Category: Startups

HKTDC: Three online expos and forum conclude successfully

  • Opening up business opportunities; 26,000 participants recorded

The Hong Kong Trade Development Council (HKTDC) organised three expos and a forum through online streaming platforms last week. The three events, namely HKTDC Entrepreneur Day (E-day), the Business of IP Asia Forum (BIP Asia Forum) and the HKTDC SmartBiz Expo, covered topics ranging from driving innovation through intellectual property and sustainable development to entrepreneurship and business know-how, offering both theoretical and practical insights to help businesses address challenges worldwide.

With the theme “New Normal New Future”, HKTDC Entrepreneur Day and the HKTDC SmartBiz Expo attracted more than 12,000 viewers from 37 countries and regions.
Hang Seng Bank and HKTDC reached a strategic collaboration agreement that will see the organisations form a strategic alliance to promote innovation.
Aldric Chau, Head of Retail (e-Commerce & Travel Partnerships) at Cathay Pacific Airways Limited (top left); Andy Lau, Managing Director of Ngong Ping 360 (top right); Percy Kwan, Marketing Director of Klook (bottom)

Under the theme “New Normal New Future”, HKTDC Entrepreneur Day and the HKTDC SmartBiz Expo presented 25 seminar sessions in total and welcomed more than 50 industry experts and renowned speakers from across different industries to share their business know-how and offer innovative responses to market changes for the benefit of local small and medium-sized enterprises (SMEs) and start-ups. The two events attracted more than 12,000 viewers from 37 countries and regions.

With the theme “Unleashing Innovation for Sustainability and Growth”, the Business of IP Asia Forum (BIP Asia Forum) brought together more than 70 intellectual property (IP) professionals and business leaders from around the globe and over 14,000 viewers from 49 countries and regions to engage in in-depth discussions on the latest developments in the IP world. The forum served as a platform for interaction that connected guest professionals and business leaders with the audience.

Participants can revisit highlights of the expo and forum via video-on-demand until the end of December.

Embracing the Global Class mindset to expand internationally
Expanding a business into international markets is never an easy task. It becomes even more challenging during a pandemic, requiring businesses to take a holistic approach and outline a comprehensive expansion plan. At the HKTDC Entrepreneur Day, Aaron McDaniel, co-founder of 10X Innovation Lab, shared his views on expansion into global markets in the session “T-Chat: How to be a Global Class Company and Achieve Global Scale?”. Mr McDaniel has held various positions at AT&T, a Fortune 500 company, and is the youngest Regional Vice President in AT&T’s history. He embarked on his entrepreneurial journey in his early 20s and has accumulated extensive experience in various areas such as e-marketing and mobile-related applications.

Mr McDaniel said that companies with the “Global Class mindset” think global from day one. They build their team, their processes, their products, their strategies, and their core values in a way that can be localised or universalised. Global Class companies also have a different way of looking at talents and can bring in a team across the world. Subsequently, they use that local market knowledge to gain understanding and, ultimately, enter new markets. He also suggested that one of the hallmarks of Global Class companies is strong two-way communication. When there is an interesting insight or way of doing things learnt from a specific market, Global Class companies know how to spread the piece of useful information across their whole global footprint as opposed to keeping it just in one market.

Unicorns foresee robust post-pandemic growth in online shopping and payment
The session titled “Unicorn Fireside Chat – New Normal New Future” delved into the journey and success factors of entrepreneurship, bringing the latest insights from the new normal for the benefit of different industries. Komsan Sae Lee, founder and CEO of Flash Express, Thailand’s first unicorn, said that online shopping is no longer merely a service, but has grown into a type of infrastructure. The overall development of online shopping might be marginally affected when the pandemic is over. However, it is an irreversible trend for people to rely on online shopping to fulfil their daily needs. There might be fluctuations in the short term, but it will definitely turn into growth in the long run, he said.

Mr Lee added that he was happy about Flash Express becoming a unicorn, “This is a positive signal to some of the entrepreneurs, and this brings hope to the start-up teams in Thailand that they can become an outstanding business. This also means that Thailand has become a place that can make more and more people’s dreams come true. To investors, Flash as a unicorn is also an optimistic signal. Investors gain more confidence that Thailand’s start-ups are worth investing in.”

Airwallex has 19 offices worldwide and boasts a payment network that enables companies to conduct transactions in more than 150 countries. Arnold Chan, Head of SME (Hong Kong and Singapore) at Airwallex, believes that the pandemic has created opportunities for Airwallex clients to appreciate the convenience of their service when it comes to handling their financial service needs. Many of the company’s customers already had a physical bank account, but banks were failing to fulfil their needs under the pandemic. Users have been gradually shifting to their Airwallex accounts to carry out their financial operations. Mr Chan said this trend is here to stay after the pandemic and will continue to accelerate.

“Over the past two years, the demand for services provided by start-ups is growing bigger by the day. The COVID situation has led to a gradual digitalisation in the industry chain. Many start-ups have taken advantage of this opportunity to change the minds of traditional consumers or traditional industries. I think that the level of acceptance for technologies and start-ups will climb gradually, changing the entire start-up ecosystem for the better.”

E-commerce is accelerating faster than ever and has evolved into a service that provides more than a simple buy-and-sell function. However, online fraud and return issues have incurred a lot of extra expense for e-commerce companies. In “Tackling the Pain-points in Online Businesses”, Sarah Roden, Head of Operations, APAC, at Riskified and Roy Wan, co-founder and CEO of Return Helper Limited, presented innovative solutions to address these issues.

Ms Roden said that merchants partnering with Riskified can mitigate fraud and eliminate friction, as Riskified helps grow their partners’ revenue by increasing approval rates and eliminating drop-off. “Merchants have to create the easiest buying process possible in order to maximise sales while ensuring that the merchant and consumers are protected from fraud and abuse. On top of that, merchants must adhere to changing regulations and manage relationships with the banks and payment gateways. It is really hard for merchants to find the right balance here. We also offer liability shifts. If we tell a merchant that this is a legitimate order but we are wrong and that order is fraudulent, Riskified takes the financial liability for that order,” Ms Roden said.

Meanwhile, e-commerce accelerated greatly in 2020 due to the pandemic. Mr Wan said that the cross-border e-commerce market from China to the US grew 40% year-on-year to more than US$172 billion. However, both the return value and the total cost of online returns grew almost 100% year-on-year, meaning that returns are growing faster than the e-commerce market itself. This is a pain point for online businesses because they have to bear higher logistics and operational costs. Moreover, some of the returned merchandise will lose its commercial value. Online businesses are advised to partner with local recyclers to handle this returned merchandise. This can be a selling point for brands as online shoppers increasingly prefer to shop from companies that embrace ESG values.

Global Tech Summit on the future of 6G, metaverse and food technology
In addition to innovative ideas and inventions, businesses also need to protect their property rights through intellectual property transactions and patent systems, in order to provide continuous incentives for innovators to create and innovate. The Global Tech Summit, held last Friday at BIP Asia Forum, discussed the transformations driven by disruptive technologies and their impact on human living. Osman Yilmaz, 6G Program Manager at Nokia Bell Labs, believes that 6G will make extensive use of holographic videos. The 6G network will not only be a communication network, but a joint communication and sensing network, thanks to massive sensing and artificial intelligence (AI) in the technology. He explained that sustainability is also being taken into account in the 6G network design. “In 5G, some of the always-on signals such as reference signals have already been removed. But there is still room for improvement in 6G to reduce energy consumption. And I see that 6G will be one of the enablers. Having AI and machine learning in the picture for 6G, we can save up to 50% of energy.”

Yat Siu, Co-Founder & Executive Chairman of Animoca Brands, said that the metaverse being developed on social media platforms is a closed one. However, a true metaverse uses open-source platforms, and non-fungible tokens (NFTs) are one of the options. NFTs are powerful because they allow people to own open digital assets and eventually own part of the metaverse. “If you have a digital sword in your game, you do not actually own it. But in a blockchain, non-fungible token game, that asset belongs to you. Some other game companies can use that sword and compose on top of it to provide additional services. These are third-party composabilities on top of the assets that do not need permission from anyone. Also, decentralised autonomous organisations (DAO) will be the structures of the future. In this case, ownership is distributed to its users, meaning it serves the majority interest because the majority has a stake in it. The token infrastructure provides a way in which you can have decision making. And perhaps essentially it forms the most democratic format in which you can have ownership of a construction in the particular metaverse where you exist.”

Endless West is a food technology company using innovative methods to create wines and spirits at the molecular level. Alec Lee, the company’s Co-founder and CEO, said that its new production process ensures consistency in flavour when compared to the traditional way of making beverages. The company has effectively created a digital archive of a flavour profile. It means that they can create the same product today, tomorrow and in 100 years. They are not going to be bound by the effects of climate change and how that will impact flavours or the availability or scalability of certain products, nor by human output and changes in the process. “We can keep it consistent, or we can change it. That is the beauty of having a sort of digital control over the flavour profile of a product. This new way of thinking about building beverages is ultimately a technology that our future generations will use to make beverages.”

Sustainability trend is inevitable; start-ups continue to gain traction
The fourth edition of IPHatch Hong Kong, the open innovation competition, was launched during the BIP Asia Forum. The contest offers entrepreneurs patented technology portfolios of renowned multinational corporations to scale up their businesses. The launch and the breakout session focused on sustainable innovation, with representatives from prominent venture capital funds providing insights into the impact of sustainability on investment trends and decisions. Andrew Young, Associate Director (Innovation) of Sino Group, said that sustainability was an option in the past, but is a necessity now. Tech start-ups that can develop something good to fill the sustainability gap will see corporates willingly spend money to invest into those ventures or use the solutions. Jenni Risku, Impact Partner of Click Ventures, said that start-ups are never too small to make a difference. “If you look at every large company today, Facebook started in a dormitory. You could make a huge difference. That’s why you have all these accelerators – including us, as a VC – that want to invest in those people who want to make a difference, who have a big vision,” she said.

Quick commerce scrutinised at SmartBiz Expo
Since the onset of the pandemic, people have been relying more on e-commerce platforms to purchase daily necessities. Businesses and SMEs partnering with a suitable logistics and on-demand delivery service provider can have their goods delivered to consumers without delay and at a much lower cost. The session “Quick Commerce – the Latest form of E-commerce” welcomed a group of partners in a comprehensive e-commerce solution to analyse quick commerce with the audience.

KK Chiu, co-founder and CEO of Zeek, pointed out that when their customers transform from e-commerce to quick commerce, they are not only facing transportation resources issues, but also the need to build a comprehensive service system. “Zeek is supporting several major brands in Hong Kong, including Pricerite and HKTVmall. We are also supporting the fast delivery services of brands in Vietnam, Thailand and Singapore. This enormous demand for logistics services reflects that the market is moving towards the quick commerce business model,” Mr Chiu explained.

James Leung, Executive Director and CEO of Pricerite Group Limited, said the company aims to create value for its customers by leveraging the quick commerce model to cater for the specific needs of different groups of customers. “Seasonal products, home products, hygiene items and festive items are all products with immediate needs. They require time-sensitive delivery and Pricerite can deliver them to our customers within a few hours. The delivery capability of our stores is on par with that of small distribution centres in terms of systems, processes and manpower. With this, we can achieve point-to-point short-haul delivery and shortened waiting times,” Mr Leung said.

Joe Lai, co-founder of Wash Duck, said the company has become more diversified in its services to cater to the needs of the new generation of customers. Customers can easily access laundry services anytime with their mobile application. “Our vision is to revolutionise the traditional laundry service, so we are now piloting a storage box service in addition to offering a collection-delivery laundry service,” Ms Lai explained. “We will also be gradually launching different service products. We have also partnered with Zeek to provide regular, 24-hour, or even faster, collection-delivery laundry services to meet the needs of our customers.”

Hong Kong Telecom launched a telemedical service platform named DrGo last year. Teresa Ng, Head of Marketing at HKT Limited, said that Hong Kong people are hesitant about online transactions because of potential fraud and internet security issues. Therefore, DrGo’s entire system design, cloud and data storage is managed in Hong Kong, with a local team working to ensure internet security. Also, the service platform has been designed based on guidelines from the Hong Kong Medical Council to protect the interests of patients, doctors and medical institutions.

Businesses share tips on post-pandemic branding
The pandemic has changed purchasing preferences and consumer behaviour. In light of this, businesses have to enhance their brand image to rebuild trust with their customers and drive business development. In the session titled “Developing your Brand in Post-Pandemic Era”, representatives from three local brands shared how they broke through their brand image and repositioned themselves according to market needs and the new norm in consumer behaviour.

Aldric Chau, Head of Retail, e-Commerce & Travel Partnerships at Cathay Pacific Airways Limited, pointed out that online merchants often list a large number of products on their e-shops, taking an untargeted approach. However, this approach can make it difficult for customers to choose the products they need. With this in mind, Cathay Pacific did a lot of market research and communicated with their customers to understand their needs. Eventually, they selected some 10,000 products and partners. “The most important part of a purchasing process is after the checkout. I see this as the golden time to communicate directly with customers,” Mr Chau said. “In the past year, we have put a lot of effort into improving our after-sales and delivery service. We strived to shorten our delivery time and to improve our service quality. By November this year we were able to deliver products within one day, and the customer satisfaction level rose straight up to 80% that month.”

Andy Lau, Managing Director of Ngong Ping 360, said the cable car company has experienced pressure maintaining its operations with international travel brought to a halt. Therefore, they worked with their colleagues and potential partners neighbouring Ngong Ping 360 to drive change and made it through this difficult time. “While foreign visitors choose to visit a place based on their itinerary, local visitors have completely different expectations. They are more purposeful, and they want their experience to be one that can be shared with others and spread joy. They are generally having higher expectations and will look at the details in depth. Therefore, we need to launch different promotion offers to target different customer groups,” Mr Lau explained.

Percy Kwan, Marketing Director of Klook, said the company has put more local travel products on its platform than it did previously. “We would say that we are not a ‘travel tech company’, but a ‘tech travel company’. Whereas traditional companies digitalise at the operational level, Klook is a technology-driven company that puts its focus on travel. In face of drastic changes, the strong technology that backs the company will be of enormous help in enabling us to develop in other industries.”

Websites
– HKTDC Entrepreneur Day: https://portal.hktdc.com/eday/en
– Business of IP Asia Forum: https://bipasia.hktdc.com/en/
– HKTDC SmartBiz Expo: https://portal.hktdc.com/smartbizexpo/en/
– Photo download: https://bit.ly/3ImUmlQ

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries:
HKTDC’s Communications & Public Affairs Department
Angel Tang, Tel: +852 2584 4544, Email: angel.hc.tang@hktdc.org
Clayton Lauw, Tel: +852 2584 4472, Email: clayton.y.lauw@hktdc.org

Gradiant Secures Five New DBOOM Projects in Indonesia and Vietnam, Appoints Managing Directors to Fuel Growth

Gradiant, a leading global cleantech water treatment solutions provider and projects developer, has announced the award of five design-build-own-operate-maintain (DBOOM) water treatment projects in Indonesia and Vietnam. Gradiant will provide end-to-end water treatment solutions through a customized approach using its proprietary suite of technologies to treat water and wastewater for industrial and municipal clients. These projects have a production capacity of 40,000 cubic meters per day. Gradiant has further announced the hiring of Managing Directors Thai Nam Nguyen for Vietnam, and K Sadanand for Indonesia. The new leadership appointments affirm Gradiant’s growth and investment priorities in the rapidly industrializing Asia Pacific region.

Sadanand brings over 35 years’ experience in the water industry, of which 10 years has been in the Indonesia market, working for leading companies of Solenis, Nalco Water, GE Water, Fichtner, and Ion Exchange. Nam has over 25 years’ experience in the water and wastewater treatment industry in various roles as country representative, and projects and business development director for leading multinationals such as Veolia Water Solutions.

“Customers are adopting our customized and complete solutions which they acknowledge will significantly reduce cost and simplify management of their water and wastewater treatment operations,” said Gradiant Indonesia MD K Sadanand. “Customers are delivered treated water, consistently and reliably, to their water quality and quantity requirements. With rapid industrialization pressures and increasingly strict environmental regulations, our clients will need to solve their water challenges in performance- and cost-optimized approaches. We are excited to help solve water and wastewater problems in Indonesia by providing sustainable end-to-end solutions.”

Since its inception in early 2020, the Gradiant Vietnam team has achieved substantial headway in the region with a growing pipeline of projects that are contracted, or in late-stage negotiations. “Our technologies are an apt fit for the value-driven Vietnamese market. This coupled with our team’s ability to develop, deliver, own, and operate as end-to-end solutions will enable our clients to fully address their water and wastewater challenges,” said Gradiant Vietnam MD Thai Nam Nguyen.

“Thai Nam Nguyen and K Sadanand will be incredible assets for our customers as they look to transform their businesses and infrastructure in these regions. Their local expertise will leverage Gradiant’s global resources and know-how, to ensure we are meeting the full needs of the regions’ customers,” said Sankar Natarajan, who heads the company’s project acquisition efforts for Southeast Asia. “Asia Pacific serves a critical role in the global supply chain with over 40% of the world’s manufacturing. Vietnam and Indonesia require effective and optimized water solutions to balance rapid industrialization with sustainable growth.”

The recent success in Indonesia and Vietnam further cements the company’s continuing rise in the Asia-Pacific region as a market leader. Gradiant has recently announced a major funding round to accelerate growth, and a series of new contract wins that demonstrate the market’s sustained demand for cleantech water solutions and DBOOM concession models.

About Gradiant Corporation

Gradiant is a leading global solutions provider and developer of cleantech water projects for advanced water and wastewater treatment. Gradiant’s robust, end-to-end solutions and proven technical delivery and operations expertise enable sustainable and cost-effective treatment of the most complex water challenges. Gradiant was founded at the Massachusetts Institute of Technology (MIT) to solve the most challenging water treatment problems through sustainable technologies to make a positive impact on the environment, society, and economy. Gradiant serves its clients around the world from its corporate headquarters in Boston, Massachusetts, USA, regional headquarters and R&D center in Singapore, and its subsidiaries in Asia, the United States, and the Middle East. For more information, please visit www.gradiant.com.

Contact:
Felix Wang
Gradiant, VP of Marketing
felix.wang@gradiant.com

Southeast Asia Cybersecurity Company, Horangi, Among First in Asia to Attain SOC 2 Type II Certification, Reaffirms Commitment towards SaaS Security Standards and Delivering Secure Data Management for Cloud-first Organisations

  • The SOC 2 compliance framework is internationally recognised as the gold standard for security compliance for Software-as-a-Service (SaaS) companies, and reaffirms Horangi’s commitment to meeting trust services criteria in information and data security
  • Horangi’s flagship cloud security solution, Warden, currently includes international and APAC-focused compliance automation that support standards such as ISO, SOC 2, CIS, MAS TRM, BNM-RMiT, OJK, and APRA. Support for upcoming standards such as the PDPA in Thailand will be incorporated on a regular basis

Horangi, a Singapore-headquartered cybersecurity company which provides security solutions optimised for cloud-based organisations across Southeast Asia, today announced it had successfully achieved SOC 2 Type II Compliance and Certification, making it one of the first cybersecurity companies in Asia to do so. This is a testament to Horangi’s ongoing dedication to advancing the maturity of its security program, and reaffirms its ongoing commitment to meeting trust services criteria in information and data security.

Developed by the American Institute of CPAs (AICPA), the SOC 2 compliance framework is internationally recognised as the gold standard for security compliance for Software-as-a-Service (SaaS) companies. It requires companies to establish and follow strict information security policies and procedures encompassing the security, availability, and confidentiality of customer data. Horangi invested efforts into identifying shortfalls and introducing fundamental changes at the company to strengthen necessary security controls.

Certification involves a technical auditing process that validates internal control policies and practices, ensuring that the organisation is operating in accordance with SOC 2 standards. Organisations will be required to demonstrate the effectiveness of their information security control environment for an extended period of in the range of 3 to 12 months. Coalfire, who conducted the audit over a 4-month review period for security and confidentiality criteria, concluded that Horangi has upheld the essential criteria around secure data management for its cloud security products and services.

The newly acquired SOC 2 certification further bolsters Horangi’s CREST-accredited cybersecurity consulting services and Gartner-recognised Warden cloud security platform after the company was inducted into programs by Singapore’s Infocomm Media Development Authority (IMDA) and Cyber Security Agency of Singapore (CSA) earlier in the year.

Paul Hadjy, CEO and Co-founder, Horangi, said: ‘Attaining the SOC 2 Type II certification demonstrates Horangi’s dedication to meeting the most rigorous security and confidentiality standards at a time where data breaches and misuse are prevalent. We developed more than twenty policies and implemented new procedures and tools, enhancing our monitoring and security management capabilities according to the stringent prerequisites of the SOC 2 certification. It has been an intense but fruitful year-long endeavour for the Horangi team, and we remain committed to enhancing our services in alignment with evolving industry requirements.”

Horangi leveraged its flagship cloud security platform, Warden, to manage configurations, Identity and Access Management (IAM), and potential vulnerabilities for deployment of these new policies and procedures. This was streamlined by the use of JumpCloud for onboarding, offboarding, access management and monitoring.

“The best practices are built into our daily operations, throughout every team from the technical team to people operations, enabling us to achieve optimal security outcomes for organisations we serve. Constant innovation in alignment with best-in-class practices has been a key facet of our growth strategy, and will continue to drive our success as a cloud security leader in Asia,” added Hadjy.

Horangi Warden currently includes APAC-focused compliance automation that supports standards such as MAS TRM, BNM-RMiT, OJK, and APRA. Support for upcoming standards such as the PDPA in Thailand will be incorporated on a regular basis. Horangi also obtained the Amazon Web Services (AWS) Security Competency and Public Sector Competency earlier in 2021, positioning it well to maintain its leading market position and magnifying the effectiveness of its solutions in a rapidly digitalising economy.

About Horangi
Horangi is a leading cybersecurity company founded by ex Palantir Technologies engineers and is headquartered in Singapore. Horangi’s best-in-class Warden cloud security platform protects organizations in the public cloud, complemented by an elite team of cybersecurity experts providing CREST-accredited offensive and strategic cybersecurity services to customers across the world. For more information, visit https://www.horangi.com/.

Media Contact
KeKomunikation for Horangi
Email: Horangi@KeKomunikation.com
Phone: +65 6303 0567

GBA companies eyeing ASEAN opportunities

Strong interconnectivity between regions boosts trade and investment

Close to 60 per cent of companies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are considering further expansion into the Association of Southeast Asian Nations (ASEAN) countries in the next three years, a research report by UOB Hong Kong Branch and the Hong Kong Trade Development Council (HKTDC) indicates.

The Trade and Investment between GBA and ASEAN and the Roles of Hong Kong report also found GBA companies highly value Hong Kong’s services[1] and expect the city’s role as a business hub facilitating trade and investment between the two regions to grow in importance.

Among the 10 ASEAN countries, Singapore, Malaysia, Vietnam, Thailand and the Philippines, are the most popular trade and investment destinations. In the next three years, most of the GBA companies will choose Singapore (55.4 per cent), Malaysia (53.0 per cent) and Vietnam (51.1 per cent) as markets for sales, while Vietnam (14.5 per cent), Thailand (10.4 per cent) and Indonesia (8.1 per cent) are the preferred production or sourcing bases. Another 10.4 per cent of the GBA companies also preferred to set up their regional offices in Singapore.

The GBA companies surveyed said ASEAN countries’ cost-effectiveness, abundant resources and huge markets are the key pull factors. Those in the industrial goods sector expressed the greatest interest (6.56 out of 10) in expanding their business further in ASEAN. This was followed by companies in real estate, hospitality and construction (6.21), as well as the business, professional and financial services sectors (5.71).

Mrs Christine Ip, CEO – Greater China of UOB, said, “Cross-border trade and investment flows between ASEAN countries and the GBA are driven by the two regions’ increasing interconnectivity and collaboration in areas such as sustainable development. At UOB, we are committed to assisting companies in capturing overseas business opportunities through our deep sectoral expertise, strong local talents and our extensive footprint in Southeast Asia. Over the past 10 years, the UOB Foreign Direct Investment Advisory Unit has supported more than 3,500 companies in their cross-border investments, of which about one-third are Chinese companies.”

Mr Nicholas Kwan, Director of Research, HKTDC, said, Hong Kong must further foster its interconnectivity with other GBA cities and ASEAN countries in order to boost its role in facilitating two-way trade and investment flows.

He said: “When the pandemic subsides and border controls relax, cross-border trade and investment will be more active. GBA companies must reconnect with overseas buyers and partners quickly. Being the trade fair capital and business hub in Asia, Hong Kong can help GBA companies fortify ties with their counterparts in ASEAN and promote trade between the two regions.”

Hong Kong’s role and services sector highly regarded
The research also showed that GBA companies value Hong Kong’s role in the region’s collaboration with ASEAN countries, giving the city an average score of 7.33 out of 10. Almost half (47.2 per cent) gave a score of eight to 10.

Respondents hope that within the GBA, Hong Kong can be a one-stop business centre (41.6 per cent), provide a simplified and harmonised tax system (38.7 per cent) and offer more diversified investment products and services (38.4 per cent).

In addition, respondents said MICE (meetings, incentives, conferences and exhibitions) (45.4 per cent), sales and marketing (41.4 per cent), logistics and supply chain management (39.0 per cent) as well as financial services (37.7 per cent) are the most frequently-used services in Hong Kong. Respondents are highly satisfied with the level of services and said they will use more of these services in the next three years.

For their overseas expansion into ASEAN countries, GBA companies look to Hong Kong to provide more comprehensive information, services and support (40.9 per cent). They also hope public bodies or regulatory institutions can do more in facilitating trade and investment flows with their ASEAN counterparts (39.4 per cent) and formulate policies to open up regional trade and investment further (39.1 per cent).

Mr Kwan said GBA companies highly appreciate Hong Kong’s advantages in business environment, financial infrastructure and cross-border resource flow. “Most of them believe that the city’s transparent regulatory system, extensive commercial network, diversified financial and banking services, coupled with free flow of goods and capital among GBA cities, and absence of foreign exchange and capital controls with ASEAN, make Hong Kong an ideal two-way platform to facilitate trade and investment between the GBA and ASEAN.”

Mrs Ip said, “As an international financial centre with a strategic location within the GBA, Hong Kong can further enhance its role as an essential bridge for GBA companies when they expand into ASEAN countries. UOB’s dedicated Greater Bay Area team in Hong Kong also plays our part in helping GBA companies understand and appreciate the diversity of the ASEAN markets to capture more regional business opportunities.”

The Trade and Investment between GBA and ASEAN and the Role of Hong Kong report is based on a survey conducted by the HKTDC from July to September 2021 with 657 GBA-based companies from various sectors. These included consumer goods, industrial goods, business, professional and financial services, real estate, hospitality and construction, as well as technology, media and telecommunications. In-depth interviews were also conducted with some respondents to understand the opportunities and challenges they faced in their business expansion in ASEAN countries, as well as their views on Hong Kong’s roles in promoting trade and investment between GBA and ASEAN. The full report in Chinese can be downloaded from the websites of UOB Hong Kong and HKTDC.

Media Enquiries
UOB Hong Kong
Strategic Communications, Brand and Customer Insights
Susanna Liu
Tel: +852 2123 7537 / 6291 8169
Email: susanna.liuwy@uobgroup.com

HKTDC
Communications and Public Affairs Department
Beatrice Lam
Tel: +852 2584 4049 / 9036 0212
Email: beatrice.hy.lam@hktdc.org

References
– HKTDC Research Portal: http://research.hktdc.com/tc
– Trade and Investment between GBA and ASEAN and the Roles of Hong Kong: https://bit.ly/3nQArU7
– Photo Download: https://bit.ly/3o1Hdqf

About UOB
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of around 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

[1] Hong Kong’s services include banking and finance, legal, dispute resolution, IP-related services, MICE (meetings, incentives, conferencing and exhibitions) services, logistics and supply chain management, sales and marketing, as well as research and development.

Singapore P2P Lender BRDGE: Flexible financing key to SME survival during pandemic-driven business uncertainty; launches F&B loans package and SME digitalisation platform

  • BRDGE funded more than S$ 11m in loans to 46 Singapore SMEs since April 2020; across more industries as compared to a similar period pre-pandemic
  • Average loan size today is S$352,000 compared to S$836,000 pre-pandemic, a decrease of 58% alluding to focus on cashflow for rising costs around rent and labour instead of growth
  • In response to uncertainty around dining-in, BRDGE launches new F&B loans packaged with interest rates from less than as 1% per month for between three to six months, with a lowered credit assessment criteria matched to changing dining in rules in the past three to six months
  • Part of BRDGE’s focus on Singapore SME Survival during COVID-19, together with efforts around digitalisation through its e-commerce mobile app B Mart

BRDGE Technology (BRDGE), an MAS licensed Peer-to-Peer lending platform launched in 2014, today announced the launch of a food and beverage (F&B) financing package specially catered to support Singapore’s Food and Beverage (F&B) Small Medium Enterprises (SMEs) in the current pandemic-driven uncertainty around dining-in. The loans package, with affordable interest rates from less than 1% per month and a short tenure of three-to-six-months, is specially designed to help establishments survive and potentially thrive during this period when cashflow is of importance for salaries and rentals.

One unique aspect of the F&B BRDGE loan is the credit assessment process, which takes the challenging business landscape into account with a lowered and targeted criteria on credit assessment: BRDGE will assess only the latest three-to-six months of the SME’s recent cashflow, bank statements and bank balance, matched against the changing dining-in rules, to identify F&B businesses which are able to survive and thrive.

BRDGE offers funding support for SMEs that are non-bankable or unable to secure a loan from traditional financial institutions. Most of the time it is due to a less than two-year track record or small annual revenues, or have maxed their credit facilities or who require a Bridging Loan. BRDGE then carries out an assessment and matches SMEs with potential investors.

Mr Kevin Wong, CEO, BRDGE Technology, said, “The government has been extremely supportive with the various grants and packages for businesses and their employees in Singapore since the start of the pandemic, and the community has also continued their support to Singapore SMEs. However, with the recently announced extension of the stabilisation phase, Singapore businesses, specifically F&B establishments which depend very much on dining-in for their revenues, continue to be pressured by thinner margins, tight cashflow, and the rising cost of rent and labour. With group sizes for dining-in having been adjusted more than 10 times since April 2020, F&B businesses are faced with continued uncertainty and many are on the brink of survival. This loan package is designed to help them survive and potentially thrive in the short term, with a more relevant assessment process grounded in the very different business reality today.”

Cashflow a priority for SMEs during COVID-19
Since the start of the pandemic in April 2020 till today, BRDGE has funded more than 46 SMEs with more than S$ 11m in loans. As compared to a similar period pre-pandemic (April 2019 to April 2020), there has been a distinct reduction of 58% to the average loan size per borrower from S$352,000 vs S$836,000, alluding to a shift in borrowing for growth pre-pandemic, to survival during the pandemic with cash used to maintain operational costs.

More SMEs has also requested for funding since April 2020, at 46 against 17 pre-pandemic, with companies from industries such as Arts, Entertainment and Recreation, Health and Medical, Marine and Shipping, and Beauty and Wellness, requesting for loans.

Kevin added, “As the pandemic continues, more and more businesses are facing problems maintaining cashflow. We’re also seeing a fundamental shift in the reasons for getting loans. Where previously companies were discussing funding to help them grow or expand, today we are speaking to business owners who are concerned about surviving to the next month. The government and consumers are surely doing their part to help businesses survive, but every little bit helps and this relook at how we assess loans is one part of our commitment to the Singapore business community.”

As part of its efforts to tide SMEs through this challenging period, BRDGE also recently started developing B Mart, a new e-commerce mobile app that is designed to help SMEs in Singapore digitalise and find new customers online. On the platform now are more than 7 businesses with over 500 SKUs representing B2B industries such as Creative and Marketing and B2C businesses such as Food & Beverages, Beauty & Health, Fashion, etc. BRDGE plans to increase this to 2,000 SKUs by the end of the year, with all 237 BRDGE’s SME borrowers since 2014 being able to tap on this platform. All applicants of today’s F&B BRDGE loans can have access to the platform and will be able to tap on the BRDGE online delivery app at a fixed and competitive 5% commission rate to help lower operational costs.

F&B businesses can apply for the BRDGE F&B loan via the BRDGE website: https://register.brdge.tech/fandb-smes, while investors who are seeking to support local businesses can find out more here https://register.brdge.tech/fandb-investor or register themselves on the BRDGE website.

SME owners who are interested in listing their products on the B Mart app to grow their customer base and business can get in touch with BRDGE directly at admin@bmart.sg.

About BRDGE Technology
BRDGE Technology is an MAS licensed P2P lending platform with a Capital Market Service license (CMS 100642). Founded in 2014, it is among the pioneer batch of homegrown P2P lending platforms and is the highest-rated crowdfunding platform on Seedly. Till date, BRDGE has crowdfunded a total of S$72,022,115 and has a community size of over 17,000 investors and SMEs. https://www.brdge.tech/

FOR MEDIA ENQUIRIES
PRecious Communications for BRDGE
Martin Lim, BRDGE@preciouscomms.com

FACTSHEET
Address: 57 Mohamed Sultan Rd #03-05 Sultan-Link, Singapore 238997
Tel: 6916 1799
Email: hellosg@brdge.tech
Website: https://www.brdge.tech/
iOS App: https://apps.apple.com/us/app/id1061018232
Android App: https://play.google.com/store/apps/details?id=com.app.brdge
Seedly Reviews: https://seedly.sg/reviews/p2p-lending/brdge-p2p-lending
Facebook: https://www.facebook.com/BRDGEsg
Instagram: https://www.instagram.com/brdgesg
LinkedIn: https://www.linkedin.com/company/brdgesg/
YouTube: https://www.youtube.com/channel/UCxsxymQ5CU8K0NL0thZXzrA

Navier Partners with Lyman-Morse Shipyard to Build First-Year Production Slot for Navier 27 In the United States

Just as electric vehicles are having a moment, so are eco-friendly, electric boats. Specifically, an all-electric, hydrofoil, performance craft outfitted with a highly advanced autopilot.

Highlights:
– Navier is a Silicon Valley startup that’s introducing the boat of the future — a 27-foot all-electric, hydrofoil, performance vessel.
– The startup is producing a limited number of boats in its first year under the Pioneer Program.
– Navier 27 will be built in the United States with Lyman-Morse shipyard, a well-respected and technologically advanced yard.
– Lyman-Morse will build the pre-production vessels and first-year limited-production editions of Navier 27 for the 2023 Pioneer slots.
– Navier 27 will be revealed at the Fort Lauderdale International Boat Show in October 2022; first-year customer delivery will be in Q2 2023.

Navier is a Silicon Valley startup that’s building technology to increase the efficiency of small powerboats by 90% while ensuring zero emissions and superior ride performance. To make this vision a reality, co-founders Sampriti Bhattacharyya and Reo Baird signed with Lyman-Morse shipyard in Camden, Maine to build the first year production slot for Navier 27.

Lyman-Morse is a well-respected shipyard with roots in the boat building industry dating back to 1978. The yard is well-known for producing custom sailing yachts and custom motor yachts that are sleek and ahead of their time; the company frequently collaborates with naval architects and design firms to bring concepts to life.

Navier is producing a limited number of boats in its first year under its Pioneer Program. As the startup focuses on technology development for Navier 27, they wished to partner with an innovative and capable yard. Lyman-Morse is one of the few shipyards in the United States that has experience working with high-tech, carbon composite boats. As a bonus, the shipyard’s location is an up-and-coming tech hub with a strong boat-building heritage; Maine is a strategic and ideal setting for Navier’s project.

“Very few shipyards have the extensive experience, in-house capabilities, and deep interest in high-tech projects as Lyman-Morse. Plus, Maine has a long history in boat building, which makes it a special place to build Navier 27,” said Co-founder and CEO, Sampriti Bhattacharyya.

Navier 27 is a 27-foot foiling performance vessel that’s capable of a range exceeding 75 nautical miles under electric propulsion and includes advanced autonomy features. When it launches during the Fort Lauderdale International Boat Show in 2022, it will be the longest-range electric boat in the world. If anyone is capable of making this vision come to life, it’s Drew Lyman and his team.

“What has me – and all of us at Lyman-Morse – excited about the partnership with Navier is that we are developing something that is cutting edge and certain to be the future of yachting in this type of market,” commented President and Owner of Lyman-Morse, Drew Lyman. “To build a carbon fiber, foiling, all-electric boat fits well with what we do at Lyman-Morse, plus it’s a boatbuilder’s dream project. We [Lyman-Morse] built a reputation for beautifully crafted boats, and we are extremely proud of our ability to implement advanced systems and technology. This is exactly what the Navier project embodies!”

Spearheaded by two MIT engineers, Navier is teaming up with the most talented minds to build the boat of the future. In July 2021, the startup announced that America’s Cup engineer and foiling expert, Paul Bieker is leading Navier’s naval architecture and mechanical design by contributing his knowledge in hydrofoil configuration and foil optimization.

Lyman-Morse will tie the technology, mechanics, construction, and manufacturing of the boat together.

“There’s a lot to be said about working with a shipyard beyond skills and capabilities. Lyman-Morse is outfitted with the best machines, tools, and technologies that will help Navier reach production goals. Drew has enthusiasm for our vision, and his team truly cares about sustainability,” said Sampriti. “We’re grateful that Drew and his team are excited to make Navier 27 a reality with us.”

Customers can register interest at www.navierboat.com or contact the team directly at info@navierboat.com.

PRESS OFFICE / SAND PEOPLE COMMUNICATION
sandpeoplecommunication.com
Elisa Corti
e@sandpeoplecommunication.com
+39 389 3138060

TheCapitalNet joins the prestigious Fintech100 by Fintech Abu Dhabi 2021

TheCapitalNet, Inc., a leader in SaaS and financial technologies, has been recognized as a global innovator by the Fintech100 and Fintech Abu Dhabi 2021, and joins this year’s Fintech100 Forum with its Private Markets suite of solutions: for Investments (www.TheInvestorNet.com), for Innovations (www.TheIncubatorPro.com), and for Startups (www.TheBizPlanner.com).

This year’s Fintech Abu Dhabi Festival will be held from 22 – 24 November 2021. One of the world’s most influential meetings, focused on the burgeoning sector of financial technologies, this recognition reinforces the shared belief many global stakeholders have for TheCapitalNet products i.e., putting the best technologies to work, thus enabling them in value nurturing and wealth creation.

“We are thrilled to be included in this prestigious listing,” said Dr. Rakesh Bhatia, Co-Founder and CEO of TheCapitalNet. “Every accolade brings its own set of responsibilities to businesses like us, and we are committed to making ours even more worthy. This recognition further inspires us to work harder towards our vision of making ‘Private Markets’ and ‘Innovation’ easy, transparent, and connected,” added Rakesh.

TheInvestorNet is a solution from TheCapitalNet that helps fund managers and investors to manage all major aspects of the private investment business including processes, business intelligence, and transactions. PE, VC, CVCs, Family Offices, Angel Networks and M&A teams can meet TheCapitalNet executive team at the Fintech100 Forum (23 – 24 November) in-person, or at contact@thecapitalnet.com.

Corporate website: www.TheCapitalNet.com
Email: contact@thecapitalnet.com

HKTDC and HSBC joint survey shows Greater Bay Area start-ups optimistic on growth prospects

Nearly one in five entrepreneurs expect revenue to double in three years

Most start-ups in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are optimistic about their growth prospects, a joint survey by the Hong Kong Trade Development Council (HKTDC) and HSBC shows. Of all the respondents, 71% expect annual revenue to grow more than 25% in the next three years, with 18% anticipating revenue to more than double.

Christina Ong, Head of Business Banking, Commercial Banking, Hong Kong, HSBC, and HKTDC Director of Research Nicholas Kwan announce results of the survey on the GBA Start-up Ecosystem at a press conference today (15 November)

With a massive population of more than 86 million, robust consumption driven by an expanding middle class, and fast-growing innovation and technology (I&T) adoption, the GBA offers tremendous business opportunities, the start-up community believes. Biotechnology start-ups were the most optimistic, with nearly 30% of respondents expecting revenue to double in the next three years. In addition, about 30% of GBA start-ups plan to expand in the next three years. While Hong Kong start-ups eye opportunities in Shenzhen, mainland start-ups plan to tap into Guangzhou and Zhongshan.

HKTDC Director of Research Nicholas Kwan said GBA cities strive to nurture start-ups through a range of policy measures and funding schemes, providing new impetus for economic growth. “The Greater Bay Area brings together the advanced manufacturing, professional services and I&T industries, which leverage their respective strengths to achieve integrated development. This will further enhance the overall competitiveness of the Greater Bay Area,” he said.

Christina Ong, Head of Business Banking, Commercial Banking, Hong Kong, HSBC, said: “With combined strengths of an international capital market for fundraising, research capabilities and an enormous consumer market, the GBA is a strong breeding ground for entrepreneurs and start-ups with a vibrant and diversified ecosystem. Through fostering collaboration with key ecosystem partners such as HKTDC, HSBC is committed to help companies unlock the huge potential in the city cluster.”

Funding boost needed
Most (81%) respondents were satisfied with the start-up ecosystem in their respective city. Start-ups in new retail sector were most satisfied with the ecosystem, with 90% giving a score of seven or more out of 10; followed by respondents from sectors of new economy (86%) and I&T and hardware (85%). Funding to support their business ambitions tops the start-ups’ agenda. Respondents named inadequate funds (56%), market uncertainty (31%) and keen market competition (31%) as key factors affecting expansion plans.

Strong demand for Hong Kong services
More than 80% of respondents will use Hong Kong services in the next three years, mostly banking services (such as trade financing, cross-border settlement and lending), followed by accounting, auditing and tax consulting services (such as due diligence); exhibition and trade fair services, as well as other professional services (such as advertising, marketing, testing and certification). The Hong Kong banking services most used by respondents were trade-related services (36%) such as import and export financing, insurance claims and letters of credit.

Mr Kwan believed Hong Kong can offer reliable, efficient and quality services to GBA start-ups as the city’s professional services are in line with international practices, and a large pool of experienced talent familiar with both overseas and mainland markets supports the sector. Hong Kong is the world’s largest and most important offshore renminbi (RMB) business centre, he said, and has an internationalised financial regime with a stable financial market, many GBA enterprises use Hong Kong as a platform for fund-raising and overseas expansion.

Ms Ong added: “Hong Kong continues to bolster its role as an international financial centre and a key gateway for companies that look to expand in the GBA. The acceleration of cross-border business activities is set to fuel the demand for seamless financial solutions and dedicated support from the professionals.”

Diverse strengths
Survey respondents saw unique advantages in different GBA cities, with Hong Kong having a sound intellectual property protection system, world-class scientific research capabilities, robust financial regulation and internationalised service industries. Shenzhen has first-rate scientific research facilities and abundant research and development (R&D) talent, while Guangzhou is the national base for advanced manufacturing, with sophisticated supply chains and production support facilities, boosting technology transfer and application for start-ups.

Mr Kwan concluded: “In the framework of cooperation between GBA cities, Hong Kong can leverage its R&D strengths as well as its roles as an internationalised city and international financial centre to bring together innovation resources from the region and other parts of the world to promote the development of the GBA start-up ecosystem. Hong Kong and Shenzhen can further step up their cooperation in technology commercialisation.”

# The HKTDC conducted a survey in August and September 2021 to assess the start-up ecosystem in the GBA. A total of 308 GBA start-ups operating in various sectors – including new economy, information technology and hardware, innovative and professional services, and biotechnology – that had been established no earlier than 2016 were interviewed by phone or online. They were asked to rate their respective GBA city, in terms of R&D environment, business environment, funding support and entrepreneurship support. The study also featured in-depth interviews with 10 entrepreneurs as well as representatives from incubators and start-up platforms to gauge their views on Hong Kong as a start-up platform in the GBA.

References

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

About HSBC
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.

Media enquiries
HKTDC
Beatrice Lam
Tel: +852 2584 4049
E-mail: beatrice.hy.lam@hktdc.org

HSBC
Valerie Sun
Tel: +852 3989 9374
E-mail: valerie.k.y.sun@hsbc.com.hk

ACROMEC announces share swap with biomass-to-energy JV partner, Nutara Investment for joint ownership of Neo Tiew Power through Acropower

Catalist-listed ACROMEC Limited (ACROMEC, or the Company and together with its subsidiaries, the Group), has announced that it has on 11 November 2021 implemented a share swap, in which Nutara Investment Pte Ltd (the JV Partner) would exchange its 30% direct shareholdings in Neo Tiew Power Pte Ltd (Neo Tiew Power), for 30% direct shareholdings in Acropower Pte Ltd (Acropower). For information, Acropower is the vehicle for the Group to carry out its strategic diversification plans into the renewable energy sector.

The share swap, on completion, effectively places Nutara Investment as a fellow shareholder of Acropower, joining ACROMEC and Green Energy Resources Sdn Bhd (the current shareholders of Acropower) whose interest in Acropower would then be 30%, 56% and 14% respectively.

It is to be noted that the effective interest of ACROMEC, the JV Partner, and Green Energy Resources in Neo Tiew Power (including through Acropower) remain unchanged before and after the Share Swap. See illustration below for structure before and after the share swap.

For information, Neo Tiew Power owns and is in the midst of commissioning the biomass-to-energy plant situated at Chew’s Agriculture poultry farm at Neo Tiew Road.

Said Mr. Lim Say Chin, Executive Chairman and Managing Director of ACROMEC, “With this share swap restructuring, we look forward to closer collaboration with our strategic partner, Nutara Investment, in driving forward our renewable energy goals at our biomass-to-energy venture. Nutara Investment effectively moves away from being a mere investor in New Tiew Power, to a fellow valued strategic partner in Acropower. This development will allow the Group to further tap on the technical capabilities, expertise and commercial network of our strategic partner, and provide more opportunities for business development and growth.”

Share Swap Illustration
https://www.acnnewswire.com/pdf/Image/Low_Acromec20211115.jpg

The transactional documents executed to implement the share swap comprise, inter alia, a conditional share subscription agreement and a joint venture agreement.

Amongst the effect of the documents signed, the commitment letter, which earlier allows the JV Partner exit rights if Neo Tiew Power becomes insolvent, or is unable to meet certain agreed financial performance benchmarks for the financial year ending 30 September 2023, becomes invalidated.

None of the Directors or controlling shareholders of the Company or their respective associates has any interest, direct or indirect, in the Share Swap other than through their respective directorships and/or shareholding interests in the Company.

Background
Acropower had in May 2019 signed an agreement with Chew’s Agriculture Pte Ltd (“Chew’s”), one of Singapore’s leading fresh eggs producers, to build, own and operate a new biomass-to-energy plant (the “Plant”) at Chew’s new farm at Neo Tiew Road (“May 2019 Agreement”). The Plant will process and convert manure from the farm into biogas for use in generating electricity, which will then be supplied back to Chew’s at agreed prices.

Shareholders’ approval for the diversification of this new business was obtained in July 2019. Neo Tiew Power was incorporated in February 2020. Acropower’s obligation to carry out the May 2019 Agreement was novated to Neo Tiew Power.

On 26 November 2020, the Group further announced the completion of the joint venture between its subsidiary Acropower, and the JV Partner, with the subscription by both parties of new shares in the share capital of Neo Tiew Power.

The JV Partner is a Singapore-incorporated investment holdings company comprising private investors. It has other investments in companies with experience in providing turnkey solutions to its customers in the field of process plants and facilities, environmental technology systems as well as composite process equipment.

This press release is to be read in conjunction with the Company’s announcement posted on the SGX website on 12 November 2021.

About Acromec Limited (SGX Stock Code: 1CH1)
ACROMEC is an established specialist engineering services provider with more than 20 years of experience in the field of controlled environments. The Group has over the years acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.

ACROMEC’s business is divided into two main business segments: (i) Engineering, procurement and construction services, specialising in architectural, and mechanical, electrical and process works within controlled environments; and (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure.

The Group mainly serves the healthcare, biomedical, pharmaceutical, research and academia, and electronics sectors. ACROMEC counts amongst its customers, hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies.

This media release has been reviewed by the Company’s sponsor, PrimePartners Corporate Finance Pte. Ltd. (the “Sponsor”). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “Exchange”) and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Mr. Joseph Au, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

For more information, please visit www.acromec.com.
Media and Analysts Contact:
Acromec Limited
Mr Jerry Tan
Chief Financial Officer
Tel: +65 6415 0574
Email: jerry.tan@acromec.com

Mr Wayne Koo / Ms Raihana
Tel: +65 6958 8008 / +65 9338 8166
Email: wayne.koo@waterbrooks.com.sg
Email: raihana@waterbrooks.com.sg
Email: query@waterbrooks.com.sg

Olympus Launches Venture Capital Fund to Strengthen Medtech Leadership

  • Initial fund targets medical devices, digital solutions, and diagnostics

Olympus Corporation (Tokyo: 7733), a global leader in medical technology, has announced the establishment of Olympus Innovation Ventures to invest in pioneering startups with innovative technologies that improve clinical outcomes, reduce healthcare costs and enhance the quality of life for patients.

Olympus Innovation Ventures, a fully-owned subsidiary of Olympus Corporation of the Americas, is a venture capital fund focused on startups poised to improve patient outcomes, radically advance the detection and treatment of disease, and transform the surgery suite. The new fund expands upon Olympus’ strategy to strengthen endoscopy and pioneer next-generation tools and procedures for minimally invasive surgery.

Olympus’ venture fund is stage-agnostic, prioritizing early- and growth-stage companies globally with solutions in therapeutic areas including gastroenterology, respiratory, and urology. Olympus has allocated $50 million for initial commitments and follow-on investments in portfolio companies. In addition to capital, Olympus will help its portfolio companies succeed by contributing its clinical and technical expertise, access to healthcare professionals and hospitals, and ability to launch and scale innovative solutions in the global market.

Olympus has been a leader in optical and medical innovation for over 100 years, introducing a mass-produced microscope to Japan in 1919 and the world’s first gastrocamera for practical use in 1950. Olympus’ tools have aided the minimally invasive surgery revolution and have evolved to detect and treat disease. Yasuo Takeuchi, CEO of Olympus Corporation, says “Our investment underscores our commitment to make people’s lives safer, healthier, and more fulfilling. Our goal is for this fund to continue our history of innovation and support our long-term growth and transformation.”

Touchdown Ventures, a firm specializing in corporate venture capital, will help manage the Olympus Innovation Ventures fund. Touchdown will work closely with senior executives of Olympus in all aspects of operating the fund.

“We are excited about what Olympus can bring to entrepreneurs through the company’s technical strengths, industry relationships, vast distribution, and deep subject matter expertise,” noted Scott Lenet, co-founder and President of Touchdown Ventures. “The entire Olympus Innovation Ventures team is working to be the partner of choice for innovators and create a competitive advantage for their startups.”

Nacho Abia, Chief Operating Officer of Olympus Corporation, said “This effort is another way Olympus is demonstrating its commitment to excellence and creating tangible value for providers and patients. We believe we will play a meaningful role in the advancement of minimally invasive care and new ways to detect, monitor and treat conditions and diseases.”

For more information, please visit http://olympusamerica.com/venture-capital. Olympus Innovation Ventures can be contacted at ventures@olympus.com.

For the contact:
Olympus Corporation of the Americas
Christos Monovoukas
Vice President, Global Business Development
Christos.Monovoukas@Olympus.com

Touchdown Ventures
Deborah Zajac
Director, Investments
deborah@touchdownvc.com

About Olympus
Olympus is passionate about creating customer-driven solutions for the medical, life sciences, and industrial equipment industries. For more than 100 years, Olympus has focused on making people’s lives healthier, safer and more fulfilling by helping to detect, prevent, and treat disease; furthering scientific research; and ensuring public safety. As a leading medical technology company, our Medical business uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs, and enhance the quality of life for patients and their safety. Olympus’ Medical portfolio includes endoscopes, laparoscopes, and video imaging systems, as well as surgical energy devices, system integration solutions, medical services, and a wide range of endotherapy instruments for endoscopic and therapeutic applications. For more information, visit www.olympus-global.com.

About Touchdown Ventures
Touchdown Ventures partners with corporations to manage their venture capital programs. Touchdown works closely with each corporation to achieve the financial and strategic benefits from venture capital investments. The firm is a Registered Investment Adviser and maintains offices in Los Angeles, Philadelphia, and San Francisco. More information on Touchdown can be found at www.touchdownvc.com

Olympus Contact (Tokyo)
Yuka Horimoto
+81-90-2490-1071
yuka.horimoto@olympus.com

Olympus Contact (USA)
Susan Scerbo
+1-610-909-9153
sue.scerbo@olympus.com

Touchdown Ventures Contact
Deborah Zajac
Director, Investments
+1-917-558-4403
deborah@touchdownvc.com