DUCK CREEK TECHNOLOGIES TO HOST THIRD-ANNUAL "ONE DUCK CREEK-INDIA INCLUSION SUMMIT" IN MUMBAI

The summit, themed "Shaping the Future: Inclusion, Belonging, and Well-Being at Work," will spotlight community-building, wellness, and professional growth

MUMBAI, India, Nov 8 (Bernama-GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, will host its third-annual “One Duck Creek-India Inclusion Summit” in Mumbai. This two-day event focuses on creating a workplace where inclusion, belonging, and well-being actively thrive as part of Duck Creek’s dedication to fostering a diverse, resilient workforce. 

The summit features immersive panels, networking opportunities, and hands-on cultural celebrations, including a Diwali event, aligning with Duck Creek’s mission to develop an environment where every individual feels supported, valued, and engaged both personally and professionally. 

“The One Duck Creek-India Inclusion Summit embodies our commitment to fostering a workplace where everyone feels valued and empowered. As we gather in Mumbai, we’re reminded of the strength that comes from uniting diverse voices, experiences, and talents. This summit not only reinforces our dedication to creating an inclusive culture but also serves as a catalyst for deeper collaboration and innovation across our organization and within the technology community in India,” said Gowri Sivaprasad, Vice President of Engineering at Duck Creek Technologies. 

Building on the success of last year’s event, this year’s Inclusion Summit delves into meaningful discussions led by Duck Creek’s DEI Advisory Board, Employee Experience Council, Employee Resource Groups and other key One Duck Creek programs within the company. Duck Creek’s Executive Leadership Team will host a town hall, sharing company updates and encouraging open dialogue across the organization. The Duck Creek Gives Back Event invites attendees to support the Life Lab Foundation, whose mission is to combine learning with play, and inspire a new generation of learners.  

"We’re thrilled to reunite our Ducks in Mumbai to celebrate the company’s ongoing efforts to create a dynamic, inclusive global culture," said Amy Bayer, Global Director of DE&I, Engagement & Culture at Duck Creek Technologies. "The One Duck Creek Summit reflects our deep commitment to fostering a diverse, equitable, and supportive work environment. This event strengthens our team’s connections and reinforces our mission to build an industry-leading workplace in the P&C and general insurance sectors."  

http://mrem.bernama.com/viewsm.php?idm=49722

NIPPON ELECTRIC GLASS UNVEILS NEW NAME, LOGO FOR ALKALI-RESISTANT GLASS FIBRE

 

KUALA LUMPUR, Nov 5 (Bernama) -- Japanese glass manufacturer, Nippon Electric Glass Co Ltd (NEG) has announced a new name and logo for its alkali-resistant glass fibre (ARG Fiber) product range.

This represents a new stage in the over 40-year history of ARG Fiber, in which during this time has contributed to many architectural and civil engineering projects.

The new name, WizARG is coined from "Wizard" and "ARG Fiber", and it conveys the sense of freedom to create magically, according to the company in a statement.

Developed and produced based in Japan, WizARG has been widely used in the construction and civil engineering fields. It contains a high percentage of zirconia, which enhances its resistance to alkali in cement composites.

NEG provides a stable supply from its sales locations around the world and develops various shapes and proposes products that suit its customers' applications. It will continue to protect the creativity and value of architecture, civil engineering, and a wide variety of other sculptures around the world.

The company has been manufacturing and selling ARG Fiber for over 40 years, and with its achievements and experience, as well as the introduction of a new product name and logo, the company aims to provide customers with products that better meet their needs.

Furthermore, NEG will actively expand in the global market and provide product quality and reliability to customers worldwide.

It will continue to strive for sustainable growth while aiming to improve customer satisfaction. Additionally, through the introduction of a new name and logo, it will achieve further expansion and establish itself as a leading company in the global market.

-- BERNAMA

CSOP: SAUDI'S INITIAL FORAY IN HONG KONG-LISTED SHARES FOCUSING ON CHINESE FIRMS

KUALA LUMPUR, Oct 30 (Bernama) -- CSOP Asset Management Limited (CSOP) announced it is part of the introduction of the Albilad CSOP MSCI Hong Kong China Equity exchange-traded fund (ETF) (symbol: 9410) on the Saudi Stock Exchange (Tadawul) on Oct 30.

“CSOP has always been committed to enriching the ETF ecosystem in Hong Kong, and now we will continue our efforts to bring products with China exposure to the investors in the Middle East area,” said CSOP Chief Executive Officer (CEO), Ding Chen in a statement.

Meanwhile, Albilad Capital CEO, Zaid AlMufarih said: “By partnering with CSOP, we are opening a new avenue for investors to engage with the dynamic growth of China through Hong Kong, all while adhering to Shariah principles. This initiative is more than an investment opportunity; it is a step towards a more interconnected global financial landscape.”

The Albilad CSOP MSCI Hong Kong China Equity ETF will invest at least 95 per cent of its assets in the CSOP MSCI HK China Connect Select ETF (ticker: 3432.HK) listed on the Hong Kong Stock Exchange (HKEX), marking a milestone as the first ETF in Saudi Arabia to track the Hong Kong equity market.

The Albilad CSOP MSCI Hong Kong China Equity ETF is set to be the largest ETF in the Middle East, making its debut with an initial size exceeding US$1.2 billion. (US$1=RM4.36)

As the investment manager of 3432.HK, CSOP has joined forces with Albilad Capital to offer this captivating investment opportunity, allowing investors in Saudi Arabia to tap into the dynamic and diverse Chinese economy.

The launch of the Albilad CSOP MSCI Hong Kong China Equity ETF marks another significant milestone for CSOP in its proactive engagement in the financial bilateral collaborations between China and Saudi Arabia. This, in turn, bolsters the evolution of Hong Kong's capital market as a global financial hub.

Looking forward, CSOP will persist in collaborating with business partners to carry out investor education, present top-tier Hong Kong stocks to the investing public of the Middle East, and introduce Middle Eastern investments to Hong Kong, which will cultivate a more profound mutual comprehension between China and the Middle East.

-- BERNAMA

Black & Veatch Serves As Owner's Engineer For Combined Cycle Power Plant In Sarawak

KUALA LUMPUR, Oct 22 (Bernama) -- Black & Veatch, a global leader in critical infrastructure solutions, has been chosen as the owner’s engineer for PETROS Power Sdn Bhd’s (PETROS Power) Miri Combined Cycle Gas Turbine (Miri CCGT) Power Plant in Sarawak, Malaysia.

The Miri CCGT Power Plant will be a lower-emission alternative to coal-fired power plants, which is expected to have a capacity of 500 megawatts (MW) and is intended to supply power to the Sarawak State Grid.

The power plant contributes to the Sarawak Gas Roadmap, which is critical to achieving Sarawak’s goal of doubling its economy by 2030, according to a statement.

“Black & Veatch's knowledge of international and country-specific engineering codes and standards, and contract structures helps to systematically mitigate project cost and schedule risks to ensure project execution certainty.

“By bridging the gap between different engineering standards, Black & Veatch offers progressive clients, like PETROS Power, assurance that the engineering, procurement, and construction (EPC) contractor delivers on project commitments cost effectively,” said its president, Asia Pacific and India, Narsingh Chaudhary.

Black & Veatch will provide technical expertise, knowledge and technology transfer, and support for engineering, procurement, construction, and commissioning (EPCC) contract management and administration.

The company has extensive experience in designing and constructing combined cycle power plants for diverse settings, including new sites, expansions to existing steam electric generating stations, and conversions of existing simple cycle peaking combustion turbines to combined cycle operation.

-- BERNAMA

Singapore-based Talendy Holdings To Grow Asia Pacific Businesses

KUALA LUMPUR, Oct 17 (Bernama) -- Tech Japan, a human resources (HR) tech venture specialising in recruitment platform solutions called “Talendy” for highly skilled Indian talent in the technology sector, has announced the establishment of Talendy Holdings in Singapore.

With a specific focus on Singapore, Taiwan, and South Korea, this strategic move aims to strengthen Tech Japan's presence in the East Asia region and reinforces the company's commitment to fostering growth and innovation through diverse talent networks.

Tech Japan Chief Executive Officer, Naotaka Nishiyama said the launch in Singapore marked a critical step in the company’s strategy to support digital transformation across Asia.

“Our presence in Singapore will allow us to better serve our clients in the region and facilitate the integration of highly skilled Indian talent into leading tech ecosystems in Singapore, Taiwan, and South Korea,” he said in a statement.

Talendy engages in strategic design for global engineering organisation and system development, provides recruitment support using its platform, leverages employer of record (EOR) schemes for talent acquisition without bound by the location of the country of incorporation, and manages the establishment and operations of Global Capability Centers (GCCs) in India.

In addition, this expansion offers an opportunity for technology talent in India to extend their reach beyond Japan to Taiwan, South Korea, and Singapore, thereby broadening their scope of influence and opportunities.

Operating under the mission "Accelerate digitalisation through the power of diversity, creating a richer society", Tech Japan has pioneered platforms that connect Japanese companies with prestigious Indian institutions, notably the Indian Institutes of Technology (IIT).

The formation of Talendy Holdings will build on these foundations, aiming to streamline and expand talent acquisition processes in key Asian markets, while the creation of its platform was originally from the "India-Japan Placement Working Group" maintained by Tech Japan with the Ministry of Economy, Trade and Industry and the Embassy of India in Japan.

Furthermore, Talendy Holdings plans to explore partnerships with local universities and engage in community-based talent development initiatives, thereby contributing to the dynamic business ecosystem of Singapore.

-- BERNAMA

H2O.AI UNVEILS COMPACT, COST EFFICIENT MULTIMODAL FOUNDATION MODELS FOR DOCUMENT AI

KUALA LUMPUR, Oct 18 (Bernama) -- H2O.ai, the leader in open-source generative artificial intelligence (GenAI), announced H2OVL Mississippi 2B and 0.8B, two powerful new multimodal foundation models designed specifically for optical character recognition (OCR) and Document AI use cases.

Compact yet highly efficient, the H2OVL Mississippi foundation models represent a significant advancement in AI, delivering unmatched performance for vision and OCR tasks in enterprise environments.

“We have designed H2OVL Mississippi models to be a high-performance yet cost-effective solution, bringing AI-powered OCR, visual understanding, and Document AI to businesses.

“By blending state-of-the-art multimodal AI with extreme efficiency, H2OVL Mississippi delivers precise, scalable Document AI solutions across a range of industries,” said H2O.ai chief executive officer and founder, Sri Ambati in a statement.

Available now on Hugging Face, H2OVL Mississippi 2B and 0.8B offer enterprises an economical solution with efficiency and accuracy for real-time document analysis and image recognition, making it easier to integrate powerful, lightweight AI into workflows that require top-tier OCR and document understanding.

Key features of H2OVL Mississippi 2B and 0.8B are lightweight model, multimodal mastery, tailored training, and real-time efficiency.

H2OVL Mississippi 2B builds on the legacy of H2O Danube2 with a robust 2.1 billion parameter model optimised for lightweight deployment and specialised multimodal architecture that blends language and computer vision to meet the growing demand for more economical multimodal OCR.

Meanwhile, built on the Danube3 0.5B, H2OVL Mississippi 0.8B model, pre-trained on 11 million conversation pairs and fine-tuned with an additional eight million, surpassed all comparable SLMs in the market on OCR benchmarks, delivering unmatched performance on text recognition.

-- BERNAMA

 

DUCK CREEK TECHNOLOGIES NAMED A LEADER IN GARTNER® 2024 MAGIC QUADRANT™ FOR SAAS P&C INSURANCE CORE PLATFORMS, NORTH AMERICA

Recognized for Completeness of Vision and Ability to Execute


BOSTON, Oct 18 (Bernama-GLOBE NEWSWIRE) -- Duck Creek Technologies, a leading and innovative provider of solutions in the SaaS P&C insurance core platforms market, today announced Duck Creek Technologies has been positioned by Gartner as a Leader in the 2024 Gartner® “Magic Quadrant™ for SaaS P&C Core Platforms, North America”. The evaluation was based on specific criteria that analyzed the company’s overall Completeness of Vision and Ability to Execute.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of providers in markets where growth is high, and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

“Our low-code, configurable SaaS platform helps insurance carriers stand out in today's competitive market. We continue to enhance our platform through AI, machine learning and by bringing new solutions to carriers, including Payments Facilitator, to grow their business with speed, efficiency and an excellent customer experience,” said Michael Jackowski, CEO of Duck Creek Technologies. “We are proud to be recognized again this year by Gartner as a Leader in the P&C insurance technology space. As we look ahead, we will continue to enrich our platform by providing more for carriers to stay ahead of their competition including eliminating upgrades through Active Delivery and increasing efficiency and scalability with multi-tenancy.”

View a complimentary copy of the Magic Quadrant report to learn more about Duck Creek’s strengths and cautions, among other provider offerings, here

Source: Gartner Reports: Gartner, Magic Quadrant for SaaS P&C Insurance Core Platforms, North America, Sham Gill, James Ingham October 2024

Gartner Disclaimer:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. 

Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved. 

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

Media Contacts:
Tara Stred/Marianne Dempsey
Duckcreek@threeringsinc.com 


SOURCE : Duck Creek Technologies

SAUDI FUND FOR DEVELOPMENT ANNOUNCES ITS FIRST PRESENCE IN SERBIA BY FINANCING 3 DEVELOPMENT PROJECTS, WORTH $205 MILLION

^{H.E. Sultan Al-Marshad, CEO of the SFD, and H.E. Siniša Mali, Serbia’s Deputy Prime Minister and Minister of Finance (Photo: AETOSWire)}


BELGRADE, Serbia, Oct 17 (Bernama-BUSINESS WIRE) -- The Saudi Fund for Development (SFD) has signed three development loan agreements with the Republic of Serbia worth $205 million to fund key projects supporting the agriculture, education and energy sectors. This partnership, marking SFD’s first presence in Serbia, is aimed at fostering the country’s long-term socioeconomic growth. The agreements were signed by H.E. Sultan Al-Marshad, CEO of the SFD, and H.E. Siniša Mali, Serbia’s Deputy Prime Minister and Minister of Finance, in the presence of Deputy Ambassador of Saudi Arabia to Bosnia & Herzegovina, Mr. Ali Aldossary.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241016322656/en/

 

Commenting on the agreements, Mr. Mali stated, "It is a great pleasure to sign three important agreements with the Saudi Fund for Development, which is the first concrete step after last year's signing of the Memorandum of Understanding. We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, strengthening of our economy, and better positioning of the Republic of Serbia in the world scientific community. The agreements will also reinforce the long-term partnership between the Republic of Serbia and the Kingdom of Saudi Arabia and contribute to the implementation and development of important projects in our country.”

The agreements are comprised of three projects, including $75 million funding for the Strengthen Irrigation Infrastructure in Different Areas Project, $65 million for the Construction of the Bio4 Campus in Belgrade Project, and $65 million for the Development of Transmission System Operator (Phase 1) Project.

The first project will help strengthen irrigation systems and improve water management in key farming areas, by constructing new water pumping stations, rehabilitating existing canals, and creating a modern irrigation network that spans over 230 km. Targeting regions such as Novi Slankamen and Jasenicke Kapi, the project aims to boost agricultural productivity and ensure efficient water distribution during drought periods.

The second project will fund the construction of the Bio4 Campus in Belgrade, a pioneering scientific research center focused on biotechnologies. The Bio4 Campus will house six faculties, nine scientific institutes, and state-of-the-art laboratories, including a biosafety level 3 lab, at the University of Belgrade. The center is designed to bring together researchers, scientists, and professionals to drive interdisciplinary innovation and collaboration in fields such as biology, medicine, and wastewater research.

The final project will expand Serbia’s energy infrastructure by building a new 400 kV transmission line and upgrading existing substations, which will help enhance the reliability of Serbia’s power supply and integrate the country into the European electricity market through the Trans-Balkan Electricity Corridor.

Reflecting on the agreement, SFD CEO Sultan Al-Marshad said, "Supporting sustainable development through strategic funding in infrastructure and education is central to our mission. This partnership with Serbia underscores our commitment to fostering innovation, enhancing agricultural productivity, and improving energy security in line with the Sustainable Development Goals. The projects we are funding will help create lasting benefits for the Serbian people and contribute to their socioeconomic development."

The SFD is committed to supporting sustainable development globally. As the official development arm of the Kingdom of Saudi Arabia, the SFD has financed more than 800 projects in over 100 countries, with a total funding of $20 billion. In 2024, the SFD celebrated 50 years of advancing global development, with recent expansions into 11 new countries, including Serbia.

Source: AETOSWire

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20241016322656/en/


Contact

Randah Al-Hothali
Director General of Corporate Communications
media@sfd.gov.sa


Source : Saudi Fund for Development

BLUESCOPE’S ASEAN AWARD TO HONOUR REGIONAL EXCELLENCE IN STEEL ARCHITECTURE

KUALA LUMPUR, Oct 15 (Bernama) -- NS BlueScope announced the 2024 BlueScope Steel Architectural Awards ASEAN is now open to projects harnessing the company’s steel in Indonesia, Malaysia, Thailand and Vietnam.

Entrants are accepted in Residential, Commercial, Industrial and Institutional building sectors, while there is an additional category of ‘Long Lasting Beauty of COLORBOND’ which celebrates projects that have used BlueScope’s COLORBOND steel to weather all conditions to maintain their beauty and strength.

NS BlueScope Chief Executive, Connell Zhang said the company aimed to create and inspire smart solutions in steel, and its new awards programme is a great opportunity to showcase some of the very best architectural projects in this region.

“As well as setting industry benchmarks and promoting best practice, these awards are a great way to encourage knowledge sharing and support our vibrant ASEAN architect community.

“As the industry leader in premium coated and painted steel, BlueScope is in a unique position to support the architectural community in bringing their dream designs to life,” he said in a statement.

The 2024 BlueScope Steel Architectural Awards ASEAN are backed by several respected organisations, including The Association of Siamese Architects under Royal Patronage; Ikatan Arsitek Indonesia; the University of Architecture Ho Chi Minh City; the Australian Chamber of Commerce Singapore; and Malaysia’s ACG Media Group.

Award entries will be judged on their Design Excellence, Innovation and Sustainability, whereby judges will assess multiple areas of building design, from aesthetic merit to functionality and efficiency, among others.

Judging for the ASEAN Award winners takes place in October, with the winners announced in November.

-- BERNAMA

FreedomPay-Stripe Partnership To Facilitate Businesses Unify Commerce

KUALA LUMPUR, Oct 11 (Bernama) -- FreedomPay, an innovative leader in Next Level Commerce technologies has partnered Stripe, a financial infrastructure platform for businesses, to make it easier for enterprises to unify commerce.

According to FreedomPay, the partnership makes it possible for virtually any enterprise to use Stripe for online and in-person payments alongside their existing commerce tools.

“Many of the largest businesses in the world already use FreedomPay and they have been telling us they would love to see Stripe join our growing ecosystem of connectivity.

“We are excited that our merchants can now modernise their systems and grow their revenue with Stripe,” said FreedomPay President, Chris Kronenthal in a statement.

FreedomPay aggregates hundreds of different point of sale (POS) systems and dozens of payment devices and commerce integrations onto a single platform.

Meanwhile, Stripe helps businesses process payments online and in person; offers advanced fraud protection powered by machine learning; optimises authorisation requests for issuers to boost revenue; and maintains industry-leading reliability.

Together, FreedomPay and Stripe will provide enterprises with flexibility and modularity, the ability to add Stripe to an existing set of commerce tools, without requiring significant development resources.

With this partnership, enterprises including hotels, retailers, and food & beverage providers, can now take advantage of Stripe’s platform, including those that already use FreedomPay.

Furthermore, in one place, they will be able to manage payments, loyalty programmes, and customer analytics, among others.

-- BERNAMA

H2O.AI PARTNERS SINGTEL’S DIGITAL INFRACO TO DELIVER GENAI-AS-A-SERVICE

KUALA LUMPUR, Oct 11 (Bernama) -- H2O.ai, the leader in open-source generative artificial intelligence (GenAI) has announced a strategic partnership with Singtel’s Digital InfraCo to bring GenAI-as-a-Service (GenAIaaS) to organisations across Asia Pacific (APAC).

This partnership brings together H2O.ai's best-in-class GenAI and Predictive AI with Singtel AI cloud’s powerful and secure graphics processing unit (GPU) infrastructure to deliver a sovereign GenAI platform for private and public sector organisations with strict data protection needs.

“With our open source community, partnership ecosystem and unique mindset of co-creation with customers we are transforming large banks, telcos and public sector by leveraging their data, upskilling their people, and building custom GenAI and Predictive AI for solving problems and bettering life of citizens globally,” said H2O.ai Founder and Chief Executive Officer (CEO), Sri Ambati in a statement.

Meanwhile, Singtel Digital InfraCo CEO, Bill Chang said: “As organisations move toward AI-driven solutions, our partnership with H2O.ai ensures that they have access to state-of-the-art GenAI solutions developed on RE:AI’s cloud platform.

“Together, we are enabling businesses to innovate faster, enhance customer experiences, and optimise internal operations with the power of AI.”

H2O.ai GenAI software suite will be integrated with Singtel’s Paragon platform that powers Singtel AI Cloud, to enable customers to reduce time to develop and deploy AI use cases with optimal total cost of ownership (TCO).

An existing customer of H2O.ai, Singtel is expanding to offer H2O.ai full stack AI service to be integrated with Singtel Paragon platform to offer an “AI as a service” offering on Singtel GPU cloud.

The unified AI as a service solution that bundles the needed GPU infrastructure will offer customers a cost-efficient full stack AI platform for GenAI and Predictive AI to address a wide range of robust Document AI business use cases.

This collaboration between H2O.ai and Digital InfraCo marks a major step forward in bringing secure, scalable GenAIaaS to organisations across APAC while ensuring data sovereignty and compliance.

-- BERNAMA

ice’s Network Slicing For Norwegian Armed Forces Powered By Mavenir 5G Core

KUALA LUMPUR, Oct 8 (Bernama) -- Mavenir, the cloud-native network infrastructure provider building the future of networks, has delivered the full 5G core network for ice to enable a network slicing service.

Norway’s third largest mobile operator, ice, is utilising its new 5G standalone (SA) network to provide a dedicated network slice for the Norwegian Armed Forces, designed to deliver the specific service levels required by military communications.

Essentially an isolated network-within-a-network, the Armed Forces will have exclusive use and control over their slice nationwide. It will be able to establish secure end-to-end communications across the network.

Mavenir President of Core Networks, Ashok Khuntia said the flexibility of network slicing powered by 5G is a game-changer for mobile operators.

“We are enabling 5G use cases in practice, proving that the long-promised monetisation of 5G is a reality. With security, reliability and low latency, 5G is a massive opportunity for the industry,” he said in a statement.

Meanwhile, ice Vice President Service Delivery Platforms, Tore Kristoffersen said: “This deployment of network slicing is realising the true value of 5G. We now have myriad possible new business cases to present to our enterprise customers, which can be tailored to precise service level agreements, ensuring the best and most cost-effective use of resources.

“We are also testing solutions for use in Public Safety services, highlighting the value of 5G and its network slicing capabilities for secure critical communications.”

Mavenir’s 5G mobile core is designed ready for network operators to enable network slicing for providing disruptive services to business-to-business (B2B), business-to-consumer (B2C) or public organisations. 

Dedicated network slices can be designed to meet specified needs and applications, quickly and easily deployed and managed, and used to deliver new and innovative services and applications.

Mavenir’s cloud-native 5G SA network is fully containerised, runs on any cloud service and designed with a microservices approach, giving the flexibility to address evolving customer needs in a scalable way.

-- BERNAMA

MYTHERESA TO ACQUIRE YNAP FROM RICHEMONT

KUALA LUMPUR, Oct 7 (Bernama) -- MYT Netherlands Parent B.V. (Mytheresa) and Richemont announced they have entered into binding agreements for the acquisition of 100 per cent of the share capital of YOOX Net-a-Porter (YNAP) by Mytheresa.

At transaction closing, Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt, subject to customary closing adjustments, in exchange for shares to be issued by Mytheresa representing 33 per cent of its fully diluted share capital at closing following issuance of the consideration shares. (1 euro = RM4.62)

According to a statement, the transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide.

“With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide. Mytheresa, Net-a-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service,” said Mytheresa Chief Executive Officer, Michael Kliger.

Meanwhile, Richemont Chairman, Johann Rupert said: “Mytheresa is ideally placed to build on YNAP’s assets to further delight customers and brand partners alike across the world by harnessing both companies’ respective strengths.”

In the medium term, the deal entails the integration of YNAP’s Luxury division into Mytheresa to form one group with three distinct storefronts, namely Mytheresa, Net-a-Porter and Mr Porter.

The separation of the off-price division, comprising YOOX and The Outnet, from the luxury division to allow for a simpler and more efficient operating model driving higher growth and profitability.

Also, YNAP’s white label division will be discontinued once the Richemont Maisons’ online stores powered by YNAP migrate to their own chosen platforms.

Richemont will make available a six-year revolving credit facility of 100 million euros to finance YNAP’s general corporate needs, including working capital. Closing of the transaction, which is expected to occur in the first half of calendar year 2025, is subject to customary conditions, including the receipt of antitrust approvals.

-- BERNAMA

BUSINESSNEXT AND MONGODB TEAM UP TO ACCELERATE AUTONOMOUS OPERATIONS IN FINANCIAL SERVICES

Collaboration will enable banks to create hyper-scalable digital solutions, delivering cutting-edge technology, AI-driven customer journeys and experiences

NEW DELHI, Sept 30 (Bernama-GLOBE NEWSWIRE) -- BUSINESSNEXT, a global leader in composable enterprise solutions for financial services, has partnered with MongoDB to accelerate autonomous operations powered with specialized predictive and generative AI for banking and insurance. Headquartered in New York, MongoDB empowers innovators to create, transform, and disrupt industries with the power of software and data.

The collaboration between BUSINESSNEXT and MongoDB will empower banking and financial services with the technology needed to deliver exceptional customer experiences and drive autonomous operations.

By combining BUSINESSNEXT’s deep expertise in financial services with MongoDB’s flexible, scalable database platform that has industry-leading encryption, access controls, and data protection protocols, the partnership will deliver innovative solutions that address the evolving needs of the industry. BUSINESSNEXT’s suite of solutions to drive autonomous banking includes real-time AI at the core powering modern CRM, digital journeys, lending platforms, risk-rating platforms, workforce assistants, customer chatbots and more.

MongoDB’s document-oriented data model, with its flexible schema, nicely complements BUSINESSNEXT’s AI-driven capabilities. The partnership will enable banks to harness the power of their data to create personalized customer journeys, optimize lending processes, and make data-driven decisions.

“We are excited to partner with MongoDB to deliver cutting-edge solutions to our financial services clients,” said Sushil Tyagi, Executive Director at BUSINESSNEXT. “MongoDB’s industry-leading data protection protocols and our ability to handle complex data structures and scale effortlessly aligns with our vision of providing a modern, agile platform for banks.”

“Independent software vendors are an integral part of the enterprise software stack in India, and BUSINESSNEXT is a great example of the kind of ISV we want to work with,” said Sachin Chawla, Vice President, India and South Asia at MongoDB. “This partnership will help a large number of financial services organizations to accelerate their modernization initiatives and use AI to drive differentiation,” added Chawla.

Key benefits of the partnership include:

· Autonomous Banking operations
· Enhanced customer experiences
· Accelerated lending processes
· Improved operational efficiency
· Strengthened risk management
 
This partnership marks a significant milestone for both BUSINESSNEXT and MongoDB, and it is expected to drive significant value for financial institutions worldwide.

For more information,

visit BUSINESSNEXT website https://www.businessnext.com/

and MongoDB website https://www.mongodb.com/.

For Media Inquiries:

Ajay Joshi

ajay.joshi@businessnext.com

SOURCE: Acidaes Solutions PTE. Ltd.

--BERNAMA

MEDIDATA PAYMENT SOLUTION ENHANCES PATIENT EXPERIENCE

KUALA LUMPUR, Sept 26 (Bernama) -- Medidata, a Dassault Systèmes brand and provider of clinical trial solutions to the life sciences industry, has launched Medidata Patient Payments, a new solution that streamlines trial-related stipends and reimbursements for patients participating in clinical research.

This offering automates the payment lifecycle and addresses the longstanding challenge of compensating participants for their time, effort, and study-related expenses, while solving for growing concerns around the financial toxicity of clinical trial encounters.

Medidata vice president of Clinical Trial Financial Management, Meghan Harrington in a statement said its Patient Payments solution is a direct reflection of the commitment and passion the company has to deliver an extraordinary patient experience.

“Our partnerships with Medidata’s patient and site advisory boards, coupled with the incomparable data housed within our ecosystem, provide us with a unique opportunity to modernise the financial management experience for patients,” she said.

Medidata Patient Payments delivers an intuitive reimbursement experience for patients, allowing them to quickly submit requests for various expenses, including travel, meals, lodging, lost wages, childcare, and mileage.

Leveraging the power of the Medidata Platform, stipends are automatically triggered by study activities, such as completing a diary or assessment, offering flexibility and convenience.

This integrated approach provides a smooth process, supporting quick implementation and accommodating the preferences of both patients and study sites.

Patient Payments, built on the widely adopted Medidata Platform, offers seamless access via myMedidata for patients and iMedidata accounts for sponsors and sites. Unlike standalone options, it is part of a comprehensive e-clinical suite, enabling robust integration and actionable insights throughout the study lifecycle.

Celebrating 25 years of ground-breaking technological innovation across more than 34,000 trials and 10 million patients, Medidata is headquartered in New York City and has been recognised as a Leader by Everest Group and IDC.

-- BERNAMA

TELEDYNE UNVEILS AI-POWERED SMART CAMERA FOR INDUSTRIAL AUTOMATION, INSPECTION

KUALA LUMPUR, Sept 27 (Bernama) -- Teledyne DALSA, a Teledyne Technologies company and global leader in machine vision technology, has announced its next generation artificial intelligence (AI)-powered BOA3 smart camera for industrial automation and inspection.

“The new BOA3 is an exciting next step in our smart camera development. Its modular and flexible architecture will allow us to offer new and powerful solutions for embedded machine vision inspections,” said Teledyne DALSA Product Line Manager, Vision Systems, Szymon Chawarski.

The new BOA3 smart camera is designed to leverage the best features from previous BOA generations and combine them with new sensor and AI inspection technologies developed by Teledyne.

In a statement, Teledyne DALSA said BOA3 is a highly integrated vision system in a compact, rugged smart camera format designed to meet the needs of the most complex, demanding machine vision applications.

It offers sensor resolutions from 1.2 to 12 megapixels (MP), integrated or C-mount lens options, onboard input/output (I/O), and includes easy-to-use machine vision software, all in one common platform.

Furthermore, BOA3 smart cameras deliver the flexibility and uncompromised functionality to enable quick, cost-effective embedded machine vision deployments.

BOA3 comes with iNspect, an easy-to-use, no-code inspection development software with tools for positioning, part locating, pattern matching, measuring, barcode reading, feature or defect detection, including automatic reading of characters (OCR) based on a pre-trained AI inference network.

The smart camera models with 1.2MP, 5MP, and 12MP monochrome sensors are available now, while colour versions are planned for release at the end of this year. New sensor and lens options will be added to the platform in 2025.

-- BERNAMA

BEST'S SPECIAL REPORT: MORE RATING UPGRADES THAN DOWNGRADES FOR ASIA PACIFIC (RE)INSURERS IN 2023 AMID GEOPOLITICAL UNCERTAINTY

OLDWICK, N.J., Sept 23 (Bernama-BUSINESS WIRE) -- Long-Term Issuer Credit Rating (Long-Term ICR) upgrades exceeded downgrades for AM Best-rated Asia-Pacific (re)insurers in 2023, driving predominantly by improved balance sheet strength and favorable operating performance, according to a new AM Best report.

The Best’s Special Report, “Asia-Pacfic Benchmarking: Positive Signs While Navigating Climate and Geopolitical Uncertainty,” states that eight Long-Term ICRs were upgraded in 2023 with four downgraded on a range of factors, including falling Best’s Capital Adequacy Ratio (BCAR) scores and weakening operating results. Additionally, AM Best assigned 10 new ratings in the region during the year.

AM Best’s geographical rating coverage across Asia and Oceania is broad, and more than 75% of AM Best’s ICRs for Asia-Pacific rating units carried a Long-Term ICR of “a-” or higher, with mature markets skewing more favorably than emerging markets. The report highlights dynamics at work in mature and emerging markets.

“Mature markets generally have more stable economic conditions and insurers may face fewer underwriting risks due to better-established risk management practices, more-accurate actuarial modeling and a deeper understanding of market dynamics,” said David Lopes, senior industry research analyst, AM Best. “At the same time, emerging markets typically have simpler insurance products, resulting in lower probability of adverse claims development, and low insurance penetration.”

The report compares various rating drivers and building-block assessments in aggregate on rated carriers in mature and emerging markets. Despite elevated catastrophe activity in recent years, most outlooks on Asia-Pacific rating units were stable at year-end 2023, at 87%, though a larger proportion of those stable outlooks were for companies operating in mature markets than emerging-market participants. Of the outlook revisions that did occur in 2023, most were moved to positive from stable and on companies operating in mature markets; in particular, New Zealand and Singapore.

The types of companies rated, operating in mature and emerging markets, are diverse and include reinsurers, insurers, mutuals, captives, credit and health insurers, takaful operators and protection and indemnity (P&I) clubs.

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=347004.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. 

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MENLO SECURITY NAMED LEADER FOR SECURE ENTERPRISE BROWSING IN GIGAOM RADAR REPORT

KUALA LUMPUR, Sept 23 (Bernama) -- Menlo Security, the pioneer of Secure Enterprise Browsers, has announced its position as a Leader and Fast Mover in the GigaOm Radar Report for Secure Enterprise Browsing.

Specifically, GigaOm recognised Menlo Security’s Secure Enterprise Browser, powered by the Menlo Secure Cloud Browser, as a Leader and Fast Mover in the Innovation/Platform Play quadrant of the Radar chart.

“Being named a Leader and Fast Mover in GigaOm’s Radar Report for Secure Enterprise Browsing validates the benefits of Menlo Security’s trusted and proven approach.

“We continue to address enterprise and government needs, making it easy to manage leading browsers, protecting users and securing access to applications and data, transparent to the end user,” said Menlo Security Vice President of Security Strategy, Andrew Harding.

According to a statement, the Menlo Secure Cloud Browser delivers high-efficacy, artificial intelligence (AI)-driven defences and an easy-to-own solution for secure remote access and zero trust applications.

Menlo also provides comprehensive visibility into browser behaviour and enforces software as a service (SaaS) governance and secure web gateway policy.

With support for both public SaaS and private web applications, Menlo is easy for users and easy on administrators, as the intuitive tile interface and policy-based access make it perfect for contractors, remote teams, and third-party users.

The GigaOm Radar Report evaluates 13 of the top Secure Enterprise Browsing solutions available across a range of criteria, and serves as a resource for security and information technology leaders to make informed decisions regarding available solutions to protect this critical business asset.

-- BERNAMA

SCF Acquires Newpark Resources' Fluids Systems Business

KUALA LUMPUR, Sept 17 (Bernama) -- SCF Partners Inc (SCF) has acquired the Newpark Fluids Systems business (NFS), a global pure-play oil and gas and geothermal fluids solution provider, from Newpark Resources Inc.

NFS provides a full range of drilling and completion products, and related technical services supported by an innovative digital modelling software suite, global supply chain and infrastructure to enhance the efficiency and productivity of its customers’ performance.

SCF Partners Director, Deviyani Misra-Godwin said for over 25 years, NFS has maintained a leading position in the drilling and completions fluids space worldwide, improving customer performance by providing industry-leading service quality.

“NFS’ global footprint, top quartile safety performance, leading portfolio of technology and preeminent position in the growing geothermal space will accelerate success in the evolving energy landscape.

“Together with the leadership team, we look forward to creating tremendous value for our customers and employees in this next chapter of growth,” she said in a statement.

Meanwhile NFS Chief Executive Officer, David Paterson said: “Our global strategic growth plan will now accelerate under a new and focused board with significant energy experience and commitment. SCF’s unsurpassed track record of success in the global energy services industry provides exciting opportunities as we look to the future.”

Vinson & Elkins LLP acted as legal advisor to SCF in the transaction.

Founded in 1989, SCF is headquartered in Houston, Texas, and has invested in over 80 platform companies and made more than 400 additional acquisitions to develop 18 publicly listed energy service and equipment companies over its history.

-- BERNAMA

THE WATCHFUND SG AND KONVI REACH €2 MILLION IN ASSETS UNDER MANAGEMENT

SINGAPORE, Sept 12 (Bernama-BUSINESS WIRE) -- The WatchFund Singapore (SG), the world’s largest luxury watch investment vehicle of its kind, and Konvi, Europe’s leading fractional luxury assets investment platform, have today announced they have jointly reached a milestone of €2 million in Konvi’s watch assets under management (AUM).

Demand for luxury watches as investment vehicles has never been higher, as more investors seek to cash in on the strong returns produced by the asset class. The Swiss watch industry grew by 7.6% last year, reaching record export highs of CHF 26.7 billion. The market is forecast to continue this trajectory with 35% of Gen Z eyeing up luxury watch investments.

The WatchFund SG enables high-net-worth individuals to purchase money-cannot-buy watches or ultra-high-end timepieces at prices that most people can’t obtain. Through this partnership The WatchFund SG is supporting Konvi in its mission to democratise the luxury watch space and empower a broader range of investors with access to these lucrative investment opportunities.

Thanks to this collaboration, retail investors can purchase joint ownership of luxury watches via Konvi for as little as €250. These investors purchase investment-grade watches from The WatchFund SG, which are then securely managed and stored by Konvi. The timepieces are then sold by Konvi after a set appreciation period and profits are returned to investors. Investors on the Konvi platform, through a voting mechanism, will decide as a collective group on all aspects of their investment, such as the watch model itself, accepting a sale offer, and electing the storage solution.

Previous examples of purchased and sold watches from The WatchFund SG include the Cartier Tortue Monopusher Chronograph, the De Bethune DB28 Tourbillon, and the Richard Mille RM-004. Some of these pieces can retail for upwards of €250,000 and, when stored and sold correctly, have historically traded for higher asking prices.

The WatchFund SG Founder, Dominic Khoo, commented: “Our collaboration with Konvi has blown open the doors to a market that has historically only been available to the wealthiest of individuals. This partnership has enabled Konvi to offer what we define as investment-grade watches to a new group of investors in Europe, a segment that we don’t yet have the capability of catering for in Singapore. These purchase milestones are a testament to the rising demand for ultra-high-end timepieces and trading watches as uncorrelated and defensive assets.” 

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QUANTEXA’S GLOBAL PUBLIC SECTOR BUSINESS UNIT TO ENHANCE EFFICIENCY FOR GOVERNMENT AGENCIES

KUALA LUMPUR, Sept 10 (Bernama) -- Quantexa, the global leader in Decision Intelligence solutions, announced it is forming Quantexa Public Sector, a new global business unit dedicated to empowering public sector agencies worldwide to transform government services with artificial intelligence (AI), automation and trusted data.

Quantexa Founder and Chief Executive Officer, Vishal Marria said at present, agencies are increasingly turning to AI to break down data silos and drive better quality insights through augmented and automated decision-making.

“With the formation of our dedicated business unit, we are putting an increased focus on building strong client relations by providing specialised expertise in each region, dedicated customer support, and tailored product innovation that address the specific challenges of government agencies,” he said.

According to a statement, Quantexa is rapidly building a track record of success in the public sector, helping agencies and departments use their cutting-edge Decision Intelligence Platform to better protect and serve more communities while maximising operational efficiencies.

Quantexa public sector clients see success and cost savings achieved across a range of use case scenarios including stopping fraud occurring in tax, grants, and benefits programmes, driving more efficient and effective financial crime and criminal investigations, facilitating the safe and secure movement of people and goods across borders, enriching intelligence operations, and proactive patient care efforts within national health programmes.

The company’s increasing commitment to the public sector comes on the heels of the rapid adoption of AI across government agencies.

Empowering investigative teams and healthcare professionals with critical capabilities such as entity resolution and knowledge graph technologies enables them to cleanse, enrich, match, and understand data by connecting siloed sources and visualising complex relationships in real-world context.

The result is the ability to support multiple use cases from one platform that provides exceptional data accuracy, far better-performing AI models, and effective Gen AI, with intuitive user experiences that improves the ability to collaborate and drives greater effectiveness and efficiency of agency resources.

Quantexa is committed to building a high-impact partner ecosystem to support the unique challenges public sector agencies face, including the need for scalable solutions that work with existing IT infrastructure.

Composed of partners who bring specialised expertise across secure compute, cloud computing adoption, cybersecurity, and managed offerings, Quantexa works with its trusted industry partners to provide unmatched consulting and technology delivery that enhances operational efficiency, champions innovation, and enables agencies to provide better services to the public they serve.

-- BERNAMA

CAIA ASSOCIATION WELCOMES NICK POLLARD AS MANAGING DIRECTOR OF APAC

KUALA LUMPUR, Sept 9 (Bernama) -- The Chartered Alternative Investment Analyst Association (CAIA), the global professional body for the alternative investment industry, announced that Nick Pollard has joined the organisation’s leadership team as Managing Director of Asia Pacific (APAC).

This strategic addition to the team comes as the APAC market emerges as a critical hub for alternative investments, with institutional demand for private capital and diversified strategies continuing to rise.

In a statement, its President and incoming Chief Executive Officer, John L. Bowman said Pollard’s demonstrated leadership is well suited to craft and execute a new strategic blueprint for APAC to ensure the company takes advantage of and serves the population, economic, regulatory, and investment industry tailwinds for that vibrant region.

Meanwhile, Pollard said: “In my experience, APAC investors and investment professionals place huge value on the deep knowledge and global recognition that comes with the CAIA credential. As the industry grows, so will market appetite, and I am thrilled to be joining CAIA and leading this long-term vision across Asia.”

The appointment of Pollard underscores CAIA’s commitment to ensuring that stakeholders across this dynamic region have access to the highest quality education and ethical standards, essential for navigating this evolving investment landscape.

He brings over 15 years of experience in international finance within the APAC region, coupled with a successful seven-year tenure leading the CFA Institute in Asia.

Thus, his extensive background in business development, paired with a deep passion for training, makes him an invaluable asset as CAIA continues to expand its footprint in this key market.

Moreover, the appointment comes at a pivotal time for CAIA as the company anticipates significant growth in the APAC region.

The rise in alternative investment strategies and a shifting investor landscape make it essential that market participants are well-equipped with the knowledge and ethical grounding needed to navigate this evolving environment successfully.

-- BERNAMA

APAC Reinsurers See Significant Gains In Favourable Investment Environment - AM Best

KUALA LUMPUR, Sept 6 (Bernama) -- Major Asia-Pacific (APAC) reinsurance companies saw their composite’s return on equity surge to 9.2 per cent from 0.1 per cent under International Financial Reporting Standards (IFRS) 17, supported by a more stable investment environment and benign catastrophe activity.

This is according to Best's Market Segment Report, “Asia-Pacific Reinsurers Achieve Strong Results in Improved Investment Environment”, a part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo.

Other reinsurance-related reports, including AM Best’s ranking of top global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd’s, life/annuity, health and regional reinsurance markets, are available at Best’s Research.

AM Best senior director, head of analytics, Christie Lee said Asian reinsurers’ underwriting strategies for 2024 are diverse and depend on their ability to secure retrocession capacity, as well as their ability to manage the underwriting cycle.

“The large Asian reinsurers have adjusted their catastrophe capacity offerings in their home markets to shrink their catastrophe exposure accumulation, while others have deployed a mature market growth strategy to capture the benefits of material rate increases,” she said in a statement.

According to this report, Asian reinsurers, with business profiles characterised by a more traditional property line focus, as well as a relatively large book of proportional treaties, have benefitted less directly from global reinsurance rate hardening.

Nevertheless, the stability of operating performance of Asia’s reinsurers over the years has been notable, and they are working to improve profitability by expanding business overseas, with China still facing distinct challenges, though, as the country’s post-COVID recovery remains weak.

The report unveiled that the capital position of the major reinsurers in the APAC composite remains robust. Diversification will remain the business philosophy and strategy for Asia’s large reinsurers.

In addition to geographic expansion, diversifying their lines of business from traditional property treaties to building liability, life/health and specialty books of business will allow reinsurers to better manage the reinsurance cycle.

-- BERNAMA

TRACKUNIT'S OPERATING DATA PLATFORM IRISX KEEPS CUSTOMERS AT DIGITISATION FOREFRONT

KUALA LUMPUR, Aug 30 (Bernama) -- Global contech Trackunit has launched its Operating Data Platform IrisX tailored specifically to the off-highway segment of the construction industry.

The new platform effectively breaks new ground by building on the tried-and-tested Iris platform allowing customers to leverage generative artificial intelligence and large language models in a dynamic and evolving, open environment.

Trackunit Chief Executive Officer, Søren Brogaard said it was Gartner that predicted the rise of Industry Cloud Platforms (ICPs) in a report in the fall of 2023, highlighting that more than 70 per cent of enterprises will use ICPs by 2027.

“IrisX is in essence an ICP for off-highway construction, and will exponentially transform productivity and speed to market. This is a purpose built platform that connects, streamlines and empowers data from the back office to the frontlines that takes its place within a wider Cloud and IT architecture,” he said.

In a statement, Brogaard also stated that IrisX is designed to help companies overcome the significant challenges of digital transformation, such as high upfront investment and the scarcity of tech talent.

“By offering a platform that coexists and integrates with existing tools, we ensure faster time to value and impact, making it easier for companies to scale their digital investments.

“With an accelerated time to value and at fractional cost, IrisX is developer friendly and will facilitate the combination of telematics data, operational data and commercial data in one secure and scalable platform with stronger cyber security while also guaranteeing privacy over data,” he added.

IrisX will also enable users to integrate equipment, fleet and site insights across their tech stack, knowing compliance and cyber security concerns are covered via privacy and governance protocols embedded through the ISO 27001 certification.

As a result of Trackunit's year-long efforts to harmonise and clean telematics and operational data in a well structured data lake, Brogaard emphasised that customers can be absolutely confident that they only share the data they want to share when they are ready to do so.

“Customers will also be able to use software development kits to build apps and extensions specifically tailored to their customer base, not only enhancing the service offering but extending the power of their telematics data, proprietary data, and third-party data,” he explained.

Looking ahead, Brogaard shared that IrisX will continue to evolve and develop dynamically for its customers that are already on board and will have a headstart on all the truly exciting developments that will unfold as the platform becomes ever more sophisticated.

-- BERNAMA

BERKSHIRE HATHAWAY SPECIALTY INSURANCE MAKES LEADERSHIP APPOINTMENTS IN ASIA

BOSTON & SINGAPORE, Aug 26 (Bernama-BUSINESS WIRE) -- Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has named Kiran Prakash Head of First Party Lines, overseeing Energy, Construction and General Property in Asia, and promoted Jessie Yuen to Head of Energy, Asia. Jessie succeeds Min Ong who has relocated to London where she is Underwriting Manager, Energy Property, at BHSI. Jess Au continues in her role as Head of General Property in Asia.

"BHSI has seen strong profitable growth in Asia. Kiran, building and developing our Construction business, and Jessie, strategically positioning our Energy Property portfolio in the market, have been pivotal to our expansion,” said Marc Breuil, Head of Asia and the Middle East, BHSI. “Our success is a credit to their excellent work bringing the ‘BHSI story’ to the marketplace and building strong relationships.”

Kiran joined BHSI in 2015 as Vice President, Regional Head of Engineering and Builders Risk in Asia, and continues to hold this role as well. A mechanical engineer by training, he has nearly 20 years of insurance industry experience.

Jessie joined BHSI in 2019 as a Property Energy Underwriter and has more than 20 years of experience with first-party lines. In her new role, Jessie will oversee BHSI’s Property Energy business in Asia, providing solutions for power, mining, and oil & gas customers throughout the region.

Berkshire Hathaway Specialty Insurance Company (incorporated in Nebraska, USA) provides commercial property, casualty, healthcare professional liability, executive and professional lines, transactional liability, surety, marine, travel, programs, accident and health, medical stop loss, homeowners, and multinational insurance. The actual and final terms of coverage for all product lines may vary. In the Asia Middle East region, it underwrites on the paper of Berkshire Hathaway Specialty Insurance Company, which holds financial strength ratings of A++ from AM Best and AA+ from Standard & Poor’s. Based in Boston, Berkshire Hathaway Specialty Insurance has offices in Atlanta, Boston, Chicago, Columbia, Dallas, Houston, Indianapolis, Irvine, Los Angeles, New York, Plymouth Meeting, San Francisco, San Ramon, Seattle, Stevens Point, Adelaide, Auckland, Barcelona, Brisbane, Brussels, Cologne, Dubai, Dublin, Frankfurt, Hong Kong, Kuala Lumpur, London, Lyon, Macau, Madrid, Manchester, Melbourne, Milan, Munich, Paris, Perth, Singapore, Stockholm, Sydney, Toronto, and Zurich.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240825976833/en/

Contact

JoAnn Lee / +1 617.936.2937

Source : Berkshire Hathaway Specialty Insurance

NABLA WORKS' FACE RECOGNITION ACCESS SOLUTIONS IMPROVE SAFETY, CONVENIENCE

KUALA LUMPUR, Aug 22 (Bernama) -- Nabla Works Corp has launched Face Recognition Access Solutions utilising advanced image recognition technology with the aim to provide information technology-based convenience and efficiency for various industries via artificial intelligence.

According to a statement, the Face Recognition Access Solutions can be used in a variety of situations, such as employee access control, attendance control, and facility reception.

In addition to improving security through highly accurate face recognition, it also improves convenience for administrators and users by eliminating the need to carry IC cards or smartphones for authentication.

The face recognition device offers the world's highest level of face recognition functionality, with an authentication speed of 0.3 seconds or less and an authentication accuracy of 99 per cent or higher.

The built-in biometric detection function prevents spoofing using video or images and provides speedy and secure access control, and a software development kit (SDK) optimised specifically for this device is also provided.

Meanwhile, the face recognition access management software is for use with the face recognition device. The visually intuitive user interface (UI), including a dashboard function, enables management of devices, user privileges, and authentication history.

The company plans to sequentially roll out SDKs for face recognition server software/clients, face recognition camera module terminals, as well as face recognition reception terminals.

Nabla Works is also actively seeking distributor partners that are familiar with the local market and those who are able to work with the company to sell, implement, and provide after-sales support for Nabla Works' solutions in each region.

-- BERNAMA

SOLARMAX TECHNOLOGY EXPANDS US FOOTPRINT WITH NEW COMMERCIAL SOLAR PROJECT IN CALIFORNIA

RIVERSIDE, Calif., Aug 16 (Bernama-GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, signed a non-binding term sheet for a significant new commercial solar project in California. The project, a major mall in the San Jose area, represents another step forward in SolarMax' ongoing strategy to expand its solar development capabilities in the US commercial market.

The proposed California project is to include the development and management of a 4.17 megawatt (MW) photovoltaic solar power plant and a 2.0 MW energy storage system. As part of the project, SolarMax will also oversee the replacement of the mall’s roof to support the new solar infrastructure.

“A key component of our strategic growth plans is the expansion of our commercial solar development services in the US,” stated David Hsu, CEO of SolarMax. “By leveraging our experience in successful large-scale solar projects, we believe we are well-positioned to establish a major presence in the burgeoning US solar market, and completing this project would represent another important milestone on that journey.”

The Power Purchase Agreement (PPA) for this project will provide a long-term framework that supports the financing, ownership, and operation of the solar and energy storage system. SolarMax will seek a PPA investor to fund the project, offering both immediate and sustained value over the agreement's duration.

The project is subject to the negotiation and execution of a definitive agreement between the mall owner and SolarMax, SolarMax obtaining a financing source for the project and negotiating an agreement with the financing source, with the financing source owning the project when completed, and the negotiation of an agreement between the project owner and the mall owner with respect to the sale of the electricity generated by the project to the mall owner.

Solar energy is the fastest-growing source of renewable energy in the US, which is currently the second-largest PV market globally. The U.S. Energy Information Administration has forecasted that U.S. solar power generation will grow 75% from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025.

SolarMax is leveraging its proven large-scale solar project experience to seek to establish itself as a go-to provider for US commercial solar projects through the roll-out of comprehensive development services.

SolarMax’ commercial solar development offerings include advanced technology, customized solutions, and a client-centric approach to project management, with a goal of delivering projects on time and within budget.

About SolarMax Technology Inc.

SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in the California and began operations in China in 2016. SolarMax is looking to generate robust growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US while expanding its residential solar operations. For more information, visit www.solarmaxtech.com.

Any information contained on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including but not limited to SolarMax’ ability to negotiate contracts with the mall owner and to identify and enter into a financing agreement with a financing source for the project and the ability of the financing source to enter into an agreement with the mall owner for the sale of the solar power generated by the solar system, SolarMax’ ability to be accepted as a provider of commercial solar systems in the United States, SolarMax’ ability to translate its experience in China, where it has not completed an installation since 2021, to the current United States market, and those described in “Cautionary Note on Forward-Looking Statements” “Item 1A. Risk Factors,” and “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on April 16, 2024 and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s report on Form 10-Q for the quarter ended March 31, 2024, which was filed with the SEC on May 15, 2024. SolarMax undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect. 

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