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eWTP Arabia Capital: How to Fully Capture the Globalization Trend

SINGAPORE – Media OutReach – 17 October 2022 – eWTP Arabia Capital (eWTPA), a leading Saudi Arabia and China-based growth stage venture fund, shared their insights during the Singapore Investment Forum 2022, jointly organized by China Venture and DBS.

Themed “Dawn of a New Era”, the Singapore Investment Forum 2022 investigated extensively into the unique value proposition that Singapore and Southeast Asia offer. One of the crucial objectives of the event was to debunk the common belief of “the bigger, the better” and re-establish the fact that city-state has become a dominant driving force that cannot be ignored in the Asia-Pacific financial investment markets.

Mr. Jerry Li, Founding and Managing Partner of eWTPA, shared his experience on developing the MENA market over the past few years during a panel discussion with Mr. Calvin Cheng, Partner & Head of Greater China of EvolutionX Dept Capital, Mr. Yinglan Tan, Founding & Managing Partner of Insignia Ventures Partners, and Mr. Allen Zhu, Managing Partner of GSR Ventures.

The Pathway for Chinese Enterprises

The core value of eWTPA is to help Chinese entrepreneurs flourish under “the new normal world”, particularly in expanding their networks and business scope in emerging markets including the Southeast Asia and the MENA region. The investment strategy is mainly through private equities and M&A.

“Globalization has never been more important than today. To Chinese enterprises, globalization is an inevitable trend for their growth and development. However, most of them are not ready to embrace it,” said Mr. Li.

“For example, having been following the “Belt and Road” Initiatives for years, we found out that regions from Southeast Asia, South Asia to the Middle East all have different characteristics. Our strategy for business growth is often centered around exploring the way for economic growth and assisting the creation of new regional cooperation models.”

Following the “Belt and Road” path, eWTPA reached the Middle East. “I believe the Middle East has been underestimated. The characteristic of the Middle East is that the capital is relatively concentrated. We can rarely see start-ups that are able to solve sectoral issues of the Middle East, or meet investment targets. Thus, it is relatively suitable for sophisticated Chinese businesses to develop in the region. Therefore, we adopt a customized approach across the MENA region, through merger and acquisition, we help Chinese businesses integrate thoroughly with local resources,” commented Mr. Li.

Replicate the Successful Chinese Model

“We need a sense of time and space when it comes to “replications”. It can mean either replicating business models for a different region or utilizing the periodicity of development. When we try to replicate success in another region, we must think in terms of the local market. On localization, I would like to share two points – localizing your mode of thinking and the business scenarios,” Mr. Li continued.

“Localizing your vision requires profound understanding of the local market, including geopolitical relationships, economy, culture, etc. Businesses, especially internationalized ones, must take that into consideration, and stay away from simply replicating the same model.”

Sectors Suitable for MENA Expansion

Investors from the Middle East are interested in digital infrastructures amidst economic transformation, spanning enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment.

Taking Saudi Arabia as an example, Saudi Arabia has a land area of 2.25 million km2 – almost one-fifth of China. The country has just begun their own version of “reform and opening-up” for less than five years, while its GDP has exceeded $100 billion. The GDP growth may exceed 10% very soon, whilst there had been no explosive growth from their own industries, and these additional money was related to petroleum. Therefore, Saudi Arabia has strong determination and will to transform their economic structure by importing related technologies.

Looking Forward

In summary, eWTPA believes that Chinese companies, especially tech companies with high dependence on the Chinese market , are facing more uncertainty than ever. Thus, they need to diversify their market exposure to alleviate that risk. This could contribute as one of their internal motivations of going abroad.

“As China and the world stepping into “the new normal”, entrepreneurs must embrace globalization than otherwise. From the perspective of industrial structure, the development process will shift to exporting technologies and capitals. “Capital + Technology” is a “standard configuration” of developed countries,” Mr. Li concluded.

Hashtag: #eWTPArabiaCapital

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

About eWTP Arabia Capital

eWTP Arabia Capital (“eWTPA”) is a growth stage venture fund based in Saudi Arabia and China backed by marquee investors – eWTP Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF). eWTPA is focused on building a local digital ecosystem in MENA by partnering with market leading Chinese businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. eWTPA takes pride in its ability to offer comprehensive support to its portfolio companies, empowering them to explore and succeed in strategic markets across the MENA region.

Established in 2019, eWTPA is now the preferred partner for Chinese technology giants seeking to enter the MENA region. Through its US$400 million Fund I it has invested in 16 companies in the digital sector, 13 of which have already established themselves successfully in Saudi Arabia. Investments include the hugely successful Saudi Cloud Computing Company (“SCCC”) the kingdom’s leading provider of cloud Services and J&T Logistics, which is now the fastest growing logistics provider in the country.

The fund’s core investment strategy is to transfer the latest technology and proven business models from China and Asia more broadly in order to fill a clear gap in its target MENA market. eWTPA focuses on the sectors of digital infrastructure, core technology and platform, consumer and enterprise services which span enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment. To eWTPA, success is the ability to drive capital appreciation and to help elevate the digital eco-system in the MENA region.

Bank of the Lao PDR Issues New Banknotes for Circulation

Bank of the Lao PDR

Bank of the Lao PDR (BOL) has announced the release of two new banknotes to increase the quality of currency being printed and prevent forgery.

United States and Laos Hold 10th Comprehensive Bilateral Dialogue

US Assistant Secretary of State for East Asia and Pacific Affairs Daniel Kritenbrink, Vice Minister of Health Dr. Snong Thongsna, U.S. Ambassador Peter Haymond, WHO Representative Dr. Ying-Ru Lo, and UNICEF Officer in Charge David Duncan observe COVID-19 vaccination efforts at Vientiane’s Sisattanak District Hospital.

The United States and Laos held their 10th Comprehensive Bilateral Dialogue on October 14, in Vientiane, where the two sides discussed their continued cooperation across a host of issues.

AFS Launched the Youth Empowerment Project (YEP) amid the Pandemic

Providing Eye-opening Opportunities for 2,000 Students to Nurture ; A Sense of Belonging, Global Citizenship and Social Stewardship

HONG KONG SAR – Media OutReach – 17 October 2022 – Local non-profit organization AFS Intercultural Exchanges in Hong Kong has launched the Youth Empowerment Project (“YEP”), providing opportunities of intercultural learning and overseas exchange to help young people develop the knowledge and skills needed for creating a better world. Thanks to the funding support from Drs Richard Charles & Esther Yewpick Lee Charitable Foundation, registration of the project opens now to up to 2,000 students.

Empowering Youngsters on Their Life Journey

Dr. Josephine Jim, Executive Director, AFS Intercultural Exchanges in Hong Kong (AFS HK) remarked, “in the era of globalization and digitalization, the younger generation needs to broaden their worldview and be adaptive to the intercultural environment so as to cope with the rapid and diverse social development. A sense of belonging to the society, self-identity as well as commitment to contributing to the society are also important.”

The YEP administered by AFS HK caters for secondary school students aged 14 to 17. The project encompasses competitions and a series of activities to be rolled out in three stages that involve students in in-depth and diverse experiential learning. The gamification design of the project is aimed to arouse students’ interest and encourage participation. Participants will first take part in intercultural learning programs in which they will learn about global issues such as conflicts, climate change and more. Thereafter, they will receive training on inclusive communication and advocacy skills, as well as skills to develop a sense of self-worth and self-identity, and positive outlook on life.

The project will award full scholarships to 20 students, of whom the top 10 winners will be sponsored to go on a one-year overseas exchange program. The exposure to different cultures and education models through experiential learning helps students to develop a sense of global citizenship and the capability of adapting to and competing in the increasingly diverse world. Another 10 awardees will be arranged to attend the Youth Assembly in New York City where they will work together with peers from different parts of the world to make their voice heard and advocate social changes. At the end of the project is a Mentoring Program – the RC Lee Project Connect Mentoring Program that gives guidance on studies and career development.

“The goal of the 3 years project is to engage 2,000 students in intercultural experiential learning, hoping to help them to become active global citizens, to enrich life experiences and build connections. The knowledge and skills they acquired from the YEP will enable them to make decisions and plans for their future,” said Dr Jim.

Supporting organizations of the YEP include the Consulate General of Hungary in Hong Kong, The Association of Hong Kong Chinese Middle Schools, the Goethe Institut Hong Kong and the Instituto Italiano di Cultura Hong Kong.

AFS Youth Empowerment Project
Learn more and register: www.afs-education.hk

Three stages of the Youth Empowerment Project:

Stage 1 Stage 2
Sep 2022 Online registration starts (2,000 places) Jul 2023 Top 10 winners receive full scholarship for One Year Exchange Program and start application procedure
Oct Join Virtual Intercultural Fair & then complete the Test I Jul-Aug 90 runners-up of THINK BIG Competition I will enter Stage 2 and take part in AFS International events:

Global Youth Adventurer Program

Global Youth Changemaker Program

Dec Top 500 scorers of Test I will be invited to join Global Up Teen; Taking Test II Dec 90 Finalists to enter THINK BIG Competition II (1st Round)
Feb 2023 Top 100 scorers of Test II will be invited to participate in THINK BIG Competition I (1st Round) Mar 2024 30 Finalists of THINK BIG Competition II (2nd Round) interview & presentation

– to create and implement a sustainable development project in HK

Apr 30 Finalists of THINK BIG Competition I (2nd Round) interview & presentation – to demonstrate the knowledge, skills and confidence to promote the Chinese culture of HK as a Youth Ambassador
Aug Another 10 winners of THINK BIG Competition II receive full scholarship to attend the Youth Assembly in New York City
Stage 3
May Results Announcement Jul-Aug The 20 Scholarship Awardees to join AFS – RC Lee Project Connect Mentoring Program

“Learned what is not taught in books”

Every year, around 100 students joined AFS Hong Kong’s overseas exchange program to study abroad. Among their destinations are the US, Japan and Germany as well as some other less visited countries like Russia, central European and South American countries. Over the past two years, the overseas exchange program did not pause despite the pandemic – some 30 to 60 students went overseas for exchange experience each year while 20 foreign students from 10 countries were received by local families and schools.

HK Students joining overseas exchange program HK families hosting exchange students
Year No. of persons (countries) No. of persons (countries)
2022-23 54 (17) 15 (8)
2021-22 61 (17) 5 (4)
2020-21 36 (11) suspended

Daphne, grown up in a single-parent family and living in a public housing estate, was supported by an AFS scholarship to study in Hungary for one year. She said she had never thought of joining an overseas exchange program that her family could not otherwise afford. She enjoyed the experience so much. “I stepped out of my comfort zone to explore what is really of my interest, and to try and learn. I have become more independent and have strengthened my ability to tackle challenges. I’m most proud of myself as I no longer fear traveling on my own.”

Daphne’s mother found her daughter to have become more adaptive, self-disciplined and resilient than before. “I am grateful to see her having got along with her host family members well for 11 months. The key is communication, acceptance and understanding.”

According to the AFS HK survey conducted in 2021-22, 100% of the students who had joined overseas exchange programs said the experience made them become more independent, mature and self-confident; 90% reported that they had a clearer idea of their development and career direction. Other gains include knowledge and understanding of cultural differences and global issues, mastering of foreign languages and problem-solving skills. As many as 97% of the students and their parents were satisfied with the program.

Hashtag: #AFSHK

AFS Intercultural Exchanges in Hong Kong (AFS HK)

AFS HK is an international non-profit organization founded in 1982. It focuses on providing intercultural learning opportunities like overseas exchange programs and local hosting programs to help people develop the knowledge, skills and understanding needed to create a more just and peaceful world. More than 4,000 Hong Kong students joined the overseas exchange program while some 900 foreign students were hosted by local families and schools. AFS Intercultural Programs was established in 1914. It has 60 offices around the world and is engaged in a consultative status partnership with UNESCO.

Website:

Champasack to Develop Areas Around Two Waterfalls for Tourism

Khon Phapheng and Somphamit or Li Phi falls.

Khon Phapheng and Somphamit or Li Phi falls will be developed with an estimated construction value of USD 500,000.

Thai Government Takes Steps to Legalize Undocumented Lao Workers

Migrant workers from Laos, Cambodia and Myanmar in Thailand.

The Thai government has announced that it will provide work permits and visas to Lao nationals so that they can remain in the country legally and continue working for the next two years.

Coface Q3 2022 Barometer: ‘A Cold Chill on The Global Economy’

HONG KONG SAR – Media OutReach – 17 October 2022 – Beyond the repercussions of the war in Ukraine, the global monetary tightening and the multiple constraints on Chinese growth paint a gloomy outlook. In the short term, the economy seems to be settling into a regime of “stagflation”, where almost no growth and rapidly rising prices coexist. The possibility of a global recession, meanwhile, is becoming clearer.
In this context, Coface is making general downward revisions to its GDP growth forecasts and its country and sectoral assessments.
Eight countries, including Italy, Denmark, Switzerland, Egypt, and Chile, have had their assessment revised downwards after the 19 downgrades in the 2nd quarter.
The 49 downgrades of sectoral assessments highlight the clear deterioration of conditions in sectors sensitive to the economic cycle such as construction, metals and wood, in a variety of geographies.

Coface-EN.jpg

Winter and recession looming in Europe

Most of the risks mentioned in our previous publications have materialised: the energy crisis in Europe, persistent inflation, and aggressive monetary tightening. This has led Coface to revise down significantly its world growth forecasts for 2023: it should be below 2% as in 2001, 2008, 2009 and 2020.

While the growth forecasts have been revised downwards for all regions worldwide, Europe is the one whose outlook has darkened the most with a recession that seems inevitable in all the main economies this winter. Indeed, the energy crisis is intensifying and the old continent is preparing for “imposed” sobriety. Whether it takes the form of a “voluntary” reduction (suspension of activities that have become unprofitable because of energy costs) or rationing decreed by governments, the drop in energy consumption will necessarily translate into lower production and a decline in GDP. The extent of the decline will depend largely on the severity of the winter, and Germany, the continent’s leading industrial power, will be at the forefront.

Consequently, the majority of our country risk assessment downgrades this quarter again concern European economies. Coface is proceeding with 6 additional downgrades, notably for 3 countries where the risk was still considered very low: Denmark, Switzerland and Luxembourg. Only Norway, a gas producer, remains in a position to enjoy the best risk assessment.

Faced with the prospect of persistently high global energy prices, almost half of the 49 downgrades of sectoral assessments concern energy-intensive industries such as chemicals, paper and metals. However, unlike the previous quarter, when most of these downgrades were in Europe, this time we also downgraded these sectors in most Asian economies and, for example, also in South Africa.

Central banks step up the fight against persistent inflation

Recent months have confirmed the materialisation of persistently high and increasingly widespread inflation in advanced and emerging economies.

In this environment, the main central banks remain resolutely aggressive and most of them have returned to key interest rate levels unseen in the last decade. The Fed, for example, raised its key rate 3 times in a row by 75 basis points this summer. This aggressiveness is leading to increased monetary tightening in other countries – particularly emerging countries – in order to halt the depreciation of their currencies against the USD.

Such a tightening of monetary and financial conditions, should it continue at the current pace, would obviously threaten global growth and financial stability.

Three emerging central banks are continuing to pursue counter-current monetary policies: Russia, Turkey and China. The Chinese monetary authorities have lowered some benchmark interest rates in order to support activity in response to the confirmation of a sharp slowdown in the economy. It continues to be affected by the zero-COVID strategy, the severe drought this summer and the crisis in the property sector. In particular, the woes of the property sector, which is estimated to account for 30% of GDP, will contribute to China’s growth falling well below the standards of the last decades in 2022 (3.2%) and 2023 (4.0%), contributing to the sharp overall slowdown.

Widespread monetary tightening clearly darkens the outlook for the global construction sector. Industrial metals and timber prices have fallen steadily in recent months, and are down by 20% and 60% respectively since the beginning of the year, leading Coface to downgrade these sectors in several geographical areas.

Danger! Conflicting objectives between fiscal and monetary policies

While central banks are determined to fight inflation with “whatever it takes”, many are faced with a conflict of objectives with the fiscal policy of their country/region. National governments, fighting against the contraction of activity, have indeed multiplied measures to support household purchasing power and corporate cash flow. The outcome will be a potentially explosive cocktail for public finances: a widening public deficit and soaring financing costs.

Click here to download the full barometer

Hashtag: #Coface

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

COFACE: FOR TRADE

With 75 years of experience and an extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Debt Collection, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group’s services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.

For more information, visit

Scooterson Finds New Home in Launchpad One-North Singapore

SINGAPORE – Media OutReach – 17 October 2022 – Scooterson, the developer of the world’s first semi-autonomous e-scooter, has found a new home in Singapore. After securing US$74M contract to build their electric scooters in the country, the company has decided to join JTC Launchpad One-North, a community of tech innovators and enablers.

Located in a sprawling complex close to downtown Singapore, the community boasts of industry trailblazers, which Scooterson is poised to become.
Located in a sprawling complex close to downtown Singapore, the community boasts of industry trailblazers, which Scooterson is poised to become.

Great Company, Great Community

When co-founder Deepansh Jain was asked why they decided to relocate to Launchpad One-North, he only had one answer: “Building a great company requires a good environment.” His co-founder, Mihnea “de Vries” Chis expounded: “With more than 700 startups concentrated within LaunchPad, it is very easy to bounce ideas off and get help from other founders, this is why being here is essential for a startup.”

JTC Launchpad is a one-stop strategic destination for companies who wants to rapidly test innovative concepts and acquire the seed funding they need for commercial success. The Launchpad community boasts a flourishing network that has produced some of the region’s best trailblazers in fintech, mobility, biomedical sciences, eCommerce, hospitality, engineering, and many other industries.

For the micro-mobility tech company, it was a chance to be close to a startup ecosystem that shares the same ideals as their rapidly growing business. In addition, the complex afforded them the privacy to test their vehicles and further hone the capabilities of Rolley, their semi-autonomous e-scooter.

As the home of exciting ventures, Launchpad also attracts top-level talents. When Scooterson ran a hiring test, they discovered they received more highly qualified applicants when their location was registered as the Launchpad complex. By relocating their factory within the JTC compound, Scooterson looks forward to working with the best minds in tech and manufacturing who can bring their product to new heights.

Growing Beyond the Workplace

The Launchpad One-North community is strengthened by their shared passion for emerging tech and the social connections forged in strategic locations around the compound. The area is thoughtfully designed with intersecting paths meant to foster collaboration and create a deep sense of community.

Highly-engaged employees are crucial in keeping a company running. The compound has areas like Timbre+, where employees can enjoy a wide range of delectable dishes while watching live performances. The casual atmosphere also encourages startup founders to have meaningful conversations with seasoned investors–resulting in renewed passion and strengthened enthusiasm.

With this fantastic community, Scooterson is optimistic that they can take the next version of Rolley to unprecedented heights.

Becoming the First of Its Kind

Traditionally, Singapore is known for a vibrant startup community in industries like biomedical sciences, urban solutions, engineering, and infocomm. Scooterson aims to be the first of its kind to manufacture a globally distributed electric two-wheeler from the country. As an emerging player in the micro-mobility industry, Scooterson has achieved unparalleled success through its Elf and Rolley e-scooters, with the latter receiving the prestigious 2018 Red Dot Design Award.

This success was further validated by the awarding of US$74M million in contract necessary for further development and manufacture of Rolley e-scooters. Scooterson aims to start selling Rolley e-scooters to global markets, starting with Los Angeles, USA.

Meeting a Growing Demand

Light electric vehicles that rely on AI technology are increasingly gaining relevance in today’s postpandemic world, where deliveries and efficient travels are in demand. With the help of AI, micromobility vehicles can learn the riders riding styles and adjust movements as needed helping them ride safely even if they have trouble balancing. For businesses, smart scooters help lower operational costs by reducing the need to rebalance fleets or deal with urban clutter and obstructions. These are exciting opportunities in the scooter micro-mobility sector with the potential for rapid growth.

The move to One-North provides Scooterson total of 14,000 square feet of factory and R&D space – more than enough room to manufacture their award-winning AI-powered e-scooters.

In Pursuit of Vertical Integration

As Scooterson joins the Launchpad Community, they expect to forge strategic partnerships that yield vertical integration opportunities. They plan to expand around the area by growing their manufacturing plant and vertically integrating components like battery manufacturing into their existing operations. The aim is to reduce COGS and adapt Manufacturing 4.0 practices to create better products that constantly delight customers.

With the vibrant Launchpad community, finding strategic partners and achieving vertical integration is in the foreseeable future. Many successful startups in the community have discovered fruitful integrations with other founders who share the same vision of using emerging tech to create meaningful impact.

Scooterson also aims to set an example of Singapore’s superior location for hardware tech R&D and manufacturing – eventually attracting other global mobility and deep tech startups with the same mission of changing the world through intelligent mobility solutions. This will contribute in presenting Singapore as a premier destination for tech startups needing manufacturing capabilities.

Moving to Launchpad One-North creates synergistic opportunities for Scooterson and its fellow tech startup founders.

Hashtag: #Scooterson

About Scooterson

Scooterson is on a mission to redefine the future of global mobility. By integrating AI into their micromobility vehicles, founders Mihnea “de Vries” Chis and Deepansh Jain aim to give riders an easy and intelligent solution with the ability to adjust to their riding styles.

The Rolley e-scooter is their latest product and is the first semi-autonomous e-scooter that’s easy to learn, even for customers without biking experience. With the help of AI, Rolley automatically adjusts torque settings to match battery levels and to adapt to the rider’s riding patterns and surroundings. It boasts an innovative design made from aerospace-grade aluminium and magnesium alloy and reinforced with Carbon/Kevlar. The clean-looking e-scooter is also three times lighter than conventional e-scooters and comes with smart BMS and anti-shenanigans tech.

At the moment, interested buyers can reserve their units and be informed when the new batch is released.

Scooterson also offers business solutions and a sharing platform. Businesses can enjoy a complete solution for personal mobility needs, while neighborhoods can take advantage of rental scooters provided through a ride-sharing platform.

To learn more about Scooterson and its innovative products and services, visit its .