AM BEST REVISES OUTLOOK FOR INDONESIA’S TUGU TO NEGATIVE

KUALA LUMPUR, Dec 23 (Bernama) -- AM Best has revised the outlook of PT Asuransi Tugu Pratama Indonesia Tbk (Tugu) to negative from stable while affirming its financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent).

The rating agency said the credit ratings reflected the Indonesian insurer’s balance sheet strength, which it assessed as very strong, as well as its strong operating performance, neutral business profile, and appropriate enterprise risk management.

“The ratings also factor in a neutral impact from the company’s ultimate majority parent, PT Pertamina (Persero), a state-owned energy company in Indonesia,” AM Best said in a statement.

It said the revision of the outlook to negative from stable reflected the trend of deterioration in Tugu’s underwriting performance over recent periods.

“We expect the overall operating performance to remain constrained over the near to medium term,” it said

The rating agency said Tugu’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which remains at the strongest level.

“Capital adequacy is supported by its low net underwriting leverage and ongoing internal capital generation while its investment portfolio as assessed by AM Best to be of moderate risk and generally diversified,” it said.

AM Best said Tugu’s operating performance was also regarded as strong, driven by profitable business from its parent company, Pertamina, which continues to be the key contributor.

“However, underwriting performance has deteriorated in the two most recent financial years, accompanied by an increasing trend of operating expense ratio, and underwriting losses at its reinsurance subsidiary, PT Tugu Reasuransi Indonesia (Tugu Re).

“Meanwhile, pre-tax profits increased 15 per cent in the first nine months of 2022 compared with the same period in 2021 supported by higher investment income,” it said.

Tugu is a large insurance group in Indonesia, ranked number five by market share in 2021 in the domestic general insurance market, and additionally writes reinsurance through Tugu Re.

-- BERNAMA

KYRIBA UNVEILS RECEIVABLES FINANCE SOLUTION, ENHANCES CONTROL OVER FINANCIAL RISK

KUALA LUMPUR, Dec 14 (Bernama) -- Global leader in cloud-based financial and information technology solutions Kyriba has launched Kyriba Receivables Finance, a solution that provides finance teams with greater control over factoring or securitisation programmes and which enables selective invoice financing.

The multi-funder solution integrates all vendor programmes into a single platform, providing a real-time overview of credit facilities, utilisation, limits, and programme performance.

“The speed with which companies can convert their receivables is essential for their survival, the faster the conversion, the less working capital required to support the business,” said its vice president for strategic marketing Bob Stark in the statement.

Meanwhile, head of working capital at Kyriba, Edi Poloniato said Kyriba Receivables Finance enables CFOs to release funds tied up in unpaid accounts receivables, quickly convert them into cash and optimise decision-making. 

“This solution enhances the control of financial departments over financial risk, automates the end-to-end process and reduces operational costs, while offering a single funder agnostic platform,” he said.

The Kyriba Receivables Finance key features include fast and efficient implementation; advance payment processing; payment and reconciliation; dashboards, reports, and tips; and seamless integration.

The module is available for corporates, large and medium-sized companies, and financial institutions in white-label solution.

With offices globally, Kyriba enables thousands of businesses to maximise growth opportunities, protect against losses from fraud and financial risk, and reduce costs through advanced automation.

-- BERNAMA

TransferJet Consortium member carries out field trial of content distribution service in India

KUALA LUMPUR, Dec 8 (Bernama) -- A field trial of high-speed content distribution service was carried out at several subway stations around New Delhi, India, in November 2022 by HRCP Research and Development Partnership (HRCP R&D).

HRCP R&D is a member of the Tokyo-based TransferJet Consortium (the TJC). 

According to a statement, the service enables users to download movies and games at an extremely high speed by just touching the devices used.

Given a TransferJet X-installed dongle, attached to an Android smartphone, participants can select their favourite content types on an app developed by HRCP R&D.

“By touching a Touch Point (transfer device) at a station, the selected content, for example, a two-hour-long HD movie, is transferred in two seconds. The content is protected by Digital Rights Management,” it said.

TransferJet Consortium was established in 2008 to develop the technology, products and services of TransferJet wireless technology. It was transformed into an incorporated association in 2011.

The consortium focuses on development of the specifications, compliance testing processes and tools, and promotional marketing activities.

-- BERNAMA

COSMOS HOTEL MANAGEMENT OPENS 5 NEW UNIQUE MIMARU APARTMENT HOTELS IN TOKYO AND OSAKA TO DISCOVER JAPAN

TOKYO, Dec. 9, 2022 /Kyodo JBN-Asianet/ --
 

With the rapid return of international travelers to Japan, Cosmos Hotel Management Co., Ltd. is pleased to announce five Apartment Hotel MIMARU openings in Tokyo and Osaka. MIMARU offers spacious rooms furnished with stocked kitchens, enabling guests to stay together and discover Japan. With these latest openings, MIMARU now has 25 hotels in the popular urban areas of Tokyo, Osaka, and Kyoto as of 2022.   MIMARU Website: https://mimaruhotels.com/en/   Photo1: https://kyodonewsprwire.jp/prwfile/release/M107482/202212020735/_prw_PI2fl_Gt00WFoL.png     In Tokyo, the new locations are: - Asakusa, Japan's iconic destination; - Nihombashi, where the atmosphere from the feudal Edo period is still alive; - Ikebukuro, the emerging capital of Cool Japan with manga, anime, arts, and games in abundance.   In Osaka, buzzing with the anticipation of Expo 2025, exciting Shinsaibashi with excellent access from airports now has two new MIMARU hotels.   - MIMARU SUITES Tokyo Nihombashi (Opened September 29th, 2022) All rooms are spacious, with two separate bedrooms and a kitchen stocked with popular Japanese tableware. Please eat like a local in a guestroom.   - MIMARU Tokyo Ikebukuro (Opened November 1st, 2022) Every room has a PC with access to the room's Metaverse Room. An eSports Room for up to five guests can play is also available.   - MIMARU SUITES Tokyo Asakusa (To open December 22nd, 2022) All rooms have two separate bedrooms for a high-quality vacation house experience.   - MIMARU Osaka Shinsaibashi East (Opened October 6th, 2022) Enjoy drinks and a Japanese local restaurant atmosphere with short curtains, paper lanterns, and a food stall.   - MIMARU Osaka Shinsaibashi North (Opened November 24th, 2022) The decor is based on the Osaka Castle, the iconic symbol of Osaka; the lobby has a "golden tea room" and a display of Japanese samurai armor.   While many visitors to Japan travel with their families or in groups, hotels that offer the luxury of relaxation to such large groups are limited in most urban areas. Apartment Hotel MIMARU hotels are located in Tokyo, Osaka, and Kyoto, offering excellent access. MIMARU accommodates large groups on extended stays, with spacious rooms (40 sq. meters and larger) furnished with stocked kitchens, a living/dining area, and laundromats in each hotel. The name MIMARU is a neologism from the Japanese phrase "MInna de toMARU" meaning "stay together." Many guests appreciate MIMARU's apartment-style hotels because they offer a comfortable home-away-from-home space to experience Japan, enabling guests to feel at home.   Photo2: https://kyodonewsprwire.jp/prwfile/release/M107482/202212020735/_prw_PI3fl_N71kf02K.png     MIMARU also has diverse themed rooms that make the Japan experience even more memorable. The Pokemon Room, where a huge stuffed Snorlax and original Pokemon-themed tableware await guests, is immensely popular among Pokemon fans from around the world. Visitors can also play "Find the Hidden Ninja!" in the Ninja Room, created under the supervision of the Japan Ninja Council, with displays of "shuriken" (ninja stars) and scrolls and ninja motifs hiding in surprising places. Other themed rooms include a Premium Party Room furnished with a sushi counter and an Ukiyo-e (Japanese woodblock print) Room adorned with works by Hokusai and original MIMARU works created by modern ukiyo-e artists. Guests can experience Japan in an entertaining way.   Photo3: https://kyodonewsprwire.jp/prwfile/release/M107482/202212020735/_prw_PI4fl_U8kxXh01.png     (C) Pokemon. (C) Nintendo/Creatures Inc./GAME FREAK inc. TM, (R), and character names are trademarks of Nintendo.   MIMARU staff members are fans of Japan from around the world. Many are multilingual and able to communicate smoothly in Japanese and English; some MIMARU hotels have staff fluent in Chinese, Spanish, and Korean as well. These staff members are MIMARU guests' reliable partners to make extraordinary trips together.   Photo4: https://kyodonewsprwire.jp/prwfile/release/M107482/202212020735/_prw_PI1fl_Af9D39z6.png     Three Apartment Hotel MIMARU locations have been selected in the Top 20 of "Best Hotels in Japan 2020 by International Travelers," announced in the Inbound Report 2020 by Tripadvisor (R), the world's largest travel guidance platform. - 6th Place: MIMARU Tokyo Hatchobori - 10th Place: MIMARU Tokyo Ueno Inaricho - 12th Place: MIMARU Tokyo Akasaka   Logo of Tripadvisor's Best Hotels in Japan 2020: https://kyodonewsprwire.jp/prwfile/release/M107482/202212020735/_prw_PI5fl_BJko8n3z.png     For more information about the unique experiences in MIMARU, please visit the website: MIMARU Website: https://mimaruhotels.com/en/ Instagram: https://www.instagram.com/mimaruhotels/ Facebook: https://www.facebook.com/mimaruhotels/   For each picture, please visit the link below: https://kyodonewsprwire.jp/release/202212020735?p=images   Cosmos Hotel Management - Head office: Tokyo, Minato - President: Hideki Fujioka - Contact Us https://mimaruhotels.com/en/contact-us/   Logo: https://kyodonewsprwire.jp/prwfile/release/M107482/202212020735/_prw_PI6fl_31fAS2Hp.png       Source: Cosmos Hotel Management Co., Ltd.   http://mrem.bernama.com/viewsm.php?idm=44973

NAN SHAN GENERAL INSURANCE RATINGS UNCHANGED -- AM BEST

KUALA LUMPUR, Dec 5 (Bernama) -- Taiwan’s Nan Shan General Insurance Co Ltd’s “A-” (Excellent) financial strength rating and “a-” (Excellent) long-term issuer credit rating remained unchanged, said rating agency AM Best.

In a statement, AM Best said this was based on its expectation of Nan Shan General’s business and capital plans over the short to intermediate term and in view of the negative impact from COVID-19 pandemic insurance claims on the company’s financials as of the end of September 2022. 

It said that Nan Shan General’s reported capital and surplus declined by more than half during the first nine months of 2022 to NT$2.0 billion. (NT$100=RM14.33)

“The main drag was a net loss of NT$1.3 billion attributable to significant claims related to pandemic insurance products and negative changes in other comprehensive income due to unfavourable capital market conditions.

“Nonetheless, the company’s local solvency ratio remained above the regulatory minimum as of the end of September 2022,” it said.

AM Best said Nan Shan General also experienced material adverse claims arising from pandemic insurance products and has provisioned additional claims reserves in the third quarter of 2022 for its in-force pandemic products based on more conservative assumptions.

It said the company’s business scale is small within its parent, Nan Shan Life Insurance Co Ltd, but it benefitted from the distribution support from the parent’s life agency force in sourcing the majority of its premium revenue, in particular for personal line products such as voluntary motor.

Moreover, AM Best viewed the parent as resourceful and willing to provide explicit and implicit financial support to Nan Shan General when needed.

“AM Best will continue to closely monitor the pandemic insurance claims development and hold discussions with Nan Shan General’s management to evaluate any subsequent implications on the company’s rating fundamentals,” it added.

-- BERNAMA

Napier’s financial crime risk management platform available to the Japanese market

 

KUALA LUMPUR, Nov 30 (Bernama) -- Financial crime compliance specialist Napier has announced that its end-to-end financial crime risk management platform, Napier Continuum, is available to the Japanese market via a newly-minted partnership with Japanese firm GRCS.

“In GRCS we have a partner with a strong reputation that understands not only the regional market, but also the technology.

“By working with partners like GRCS we can ensure that our solutions can be fully leveraged by local companies,” said Napier’s Global Head of Partnerships, Melissa Warren in a statement.

Meanwhile, Head of Business Development at GRCS, Joji Watanabe said: “With Napier’s advanced platform, we will be able to offer the highest standards of financial crime compliance to the local Japanese market and help clients meet regulatory best practices.

“The combination of Napier’s world-class technology and our regional expertise will give our clients full capabilities across the entire risk profile of their customers. We’re delighted to join up with Napier to supercharge our compliance efforts.”

Established in 2005 and listed on the Tokyo Stock Exchange Growth Market, GRCS provides expertise and solutions in governance, risk management, compliance, and security to regulated Japanese firms.

The partnership with Napier will see GRCS reselling, implementing and supporting locally Napier Continuum, its advanced financial crime risk management platform.

The move forms part of Napier’s strategy to secure partnerships and third-party alliances worldwide, in a strategic push to incorporate the expertise of regional partners to deliver tailored services in line with local regulations, risk landscapes and implementation requirements.

-- BERNAMA

GTJAI NAMED AS ONE OF THE 'BEST COMPANIES TO WORK FOR IN ASIA 2022'

KUALA LUMPUR, Dec 1 (Bernama) -- Guotai Junan International Holdings Ltd (GTJAI) has been named as one of the Best Companies to Work For In Asia 2022 - Hong Kong Region by HR Asia, a professional human resources publication.

The award is recognised as prestigious in the field of human resources management in Asia.

To GTJAI, the award was a recognition of the company's high level of corporate governance and human resource management achievements from the market and industry.

“Under the severe epidemic and challenging market environment over years, our colleagues still maintained a positive work attitude to ensure the company's business is carried out smoothly.

“Human capital is GTJAI’s most valuable asset, and we will continue to make it a great and better place to work with, while providing a platform for employees to give full play to their strengths,” said chief executive officer and executive director of GTJAI, Qi Haiying in a statement.

GTJAI is the market leader and first mover for the internationalisation of Chinese Securities Company as well as the first Chinese securities broker listed on the Main Board of the Hong Kong Stock Exchange through an initial public offering.

-- BERNAMA