a later stage, and the funds raised will be used to expand G3’s Healthcare and ICT businesses.

In addition, the third resolution was to increase the limit for authority to allot and issue shares from 10% to 20%, while the fourth resolution proposed a new shareholders’ mandate for recurrent RPTs.

Mr. Dirk Quinten, Managing Director G3 Global Berhad said: “The strong approval we received from the shareholders today is indicative of their confidence in the management and the strategic business directions of the Group. Moving forward, G3 will expand its footprint in the Healthcare segment by leveraging on the technology from our partners, i.e. SenseTime and Bestinet Group, as we strive to be more than just a test kits supplier. We are also looking at providing tech-driven healthcare support services to local public and private hospitals and this would offer a good recurring income stream for the Group.

With regards to the private placement exercise, we already have a few parties expressing their interest in G3 as a forefront Artificial Intelligence company supporting the healthcare sector. The prospective investors believe in the value proposition that G3 could bring, especially after the acquisition of Bestinet Healthcare Sdn Bhd last year.”

G3 acquired a 51% equity stake in Bestinet Healthcare on 8 September 2021. The principal activities of Bestinet Healthcare are mainly related to pharmaceuticals and medicines & health products. The shareholding in Bestinet Healthcare will help to boost G3’s revenue and allow exploring additional business opportunities in the future. The Group will also leverage on its in-house Artificial Intelligence capabilities to innovate new products and services for the healthcare business.

G3 Global: https://g3global.com.my/
G3 Global: 7184 / [BURSA: G3G] [RIC: GLOA:KL] [BBG: G3G:MK]

CubiCasa Enters Australian and New Zealand Real Estate Market Through Partnership with Bladescenes

CubiCasa, a global-reaching real estate software company headquartered in Oulu, Finland, has announced a partnership with Bladescenes, a leading creative marketing agency for real estate located in Auckland, New Zealand. This partnership marks a notable boost to CubiCasa’s ongoing expansion into the Australian and New Zealand real estate markets, accelerating the global growth of its mobile property scanning technology.

Bladescenes offers creative photography, videography, and now virtual floor plans as a part of its agency services. Bladescenes markets homes by capturing their prepossessing architect and layout potential through the use of digital technology. CubiCasa’s mobile capture technology gives Bladescenes’ customers the capability to visualize their dream floor plan while speeding up the home inspection and valuation process.

“By partnering with Bladescenes, we are continuing to work toward our mission of modernizing and digitizing the real estate process on a global scale,” said Jeff Allen, President of CubiCasa. “This relationship gives us the opportunity to become the one-stop shop for real estate and mortgage professionals in Australia and New Zealand while continuing to expand in the U.S., Europe, and other target markets.”

CubiCasa, which was founded in 2014 and launched its scanning solution in 2019, has successfully entered the Australian and New Zealand markets, furthering its growth by partnering with successful players in the real estate industry. The company is working with close to 40 leading companies across both countries.

“CubiCasa’s technology will allow us to integrate floor plan and sketch capabilities into our offering along with photography,” said George McNabb, Creative Director of Bladescenes. “By using CubiCasa’s easy-to-use app, we are seeing increased adoption and lower margin of error. CubiCasa has totally changed our business and we are grateful to be partnering with them.”

About CubiCasa

Headquartered in Oulu, Finland, CubiCasa is the global market leader in mobile indoor scanning and is known for its fast and easy-to-use floor plan app on the App Store and Google Play Store. CubiCasa’s technology is used in 144 different countries and has helped create over 1 million floor plans to date. CubiCasa provides technology for the real estate, appraisal, and mortgage industries and is on a mission to digitize real estate. http://www.cubi.casa/

About Bladescenes

Founded in 2012, Bladescenes remains at the forefront of real estate technology and marketing, offering a range of services that includes photography, videography, floor planning, virtual open homes, and virtual staging. With our dedicated team of real estate experts and advanced technology, Bladescenes ensures agents and homeowners have access to the leading and most creative ways to list and sell a property. https://www.bladescenes.com/

CubiCasa Media Contact
Ross Stevens
Caliber Corporate Advisers for CubiCasa
803-549-7529
ross@calibercorporate.com

SOURCE: CubiCasa

Padini Enters Partnership with XTS and Huawei Malaysia for RM1 Million Investment in Warehouse Automation Solution

XTS Technologies Sdn. Bhd. (XTS), a leading specialist in the design and build of factory automation solutions, and Huawei Technologies (M) Sdn. Bhd. (Huawei), a leading global provider of information and communications technology (ICT) infrastructure and smart devices, has signed a Memorandum of Understanding (MoU) with Padini Dot Com Sdn. Bhd., a subsidiary of Padini Holdings Berhad (Padini, Bursa: Main, 7052) for a warehouse automation solution using automated guided vehicles (AGVs) valued at RM1 million to be delivered within one year of a confirmed order.

Top 1st row, R: Mr. Lim Chee Siong, Huawei Malaysia’s VP of the Cloud and AI Business; 2nd row, L: Mr. Xteven Teoh, Managing Director of XTS and 3rd row, R: Mr. Andrew Yong, General Manager (Operations) of Padini, at the digital MoU signing ceremony.

Padini is a fashion retailer offering two multi-brand labels – Padini Concept Store with eight brands including Padini, Seed, Padini Authentics, PDI, P&Co, Miki, Vincci and Vincci Accessories, and Brands Outlet. Padini is a fashion retailer operating outlets stores in malls across Malaysia as well as Cambodia, Indonesia, Bahrain, Brunei, Myanmar, Oman, Qatar, Thailand and United Arab Emirates.

The warehouse automation solution enables Padini to use AGVs of the reach truck type to assist in warehouse inbound and outbound picking of goods from the current manual system in which the reach truck driver needs to search for the required products on pallets from numerous racks in different locations in the warehouse.

With AGV reach trucks, data stored within the Huawei cloud storage system enables the automated reach trucks to accurately pinpoint where the goods are for picking, with the reach trucks able to navigate its way automatically in the warehouse.

Managing Director of XTS, Xteven Teoh said, “We are proposing through this MoU to design and build the warehouse automation solution using AGVs that can assist and streamline Padini in its warehouse operations. This is also our first warehouse automation solution project utilising AGVs.”

“The AGVs will replace Padini’s two manual reach trucks and two drivers per floor in its warehouse operations. The AGVs will mitigate the risks of human error as time is saved from having to search for the required pallets and there is less risk of goods and other properties being damaged. It is overall more efficient and with consistent outcomes.”

General Manager (Operation) of Padini, Andrew Yong, said, “The collaboration of this project with Huawei and XTS will certainly be a push to modernize the operations of the warehouse in relations to our push for IR 4.0 adoption in Padini. The scope of this project is a small portion of the operations with minimum units to be deployed in the warehouse. During this trial phase, we hope to achieve a better productivity, efficiency and safety. We hope that this trial will be able to prove better consistency in our warehouse throughput, saving time and maintaining or improving the throughput of our operations and the working environment in our warehouse. We will be looking forward to this collaboration.”

Huawei Malaysia’s Vice President of the Cloud and AI Business, Mr. Lim Chee Siong said, “It is always our goal at Huawei Cloud to dive into digitalisation and to provide Everything as a Service (XaaS). We will continue to innovate with local partners to offer cutting-edge technologies to support customer’s digital transformation journey. We are proud to be chosen as the preferred cloud partner by XTS and serving Padini, this collaboration is just the beginning, and we will see more opportunities in future.”

XTS Technologies: https://www.xtstech.com/
Padini Dot Com: https://www.padini.com/
Huawei: https://www.huawei.com/en/

Infocus International Launches a Live Online Masterclass on Project Finance & Project Financial Modelling

Infocus International Group, a global business intelligence provider of strategic information and professional services, has launched the Project Finance & Project Financial Modelling online masterclass and it will be commencing live on the 23rd of June 2022.

Today’s project finance (PF) transactions require a higher level of expertise not only in programming more sophisticated and flexible financial models, but also in incorporating the latest risk mitigation and credit enhancement instruments. While higher standards of Environmental, Social, and Governance (ESG) impact management are being demanded of all major capital projects worldwide, more options and models for ESG mitigation, insurance, guarantee products, and financing instruments are now available.

The objective of this course is to provide participants with an enhanced understanding of the practical & documentation requirements of all interested parties to today’s PF transaction. This programme provides participants with proven PF analytical strategies and transaction structuring techniques which will enable participants to quantitatively assess risks, resolve constraints, and reach project financial closure. This programme is also designed to enhance the check lists and benchmark metrics by which participants can reduce losses and which will be viewed favourably by both management and the regulatory community.

A rigorous new interactive methodology will be featured, requiring attendees to demonstrate their understanding with each module’s practical techniques and learning outcomes. Every 10-15 minutes throughout each session, attendees will be required to complete either focused review questions for selecting among a range of PF transaction management decisions. Attendees should be prepared to actively participate, and not merely to “watch & listen” video presentations.

Case studies of PF transactions will feature the real-world details of PF Info memos, feasibility studies, impact assessments, and PF agreements to provide first-hand understanding of the challenges of PF transactions. Discussions will place participants into the practical roles of key management decision-makers who not only need to analyse and understand PF investment proposals, but who have to make real-world decisions on transactions.

As a result of actively engaging in this program’s methodology, participants will be able to make practical decisions on PF strategies, projects, and transactions for your organizations following the workshop’s completion.

Past participant from ContourGlobal shared, “Infocus workshop on Project Finance & Project Financial Modelling provided me with deep insight on the topic and framework, to help me pursue sound skill in this area.”

“Trainer is very experienced. Good to ask him questions because he’ll provide you with a real case tackled example,” said a past participant from KPMG.

Book your seat now and learn project finance and financial modelling best practices with practical case studies!

Benefits of Attending:

– Understand the key practical and transaction management requirements of today’s project finance (PF) marketplace
– Oversee and direct PF transactions including managing specialist transaction advisors
Manage PF documentation requirements and manage detailed lender due diligence requirements to reach commercial & financial closure
– Designing commercial financing instruments, funding products, credit enhancements, and “blended finance” strategies to ensure PF bankability
– The latest standards for analysing and mitigating Environmental, Social, and Governance (ESG) impacts of PF transactions
– Best practices for resolving practical PF challenges in specific infrastructure and industrial sectors including – renewable energy; power transmission & energy pipelines; logistics & transport facilities; airports, ports, & roads; desalination plants; water & wastewater treatment facilities; accommodation, hospitals & education facilities; commercial real estate, agro-industrial facilities; mining & natural resources, etc.
– Practical standards for designing & programming financial models for PF transactions, data assumptions, financial statements, international accounting standards, and bankability metrics
– Review and critique PF financial models prepared by specialist PF financial advisors
– Stress-test PF models: sensitivity analysis, scenario analysis, and simulation analysis techniques
– Use PF financial models to guide risk-allocations, credit enhancements instruments, bankability measures, and reach transaction financial closure

Want to learn more?

Simply email emilia@infocusevent.com or call +65 6325 0210 to obtain your FREE COPY of the event brochure. For more information, please visit www.infocusinternational.com/projectfinance-online.

About Infocus International Group

Infocus International is a global business intelligence provider of strategic information and professional services for diverse business communities.

Infocus International recognises clients’ needs and responds with innovative and result oriented programmes. All products are founded on high value content in diverse subject areas, and the highest level of quality is ensured through intensive and in-depth market research from local and international insights.

Emilia Mok
Tel: +65 6325 0210
Email: emilia@infocusevent.com
Website: www.infocusinternational.com

Myanmar’s Minister of Information Mr Maung Maung Ohn Addresses Domestic Security Situation, Foreign Media Perception, and Preparations for Multi-Party Elections

The Ministry of Information (MOI) of the Union Government of Myanmar released today remarks by Minister of Information, Mr Maung Maung Ohn, addressing the domestic security situation, preparations for multi-party elections and foreign media perception.

“As you are aware, Myanmar Government is committed to maintaining friendly relationships with the media. Through your efforts you can share the true situation about Myanmar to the world.

Myanmar recently marked 2 major milestones. 2 February 2022 marked the anniversary of the formation of the State Administration Council (SAC) on 2 February 2021 after the Proclamation a day earlier. The second is the celebration of Union Day on 12 February 2022.

The Proclamation of 1 February 2021 was made following the failure to settle the issue of voter fraud list related to the 2020 elections, and subsequent postponement of Parliament sessions. The SAC has clearly stated that it is a caretaker government to carry out duties during a state of emergency.

The SAC has clearly stated to the people and to the international community that the Five-Point Road Map and Nine Objectives of the country were set out once it took the power of the State. It is performing its duties as a national responsibility, focusing on 2 main areas: national welfare and food security.

The SAC’s interim role will end after a new government is formed following multi-party democratic elections which will be held by August 2023 under Article 429 of the 2008 Constitution. Indeed, these elections will serve as the foundation of Myanmar’s democratic and political system.

Myanmar is a country with more than 130 ethnic groups among our population of 54 million people. Without such a firm foundation of proportional representation Myanmar will never achieve unity. That is the spirit of Union Day which we just celebrated on 12 February. Hence, this date is sacred to our nationhood.

Those who seek to divide Myanmar had tried to convene Parliament without addressing the fraud issue of the November 2020 elections. When the SAC was formed, they sought to discredit it. They have chosen a path of civil disobedience which has caused death, destruction and disruption of social and economic activity. Calling themselves the People’s Defensive Force they have chosen terrorism and sought foreign support. And some foreign elements seem to have supported them and such acts of terrorism.

I want to address 3 issues at this media briefing.

The first is to update on security matters from the viewpoint of the Government.

The second is the media bias and the perception of Myanmar by the international community.

The third relates to Proportional Representation and Preparations by The Union Election Commission for the coming elections.

Security Matters

The Government of the day has a duty to protect its citizens. Its security forces must prevent death, injury, destruction of property and disruption of social and economic activity. Its duty is to ensure peace and security.

Since the Proclamation the security forces have had to deal with clear acts of terrorism. Indeed, on 7 September 2021 the so-called National Unity Government (NUG) said it had launched a ‘defensive war’ and called for ‘revolt’ against the Government in ‘every corner of the country’.

Government officers have suffered attacks which resulted in the deaths of 95 civil servants and many injured. 20 monks have been assassinated. 153 Government servants were injured. Acts of terrorism have led to the destruction of large number of public and government buildings. These include 525 roads and bridges, 27 hospitals and clinics, 504 schools and educational buildings were destroyed across the nation from 1 February 2021 to 20 January 2022.

All told, the Government recorded 9,437 terrorist attacks in the past year and seized 5,606 assorted arms, 161,556 rounds of ammunition, 1,890 grenades and 11,424 homemade mines and bombs.

The security forces have arrested 4,338 terrorists. Nonetheless, the SAC has, on humanitarian grounds, pardoned and released 48,718 persons who had been prosecuted for participating in protests due to the incitement of the so-called Committee Representing Pyidaungsu Hluittaw (CRPH) and the so-called National Unity Government (NUG). Those released include 23,369 inmates released on Union Day on 12 February 2022.

In preventing such violence, the security forces have had to carry out the duty. Please see for yourself the return to normalcy in all major towns and cities in the country. Yes, there are still terrorism incidents in some parts of the country but in general, the security forces have helped to achieve national stability that we see today.

Media Perception

Myanmar is friendly to the media. We have accredited many journalists from international media organisations. What we find troubling is the clear and persistent bias of certain foreign media towards terrorist groups. But these media are doing so without fully ascertaining the facts. The terrorists appear to have swayed sections of the foreign media who report without checking and repeat misinformation as truth.

Two specific incidents come to mind. The first is the incident at Thantlang, Chin State in October 2021 to early January 2022. The second is an incident at Phruso Township, Kayah State in December 2021.

In both instances, the so-called PDF and parties sympathetic to it initiated attacks with arms and committed arson against security forces. In the Kayah State incident, the terrorists hid among civilians, and fired a 107-mm rocket launcher before fleeing. I have to stress that these attacks were initiated by terrorists and not by the security forces who were then called to respond.

In the Chin State incident that occurred on 29 October 2021, some vehicles caught between the 2 sides involved in the fire fight were set ablaze. The security forces tried to engage the local firefighting brigade but its vehicles had already been damaged earlier by the terrorists and it could not extinguish the fire. The terrorists abducted, handcuffed and killed some members of the Border Guard Force and then fabricated a story that security forces were responsible.

Many of the stories were written by journalists from the Western media who were not even present in Myanmar at the time. Indeed, many of these writers are reporting from abroad. They rely on ‘informants’ or propaganda on social media. They carried pictures of the arson attacks and blame the incidents on security forces.

The Ministry of Information will do its best to communicate the role and actions of the Government. That we are meeting the media and taking questions shows you that we have nothing to hide. We hope that the international media adhere to the principles of good journalism when reporting on Myanmar.

Preparing for Elections

Myanmar has held multi-party democracy elections in 2010 and 2015 and will do so again by August 2023.

The SAC is committed to the concept of Federalism. By this we understand it as sharing authority with regions, states, ethnic groups and races in a spirit of unity and integration.

We need to achieve true Proportional Representation (PR) so that various political parties have a wider scale of representation. Even if different political parties have different interpretations and concepts of federalism, we must come together to select the political system through a democratic process.

That political system must recognise the wishes of the majority and the minority in achieving harmony. It must involve sharing of power to enable the regions and states to have the rights of self-administration under the Constitution. Power must be shared on a tripartite basis – the Union, the regions, and the states.

In line with these principles and objectives, the current Union Election Commission (UEC) held 4 meetings with Political Parties last year to implement the System of Proportional Representation that is voter-based and democratic. These meetings have been successful, and a Closed List Proportional Representation System will be used to ensure that the process is fair. To achieve this UEC is amending the relevant laws and rules, reorganizing sub-commissions and providing the necessary training.

Basic voter registration is being carried out in the Regions and States to complete the voter list. A pilot project to verify the ground census so as to ensure accuracy of the basic voter list is also being implemented by the relevant ministries. Hence, major preparations are underway to hold free and fair multi-party democratic general elections in accordance with the Constitution (2008).

We hope that the international community understands that Myanmar is committed to the democratic process. They should not be blinded by sections of the international media who are fixated on a certain narrative about the country.

Myanmar has friendly relations with many countries who understand our challenges and have extended help in the form of humanitarian assistance and regular dialogue without interfering in domestic affairs. They continue to invest in our country away from the glare of publicity.

But Myanmar also has countries that are not friendly to us. Some want to impose a set of values that are consistent with the negative perception of sections of the foreign media. Some of these actions verge on interference of our domestic affairs. We hope these countries can view Myanmar without the lens of a biased narrative and recognise our history and unique social-political fabric.

We are determined to purse the path to democracy to ensure unity and progress. Thank you.”

Issued by Ministry of Information, Union Government of Myanmar.
For more information, please contact: mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com