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Archive: April 1, 2024

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Alipay+ Connects 2 Million Merchants in Japan as Global Tourists Travel to the Country for Cherry Blossom Season

Apr 1, 2024 by Gayathri Pariti 0 Comments #2 Million Merchants in Japan, #Alipay+ Connect, #Mr. Akito Kimura, #Mr. Feagin, #Ms. Venetia Lee

TOKYO, Japan

As merchants in Japan gear up to receive cherry blossom tourists across from around the world, Ant International announced that its cross-border mobile payment solution Alipay+ has connected two million merchants across the country, enabling businesses, big or small, to better serve global visitors through a seamless payment experience with their home country e-wallets.

There are 16 e-wallets and bank apps accepted in Japan via Alipay+, a suite of cross-border digital payment and digitalization technology solutions, namely Alipay (Chinese mainland), AlipayHK (Hong Kong SAR China), MPay (Macao SAR China), South Korea’s Kakao Pay, Naver Pay and Toss, Singapore’s OCBC Digital, Changi Pay and EZ-Link, Malaysia’s Touch ‘n Go eWallet and MyPB by Public Bank Berhad, the Philippines’ GCash and HelloMoney, TrueMoney (Thailand), Hipay (Mongolia), and Tinaba (Italy).

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Powered by Alipay+, transaction volume made by e-wallets and bank apps in Japan jumped over 200% in the first three weeks of March, compared with the same period in 2023. Transaction value is estimated to account for about 10% of total spending among users during their stay in the country, Douglas Feagin, President of Ant International, said during a press conference in Tokyo.

Among all, Alipay, AlipayHK, Kakao Pay, Touch ‘n Go eWallet, GCash and TrueMoney are among the most popular e-wallets used by travelers to Japan, while MPay, Naver Pay and Toss are seeing rapid growth in transactions.

Mr. Feagin said, “We are grateful to our over 40 local acquiring partners in Japan, including both big institutions as well as small ones that only have several employees, for their tremendous support to promote a seamless, transparent and efficient experience together for local businesses and international travelers.

“By working with these partners, Alipay+ provides global tourists with a seamless digital payment experience that is the same as in their own markets. Without any extra efforts, tourists can make purchases by simply scanning the QR code at merchants of all size, without worrying about foreign currency exchange or any language barriers.”

In Asakusa, a vibrant neighborhood and popular tourist destination with small souvenir shops and snack stalls, an increasing number of merchants are leveraging the simplicity of QR code to do businesses. PayPay, a leading cashless payment service and partner of Alipay+ in Japan, supports the merchants, facilitating seamless transactions for both locals and tourists alike. In Asakusa, the monthly cross-border mobile transaction volume is more than 5 times higher on average, reflecting the growing trend of cashless payments in the area.

At Daimaru Matsuzakaya Department Stores, a flagship department store chain in Japan, transaction volume made by Alipay+ partner e-wallets and bank apps rose over 10 times in the first two months of this year, compared with the same period last year.

Mr. Akito Kimura, Manager of Inbound Business Division for Daimaru Matsuzakaya Department Stores, said, “Starting with connecting Alipay to make Chinese customers more at home, we are pleased to expand our partnership with Ant International by integrating with Alipay+. This will allow us to accommodate the preferred payment methods of our international customers through simple integration. We look forward to working together to drive more innovation, ensuring all customers can enjoy a memorable and peace-of-mind shopping experience at our stores.”

Ms. Venetia Lee, CEO of AlipayHK, said, “Japan is the first foreign destination of AlipayHK as it is one of the most favorite travel destinations for the Hong Kong residents. Powered by Alipay+, Hong Kong people can now use AlipayHK to make purchases at local stores and use car-hailing in Japan, which are settled in Hong Kong dollars with competitive exchange rates in the market. With the increasing acceptance of Alipay+ among local merchants in Japan, the daily transaction values and volumes of AlipayHK in the country in the first quarter have surged 3.5 times and 5 times over the previous quarter. I am confident that the usage of AlipayHK will continue to grow in Japan on the back of the strong adoption of Alipay+ services among the Japanese merchants.”

Mr. Ren-Ren Reyes, president and CEO of GXI (G-Xchange, Inc.), the mobile wallet operator of GCash said, “Our long-standing partnership with Alipay+ has allowed us to be an indispensable companion for Filipino travelers in now 47 countries and territories around the world. We are glad to continue strengthening our collaboration with Alipay+ to ensure every Filipino has a seamless and secure cashless payment option when they travel abroad.”

Mr. Won-Keun Shin, the CEO of Kakao Pay, a major acquirer in South Korea, said, “We are glad that users can easily and conveniently pay with Kakao Pay at 2 million large and small merchants in Japan, one of the most visited countries by Korean tourists. Through discussions with Alipay+ as well as several e-wallet partners representing each country, we will accelerate global expansion and provide more benefits.”

Mr. John Sun, Chairman and CEO of Macau Pass, stated, “As the leading mobile payment e-wallet in Macao, MPay, together with Alipay+ which has launched a suite of innovative digital cross-border solutions, strives to create a smart e-wallet that facilitates Macao residents to travel globally, this could also solve the issues they encounter with payment while travelling overseas, thus improve travelers’ payment and shopping experience. MPay will continue to expand in e-payments, lifestyle services, and marketing technology services to develop more open and diversified intelligent payment business scenarios.”

Mr. Alan Ni, Chief Executive Officer of TNG Digital Sdn. Bhd., the operator of TNG eWallet, said, “As Malaysia’s top eWallet provider, we’re committed to serving users locally and expanding globally. Our partnership with Alipay+ has seen transactions surge sixfold this year, specifically in Japan, a true testament to our dedication to innovative payment solutions. With over half of Malaysia entrusting TNG eWallet as their preferred digital payment and financial services provider, we aim to be the ultimate travel companion, ensuring easy and safe transactions wherever our users go.”

Ms. Monsinee Nakapanant, Co-President of Ascend Money, the operator of TrueMoney said, “Japan ranks as one of the most popular destinations with approximately 1 million Thai travelers each year. We are pleased to work with Alipay+ to create more inclusive cross-border payments and enable Thais to enjoy safe, real-time, and cost-effective payments with their accustomed home wallet TrueMoney. Enabling the travelers to connect with Japanese merchants of all sizes will also expand their experiences of local culture and people that would make their trip more memorable.”

Introduced by Ant International in 2020, Alipay+ now connects over 88 million merchants in 57 countries and regions to 1.5 billion consumer accounts on over 25 e-wallets and bank apps, allowing consumers to travel and pay hassle-free globally, and merchants to build out cross-border consumer engagement and digital marketing.

The service builds on Alipay+’s extensive regional partnerships, including those with national QR schemes including Singapore’s SGQR, Malaysia’s PayNet, South Korea’s ZeroPay, Sri Lanka’s LankaPay and Cambodia’s KHQR.

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JISA Softech Secures MoU for Advanced Hardware Security Module, Moving Towards Atmanirbhar Bharat in Security Chip Development

Apr 1, 2024 by Gayathri Pariti 0 Comments #Hardware Security, #JISA Softech, #Mr. Rumit Shah, #Prof. Debapriya Basu Roy

Kanpur, Uttar Pradesh, India

JISA Softech, an N-CoE incubated Indian Deep Tech Startup, proudly announces the signing of a MoU with the Centre for Hardware Security Entrepreneurship Research and Development of Data Security Council of India, in collaboration with Professor Debapriya Basu Roy, from Department of Computer Science and Engineering, IIT Kanpur. The signing of a MoU highlights a shared commitment to advancing the nation’s capabilities in hardware security technology, and marks a significant step forward in India’s journey towards self-sufficiency in security chip development. JISA will be the first Indian company to build a complete HSM (Hardware Security Module) technology stack from bare metal to application, supporting both existing and post-quantum cryptographic capabilities.

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Ms. Isha Oswal, CEO at JISA Softech, said, “Our mission is to empower India with Make in India data protection and data privacy solutions. Our advanced HSMs promise not only to enhance digital trust but also to raise the bar for data protection and privacy standards, thus ensuring a safer and more secure digital ecosystem.”

Mr. Rumit Shah, Director at JISA Softech, stated, “We are immensely proud to embark on this transformative journey towards establishing India as a global hub for advanced security chip development. This MoU underscores our unwavering dedication to fostering indigenous innovation and strengthening our nation’s cybersecurity landscape.”

Hardware Security Modules (HSMs) are essential components that play a critical role in securely storing and managing cryptographic keys and sensitive data. They are specifically designed to safeguard digital keys, perform complex cryptographic operations, and create formidable barriers against unauthorized access or manipulation of stored information.

Highlighting the importance of the partnership, Prof. Debapriya Basu Roy said, “The collaboration with JISA will ensure that Indian technology stands at the forefront of global innovation in safeguarding data and privacy with advanced solutions. This partnership demonstrates our commitment to creating innovative Made in India data protection solutions. The partnership will develop advanced HSM technology for a more secure digital future and a strong cybersecurity framework for India.”

By developing advanced HSMs with support for Post Quantum Cryptographic Algorithms, JISA Softech is aiming to enhance India’s technological infrastructure and strengthen the nation’s data security capabilities, preparing for the challenges posed by a post-quantum world. These HSMs, which can run on FPGA or proprietary ASIC platforms over RISC-V (RISC-V is an open standard instruction set architecture based on established reduced instruction set computer principles) or ARM architectures (It is a contract between the hardware and the software, defining how they interact with one another), promise to future-proof our digital infrastructure while simultaneously raising the standards in digital trust, data protection, and privacy.

Prof. Debapriya Basu Roy, an Assistant Professor in Department of Computer Science and Engineering at IIT Kanpur, is a leading researcher in Hardware Security in India. His expertise includes FPGA-based hardware accelerators for cryptographic algorithms used in HSMs. He focuses on post-quantum cryptography, homomorphic encryption, side channel analysis, FPGA security, machine learning security, and efficient HLS (High-Level Synthesis) designs. He is responsible for developing accelerators for multiple cryptographic algorithms integrated into the HSM.

As we move forward with this collaboration, we envision a future where Indian technology stands at the forefront of global innovation, safeguarding data and privacy with advanced solutions. This collaboration demonstrates our commitment to creating Made in India data protection solutions while also strengthening our commitment to innovation. We are honored to contribute to a more secure digital future for our nation by developing advanced HSM technology and strengthening the cybersecurity framework of our nation.

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Ujjivan Small Finance Bank Ties-up with Veefin Solutions Ltd to Offer Better Supply Chain Finance Offerings to MSMEs

Apr 1, 2024 by Gayathri Pariti 0 Comments #BengaluruMr. Raja Debnath, #Mr. Ittira Davis, #Ujjivan Small Finance Bank

Bengaluru, Karnataka, India

Ujjivan Small Finance Bank (Ujjivan SFB) enters into a strategic partnership with Veefin Solutions, a leading Supply Chain Finance (SCF) solutions provider, to offer robust supply chain finance offerings, to meet the working capital needs for MSMEs.

Through this partnership, Ujjivan SFB will leverage Veefin’s platform that offers end-to-end solutions on supply chain financing. This includes supplier and vendor onboarding, credit underwriting through Loan Origination Solution (LOS), transaction management via Loan Management Solution (LMS), and collections handled through a Delinquency Management solution. These components will be further complemented by comprehensive analysis facilitated by Veefin’s Reporting & Business Intelligence solution.

A 2019 report on the MSME Sector by an RBI Committee estimated the overall Credit gap in the sector at Rs 20-25 lakh crore##. According to another industry report, out of over 64 million MSMEs in India, only 14 per cent have access to credit^^. The number of MSMEs in the country is expected to grow from 6.3 crore to approximately 7.5 crore in the coming years, growing at a projected CAGR of 2.5 %**.

Recognizing the pivotal role of technology to address this Credit gap, the partnership with Veefin aligns with Ujjivan SFB’s objective of extending financial solutions to the MSMEs across the nation. This initiative will facilitate Ujjivan SFB to provide working capital loans to MSMEs via supply chain financing, effectively addressing the gaps left by traditional model.

Mr. Ittira Davis, MD & CEO at Ujjivan Small Finance Bank, said, “We are happy to partner with Veefin Solutions, which will enable us to further enhance the credit accessibility needs of the MSMEs, thereby strengthening our digital MSME offerings. This association will help us build on the operational efficiency, thereby empowering more MSMEs to charter their growth path.”

Mr. Raja Debnath, Managing Director of Veefin Solutions Ltd, said, “We are delighted to welcome Ujjivan Small Finance Bank to our ever-growing clientele who have embarked on their SCF journey with Veefin. Financial institutions like Ujjivan SFB play a pivotal role in expanding the SCF ecosystem, reaching out to unserved and underserved customers nationwide. Together, we are poised not only to broaden the SCF landscape but also to drive inclusive growth, reaching even the most marginalized segments of our economy.”

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USISPF Announces the Appointment of Mark Linscott as Senior Advisor, Trade Policy

Apr 1, 2024 by Gayathri Pariti 0 Comments #Mark Linscott, #US-India, #USISPF

The US-India Strategic Partnership Forum (USISPF) is delighted to announce the appointment of Mark Linscott, the former Assistant U.S. Trade Representative for South and Central Asian Affairs, as Senior Advisor of Trade Policy at USISPF.

With a distinguished career spanning international trade negotiations, Mr. Linscott brings a wealth of experience, particularly in U.S.-India trade relations. Mr. Linscott served in various senior roles within the U.S. government, and most recently held the position of Assistant U.S. Trade Representative for South and Central Asian Affairs from December 2016 to December 2018.

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During his tenure, he played a pivotal role in spearheading the development of trade policy with nations across South and Central Asia. He led bilateral Trade Policy Forum discussions with India and drove advancements in Trade and Investment Framework Agreements (TIFAs) with countries such as Central Asia, Bangladesh, Maldives, Nepal, Pakistan, and Sri Lanka.

Mr. Linscott previously served as the Assistant U.S. Trade Representative for the World Trade Organization (WTO) and multilateral affairs from 2012 to 2016 with responsibility for coordinating US trade policies in the WTO.

Dr. Mukesh Aghi, President and CEO of USISPF said, “I am pleased to welcome Mark to USISPF. His profound experience, rich expertise, and insight into trade policies will prove indispensable as we fortify the economic bonds between the United States and India. I am confident that his contributions will significantly enhance USISPF’s role in advancing bilateral trade and investment between our nations.”

Commenting on his appointment, Mr. Mark Linscott said, “I am delighted to join USISPF, which has been a leading voice on the US-India relationship in recent years. I look forward to bringing my trade experience with India, both bilateral and multilateral, to USISPF as we forge ahead with the hard work to build up the trade relationship to the levels of the strategic partnership between the United States and India.”

The United States stands as India’s top trading partner, with bilateral trade currently estimated at approximately $200 billion. The bilateral trade is expected to reach $500 billion in the coming years. There is a tremendous opportunity to further grow US-India trade in areas such as defense, agriculture, space, climate, energy, health, and education as well as critical and emerging technologies like semiconductors, AI, and quantum computing.

This upward trajectory underscores the tremendous opportunity for further growth in US-India trade and underscores the significance of fostering collaborative efforts in trade dialogue and policy formulation between the two nations. As we look ahead, USISPF remains steadfast in its commitment to nurturing and enhancing the enduring partnership between the United States and India.

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Dubai Electricity and Water Authority PJSC Shareholders Approve Payment of AED 3.1 Billion in Dividends

Apr 1, 2024 by Gayathri Pariti 0 Comments #3.1 Billion, #Dubai Electricity, #HE Matar Al Tayer, #PJSC Shareholders

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider and majority owner of the largest cooling services provider, which is listed on the Dubai Financial Market (DFM), reported that its shareholders have, in the general assembly held on March 28th, 2024, approved the payment of total dividend of AED 3.1 billion with a record date of April 8th, 2024.

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General Assembly Details

The meeting, chaired by HE Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by HE Saeed Mohammed Al Tayer, MD & CEO of DEWA and Members of the Board of Directors of DEWA as well as 85.9% of the shareholders. The assembly was held on Thursday (28th March 2024) at the Kempinski Boulevard Hotel in Dubai as well as virtually.

Attractive Dividend Yield

For shareholders who are invested in DEWA’s shares prior to the dividend record date of April 8th, 2024 (with a Last Entitlement Date of April 4th, 2024), the next twelve-month dividend yield is 5.0% with reference to IPO share price of AED 2.48 per share.

“Thanks to the insightful vision and wise directives of our wise leadership, Dubai has become a global hub for trade, finance, tourism, and green economy. DEWA plays a crucial role in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. Our unwavering efforts have contributed to DEWA’s record of achievements, highlighted the transition to clean energy and established DEWA’s global leadership,” said HE Matar Al Tayer.

“Looking ahead, I am optimistic about our operating and financial outlook for 2024. The surge in tourism, growth in the residential and commercial demand for our services and the rising active day-time population in the Emirate are promising indicators of further opportunities to grow our business. In 2023, DEWA’s annual revenue exceeded AED 29 billion, operating profit was over AED 8.7 billion and EBITDA was over AED 14.7 billion, all figures reflecting the highest in its history,” said HE Saeed Al Tayer.

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Pashupati Group and SABIC Forge Strategic Alliance to Advance Recycling Solutions in India

Apr 1, 2024 by Gayathri Pariti 0 Comments #Business Wire India, #EPR, #Mr Bankey Goenka, #Pashupati Group, #SABIC

Business Wire India
Pashupati Group, a renowned leader in plastic waste recycling and a supplier of high-quality recycled products, has joined forces with SABIC, a pioneer in the global chemical industry. This landmark partnership, marked by a non-exclusive Memorandum of Understanding (MoU), is set to revolutionize recycling initiatives in India and amplify SABIC’s global network of esteemed recycling partners.

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With a strong foothold in India’s North-West and Southern regions, Pashupati Group’s expertise in producing high-quality polyolefin pellets and recycled packaging bags aligns perfectly with SABIC’s commitment to sustainable practices. Through this strategic partnership, both entities will combine their knowledge to optimize recycling processes, innovate value-added products using virgin and recycled polyolefin, and deliver eco-friendly packaging solutions to SABIC. This innovative approach is set to redefine the recycling landscape in India.

With this partnership, Pashupati Group will contribute its extensive expertise in the mechanical and chemical processing of used plastics, leveraging its advanced recycling capabilities. Meanwhile, SABIC will concentrate on the marketing and sales of recycled products, harnessing its global reach and market leadership.
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Additionally, the agreement includes provisions for an advanced recycling project to convert used plastic into pyrolysis oil. This innovative approach will enable SABIC to produce certified circular polymers with equivalent performance properties to virgin plastics, further enhancing sustainability in the industry.

Embarking on a journey towards sustainable waste management, the Pashupati Group revolutionizes the industry with its innovative approach to Extended Producer Responsibility (EPR). As a pioneer in adopting cutting-edge technology, Pashupati integrates a robust 360° Traceability system into its operations, ensuring transparency, efficiency, and accountability throughout the recycling process. Utilizing a state-of-the-art Waste Circularity Mobile App, they track key details like waste type, weight, and collection locations in real-time. This data integrates seamlessly into the In-House Traceability Software, providing actionable insights for efficient waste processing.

Moreover, with a focus on quality and sustainability, Pashupati Group’s commitment to delivering high-quality recycled products is underscored by its ISO 9001:2015 certification from the UQSR, reflecting its adherence to stringent quality management systems and universal quality standards.

Mr Bankey Goenka, Managing Director at Pashupati Group, shares, “Recycling is our mission at Pashupati, addressing the urgent need to tackle the world’s complex environmental challenges, especially in plastic waste management. Our collaboration with SABIC underscores our shared vision for environmental stewardship and circular economy principles.”

Mr Bankey Goenka further emphasized, “We are not just transforming waste into valuable products; we are leading the charge towards a greener future. Our relentless focus on innovation and sustainability drives us to create meaningful impact and drive positive change in the industry.”

This partnership is crucial in driving India’s shift towards a circular plastics economy, emphasizing environmental sustainability and innovative packaging solutions. It represents a significant milestone for Pashupati Group, expanding its reach into the international market through collaboration with a renowned industry leader like SABIC. By joining forces, Pashupati Group strengthens its position as a key player in the global recycling and sustainable solutions industry.

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FPT Global Internship Returns for Second Edition, Welcoming IT Students

Apr 1, 2024 by Gayathri Pariti 0 Comments #FPT Global, #FPT Software, #IT Students, #Nguyen Tuan Minh

FPT Software announced the second edition of its Global Internship initiative. The program is designed to provide opportunities for students to fast-track their technology careers with professional working experiences in a global leading IT company.

FPT_Global_Internship-2024

FPT Software’s Global Internship 2024 will welcome international students to its state-of-the-art campuses in Hanoi and Da Nang City, Vietnam, opening for enrollment from March 28th until June 2024. Spanning over eight weeks, the program will be divided into two cohorts starting from July 2024, with eligible participants including students in their second year or above pursuing bachelor’s degrees in IT-related fields.

With Vietnam becoming a global digital hub and a chosen, trusted partner for enterprises worldwide, FPT Software’s Global Internship program offers software engineering students opportunities to experience the country’s vibrant technology scene and the IT firm’s projects that tackle business challenges for clients across different industries. Besides such hands-on knowledge and experiences, participating interns will also gain direct mentorship and enhance industry networks with FPT Software’s technical experts, especially in the fields of AI, Cloud, Data, and Cyber Security.

“Our company’s ambitious goal is to fuel the global pipeline of one million IT talents by 2035, and the Global Internship program is among our efforts to foster a future-ready workforce globally,” said Chief Human Resources Officer Nguyen Tuan Minh. “We believe that as our global interns engage in FPT Software’s unique work culture, they will become FPT Software’s enthusiastic ambassadors across different markets where we operate,” he added.

Since the first Global Internship last year, FPT Software has hosted students from top-rank universities worldwide. The firm looks forward to expanding the program to all countries and territories where it operates.