Legal Archives - Page 2 of 9

Sensiba Welcomes Six New Partners in Firm’s Largest Single-Year Expansion

Sensiba LLP, ranked among the Top -75 U.S. accounting and consulting firms, is pleased to announce the addition of six new partners to its ownership group, effective May 1, 2025.

This milestone marks the largest single-year partnership expansion in Sensiba’s history and reflects the firm’s international growth, including its recent acquisition of cybersecurity audit and risk assurance firm AssuranceLab. The move also underscores Sensiba’s continued focus on delivering forward-thinking, technology-enabled services to clients across dynamic markets.

The firm’s partner group now includes 30 leaders, nearly half of whom are women, significantly exceeding the accounting industry’s average and reinforcing Sensiba’s commitment to diversity and leadership equity.

“We’re proud to welcome this outstanding group of professionals to our partnership,” said Managing Partner John Sensiba. “They’ve all shown an unwavering commitment to our clients, our colleagues, and the communities we serve. Their leadership will help drive our focus on tech-enabled innovation as we work with clients to navigate their evolving security and compliance challenges across dynamic markets.”

Introducing Sensiba’s New Partners:
Scott Dritz – As a Risk Assurance Partner, Scott Dritz helps clients strengthen their cybersecurity posture and streamline ISO compliance. His leadership expands Sensiba’s risk assurance capabilities and supports organizations navigating today’s complex security landscape.

Masha Herzbrun – Tax Partner Masha Herzbrun advises venture capital and technology clients on tax compliance and strategic planning. She brings specialized expertise in tax issues for startups and investors across complex corporate, federal, and state tax matters, including the compliance implications of cryptocurrencies. She also advises individuals who are general partners or owners of venture capital and technology clients on tax compliance.

Natela Katamadze – Audit Partner Natela Katamadze focuses on serving clients across the venture capital sector, supporting investment entities from emerging funds to established multi-fund entities. Her areas of expertise include fund of funds, real estate investments, and digital asset investments, including complex fund structures, allocation methodologies, and valuations.

Lexie Ling – Tax Partner Lexie Ling specializes in venture capital partnership taxation, international tax compliance, and multi-state strategies. She has extensive experience serving venture capital funds and fund of funds. She works closely with partnerships and high net worth individuals to develop forward-looking tax solutions that support long-term growth and compliance.

Nicholas Lew Ton – Partner Nicholas Lew Ton drives Sensiba’s enhancements to client experience and service delivery. As Cofounder and former Co-CEO of AssuranceLab, he has built high-performing teams and guided hundreds of SaaS and cloud technology clients through compliance journeys. He is known for aligning teams around shared goals and modernizing how firms deliver client service at scale.

Paul Wenham – Partner Paul Wenham leads Sensiba’s innovation strategy and supports the firm’s continued strategic growth. As Cofounder and former Co-CEO of AssuranceLab, he pioneered the development of modern, client-centered cybersecurity audits and compliance solutions, blending smarter systems with human-centered design.

About Sensiba
Sensiba’s global accounting, tax, risk assurance, and consulting services help businesses and people solve problems, establish trust, and build a foundation for sustainable growth. As an independent, partner-owned firm ranked among the Top 75 U.S. accounting and consulting firms, Sensiba serves clients throughout North America, APAC, and EMEA. We’re passionate about collaborating with clients to increase efficiency, mitigate risk, and embrace emerging opportunities. As a certified B Corp, we foster a culture where people, families, and communities thrive. As a member of Morison Global, we support our clients’ international accounting and tax needs. For more information, visit Sensiba.com.

CONTACT:
Marc Stevens, Brand & Communications Manager
925-271-8700 x7166
mstevens@sensiba.com

SOURCE: Sensiba LLP

Source Intelligence Evolves With C-Map: Delivering Next-Generation SaaS Platform for Compliance & Sustainability

The platform delivers faster risk identification, seamless data access, and streamlined workflows

Source Intelligence has evolved with C-Map, a next-generation software as a service (SaaS) platform that empowers enterprises to manage compliance and sustainability with greater efficiency. Designed to address the increasing complexities of today’s regulatory landscape, this powerful platform combines robust automation capabilities, Artificial Intelligence (AI), and in-house regulatory expertise to help companies tackle increasing compliance demands and mitigate emerging risks.

Source Intelligence’s logo and tagline – “Trust Your Source”

With regulations evolving faster than ever, compliance teams often struggle with limited resources. Collecting supplier data, responding to documentation requests, and keeping up with shifting requirements create considerable challenges. C-Map reduces manual effort, streamlines workflows, and equips businesses with tools to mitigate risk. These efficiencies translate into tangible outcomes, including:

Rapid risk identification: AI capabilities improve data quality and deliver insights into key risk areas faster. This offers companies better visibility and a stronger return on investment.

Enhanced risk mitigation through precise data collection: Expert-designed templates and assessments help standardize data collection. This allows teams to make informed decisions and address potential risks before they escalate.

Seamless data access with integrated compliance tools: A world-class database integrates with ERP, PLM, and warehousing systems. These integrations enable seamless data exchange, automate compliance checks, and offer real-time visibility into supply chain activities.

Increased efficiency through streamlined workflows: Automated workflows ease internal workloads, enabling businesses to manage compliance and sustainability without relying on consulting or manual labor.

Faster customer request fulfillment: Automated report and declaration generation reduces manual work. This helps companies respond to customer requests quickly and meet demand effectively.

Together, these outcomes empower businesses to reduce risk, enhance efficiency, and maintain control over compliance in a dynamic regulatory environment.

“C-Map represents a significant step forward for Source Intelligence,” said Mike Flynn, Chief Product Officer of Source Intelligence. “We recognized that the only way to help businesses tackle increasingly complex regulations was to deliver a platform that offers scalability, flexibility, and automation. Our software is trusted by some of the world’s largest and most sophisticated companies to manage compliance at the highest levels, proving its reliability and impact.”

With enhanced visibility and control over compliance tasks, businesses across industries – including electronics, medical devices, and industrial manufacturing – can confidently navigate evolving regulations. C-Map offers the flexibility to be self-managed or paired with managed services for additional support. Interested organizations are invited to schedule a demo and experience the platform firsthand.

About Source Intelligence
Source Intelligence simplifies compliance, sustainability, and ESG management through scalable SaaS solutions and managed services, configurable to meet the unique needs of any enterprise. For more information, please visit www.sourceintelligence.com.

Contact Information
Amanda Lindberg
Director of Marketing
amanda.lindberg@sourceintel.com

SOURCE: Source Intelligence

Valuufy appoints Dr Sachio Semmoto as Chairman of the Board, Signaling a New Era in Sustainability Assessment

Valuufy, a sustainability assessment startup, today announced the appointment of Dr Sachio Semmoto as Chairman of the Board. This strategic move comes at a critical juncture for the sustainability sector. It also emphasizes Valuufy’s commitment to transform how organizations measure and create sustainable value.

Dr Sachio Semmoto, appointed Chairman of the Board at Valuufy, Inc.

“The sustainability sector is at a critical inflection point, facing challenges such as greenwashing and lack of standardized metrics, but also unprecedented opportunities,” said Dr Semmoto. “Valuufy’s approach to redefining sustainability measurement through the ValuuCompass has the potential to create significant positive change. I am committed to leveraging my experience to help Valuufy become a global leader in driving meaningful, measurable sustainability practices.”

Dr Semmoto, brings over five decades of experience in building transformative companies. His track record includes co-founding KDDI, one of Asia’s largest telecommunication providers and a Fortune Global 500 Company, founding eAccess and EMOBILE (now Y! Mobile), and serving as Executive Chairman of RENOVA, a leading renewable energy company in Japan.

“Dr Semmoto’s joining Valuufy at this stage in his career, especially given the current challenges in the sustainability sector, is a testament to the potential of our mission,” said Kyle Barnes, CEO of Valuufy. “His expertise in scaling businesses from start-up to industry leaders aligns with our ambitions to redefine sustainability assessment worldwide.”

Dr Semmoto’s career spans both academia and industry. He holds a Ph.D. from the University of Florida and has held professorships at Keio University and visiting professorships at UC Berkeley, Carnegie Mellon, and Stanford University. He is also known for his philanthropic efforts, including founding the Frances & Sachio Semmoto Foundation, which provides educational opportunities to students from Asia-Pacific nations

This appointment underscores Valuufy’s commitment to combining expertise and innovative technology to address the pressing sustainability challenges facing businesses today.

Following this announcement, Valuufy will be sharing a comprehensive analysis of leading sustainability ratings frameworks against the ValuuCompass, illustrating where they fall short in comprehensively analyzing true stakeholder impact and value creation.

About Valuufy
Valuufy seeks to transform how the world understands and acts on sustainability. Founded in 2024, Valuufy, Inc is a registered Japanese startup in Kyoto, Japan, born of 10 years’ academic value research at Doshisha University and the Value Research Center. Led by an international team with expertise in value creation, sustainability and ESG, Valuufy provides new standards that transform how companies assess, manage, and leverage their sustainability efforts. For more on Valuufy and its impact on shaping the future of sustainability strategies, visit www.valuufy.com.

Contact:
Kyle Barnes
090-9742-0860
news@valuufy.com

Experian Launches Global Ultimate Beneficial Ownership Compliance Solution for Enhanced KYC/KYB Verification

Experian Singapore (Experian) recently introduced Global UBO (Ultimate Beneficial Ownership), a comprehensive report to the market, designed to revolutionise due diligence and compliance processes in onboarding, portfolio management, and customer lifecycle management.

This innovative resource provides detailed insights and evaluations of cross-border UBOs in over 200 markets, helping small and medium enterprises (SMEs), corporations and financial institutions navigate the complexities of regulatory compliance and risk management.

In an increasingly globalised and regulated marketplace, the importance of thoroughly understanding the complexities of business structures cannot be overstated. Experian’s Global UBO reports offer a standardised, detailed analysis of UBOs in one comprehensive report. These reports equip organisations with the critical information needed to make well-informed decisions, ensuring they meet the highest standards of due diligence, compliance, Know Your Customer (KYC) and Know Your Business (KYB) needs.

It’s no longer only financial institutions who have to comply with UBO regulations. Regulators are bringing their rules in line with global efforts to promote beneficial ownership transparency across other sectors – namely legal, real estate, corporate service providers and accountancy.

In Singapore, real estate developers with more than four units have to comply with the anti-money laundering and terrorism financing provisions. (ref https://www.ura.gov.sg/Corporate/Guidelines/Developers/Anti-Money-Laundering)

“Experian Global UBO helps businesses know exactly who they are doing business with, ensuring that their business partners comply with national and international laws on money laundering (AML), bribery and corruption, and regulations related to KYC/KYB. It automates and enhances the due diligence process by providing a reliable and comprehensive UBO report,” said Kabir Khanna, General Manager, Experian Credit Services Singapore.

Key benefits of the Global UBO report includes:

Enhanced Due Diligence: Comprehensive evaluations help identify potential risks and ensure thorough vetting of UBOs during the onboarding process.
Streamlined Portfolio Management: Leads to more effective and efficient risk management and decision-making, fostering a more secure and stable portfolio.
Improved Customer Lifecycle Management: Insights ensure that organisations remain compliant with evolving regulations and maintain high standards of customer relationship management.

These reports are an essential tool for financial institutions, regulatory bodies, and businesses committed to maintaining compliance and managing risk in today’s complex environment. By leveraging Experian’s Global UBO reports, organisations can confidently navigate the challenges of regulatory compliance, mitigate risks, and enhance their overall operational integrity.

In conjunction with the launch of Global UBO reports in Southeast Asia, Experian is also introducing a global monitoring service for Credit Reports. These are refreshed investigative credit reports produced over a predetermined period to help monitor critical business relationships in a proactive manner.

For more information about Experian’s Global UBO solution and the new Global Monitoring Service for Credit Reports, please visit www.experian.com.sg .

For media enquiries:
PRecious Communications for Experian
experian@preciouscomms.com

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics, and software. We also assist millions of people to realise their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agribusiness, insurance, and many more industry segments.

We invested in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

Valuufy Established to Transform Sustainable Business and Investing

Unleashing ValuuCompass to create a new benchmark for sustainability evaluation

Valuufy, a pioneering fintech startup drawn from a decades’ work in measuring and creating sustainable value at Doshisha University’s Value Research Center, has launched with its groundbreaking ValuuCompass, a comprehensive framework set to transform sustainable business practices and sustainability investing by providing a fully transparent and actionable framework for assessing and improving sustainability performance.

The current state of sustainability reporting:
· Confusing and inefficient for companies
· Multiple different standards and metric
· Emphasis on past activities rather than future strategies
· Difficult to capture real impacts on people and the environment
· No reliable benchmark for investors to assess sustainability risks and opportunities

ValuuCompass addresses precisely these challenges.
The ValuuCompass addresses a critical gap in the market: the lack of a holistic, transparent system for assessing a company’s true stakeholder impacts and sustainability risks that arise from these. At the heart of this new product is the Value Model, which has synthesized more than 1,200 individual impact measurements from leading global ESG and sustainability frameworks into a clear goal-based model to measure stakeholder impacts and value creation.

With this new assessment system, Valuufy offers businesses and investors a clear, actionable view of value creation that goes far beyond traditional sustainability and ESG metrics. “In an era where ‘value washing’ – the pretence of sustainable value creation – poses significant financial and reputational risks, both companies and investors need a reliable compass,” said Kyle Barnes, CEO of Valuufy. “Valuufy’s products and services provide these capabilities, offering a level of transparency and insight that goes beyond all other existing solutions.”

Dr. Philip Sugai, Director of Research at Valuufy and Director at the Value Research Center, emphasized the revolutionary approach that Valuufy is taking: “The current systems underlying sustainability and ESG are fundamentally broken, focusing on backwards-looking disclosures rather than forward-looking strategies. Valuufy was established to change this paradigm, helping businesses to shift their focus to creating real, and measurable value across their key stakeholders.”

Valuufy’s ongoing activities aim to bring this important mindset to business strategy creation for businesses of all sizes. “Today, we’re not just launching a new tool; we’re setting a new standard for sustainable business and investing,” added Marco Koeder, Chief Marketing Officer. By 2030, we aim to establish the Value Model as the global benchmark for measuring and creating sustainable value.”

Benefits of ValuuCompass for Companies:
· First universal, objective standard to measure real impact on people and the planet
· Provides actionable recommendations for improvement
· Enhances performance in the sustainability reporting framework
· Transforms complex data into clear, strategic insights

Benefits of ValuuCompass for Investors:
· Enables truly informed decisions on sustainability risks and opportunities
· Offers rigorous, quantifiable metrics for portfolio assessment
· Aligns perfectly with the financial sector’s data-driven approach
· Provides a competitive edge in sustainable investing

Discover how Valuufy is revolutionizing the future of sustainability at www.valuufy.com.

About Valuufy
Valuufy Inc seeks to transform how the world understands and acts on sustainability. Founded in 2024, Valuufy is a registered Japanese startup in Kyoto, Japan, born of 10 years of academic value research at Doshisha University and the Value Research Center. Led by an international team with expertise in value research, sustainability strategies, innovative technologies, business development, and ESG assessments, Valuufy provides a suite of products and services to promote value-creation activities across stakeholders for businesses of all sizes – to set new standards in transparent, data-driven decision-making in the realm of sustainability and value creation. For more, visit www.valuufy.com.

The Value Research Center was officially established at Doshisha University in Kyoto, Japan, in November 2021 to develop a system for measuring, monitoring, assessing, and reporting on organizations’ value creation and destruction impacts on various stakeholder groups. The result is the Value Model, which forms the foundation for ValuuCompass.

Contact:
Press/Media
E: news@valuufy.com
T: +81-90-9742-0860

Marco Koeder
E: marco@valuufy.com
T: +49-175-999-8647

Creation Business Consultants Expands Presence with New Office in Hong Kong

Creation Business Consultants, a leading corporate services provider, tax, compliance advisory, and business consultancy firm, is thrilled to announce the opening of its new office in Hong Kong. This strategic expansion marks an exciting milestone for Creation and represents a significant opportunity for Hong Kong and Chinese clients seeking to establish their commercial presence in the Middle East.

With its rich history as a global financial hub, Hong Kong serves as an ideal gateway for businesses looking to expand into new markets. The launch of Creation’s Hong Kong office solidifies the company’s commitment to providing comprehensive support to clients in the region and beyond.

“Our decision to open an office in Hong Kong was driven by the increasing demand from our clients in the region and the growing importance of Hong Kong as a business destination,” said Scott Cairns, Managing Director of Creation Business Consultants. “This expansion allows us to better serve our clients by providing localized expertise and support, while also offering a seamless transition for businesses looking to enter the Middle Eastern market.”

The Hong Kong office will offer a wide range of services tailored to the needs of Hong Kong and Chinese companies seeking to expand into the Middle East. These services include company formation, tax advisory, and ongoing business, and compliance support. By establishing a physical presence in Hong Kong, Creation aims to streamline the process for clients and provide them with access to a dedicated team of experts with in-depth knowledge of the Middle Eastern market.

“We believe that our presence in Hong Kong will not only benefit our clients but also contribute to the growth and development of the local business community,” added Cairns. “We are excited about the opportunities that this new office will bring and look forward to helping our clients achieve their business objectives in the Middle East.”

Neil Wilson, Director of Strategy and Commercial at Creation Business Consultants, commented on the timing of the office launch, stating, “This is an excellent time for Hong Kong and Chinese companies to capitalize on the opportunities in the UAE and Saudi markets. By establishing a presence in Hong Kong, we aim to forge stronger partnerships with trade bodies and strategic allies, ultimately streamlining support and fostering stronger business ties for companies from Hong Kong and China in the MENA region”

Gary Hales, Head of International Business, emphasized the significance of the Hong Kong office launch, stating, “This is a part of our on-going expansion to our service offering and delivering exceptional superior service to our clients. The launch of the Hong Kong office will complement the Chinese-speaking team we have working in Dubai and Riyadh, providing a comprehensive suite of services to our clients.”

Creation Business Consultants is dedicated to empowering businesses to succeed in today’s booming global marketplace. The opening of the Hong Kong office underscores Creation’s commitment to providing unparalleled service and support to clients worldwide.

For more information about Creation Business Consultants and its services, please visit www.creationbc.com

ABOUT CREATION BUSINESS CONSULTANTS:

Creation Business Consultants is a leading MENA and APAC corporate services provider, tax, compliance advisory, and management consultancy firm, assisting multinational corporations, family offices, SMEs, and entrepreneurs worldwide. With a team of highly skilled professionals and a client-centric approach, the company offers comprehensive solutions in company structuring, company formation, tax planning, accounting, and other corporate services. Creation safeguards their clients’ corporate entities and maximizes their business returns through the United Arab Emirates, Saudi Arabia, and the wider GCC region. Creation Business Consultants is dedicated to delivering excellence, value, and tailored solutions to empower businesses worldwide.

MEDIA CONTACT:
Creation Business Consultants
Marketing Team
+971 4 878 6240
marketing@creationbc.com
www.creationbc.com

This press release is issued through AsiaNewswire.Net™ (https://www.asianewswire.net) – a newswire service with press release distribution to media in Asia Pacific, East Asia, South and South East Asian countries.

Shopee’s logistics partners dispel concerns over monopoly allegations

Shopee‘s logistics service partners have expressed their support for continued partnerships with the e-commerce company, citing the positive impact on their businesses and communities.

PT Tiki Lintas Nugraha Ekakurir, known as JNE, noted it had successfully collaborated with Shopee as a logistics partner for the past eight years. “Our strong relationship with Shopee is grounded in our joint commitment to developing the digital economy and integrating JNE’s logistics system with Shopee technology,” JNE SVP and Marketing Group Head Eri Palgunadi said.

Since 2016, the partnership has seen significant success, as the demand for logistics services driven by the increasing number of MSME players utilizing Shopee’s sales channels continues to surge. The 33-year-old company plans to continue working with Shopee, and remains committed to innovating its technology and services to support the growth of Indonesian MSMEs.

On May 28, the state-owned courier and logistics service company PT Pos Indonesia (PosID) awarded Shopee as Best Private Partner in a ceremony for partners who consistently support PosID’s work programs in the logistics sector.

Haris, PosIND’s Director of Financial Services Business, noted “As a postal operator, courier service provider, and logistics provider, we are proud to serve millions of Shopee users by connecting sellers to buyers in 514 cities and regions in Indonesia,” he said.

Previously, it was reported that the Business Competition Supervisory Commission (KPPU) suggested that Shopee deliberately discriminated by mass activating select delivery service companies on its seller dashboard.

The Chairman of the E-commerce Logistics Entrepreneurs Association (APLE), Sonny Harsono, offered a different take, explaining that the priority mechanism for couriers is part of a marketing strategy, not an attempt to monopolize. Furthermore, the techniques benefit consumers.

Sonny explained that from his observations, Shopee still provided courier service options in addition to those affiliated with the company. “Therefore, it does not meet the classification of monopoly or oligopoly,” he explained when contacted on Thursday (30/5/2024).

There are more than three courier services on the Shopee platform, leading Sonny to suspect a misinterpretation of the marketing pattern as a violation of healthy business competition regulations, as outlined in Law No. 5 of 1999. “Our concern is that the cross-selling or cross-promotion interpretation is being misunderstood as an attempt at monopolization. Furthermore, buyers can change their delivery provider after check-out,” he said.

“In our opinion, since Shopee still uses other logistics or courier providers, Shopee is merely utilizing marketing techniques to make services more attractive for the broader public.”

Shopee: https://shopee.co.id

Advocates Deliver Over 540,000 Signatures Demanding Increased Regulation to Combat Child Sexual Abuse Online

The Petition’s Delivery to EU Institutions Marks the First Mass Public Outcry Calling for Legislators’ Attention Amid Global Debates

Since 2022, proposed legislation to combat online child abuse — the Regulation to Prevent and Combat Child Sexual Abuse — has gone through a number of iterations, the latest of which child protection advocates view as a compromise too far. This echoes happenings globally, as legislation in countries like the United States and United Kingdom face roadblocks. However, with over 540,000 signatures, a petition submitted to the European Union demonstrates mass support to enact comprehensive legislation protecting children online.

Justice Initiative Petition Handover – Survivors and advocates deliver 540,000 signatures at event with European Commissioner for Home Affairs Ylva Johansson and Members of the European Parliament Hilde Vautman and Catharina Rinzema

The Justice Initiative led the petition’s delivery in the European Parliament on December 6th attended by NGOs, survivors, and politicians including European Commissioner for Home Affairs Ylva Johansson, Members of the European Parliament, former United States Ambassador-at-Large John Cotton Richmond, and a Spanish Council Presidency representative.

Advocates urged lawmakers to champion the rights of children. As survivor Mie Kohyiama said, “The compromise in the European Parliament is a clear step back in the protection of children online.”

In 2022, there were 32 million reports globally of suspected online child sexual exploitation. Powerful interest groups have done everything they can to weaken the proposal, but survivors say, “Enough is enough.” This stance is in line with results of recent EU-wide surveys such as the Eurobarometer and one conducted by ECPAT-NSPCC, whose results show an overwhelming majority of citizens support legislation to prevent, detect, and report child sexual abuse online.

As global debates continue, the European Union has a crucial role to play. With a user base higher than the United States, as Guido Fluri of the Justice Initiative said, “What the EU decides to do about the sexual abuse images on the internet will have repercussions around the world. This is an opportunity for global child protection.”

With significant events set to occur internationally including landmark testimony on the issue of online child sexual abuse and exploitation to the United States Senate Judiciary Committee from five of the largest tech CEOs slated for January 31st, the legislation faces another round of revisions. At the event, calling on governments to act, former U.S. Ambassador-at-Large to Monitor and Combat Trafficking in Persons Richmond said, “We’re not going to stop this problem if we don’t hold the perpetrators, whether it be individuals or companies, accountable.”

Ylva Johansson, European Commissioner for Home Affairs urged, “This is a decisive moment. The European Parliament and the Council of the European Union are deciding on the final text of the proposal. I urge you to listen to the silent majority, to listen to the survivors and support my proposal, to protect children from the worst crime imaginable.”

Access photos from the event here.

Contact Information:Matthew HartmanPrincipalmatt@socialgoodcommunications.com +13107676789

Reach Announces Platform-Agnostic Global Tax Compliance Solution

Offered worldwide, this revolutionary service ensures ecommerce businesses are fully compliant with sales tax, VAT, GST and duties, with Reach assuming all liabilities and compliance risk.

Already a worldwide leader in providing Merchant of Record services to global businesses, Reach is excited to announce the worldwide expansion of its revolutionary global tax compliance solution. Unlike competing services, the Reach platform is a standalone service that can be seamlessly integrated into a merchant’s existing ecommerce infrastructure without the need for additional coding or technical lift. This service not only eliminates one of the most complicated pain points for online businesses, but Reach also assumes all risk and liability associated with global tax compliance on behalf of merchants. The challenges of selling cross-border into international markets don’t end with payment processing and logistics. Many online businesses don’t realize that they must also be registered with domestic tax authorities and calculate, file, and remit sales tax, VAT, GST and duties. The penalties for not complying with local tax laws can be severe and extend beyond large fines into the realm of criminal prosecution.

“Our aim at Reach is to eliminate pain points that deter or prevent online businesses from selling cross-border and reaching their full revenue potential. By combining our world-leading Merchant of Record model with robust global tax compliance, we are unmatched in the space,” Sam Ranieri, CEO of Reach, said.

With this revolutionary solution, Reach’s Merchant of Record network localizes the customer’s experience to increase conversions while taking on all the complexity of and liability with local tax authorities. This responsibility means that Reach is solely responsible for accurately calculating, filing, and remitting any tax incurred on online transactions, freeing ecommerce businesses from all penalties and liabilities that might arise as a result of improper compliance.

“Online businesses often treat the ecommerce space as the ‘wild west’ where anything goes,” explained Mr. Ranieri. “But international regulatory agencies are more vigilant than ever when it comes to cracking down on businesses that don’t pay what is proscribed by local tax laws. And those crackdowns can be harsh.”

The Reach global tax compliance solution is available globally in over 50 of the world’s largest ecommerce markets, with additional jurisdictions being added on a regular basis. The solution is also not limited by business focus, as it is universally available to any economic sector, from B2C to B2B, for any marketplace or platform, and also for digital and SaaS merchants who struggle with the complexities of global taxation on recurring and subscription payments.

More information on this revolutionary service can be found on the Reach website: https://www.withreach.com/solution/global-tax-compliance.

ABOUT REACH
Reach is a global Merchant of Record that helps businesses scale in international markets, reduce risk and complexity, increase conversions and lower fees. Its vast network of local entities turns every international buyer into a local buyer, giving them the comfort and convenience of paying in their local currencies with the payment methods that they prefer. In addition to market-leading automated FX and global tax compliance, Reach offers a suite of integration options, ranging from no-code plug-and-play access to a powerful and fully customizable API.

For Media Inquiries:
Andrew Cunningham
Head of Marketing & Media
marketing@withreach.com

Contact Information
Andrew Cunningham
Head of Marketing & Media
marketing@withreach.com
15875745011

Kitchen Culture: Update on Progress towards Resumption of Trading of the Company’s Shares

1. Resolutions approved at the EGM held on 17 November 2023:
– Appointment of Foo Kon Tan LLP as the new statutory auditor for the Company
– Change of name of the Company to “SDAI Limited”
2. Change of Continuing Sponsor of the Company to ZICO Capital Pte. Ltd. with effect from 1 November 2023

The Board of Directors (the Board) of Kitchen Culture Holdings Ltd. (the Company or Kitchen Culture) wishes to announce that following the Extraordinary General Meeting of the Company (EGM) held on 17 November 2023, at 9.00 a.m. in the Grand Copthorne Waterfront Hotel, the following two resolutions were passed and adopted by shareholders of the Company:

1. Ordinary Resolution: Appointment of Foo Kon Tan LLP as the statutory auditor of the Company
2. Special Resolution: Change of name of the Company from “Kitchen Culture Holdings Ltd.” to

“SDAI Limited”
At the EGM, 99.997% of the approximately 184.59 million votes represented, were cast in favour of the two resolutions and the resolutions were duly passed.

“Through the effective stewardship of the new Board, a new statutory auditor of the Company has now been appointed, filling the void following the cessation of the previous auditor. This is a significant and necessary step forward in getting the Company back on the path of accountability, restoration and fulfilling all its statutory responsibilities to shareholders.” said Mdm Hao Dongting, Executive Chairperson of the Board.

“With the new management in place, we are actively working to chart a new path for the Company by pursuing various strategies going forward, including a new name for the Company as a testament and reflection of the positive developments being undertaken in our new growth trajectory.”

“Holding the EGM marks a vital milestone towards the Board’s ultimate goal of obtaining SGX approval for the resumption of trading of the Company’s shares. We would like to assure shareholders that we are steadily making progress to create long-term value for the Company and we thank them for their continued trust and patience in us in overcoming the many obstacles during the tumultuous period of the Company’s history.” added Mdm Hao.

Background
Kitchen Culture was listed on the SGX-Catalist on 22 July 2011. The Company previously specialised in the sale and distribution of a wide range of premium imported kitchen systems, appliances, wardrobes systems, household furnishings and accessories from Europe and the USA. The Company worked closely with developers to market “higher-end” residential projects. Since 12 July 2021, the Company’s shares have been suspended due to a variety of issues including non-compliance and systemic internal failures.

Appointment of new Statutory Auditor, Foo Kon Tan LLP
The appointment of the new statutory auditor of the Company is a significant milestone accomplished by the present Board to rectify historical breaches of the Company, signifying a major step to work towards resumption of trading of the Company’s shares. Prior to this, the Company had failed to secure a statutory auditor when the previous auditor, Nexia TS Public Accounting Corporation (now known as CLA Global Public Accounting Corporation), did not seek re-appointment at the last Annual General Meeting of the Company held on 18 March 2022 for the financial year ended 30 June 2021. Consequently, the Company has failed to comply with the requisite listing rules of SGX and is in breach of statutory requirements under the Companies Act 1967 of Singapore for filing of statutory accounts and convening of shareholders’ meeting.

Change of the Company’s name to “SDAI Limited”
The change of the Company’s name from “Kitchen Culture Holdings Ltd.” to “SDAI Limited” will reflect the Company’s strategic direction and business activities going forward. This will enable the Company to create a new corporate identity for itself and develop a new positioning in the market, allowing the public and the Company’s business partners to better identify with the Company under this new name moving forward.

Going Forward
The Company will lodge the requisite statutory returns with the Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) to effect the change of name of the Company from “Kitchen Culture Holdings Ltd.” to “SDAI Limited”. Upon the lodgement of the requisite statutory returns with ACRA, the Company shall adopt the name “SDAI Limited” as its new name and the name “SDAI Limited” shall replace all references to “Kitchen Culture Holdings Ltd.”.

The Company has also been working hard to accelerate the process of completing the Independent Special Audit being conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. by the end of the year, in compliance with statutory requirements, and is another key factor in the resumption of trading of the Company’s shares.

Change of Continuing Sponsor to ZICO Capital Pte. Ltd.
With effect from 1 November 2023, the Company has appointed ZICO Capital Pte. Ltd. as its new continuing sponsor in place of the previous continuing sponsor, SAC Capital Private Limited. The change of continuing sponsor is due to commercial reasons.

This media release is to be read in conjunction with the Company’s announcement on the results of the EGM held on 17 November 2023 released on SGXNET on 17 November 2023.

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ISSUED BY KITCHEN CULTURE HOLDINGS LTD:
This media release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.

This media release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release.

The contact person for the Sponsor is Ms Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.