AM BEST AFFIRMS CREDIT RATINGS AND ASSIGNS NATIONAL SCALE RATING TO PVI INSURANCE CORPORATION

SINGAPORE, March 29 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PVI Insurance Corporation (PVI Insurance) (Vietnam). The outlook of these Credit Ratings (ratings) is stable. Additionally, AM Best has assigned the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) to PVI Insurance with a stable outlook.

The ratings reflect PVI Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings factor in rating enhancement from PVI Insurance’s ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.).

PVI Insurance’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. PVI Insurance benefits from good financial flexibility, given its majority ownership by HDI V.a.G. AM Best views the company’s investment portfolio to be of moderate risk, with the majority of investments allocated toward cash and term deposits and the remainder held in non-rated corporate bonds, affiliated private equity investments and real estate. Offsetting factors include the company’s high dividend payout ratio and high reinsurance dependence to support the underwriting of large commercial property, engineering and energy risks.

AM Best assesses PVI Insurance’s operating performance as strong, supported by its five-year average return-on-equity ratio of 17.9% (2019-2023). PVI Insurance continued to deliver robust underwriting profits in 2023 and achieved a combined ratio of 92.7%. Underwriting performance is expected to remain robust over the medium term supported by profitable results in commercial and industrial lines of business. Investment returns, consisting mainly of interest and dividend income, is expected to remain as a key contributor to the company’s overall earnings.

AM Best assesses PVI Insurance’s business profile as neutral. The company became the largest non-life insurer in Vietnam based on 2022 direct premiums and it continues to grow its market share. The company has a strong market position in commercial and industrial lines of business, including energy, property, engineering, aviation and marine insurance, as supported by its affiliation with the PetroVietnam group, one of the largest state-owned oil and gas corporations in Vietnam. Support from HDI V.a.G. has enhanced PVI Insurance's technical expertise and service offerings, strengthening its position in the regional industrial risks insurance segment.

AM Best assesses PVI Insurance’s ERM approach as appropriate given the size and complexity of its current operations. PVI Insurance benefits from risk management and governance support from HDI V.a.G.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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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HOTEL VILLA FONTAINE PREMIER/GRAND HANEDA AIRPORT OFFERS ROOMS FEATURING POPULAR CHARACTERS

KUALA LUMPUR, March 29 (Bernama) -- Sumitomo Fudosan Villa Fontaine Co Ltd, a Sumitomo Realty Group, has begun offering guestrooms featuring a major Japanese carrier and popular characters known worldwide such as Hatsune Miku and LINE FRIENDS at Hotel Villa Fontaine Premier/Grand Haneda Airport.

According to a statement, it is Japan's largest airport hotel with 1,717 guestrooms and directly connected to Haneda Airport (Tokyo International Airport) Terminal 3.

The establishment has set aside specially designed about 100 guestrooms featuring popular characters along with other well-known entities from Japan and worldwide to enhance the value of staying at the hotel.

The company aims to provide guests with a unique and memorable experience near Haneda Airport, which is striving to become a tourism-oriented country.

Sumitomo Fudosan Villa Fontaine has partnered with Japan Airlines (JAL); Hatsune Miku; Kanosei Art Project by TOPPAN Group; KOKUYO; LINE FRIENDS; Love Live! Nijigasaki High School Idol Club; and Sirotan, to offer unique themed guestrooms.

As part of the collaboration, Hatsune Miku, a virtual singer that is popular worldwide, along with five other Piapro characters, namely  Kagamine Rin, Kagamine Len, Megurine Luka, MEIKO and KAITO, will be in the project which marks the first collaboration of all the six characters with a hotel.

Meanwhile, JAL will showcase a record of 24 guestrooms dedicated to their collaboration, in line with the number of the carrier's international flights from Haneda.

Additionally, partnership with Japanese stationery company KOKUYO who operated KOKUYODOORS, will oversee the design and layout of the rooms, while alliance with LINE FRIENDS will feature soft colours and Japanese flavours in the guestrooms' unique design that can be seen only at this hotel.

Connected with Haneda Airport Terminal 3, the hotel is convenient for guests who stay there pre & post arrival/departure, and covers a wide range of needs which is not only for business but also for leisure.

-- BERNAMA

MIDEA GROUP BREAKS REVENUE AND PROFIT RECORDS WITH RMB 373.7 BILLION IN 2023

FOSHAN, China, March 29 (Bernama-BUSINESS WIRE) -- Midea Group, the world's largest home appliance supplier, has reported impressive growth and record profits in its 2023 annual report. The company achieved a total revenue of RMB 373.7 billion, representing a year-on-year increase of 8.10%. Concurrently, the net profit attributable to shareholders reached RMB 33.7 billion, a year-on-year increase of 14.10%, marking the largest growth since 2019.

The company's success is attributed to its "Global Impact" strategy, which has resulted in overseas sales accounting for over 40% of its total sales for several years. Midea's products have been exported to over 200 countries and regions worldwide, and it is continuously expanding its overseas manufacturing layout, promoting the construction of manufacturing bases in Indonesia, India, Thailand, Brazil, Mexico, Italy, Egypt, and other countries.

Midea's new energy and industrial technology are co-builders of digital transformation and green sustainable development in the global industrial field, consolidating its leading position in the industry. The company's household air conditioning compressor business ranked first in 2023, claiming a global market share of 45%. Its household air conditioning and washing machine motors also secured the top spot globally, with market shares of 40% and 22%, respectively. Furthermore, the company’s New Energy automotive parts product lines are rapidly developed, with an expected shipment volume of 750,000 units in 2023, representing a year-on-year growth of 400%. Additionally, through the acquisition of energy companies such as CLOU Electronics and Hiconics Eco-energy, Midea has entered the energy storage industry, which holds immense market potential.

KUKA, a subsidiary of Midea, is one of the "Big Four" industrial robot companies globally and the second-largest heavyweight robot company based on sales in 2023. In 2023, KUKA Group reached record-high revenue and order volume, with particularly strong performance in the Chinese market.

Midea's intelligent building technology provides intelligent ecological integration solution provider for building construction. According to Frost & Sullivan, the company is the largest commercial air conditioning supplier in mainland China and the fifth-largest globally in 2023.

Midea Group has invested over RMB 14.5 billion in R&D, employing more than 23,000 research personnel globally. As of 2022, the company ranks seventh globally in total patent families, first among Chinese enterprises and the global home appliance industry, with over 28,000 invention patents.

Midea Group has approximately 200 subsidiaries, 33 research and development centers, and 40 major production bases worldwide, with over 190,000 employees. The company's impressive growth and record-breaking profits demonstrate its commitment to innovation, sustainability, and global expansion.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240327086107/en/

Contact

Lori Luo
Luory17@midea.com

Source : Midea Group

KNAV JOIN FORCES WITH NATARAJAN & SWAMINATHAN TO ENHANCE AUDITING, ADVISORY SERVICES

KUALA LUMPUR, March 27 (Bernama) -- An international accounting and advisory firm, KNAV, has merged with Natarajan & Swaminathan, a respected audit firm in Singapore, marking a strategic step in the firm’s plan to strengthen its local presence in operational countries and extend its reach in the region.

In a statement, KNAV country leader in Singapore, Dominique Tan said the merger will enhance the firm's audit service capabilities and allow the provision of tax services in Singapore.

The addition of three new partners and 27 staff members increases the KNAV Singapore team to 48, including six partners, thereby improving client service capabilities.

Meanwhile, Natarajan & Swaminathan Managing Partner, R. Narayanamohan said the merger’s potential to create new opportunities for clients and staff while preserving the relationships built over the past 70 years.

KNAV, which already has an established presence in Singapore, considers this merger as a step in-line with its fundamental strategy of strengthening its presence in the regions where it conducts the business.

The merger combines Natarajan & Swaminathan local expertise with KNAV’s global proficiency, promising clients in Singapore superior service levels, comprehensive solutions, and access to an extensive network of professionals.

Natarajan & Swaminathan will join KNAV International Limited, a member of the Forum of Firms, as a new member and will retain its name and leadership team, ensuring a smooth transition for clients and staff, post-merger.

With over seven decades of history, Natarajan & Swaminathan is renowned for its quality audit and tax services in Singapore. The team of professionals at the firm are well-versed in the local business environment and have been a reliable partner for businesses of various sizes.

As a “Partner Beyond Boundaries’, KNAV provides global assurance, tax, and advisory services, specialising in financial reporting, audits, tax filings, mergers and acquisitions, and advisory across the United States, India, the United Kingdom, Singapore, Canada, and the Netherlands.

-- BERNAMA

THE MOST GLOBAL ALIMENTARIA&HOSTELCO CONFIRMS THE STRENGTH OF THE FOOD INDUSTRY AND ITS INNOVATIVE DYNAMIC

BARCELONA, Spain, March 25 (Bernama-GLOBE NEWSWIRE) -- Alimentaria&Hostelco, the leading trade show platform for the food, beverage, foodservice and hospitality equipment industry, closed yesterday an edition marked by international participation and business that has once again brought together the entire sector and advanced the industry's main lines and trends. More sustainable and healthier products, as well as AI and robotics solutions for the Horeca channel have been presented from 18 to 21 March at the event celebrated in Barcelona (Spain).

Over 3,200 exhibiting companies from 68 countries took part in the event, to encourage business, internationalization and competitiveness in strategic sectors for the Spanish economy. Around 107,900 professionals had visited the show, 25% of them international, from 120 countries. With an estimated economic impact of 180 million euros, the figures for d'Alimentaria&Hostelco reflect the strength of the event, which occupied nearly 100,000 m² of net exhibition space, almost all of Fira de Barcelona's Gran Vía venue.

This edition was attended by more than 900 international firms, led by Italian companies, and with a remarkable return of Asian companies, especially China, South Korea and Thailand.

The trade show reaffirmed its leadership by strengthening the complementarity of its represented sectors and offering a great business platform for its professionals. Attendees included 2,200 important buyers invited from strategic markets for the export of food and hospitality equipment, such as the European Union, the USA and Latin America, who took part in some 13,500 meetings with companies.

Food innovation, gastronomy and the rise of protein, as well as the latest trends in the hospitality sector, were the main features of the program of more than 350 activities at Alimentaria&Hostelco, in which nearly 700 prestigious experts and chefs took part.

The show was a great showcase for hundreds of innovations, including functional and healthier foods. The digital transformation that the sector is undergoing has also been confirmed and it has been possible to discover how new technologies and artificial intelligence are integrated into the industry and services with robots and new solutions that optimize restaurant management and resources, maintenance, customer service and sustainability.

The next edition of the trade fair platform organized by Fira de Barcelona will be held from 23 to 26 March 2026.

Press contacts:
Susana Santamaria – Gloria Dilluvio
ssantamaria@alimentaria.com – gdilluvio@firabarcelona.com

SOURCE : Fira De Barcelona

Nippon Express' Group Companies To Present At Future Mobility Asia In May

KUALA LUMPUR, March 22 (Bernama) -- The group companies of Nippon Express Holdings Inc will showcase their solutions at the Future Mobility Asia Exhibition, running for three days from May 15, at the Queen Sirikit National Convention Center in Bangkok, Thailand.

The group companies are Nippon Express (South Asia and Oceania) Pte Ltd (NXSAO), Nippon Express Logistics (Thailand) Co Ltd, Nippon Express (Malaysia) Sdn Bhd, and PT. Nippon Express Indonesia.

NXSAO will demonstrate its strength in the provision of mobility logistics services, including freight forwarding, contract logistics, tire logistics and battery logistics, while introducing the group's green logistics services designed to reduce environmental pollution.

According to a statement, NXSAO has extensive experience in handling automotive clients across the region, including Singapore, Malaysia, Thailand, the Philippines, Indonesia, Cambodia, Vietnam, Bangladesh, India, Australia and New Zealand.

Major exhibits such as global logistics service provision introduces Nippon Express as a leading global logistics service provider for the mobility, technology, semiconductor, lifestyle and healthcare sectors.

Other exhibits like end-to-end automotive solutions will feature mobility-related solutions, including consulting and "kaizen," production logistics, distribution logistics, freight forwarding and aftermarket logistics, while cross-border solutions will present solutions comprising rail freight and road freight across the Southeast Asia & Oceania region.

Established in Japan in 1937, Nippon Express (NX) Group is a world-leading logistics provider with Nippon Express Holdings as its holding company, holds a strong market position in air, sea, rail, and truck transport as well as contract logistics, offering high-quality end-to-end supply chain solutions that seamlessly integrate information technology.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF SUN HUNG KAI PROPERTIES INSURANCE LIMITED

HONG KONG, March 22 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Sun Hung Kai Properties Insurance Limited (SHKPI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect SHKPI’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

SHKPI’s very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s higher-risk financial assets, including unlisted investments and non-investment-grade bonds, exposed its risk-adjusted capitalisation to considerable market and credit risks. Nonetheless, the company has de-risked the majority of its bond exposure to mainland China’s real estate sector in fiscal year 2023, with its bond portfolio demonstrating an improvement in the credit quality with higher diversification level. AM Best considers SHKPI’s capital level provides a sufficient buffer to absorb investment risks. Other supporting factors include the company’s strong liquidity position and appropriate reinsurance programme, with a diversified panel of financially sound reinsurers.

SHKPI has consistently delivered a strong operating performance over the past few years. Its net profit in fiscal year 2023 was a combined result of a recovery in investment performance and stable underwriting profit. SHKPI continues to benefit from its parent company’s support, both in distribution channels with minimal gross acquisition expenses as well as in access to better quality group business, leading to its favourable underwriting results. The company’s investment returns turned positive in fiscal year 2023, mainly driven by favourable interest income owing to a high interest rate environment.

SHKPI is a wholly owned subsidiary of Sun Hung Kai Properties Limited, one of the largest property development and investment conglomerates in Hong Kong. It benefits from its parental network to write a major part of its business from associated and subsidiary companies. The company continues to operate in a low acquisition cost business model while seeking new business opportunities within the market. SHKPI maintains a small albeit profitable presence in Hong Kong’s general insurance market, focusing on employees’ compensation insurance on a net premiums written basis.

Negative rating actions could occur if there is significant deterioration in SHKPI’s operating performance; for example, due to lower investment returns or weakened underwriting results. Negative rating actions also could arise if there is a significant deterioration in SHKPI's risk-adjusted capitalisation, for example, due to material investment losses. Although it is unlikely in the near term, positive rating actions could arise if there is significant improvement in SHKPI's risk-adjusted capitalisation, for example, due to further improvements in asset quality and capital size.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240321317665/en/

Contact

Aaron Li
Associate Financial Analyst
+852 2827 3426
aaron.li@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Lucie Huang
Senior Financial Analyst
+852 2827 3414
lucie.huang@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2318
al.slavin@ambest.com

Source : AM Best

Victoria World Academy On Next Level In Academic Excellence

KUALA LUMPUR, March 19 (Bernama) -- Victoria World Academy, an educational institution with the Edutrust Provisional certification by Singapore’s CPE, announced its outstanding academic achievements and commitment to nurturing the future ambitions of its students for the academic year 2023-2024.

According to Victoria World Academy in a statement, the school goes above and beyond to give students extensive opportunities for growth and unwavering support to pursue their goals.

Many of its graduates have received offers from prestigious universities worldwide, demonstrating the effectiveness of its commitment, with an impressive 95 per cent of students having received offers from the top 100 universities in the QS World University Rankings, as of March this year.

Each student received an average of four to six offers from major institutions worldwide, which is not only an impressive personal achievement for the students but also a further testament to Victoria World Academy's excellence in providing exceptional quality education.

The holistic education approach at Victoria World Academy focuses on developing well-rounded individuals ready to tackle global challenges. In addition to rigorous academics programmes, the school prioritises on character-building, leadership skills, and community involvement.

Students participate in service learning projects, outdoor educational activities, and international exchanges to broaden their perspectives beyond traditional classroom settings, whereby the nurturing and inclusive environment allows every student to thrive while being supported every step of the way.

Victoria World Academy can accommodate 300 students with small class sizes, which allows for a conducive learning environment, with a team of over 30 passionate local Singapore educators.

The academic programming at the school is designed to build a solid foundation for student's future academic endeavours, helping them to achieve success in their chosen fields.

-- BERNAMA

Indonesia’s Asuransi Astra Receives Ratings Action From AM Best

KUALA LUMPUR, March 15 (Bernama) -- Global credit rating agency, AM Best has affirmed Indonesia’s PT Asuransi Astra Buana (Asuransi Astra) financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) with a stable outlook on these credit ratings (ratings).

Concurrently, AM Best has assigned the Indonesia National Scale Rating (NSR) of aaa.ID (Exceptional) to Asuransi Astra with a stable outlook.

The ratings reflect Asuransi Astra’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The credit rating agency in a statement said the ratings also factor in a neutral impact from Asuransi Astra’s ultimate parent, Jardine Matheson Holdings Limited (Bermuda).

Asuransi Astra’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at Dec 31, 2022, as measured by Best’s Capital Adequacy Ratio, and is expected to be maintained at this level prospectively.

The company’s capital adequacy is supported by its internal capital generation and low net underwriting leverage.

AM Best views Asuransi Astra’s investment portfolio to have moderate risk, comprising mainly bonds held directly and through mutual funds with more than half of those being domestically rated bond funds.

The company’s operating performance was also viewed as strong, demonstrated by its five-year average combined ratio of 88.1 per cent and return-on-equity ratio of 17.6 per cent (2019-2023), driven by profitable business from its parent group, PT Astra International Tbk (Astra group).

With its business profile assessed as neutral, Asuransi Astra is a large insurance organisation in Indonesia, ranking third in the country’s general insurance market based on 2022 market share.

-- BERNAMA

GUANGDONG PROVINCIAL DELEGATION OPENS COMMUNAL DISCUSSION TO MEDIA

KUALA LUMPUR, March 12 (Bernama) -- A total of 225 journalists from 102 domestic and international media outlets attended the Guangdong Provincial Delegation's Second Meeting of the 14th National People's Congress on March 7 at the Capital Hotel.

According to a statement, delegates including Huang Kunming, Wang Weizhong, Zhang Hu, Qin Weizhong and Zeng Jinze, shared updates on Guangdong's strategies for sustainable development and modernisation.

During the session, Huang addressed inquiries about the "Thousand Villages Demonstration and Ten Thousand Villages Renovation" project, aimed at diminishing urban-rural disparities within the province.

He noted the challenges in balancing development due to geographical and economic diversities but highlighted the project's early successes in enhancing rural education, industry, and technology, particularly in the Pearl River Delta and other regions.

On the other hand, Wang discussed the transformation of Guangdong's manufacturing sector, which contributes significantly to the province's gross domestic product (GDP) and forms an essential part of the national economy.

The province is committed to integrating into the global industrial and value chains, with plans to modernise traditional industries, foster emerging sectors, and encourage a balanced growth among enterprises of various sizes.

The session, which featured numerous questions from the media, underlines Guangdong's ongoing efforts in economic development and rural modernisation.

-- BERNAMA

CAH MEDICAL CENTRES (CMC) ELEVATE PATIENT CARE WITH NETSFERE'S SECURE AND COMPLIANT MESSAGING PLATFORM

Leading Southeast Asia hospital systems choose the HIPAA-compliant encrypted messaging platform to ensure safe communication amongst doctors, caregivers and staff 

CHICAGO, March 6 (Bernama-GLOBE NEWSWIRE) -- NetSfere, a globally recognized provider of cutting-edge, secure and compliant messaging solutions, is pleased to announce that the seven hospitals affiliated with CAH Medical Centres (CMC), previously known as Ramsay Sime Darby Health Care and now under the ownership of Columbia Asia Healthcare Group, have adopted NetSfere's secure enterprise messaging platform to enhance internal communication and operational excellence while also elevating the patient experience. The hospitals that have rolled out NetSfere are Subang Jaya Medical Centre (SJMC), Ara Damansara Medical Centre (ADMC), ParkCity Medical Centre (PMC), Bukit Tinggi Medical Centre (BTMC), RS Premier Jatinegara (RSPJ), RS Premier Bintaro (RSPB), and RS Premier Surabaya (RSPS). All seven hospitals are steadfast in their commitment to delivering top-tier preventive and curative healthcare services, with a focus on achieving exceptional patient outcomes.

As most of the hospitals under CMC are Joint Commission International (JCI) accredited, they must set governing policies for messaging to protect and control their privileged information. As cybersecurity threats confronting healthcare systems escalate, CMC proactively sought a secure and seamless messaging platform to facilitate private and sensitive organizational communication among the staff. NetSfere’s highly secure and compliant messaging platform ensures the utmost security of hospital and patient data. This unwavering commitment to compliance and security underscores NetSfere’s and CMC’s dedication to safeguarding sensitive healthcare information and delivering the highest standard of patient care. 

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TDCX'S FULL YEAR 2023 REVENUE DOWN 0.9%, OR UP 3.0% IN CONSTANT CURRENCY TERMS1

SINGAPORE, March 7 (Bernama-BUSINESS WIRE) -- TDCX Inc. (NYSE: TDCX) (“TDCX” or the “Company”), an award-winning digital customer experience (CX) solutions provider for technology and blue-chip companies, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

Full Year 2023 Financial Highlights^²

· Total revenue of US$499.3 million, down 0.9% year-on-year, or up 3.0% in constant currency terms¹, which included a 3.9% point negative impact of foreign exchange rates compared with the prior year
· Profit for the year was US$91.1 million, up 14.5% year-on-year, primarily driven by cost optimization efforts, lower tax, higher interest income and a net reversal of equity settled share-based payment expense

Fourth Quarter 2023 Financial Highlights^²

· Total revenue of US$120.4 million, down 10.1% year-on-year, or down 5.3% in constant currency terms¹, which included a 4.8% point negative impact of foreign exchange rates compared with the prior year period
· Profit for the period was US$24.2 million, up 27.8% year-on-year, primarily driven by cost optimization efforts, lower tax, higher interest income and a net reversal of equity settled share-based payment expense 

Mr. Laurent Junique, Chief Executive Officer and Founder of TDCX, said, “Market uncertainties and a challenging macroeconomic environment continue to dampen business sentiment. This has had a knock-on impact on TDCX. Despite these pressures, we delivered within our guidance, and remain focused on the long term, particularly on improving our operations and delivering client value propositions.” 

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XSOLLA INTRODUCES A NEW PAYMENT OPTION FOR DEVELOPERS SEEKING TO EXPAND INTO THE JAPANESE MARKET

^{(Graphic: Xsolla)}


Xsolla Enables Developers Worldwide to Accept Payments via PayPay


LOS ANGELES & TOKYO, March 7 (Bernama-BUSINESS WIRE) -- Xsolla, a global video game commerce company, announces the launch of Pay with PayPay for its global partners and video game players in Japan. Xsolla continually seeks to innovate gaming payment solutions to help mobile, PC, cloud, and web-based video game developers grow their audience and meet the needs of players around the globe. By offering this additional payment method at checkout, game developers worldwide can expand their reach into the Japanese market and meet the evolving needs of their players. This partnership also directly supports Xsolla’s commitment to the region and the new local office expansion in Tokyo, Japan, this past August.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240306339887/en/

 

With 58 million users¹ and growing, PayPay is the largest Japanese mobile payment app, accepted both online and at physical retailers across Japan. Based on a 2022 study by Rakuten Insight, around 55% of shoppers in Japan prefer using PayPay, which holds a 45% market share in the QR code payment sector.² Users create an account in the mobile app and connect a bank account or credit card to pay for everyday purchases.

"We're excited to connect PayPay to Xsolla and allow our global partners to reach a new audience and offer another payment option to their players," said Chris Hewish, CEO of Xsolla. "This partnership will give our partners increased coverage for their players in Japan and allow them to tap into the power of innovative payment tech, like QR codes."

Xsolla Payments simplifies the checkout journey with an intuitive, multi-platform UI, compatibility with popular mobile wallets, and access to 700+ payment methods and 130+ currencies in over 200+ regions. Its PayRank technology automatically surfaces and ranks the payment methods most relevant for each customer, like PayPay.

For more information about Pay with PayPay, please visit: xsolla.pro/paypay

About Xsolla

Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue, and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in London, Berlin, Seoul, Beijing, Kuala Lumpur, Raleigh, Tokyo, and cities around the world, Xsolla supports major gaming titles like Valve, Twitch, Roblox, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.

For additional information and to learn more, please visit: xsolla.com

¹ PayPay
² Bloomberg Article - Struggling Rakuten Might Need to Phone a Friend


View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240306339887/en/

Contact

Derrick Stembridge
Global Director of Public Relations, Xsolla
d.stembridge@xsolla.com

Source : Xsolla

HYTERA LATEST INNOVATION REVOLUTIONISES FORM FACTOR OF TWO-WAY RADIOS

KUALA LUMPUR, March 6 (Bernama) -- Hytera Communications, a global provider of professional communications technologies and solutions, has introduced its latest innovation, the S Series business two-way radios.

Hytera in a statement said this groundbreaking product line revolutionises the form factor of two-way radios, catering to small and midsize businesses (SMBs) with unparalleled versatility and style.

The newly launched S Series comprises the S1 mini, S1, and S1 Pro models, each boasting exceptional ergonomics, intuitive operation, and crystal-clear audio.

Backed by the company’s extensive user research, market insights, and engineering expertise, these models redefine the conventional design of radios and bring versatile functionalities for users from hospitality, retail and beyond.

The compact yet powerful S1 mini two-way radio with a size akin to a lipstick and sleek design, which ensures minimal intrusion and burden during the work shift, is tailored for businesses such as boutique stores, and restaurants. With flexible wearing options, users can clip it onto uniforms or wear it with a lanyard for added convenience.

Meanwhile, designed to meet the unique demands of the retail sector, the S1 elevates communication efficiency with its dual push-to-talk (PTT) buttons, which help retail staff talk with either of the two standby groups with manual selection.

Furthermore, the S1 Pro crafted for hotels and resorts, epitomises elegance and professionalism, is equipped with top-notch artificial intelligence-noise cancellation technology that ensures superior audio clarity in challenging scenarios.

With voice, video and data capabilities, Hytera provides faster, safer, as well as more versatile connectivity for business and mission critical users.

-- BERNAMA

AM BEST AFFIRMS PACIFIC INTERNATIONAL INSURANCE CREDIT RATINGS AS GOOD

KUALA LUMPUR, March 1 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of “bbb” (Good) of Australia’s Pacific International Insurance Pty Limited (Pacific).

The outlook of these credit ratings (ratings) is stable, reflecting Pacific’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

According to AM Best in a statement, these ratings also factor in a neutral impact from Pacific’s ultimate owner, Badger Mutual Wealth (Pty) Ltd (the Badger group), an insurance group domiciled in South Africa.

The company’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation, which was at the strong level in fiscal-year ending June 30, last year, as measured by Best’s Capital Adequacy Ratio.

Prospective risk-adjusted capitalisation is expected to remain at least at the strong level over the medium term. However, Pacific’s capital adequacy remains sensitive to the successful execution of its business plan, which includes its performance targets and projected capital generation.

The credit rating agency views Pacific’s operating performance as adequate, with its operating performance exhibited a notable positive trend over the last five years, recording a five-year average return-on-equity ratio of negative 0.2 per cent (fiscal-years 2019-2023).

Following the Badger group’s acquisition in fiscal-year 2018, Pacific recorded elevated expenses due to significant investments in marketing and infrastructure. Nevertheless, as a result of increased operational scale and cost saving initiative in recent years, the company reported positive earnings in both fiscal-years 2022 and 2023.

Pacific’s net retained insurance portfolio predominantly consists of motor and a motor novated lease partnership with an insurance distributor, hence AM Best expects the company’s net underwriting growth to be elevated over the medium term, driven by pet cover and travel lines of business.

-- BERNAMA