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New Study by GBG and Chartis Research Reveals Rising Fraud Threats in Asia’s Financial Sector and the Push for Advanced Technology Solutions

The report surveyed 114 senior fraud professionals in Asia to uncover fraud trends, challenges, and prevention measures by financial institutions


SINGAPORE – Media OutReach Newswire – 1 August 2024 – GBG, the leading expert in global identity and location, in collaboration with Chartis Research, revealed that 8 in 10 Asian financial institutions and banks are facing significant challenges related to digital fraud detection, but are actively investing in technology and user experience to mitigate the risks and uphold customer confidence. The key findings are part of their latest report, Building Trust in Digital Channels: A Study of Banking and Finance in Asia, that examines the challenges and advancements in fraud detection and prevention amidst record digital adoption rates in the region.

Rising fraud complexity and frequency

There is a concerning trend in the increasing complexity and frequency of fraud incidents, with almost 90% of respondents seeing the evolving tactics and sophistication as the biggest challenge to fraud detection. Notably, scams and phishing attacks saw the most significant spikes, with 59% and 57% of respondents reporting an increase in these two typologies, respectively. Synthetic ID-based fraud has also come to the fore in recent times – a traditionally North American phenomenon – it has become more prevalent in Asia as fraud becomes more commoditised, with 58% reporting a rise in such cases.

Balancing security with customer trust as digital adoption rises

A striking 97% of respondents acknowledge the difficulty in maintaining a balance between security and customer experience, with a notable 79% considering it a substantial hurdle. This reflects the rapid push for digital adoption throughout Asia where real-time payments are now a mainstay, which naturally increases the vulnerabilities to fraud for both the financial institution and its clients. It is therefore imperative that these organisations ensure robust security measures are in place while providing a more assured customer experience, in order to maintain customer trust.

Legacy systems disrupt accurate fraud detection, but most organisations possess platforms to consolidate fraud into a single platform

Accurately detecting newer, more complex fraud typologies will require a multi-layered approach that integrates the traditional anomaly detection techniques with more advanced approaches such as neural networks. However, the presence of legacy systems and technology makes it harder to ingest and use additional data in existing fraud practices, with 64% citing this as a key reason for high false positive rates. This issue is exacerbated by the fact that organisations are already plagued by poor data – a sentiment shared by more than half of the respondents (52%).

Encouragingly, organisations are proactively addressing this issue, with 88% of respondents already possessing a single, consolidated platform that enables data interchange and sharing, to ultimately reduce their risk exposure to potential fraud and financial crimes.

Proactive technological investments are a priority

Banks and financial institutions in Asia have traditionally focused on recruiting staff to plug gaps in fraud detection. However, the study found that these organisations will intensify their investments in machine learning (ML) and artificial intelligence (AI) in the coming years (16% in 2023-24 to 68% in 2025-26), indicating a move away from traditional anomaly detection towards automated capabilities that can handle more complex tasks. This shift aims to reduce the burden on staff and high organisational costs, while improving fraud detection efficiency.

On the report, Bernardi Susastyo, General Manager, Asia & Fraud APAC, GBG, said, “Our collaboration with Chartis sheds light on the pressing challenges faced by the banking and finance sector in Asia, emphasising the imperative for seamless customer onboarding and robust fraud prevention measures. As the ever-evolving fraud threats loom large, it is encouraging to see more of these institutions adopt a proactive security posture through emerging technologies.”

GBG is committed to revolutionising digital enterprise fraud risk solutions and combating fraud for organisations regionally and globally, empowering them to thrive in the digital age while safeguarding against financial crime,” he added.

For more findings, and to download the full study, please visit: https://hubs.ly/Q02HmC3b0
Hashtag: #GBG #Chartis


The issuer is solely responsible for the content of this announcement.

About GBG

GBG is the leading expert in global identity and location. In an increasingly digital world, GBG helps businesses grow by giving them intelligence to make the best decisions about their customers, when it matters most.

Every second, our global data, agile technology, and expert teams, power over 20,000 of the world’s best-known organisations to reach and trust their customers.

Learn more at and follow us on and .

New Study by GBG and Chartis Research Reveals Rising Fraud Threats in Asia’s Financial Sector and the Push for Advanced Technology Solutions

The report surveyed 114 senior fraud professionals in Asia to uncover fraud trends, challenges, and prevention measures by financial institutions


SINGAPORE – Media OutReach Newswire – 1 August 2024 – GBG, the leading expert in global identity and location, in collaboration with Chartis Research, revealed that 8 in 10 Asian financial institutions and banks are facing significant challenges related to digital fraud detection, but are actively investing in technology and user experience to mitigate the risks and uphold customer confidence. The key findings are part of their latest report, Building Trust in Digital Channels: A Study of Banking and Finance in Asia, that examines the challenges and advancements in fraud detection and prevention amidst record digital adoption rates in the region.

Rising fraud complexity and frequency

There is a concerning trend in the increasing complexity and frequency of fraud incidents, with almost 90% of respondents seeing the evolving tactics and sophistication as the biggest challenge to fraud detection. Notably, scams and phishing attacks saw the most significant spikes, with 59% and 57% of respondents reporting an increase in these two typologies, respectively. Synthetic ID-based fraud has also come to the fore in recent times – a traditionally North American phenomenon – it has become more prevalent in Asia as fraud becomes more commoditised, with 58% reporting a rise in such cases.

Balancing security with customer trust as digital adoption rises

A striking 97% of respondents acknowledge the difficulty in maintaining a balance between security and customer experience, with a notable 79% considering it a substantial hurdle. This reflects the rapid push for digital adoption throughout Asia where real-time payments are now a mainstay, which naturally increases the vulnerabilities to fraud for both the financial institution and its clients. It is therefore imperative that these organisations ensure robust security measures are in place while providing a more assured customer experience, in order to maintain customer trust.

Legacy systems disrupt accurate fraud detection, but most organisations possess platforms to consolidate fraud into a single platform

Accurately detecting newer, more complex fraud typologies will require a multi-layered approach that integrates the traditional anomaly detection techniques with more advanced approaches such as neural networks. However, the presence of legacy systems and technology makes it harder to ingest and use additional data in existing fraud practices, with 64% citing this as a key reason for high false positive rates. This issue is exacerbated by the fact that organisations are already plagued by poor data – a sentiment shared by more than half of the respondents (52%).

Encouragingly, organisations are proactively addressing this issue, with 88% of respondents already possessing a single, consolidated platform that enables data interchange and sharing, to ultimately reduce their risk exposure to potential fraud and financial crimes.

Proactive technological investments are a priority

Banks and financial institutions in Asia have traditionally focused on recruiting staff to plug gaps in fraud detection. However, the study found that these organisations will intensify their investments in machine learning (ML) and artificial intelligence (AI) in the coming years (16% in 2023-24 to 68% in 2025-26), indicating a move away from traditional anomaly detection towards automated capabilities that can handle more complex tasks. This shift aims to reduce the burden on staff and high organisational costs, while improving fraud detection efficiency.

On the report, Bernardi Susastyo, General Manager, Asia & Fraud APAC, GBG, said, “Our collaboration with Chartis sheds light on the pressing challenges faced by the banking and finance sector in Asia, emphasising the imperative for seamless customer onboarding and robust fraud prevention measures. As the ever-evolving fraud threats loom large, it is encouraging to see more of these institutions adopt a proactive security posture through emerging technologies.”

GBG is committed to revolutionising digital enterprise fraud risk solutions and combating fraud for organisations regionally and globally, empowering them to thrive in the digital age while safeguarding against financial crime,” he added.

For more findings, and to download the full study, please visit: https://hubs.ly/Q02HmC3b0
Hashtag: #GBG #Chartis


The issuer is solely responsible for the content of this announcement.

About GBG

GBG is the leading expert in global identity and location. In an increasingly digital world, GBG helps businesses grow by giving them intelligence to make the best decisions about their customers, when it matters most.

Every second, our global data, agile technology, and expert teams, power over 20,000 of the world’s best-known organisations to reach and trust their customers.

Learn more at and follow us on and .

Implementing a sustainable development strategy, HDBank reports a profit of VND 8,165 trillion, with NPL ratio at only 1.59%


HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 1 August 2024 – Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank – HOSE: HDB) has announced its financial report for the second quarter of 2024, with profit before tax for the first half of the year reaching VND 8,16 trillion (appx. US$324.47 million), an increase of 48.9% over the same period driven by HDBank’s enhanced operational efficiency and implementation of digital transformation initiatives.

HDBank reports a profit of VND 8,165 trillion

According to the financial statements, as of June 30, 2024, HDBank recorded a credit growth of 13.0% compared to the beginning of the year.

Capital adequacy ratio (CAR) according to Basel II standards reached 13.9%. The consolidated NPL ratio, including consumer finance as prescribed in Circular 11 of the State Bank, is only 1.59%, among the lowest in the sector.

HDBank recorded a total operating income of VND 16,045 billion (US$636.6 million), up 32.9% over the same period. Return on equity (ROE) was 26.1%, and return on assets (ROA) reached 2.1%, both are higher than the previous year.

This year the Bank’s shareholders are receiving dividends of up to 30%. HDBank has completed paying a 10% cash dividend (i.e: 1000 dong/share) and is continuing to implement the distribution of a 20% stock dividend, expected in the third quarter.

HDBank’s total assets exceeded VND 624 trillion (US$24.7 billion), a 29% increase compared to the same period last year. Total funding mobilization reached over VND 552 trillion (US$21.9 billion), of which deposits from digital banking channels reached nearly VND 40 trillion (US$1.6 billion), 5 times higher than the same period last yesar.

HDBank became the first Vietnamese bank to publish a Sustainability Report in 2024, compiled according to international standards. Through the report, HDBank clearly demonstrates its commitment to implementing the principles of sustainable development, towards the goal of Net Zero Bank by 2050.

Additionally, HDBank’s position in the international capital markets continued to be affirmed when it was listed among the TOP 500 largest enterprises in Southeast Asia based on the prestigious Fortune magazine’s ranking.

HDBank is confident that the highly commendable outcomes achieved in the first six months of the year, coupled with the strategic implementation of pioneering initiatives, will serve as a robust foundation for the Bank’s sustained and elevated trajectory in 2024.

Hashtag: #HDBank

The issuer is solely responsible for the content of this announcement.

COFFEE, PLANET & US 2024 : A Commitment to Sustainability and Ethical Sourcing in the Coffee Industry

There is Power in the Coffee You Drink : C.P.U. 2024


KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 1 August 2024 – The escalating climate crisis, with its unpredictable weather patterns and rising temperatures, is not only impacting coffee farming and forestry but is also being worsened by unsustainable practices in these industries. This creates a harmful cycle that jeopardizes the livelihoods of coffee farmers and the well-being of their communities, which rely on these sectors for economic stability and social cohesion. With this consciousness, Coffex Coffee Malaysia is delighted to initiate a movement targeting to reverse this climate issue, named MONO Origine, dedicated to advancing sustainability, ethical sourcing, and raising awareness on the impact of unethical farming on climate change within the coffee industry, and our planet as a whole.

Header

MONO Origine
Kelvin Ngow, the pioneer of this movement, expressed his enthusiasm for the mission: “We believe that sustainability and ethical practices are the future of the coffee industry. Through MONO Origine, we aim to educate and inspire others to join us in our commitment to a sustainable and ethically sourced coffee supply chain.”

MONO Origine signifies Coffex Coffee’s environmental and social responsibility dedication. By introducing MONO Origine to the Malaysian market, we aspire to create awareness and foster a community that values sustainable and conscious consumption.

CPU 2024 Event Details
Date: 13th August 2024
Time: 10.30 AM – 2.30 PM
Venue: Tap Room, Bamboo Hills (This is a closed event by invitation only)

Event Overview:

  • Climate Change Impact: This event will serve as a platform to share knowledge and raise awareness on the impact of climate change to our coffee industry, how the future of farming can reverse climate change and reduce the risk of extinction of viral species.
  • Sustainable Farming Practices: Presentation and talk by top Brazil coffee producer Marcos Croce from Fazenda Ambiental Fortaleza, and Angel Barrera from Belco, a leading French company specializing in sustainable coffee sourcing and quality control. They will share their firsthand experiences, insights, innovations, and best practices, with a focus on agro-forestry.
  • Industry Insights: The event will feature leading coffee industry players; Jason Loo from Contour, Terence Ho from Zus Coffee, and more to share their aspiring journey and success stories.
  • Ethical Sourcing: In-depth comprehension of the significance of ethical sourcing and ESG compliance in the coffee industry and how these practices can enhance farmers’ incomes.
  • Interactive Sessions: Attendees will have the opportunity to engage with speakers and delve into sustainable coffee practices.

Join us on this exciting journey as we promote sustainability and ethical sourcing in the coffee industry through the C.P.U. 2024 Event featuring MONO Origine. For more information and to RSVP, please get in touch with the above.Hashtag: #MONOOrigine #CoffexCoffee #Ethicalsourcing #sustainability #ESG




The issuer is solely responsible for the content of this announcement.

New report by the Lung Cancer Education and Advocacy for Patients highlights role of patient advocacy in providing better care for patients

Report outlines the key challenges and opportunities and recommendations to empower Asian advocates in lung cancer

SINGAPORE – Media OutReach Newswire – 1 August 2024 – A white paper released by the Lung Cancer Education and Advocacy for Patients (LEAP) has highlighted the importance of enhancing patient advocacy in lung cancer, alongside key challenges and opportunities in this space in Singapore. The report, titled Empowering Asian Lung Cancer Advocates, draws on global best practices as well as insights from the Hopeful Voices Patient Advocate Roundtable Meeting, hosted by Lung Cancer Education and Advocacy for Patients (LEAP) and the Lung Cancer Consortium Singapore (LCCS) in late 2023.

During roundtable discussions attended by lung cancer patients and their families, several key priorities in the lung cancer care continuum were identified:

1. Increasing the influence of patient advocates in decision-making and healthcare service development

2. Improving early-stage lung cancer diagnoses by raising awareness or improving access to early screening.

3. Improving access to innovative treatments and diagnostics.

Lung cancer remains the most frequently diagnosed cancer worldwide, representing about 12.4% of all cases in 2022. It is the primary cause of cancer-related deaths globally, with over 1.8 million fatalities annually[1]. In Singapore, it is the third most common cancer and leading cause of cancer deaths[2]. With ageing populations in Asia, more people are expected to be diagnosed with cancer. Inevitably, they and their caregivers, as well as their healthcare teams may encounter challenges across the cancer care continuum, including education, screening, diagnosis, treatment, survivorship, rehabilitation, and end-of-life care[3].

Dr Teh Yi Lin, Medical Oncologist and Lead for LEAP said, “Robust support services, such as medical treatment support, psychosocial care, and educational resources, are essential to ensure that lung cancer patients and their loved ones are well-informed and supported. Patient advocates play a pivotal role in helping to ensure that there is effective support for those affected by cancer.”

The white paper outlines actionable recommendations for patient advocacy groups to address the issued identified and enhance lung cancer advocacy in Singapore. They include:

1. Enhancing patient advocacy for better cancer care

  • Foster empowered communities: Build and support communities that provide evidence-based information, psychosocial support, and financial guidance to help patients and families manage the complexities of their cancer journey
  • Utilise social networks and media platforms for engagement: Develop and leverage social media and traditional media platforms to connect patients and advocates, enabling them to share experiences, personal stories and advice to raise public awareness.
  • Integrate patient insights in research: Collaborate with researchers to integrate patient needs and perspectives in clinical trials and studies
  • Advocacy training and mentorship: Offer training and mentorship programs to equip individuals with the skills needed for effective advocacy

2. Advocate for better access to lung cancer screening

  • Increase public awareness and participation: Implement broad education campaigns and community outreach to increase awareness of lung cancer risks and the benefits of early screening.
  • Policy advocacy for screening access: Establish strong partnerships between patient advocacy groups, scientists, and policy-makers to keep up-to-date with the latest scientific findings on the importance of lung cancer screening.

3. Advocate for better access to potentially life-saving treatments and clinical trials

  • Raise public awareness and educate patients: Collaborate with healthcare professionals to inform patients about the availability of new treatments and companion diagnostic tests to improve early detection and diagnosis.
  • Lower financial barriers: Work towards ensuring access to treatments and diagnostic tests and reducing the financial burden on patients.
  • Facilitate clinical trial participation: Increase public and patient education on the benefits of participating in clinical trials.

The white paper is supported by AstraZeneca. For more information and to download the full white paper, please visit http://lccs.com.sg/leap


[1] Bray F, Laversanne M, Sung H, Ferlay J, Siegel RL, Soerjomataram I, Jemal A. Global cancer statistics 2022: GLOBOCAN estimates of incidence and mortality worldwide for 36 cancers in 185 countries. CA Cancer J Clin. 2024.

[2] Ferlay J EM, Lam F, Laversanne M, Colombet M, Mery L, Piñeros M, Znaor A, Soerjomataram I, Bray F (2024). Global Cancer Observatory: Cancer Today. Lyon, France: International Agency for Research on Cancer. Available from: https://gco.iarc.who.int/today.

[3] National Cancer Institute. Cancer Control Continuum. Division of Cancer Control & Population Sciences, National Cancer Institute, National Institutes of Health; 2022 Available from: https://cancercontrol.cancer.gov/about-dccps/about-cc/cancer-control-continuum.

Hashtag: #LEAP #lungcancer #patientadvocacy

The issuer is solely responsible for the content of this announcement.

About LEAP

Lung Cancer Education and Advocacy for Patients (LEAP) was established in 2019 with the aim of advancing lung cancer care in partnership with patients, their caregivers, and the wider community. LEAP promotes lung cancer awareness to patients and the public through regular educational activities and campaigns. LEAP also provides individualised navigational support to newly diagnosed patients to help mitigate the challenges of a lung cancer diagnosis. LEAP has also set up a Patient Advocate Council, providing opportunities for advocates to share their valuable lived experiences with the aim of shaping future policy-making in Singapore and in the region.

Concept 4 Partners with PALO IT to Streamline ESG Reporting for Business


HONG KONG SAR – Media OUtReach Newswire – 1 August 2024 – Global digital innovation and software developer, PALO IT Hong Kong Limited has announced a partnership with Concept 4 Group to accelerate its sustainability efforts. By leveraging PALO IT’s Impact Tracker, Concept 4 can gain a 360° view of environmental performance to support ESG-related strategic decision-making.

Established in 2003, Concept 4 is B-Corp certified global fashion and cosmetic company offering a one-stop-shop for sourcing, designing, and developing high quality GWPs, primary and secondary packaging, cosmetics, and lifestyle products. Headquartered in Hong Kong, Concept 4 also operates in China, India, France, and the USA.

As part of the commitment to sustainability, Concept 4 embarked on their Science Based Targets initiative (SBTi) journey. PALO IT was engaged to develop a solution to optimize its ESG journey as follows:

  • Identifying data sources – PALO IT provided a snapshot of the current ESG maturity level, highlighting areas requiring more data, and defining KPIs in line with sustainability targets.
  • Ingesting data into the repository – 800 data transformation rules across 10 countries were created to manage the data inconsistency issues. Concept 4 can now calculate Scope 1, 2 and 3 emissions covering 90% of their turnover.
  • Building dashboards and automating processes – The dashboards include both automated (ERP, PLM) and manual functions, plus surveys for additional data. This multi-faceted view equipped the company to monitor metrics across 2,500 products and align its business with CSRD reporting frameworks.
  • Meeting ESG transparency demands – Concept 4 can now automate their carbon accounting process, gaining visibility across carbon subcategories. They can identify carbon reduction opportunities, and transform 200+ supplier contracts to meet client demands for ESG transparency.

Commenting on the project, Pascal Vieilvoye, CEO/ CFO & Cofounder of Concept 4, said “In today’s world, sustainability is no longer a choice, but a necessity. To shape a better tomorrow, we must recognize the value of data and the power it holds. By implementing the Impact Tracker, Concept 4 can now pave the way for meaningful action and create a sustainable future that benefits us all.”

“At PALO IT, we prioritize sustainability in every project, ensuring it adds value for our clients,” said Fabrice Bayon, Managing Director Hong Kong, PALO IT. “We not only champion innovative projects, but also make sure each initiative contributes meaningfully to our planet and society. PALO IT is proud to support Concept 4 in driving positive change through the power of tech.”

Impact Tracker is an all-in one ESG data platform to accelerate the delivery of ESG reporting. The AI-powered solution empowers organizations in measuring, managing and maximizing their impact on the triple bottom line: people, planet, profit.
Hashtag: #PALOIT #Concept4 #ESG #ESGReporting #Business #ESGDataOrchestration #DataManagement #SustainableTransformation


The issuer is solely responsible for the content of this announcement.

PALO IT

PALO IT is a global innovation software developer and consultancy dedicated to helping organizations embrace tech as a force for good. We have a team of more than 650 experts across 16 offices in design, tech development and Agile who work with clients in all regions: Europe, Asia-Pacific and the Americas, to rapidly create new business models, launch innovative products and services with positive impact at their core, and prepare leadership and culture for the future.

We are proud to be B Corp-certified in Singapore, Hong Kong, Mexico, Thailand and France, and working towards certifications across all other locations. Certified B Corporations are a leaders of a worldwide movement of people using business as a force for good.

We are also honoured to be a World Economic Forum New Champion since 2021, a network of high-growth companies chosen by the World Economic Forum who are applying new business models, emerging technologies and sustainable growth strategies into every arm of their organization.

Laos Commits to Decarbonization, Energy Transition

Oudet Souvannavong and Bounleuth Luangpaseuth, respectively the president and vice president of the Lao National Chamber of Commerce and Industry (LNCCI), engaged in a dialogue with Tetsuya Watanabe, president of the Economic Research Institute for ASEAN and East Asia (ERIA). (Photo supplied)

Oudet Souvannavong and Bounleuth Luangpaseuth, respectively the president and vice president of the Lao National Chamber of Commerce and Industry (LNCCI), engaged in a dialogue with Tetsuya Watanabe, president of the Economic Research Institute for ASEAN and East Asia (ERIA). The three met on 22 March as part of an ongoing effort to drive renewable energy initiatives and address the evolving energy landscape in the ASEAN region.

The dialogue highlighted Laos’ commitment to decarbonization, energy transitions, and its role in the Asia Zero Emission Community (AZEC).

ERIA’s Role in ASEAN Carbonization Challenges, AZEC Summit Highlights

ERIA is an international organization established in 2008 through an agreement among the leaders of 16 East Asia Summit member countries. The organization plays a vital role in helping to build the ASEAN Economic Community with energy being one of the key pillars of their research activities.

“We are proud to support ASEAN and ASEAN Member States.”

Watanabe: In December 2023, ERIA participated in the AZEC Leaders’ Meeting, where 11 leaders from Asian countries and Australia gathered to discuss the issue of zero emissions in Asia. Sonexay Siphandone, the prime minister of Laos, was also in attendance.

ERIA was invited to establish the Asia Zero Emission Center, whose mission is to chart pathways toward the common goal of net zero emissions. The center serves as a policy research and project platform to assist AZEC partner countries. ERIA is firmly committed to contributing to AZEC, especially in policy-focused areas. We are proud to support ASEAN and ASEAN Member States in this way.

Can you summarize Laos’ roles and challenges in ASEAN decarbonization and its commitment to the AZEC?

“Despite being a small country within ASEAN, Laos has substantial potential for green growth.”

Oudet: Laos affirmed the AZEC Leaders Joint Statement in Tokyo, committing to AZEC. This marks a significant further step for the country, which already has a long history of producing green energy through hydropower.

Tetsuya Watanabe, president of the Economic Research Institute for ASEAN and East Asia (ERIA)

Laos plans to deliver more than 25,000 megawatts of hydropower. In addition, the Lao government is promoting further development of other types of renewable energy, such as solar and wind power. As well as its role in green power generation, Laos has forests that cover 47 percent of the country. These forests play a significant role in maintaining water resources, and they also serve as a valuable carbon sink. These natural blessings give Laos substantial potential for green growth, despite being a small country within ASEAN.

Bounleuth: So far, we have focused on hydropower—small-, medium- and large-scale. Over the past decade, local investors have spearheaded development in Laos, especially in hydropower. They have been exploring alternative options, too, such as integrating solar energy with hydropower. This approach would capitalize on Laos’ abundance of reservoirs, enabling effective management of water resources across seasons, alongside the emergence of wind power.

Nam Ngum 1 Hydropower Plant (Credit: Electricité du Laos EDL Generation Public Company)

I am convinced that the sustained support and encouragement of green power development is the right path for future economic growth. This approach serves two objectives: we can export electricity to neighboring countries, while at the same time fostering the growth of various industries within Laos that utilize green power.

What are the challenges to decarbonization in the ASEAN region?

Watanabe: Achieving net zero emissions is a goal for every country in the world. That being said, the situation varies significantly in different parts of the world, such as Asia, Europe, and the United States. The biggest challenge is to ensure balance—achieving energy security and economic growth while simultaneously navigating the pathway to net zero emissions.

The situation varies significantly even within the ASEAN region. Take Indonesia for example. Out of necessity, they heavily rely on fossil fuels, so the challenge for them is to reduce carbon emissions while continuing to incorporate fossil fuels to some extent.

In Laos, the situation is quite different, as the country can rely on hydropower and utilize nature-based solutions. Because of these differences, it is essential to find solutions that recognize various pathways to achieve our common goals.

Could you provide more details on specific renewable energy initiatives in Laos, especially those with significant potential for decarbonization?

“Laos serves as an excellent model for the future of fuel.”

Oudet: We have numerous proposals for solar farms across the country, including large projects by Electricité du Laos (EDL). These initiatives are far-reaching and cover both the north and the sunnier south. 

At the same time, Laos faces a number of challenges. For one, the lack of concrete legislation has deterred some potential investors. I also chair the Lao National Assembly of Commerce, which is concerned about energy security, especially as Laos haven’t established an energy security policy. This situation needs to be managed properly, and a full transition from traditional fuel sources and fossil energy to renewable energy will take time.

Oudet Souvannavong, President of the Lao National Chamber of Commerce and Industry (LNCCI)

Bonleuth: Laos has signed an MOU with a Japanese company from the Ajinomoto Group to introduce technology for developing green ammonia. The project aims to use this ammonia to produce green fertilizer for local farming as well as for export to Thailand.

Bounleuth Luangpaseuth, Vice president of the Lao National Chamber of Commerce and Industry (LNCCI)

I think this project is a good first initiative. Once this project gets off the ground, it will serve as a case study for developing green ammonia and fertilizer. As Laos is a small country, this project will have an outsized impact. Using green power for industry, agriculture, or even tourism will create a positive image that Laos can leverage.

Due to the high cost of financing in Laos, development in cooperation with foreign investors may be faster than relying solely on local businessmen or investors. To expedite the process further, we might also seek support through matching grants or soft loans from other countries. For these reasons, we believe this project holds promise for the development of Laos’ green power sector.

Watanabe: This year, Laos will host the ASEAN summit. On the sidelines of the summit,  Souvannavong, the chairman of LNCCI, will host a business meeting. This presents a significant opportunity for Laos to showcase its potential not only within the ASEAN region but also to Japan, Australia, and other countries. The summit should thus help investors and businesses recognize the significant potential for cooperation with policymakers and local companies. 

ERIA is working closely with  Souvannavong to promote this aspect of Laos. Laos serves as an excellent model for the future of fuel.

What’s the current status of carbon credits in Laos, particularly in terms of international cooperation?

Oudet: Laos has been selling carbon credits for a number of years. One challenge that we face in doing so is that the standard requirements for carbon are high, and the standards vary by region. For instance, the requirements for Europe differ from those of other countries.

The ASEAN Business Advisory Council (ASEAN BAC) is currently developing a common ASEAN standard for carbon. This standard will enable ASEAN Member States to sell carbon at consistent rates, facilitating carbon negotiations with other countries. I believe Laos can even sell carbon credits to other ASEAN Members States; Singapore has already initiated negotiations to purchase carbon credits, as has Japan.

Bounleuth: For carbon credits, we have already signed an MOU and engaged consultants to prepare the necessary documentation, which is substantial. The requirements can be daunting, so collaborating with international consultants can expedite the process.

Watanabe: A common ASEAN-wide approach is very important for carbon requirements and verification methods. ERIA’s focus on carbon trading involves bringing together diverse experiences and knowledge. We combine ASEAN regional and international practices to harness the potential for carbon trading in Laos and the rest of the ASEAN region. Carbon credits are a touchstone issue, as the involve standards from other parts of the world and require a common approach from the ASEAN region.

What is the vision for decarbonization in Laos and the rest of the ASEAN region? Can you summarize their respective energy policies?

“It is essential to showcase pathways for green development in the region.”

Watanabe: As Laos assumes its ASEAN chairmanship, it is essential to showcase pathways for green development in the region.

Many national governments and private-sector entities outside the ASEAN region are closely observing the region’s green energy transition and progress toward a green economy. They are monitoring ASEAN as a growth center of the global economy. They are interested in seeing how ASEAN, under Laos’ chairmanship this year, will provide solutions for the green economy, in terms of both technology-led and nature-based approaches. 

In response, the region needs to take an integrated approach to energy, sustainability, nature, and environmental matters, particularly in safeguarding the economy and society. I believe that if Laos’ chairmanship delivers positive messages and innovative ideas, it will leave a significant legacy for the ASEAN region.

Oudet: Laos has significant potential for development as a green economy. If we can overcome the challenges inherent in the energy transition and green development, then I believe Laos will emerge as one of the ASEAN region’s leading green-growth economies. We can establish a common policy and agenda for green growth, fostering relationships and mutual support.

Bounleuth: We need to implement pilot projects in Laos to showcase activities the country aims to promote. Presenting a practical case study to the government garners more support than just presenting theoretical ideas. We aim to establish Laos-specific models for green energy public-private partnership (PPP) and the green economy.

Can you tell us about the role and vision of AZEC and the AZEC Advocacy Group in terms of PPPs and policy knowledge-sharing within the ASEAN region?

Watanabe: As we discussed, it is important to showcase and facilitate specific projects in Laos. AZEC and the AZEC Advocacy Group can facilitate such projects. By collaborating on specific initiatives and showcasing models for green economy and green finance.

Oudet: We have two MOUs in place for the ASEAN BAC. One is a specific agreement with ERIA, and the other is for the implementation of AZEC, which also involves a Japanese business association.

Regarding AZEC, I believe the implementation involves a leading Japanese company with high technology networking with industries in ASEAN, including Laos. We hope that technology transfer or application will occur with the AZEC element. Our focus isn’t only on ASEAN but on all of Asia. This approach will bring many models for us to replicate in Laos. That is what we hope will happen.

To conclude, could we discuss expectations from Laos, ERIA, and AZEC? We would also like to talk about future collaboration, as well as expectations for working with Laos and ASEAN BAC?

Watanabe: Bounleuth mentioned using PPP model to achieve a green economy. Such a result from Laos’ ASEAN chairmanship would have a significant impact, in my opinion. So, we are working on that.

Oudet: My expectation for ASEAN and Laos is that during the chairmanship from now until next year with Malaysia, we should focus on expanding B2B networking in the green economy and related issues. We need to start implementing this in Laos, leveraging the models mentioned above and with the assistance of ERIA and the agreements we have signed in Tokyo.

Bounleuth: As Laos assumes the chairmanship of ASEAN, I would like to take this opportunity to further promote B2B networks to establish the Laos model, as I mentioned earlier. This entails initiating more pilot projects, which can help identify future champions.


[Interlocutor Profiles]

Tetsuya Watanabe

President, ERIA 

Profile: Watanabe’s career includes key positions in the Japanese government, and he was appointed as the president of ERIA in 2023.

Oudet Souvannavong 

President of the Lao National Chamber of Commerce and Industry (LNCCI)

Profile:  Souvannavong is also a member of the Prime Minister Economic Advisory Board in Laos and a founding member of the ASEAN Business Advisory Council (ASEAN-BAC). He serves as ASEAN-BAC Chairman in 2024, as well as in 2016 and 2004.

Bounleuth Luangpaseuth

Vice president of the Lao National Chamber of Commerce and Industry (LNCCI)

Valy Phommachak (Facilitator)

Co-founder of Econox Laos, she is also an ecologist and environmental journalist.

Think SME Appointed as PSG Vendor to Empower SME Business Owners with Xero Cloud Accounting Software


SINGAPORE – Media OutReach Newswire – 1 August 2024 – Think SME Pte Ltd, a leading accounting and corporate service provider for small and medium-sized enterprises, is proud to announce its appointment as a Productivity Solutions Grant (PSG) vendor. This designation enables Think SME Pte Ltd to support SME business owners in Singapore by providing Xero cloud accounting software, facilitating the digitalisation of their accounting processes and enhancing overall business efficiency.

As a PSG vendor, Think SME Pte Ltd is committed to helping SMEs transition to a more streamlined and effective way of managing their finances. The Xero cloud accounting software offers a comprehensive suite of tools designed to automate and simplify financial tasks, providing real-time insights and fostering better decision-making.

PSG Grant Support

The PSG grant subsidizes up to 50% of the cost of adopting Xero cloud accounting software, making this powerful tool more affordable for SMEs. This financial support is part of the Singapore government’s broader initiative to encourage digital transformation and enhance the competitiveness of local businesses.

By leveraging PSG Xero cloud accounting software, SME business owners in Singapore can expect the following benefits:

  • Improved Financial Management: Real-time financial data and automated processes reduce manual errors and provide accurate financial insights.
  • Streamlined Operations: Automation of routine tasks such as invoicing and expense tracking frees up valuable time, allowing business owners to focus on strategic growth.
  • Enhanced Competitiveness: Digital transformation equips SMEs with the tools needed to stay competitive in an increasingly digital marketplace.


Think SME Pte Ltd
is dedicated to empowering SMEs with the resources and support needed to thrive in today’s dynamic business environment. With the PSG grant support, adopting Xero cloud accounting software is now within reach for many small businesses, providing a clear pathway to improved efficiency and growth.

“Our dedication to client success is reflected in our proactive approach to staying updated on available grant support. This ensures that we can provide our clients with firsthand resources and information on how to facilitate their business growth.” — Nick Ang, Founder of Think SME Pte Ltd

This announcement marks a significant milestone for Think SME Pte Ltd as it continues to support the growth and digital transformation of SMEs in Singapore. By partnering with the PSG program, Think SME Pte Ltd is well-positioned to drive positive change in the local business landscape.
Hashtag: #thinksme #financeservice #corporateservices #branding #marketing #financeandloan #businessloan #accounting #psgxero #xero #edggrant #mragrant




Wechat: ThinkSME

The issuer is solely responsible for the content of this announcement.

Think SME Pte Ltd, Your Partner in Business Success

Think SME Pte Ltd is a leading accounting and corporate service provider dedicated to supporting small and medium-sized enterprises in Singapore. Think SME Pte Ltd specializes in loans and finance, branding and marketing, corporate services, as well as technology and digital transformation. We are committed to helping businesses achieve greater efficiency and growth through innovative solutions.

For more information on how Think SME Pte Ltd can help your business digitalize its accounting processes with Xero cloud accounting software, please visit or contact us at hello@thinksme.sg.