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Carousell Group integrates Laku6 team, AI-first diagnostics technology to drive mobile recommerce expansion across Greater Southeast Asia

SINGAPORE – Media OutReach – 2 February 2023 – Harnessing the scale of two million listings listed in the electronics category every quarter, leading multi-category platform for secondhand in Greater Southeast Asia Carousell Group has doubled down on driving electronics recommerce across the region since acquiring control of Laku6, the leading AI-first end-to-end electronics recommerce platform in Indonesia. The Group has integrated the Laku6 team’s expertise and proprietary AI-first diagnostic technology with Carousell Group’s tens of millions of monthly active users across Greater Southeast Asia to launch new features to make selling and buying secondhand electronics more trusted and convenient.

Laku6’s dedicated Diagnostic Centre for the Singapore market, as well as their Singapore team, are now housed in the same space as Carousell’s Singapore office and regional headquarters to centralise operations and facilitate collaboration. Additionally, both the Group and Laku6’s tech teams have been working closely to continually enhance the recommerce experience for our customers across the Group’s platforms.

“There is huge potential for electronics recommerce in Greater Southeast Asia, which is slated to grow over 2.5X to US$18.6 billion by 2026, and Carousell Group is well placed to cement our leadership. Together with Temasek unit Heliconia Capital, we had made one of the largest capital investments in the region for electronics recommerce, by earmarking US$25 million for the expansion of electronics recommerce. We have seen strong results in the past few months. Laku6 has continued to maintain its leading position in Indonesia’s online mobile recommerce market, having inspected and transacted over half a million mobile phones. Carousell has seen a growth of 55% in the past half year alone in mobile phone transactions,” said Quek Siu Rui, Group CEO and Co-founder, Carousell Group.

Instant cash for time-starved sellers

One of the new features from the Laku6 integration is the launch of end-to-end service Sell to Carousell in Singapore, where users have an advanced option to sell their mobile phones directly to Carousell in under 24 hours from the comfort of their homes or by dropping-off their phones at any iStudio outlet. The exclusive partnership with iStudio, the largest Apple Premium Reseller in Singapore, provides Carousell access to over 20 drop-off points across the island, significantly optimising logistics, and in return, provides iStudio with new selling opportunities.

With Sell to Carousell, users fill in a short form about their phone condition on the app or website to get an estimated quote generated by the Group’s smart pricing algorithm. They can choose if they want to have a Carousell agent visit their home for device inspection and instant payout or visit a physical store themselves to complete the process.

Sell to Carousell is able to provide quick on-the-spot diagnosis with the use of Laku6’s proprietary AI-first diagnostic technology, which can inspect the condition of secondhand mobile phones in under two minutes, and smart pricing algorithm to confirm the final quote. This process is fully automated to remove the element of human error during assessment, and users are free to change their minds on selling with no obligations upon receiving the final quote.

Founder of Laku6 Alvin Yap said, “Almost 60% of users in our user research say that they do not consider selling their old phones as they felt it was too much of a hassle to do so. Hence we have been working on developing solutions tailored for local market needs, using Laku6’s proprietary technology, to provide additional choices on top of our current open marketplace. Since the soft launch in September 2022, the program has shown signs of a strong product market fit with thousands of phones processed,” said Mr Yap.

We have seen how Sell to Carousell has been able to unlock new user segments by reaching out to time-starved buyers who want to sell secondhand phones. We will soon launch similar products in Vietnam and Malaysia, where we have a leadership position in classifieds through our brands Cho Tot and Mudah.my respectively, and continue to make the recommerce market more accessible in the region. Additionally, our next milestone as a Group is to provide an advanced option to buy certified mobile phones that come with warranty for users who want to buy secondhand phones with the peace of mind and convenience of buying a new phone. These will give our users more choice and flexibility on how they wish to shop secondhand,” said Mr Quek.

For more information on Sell to Carousell, please visit https://support.carousell.com/hc/en-us/articles/11110830582169-Sell-your-Mobile-to-Carousell

Hashtag: #CarousellGroup

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

About Carousell Group

Carousell Group is the leading multi-category platform for secondhand in Greater Southeast Asia on a mission to inspire the world to start selling, and to make secondhand the first choice. Founded in August 2012 in Singapore, the Group has a leading presence in seven markets under the brands Carousell, Cho Tot, Laku6, Mudah.my, OneShift, Ox Luxe, Ox Street, and Refash, serving tens of millions of monthly active users. Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments and Sequoia Capital India. Visit for more information.

ShopUp secures USD 30 million debt financing to fuel expansion and strengthen supply chain operations

  • ShopUp, the largest full-stack B2B commerce platform in Bangladesh, announces a major milestone in securing $30 million in debt financing.

  • The $30 million financing round was comprised of $20 million from Lendable, the global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia.

DHAKA, BANGLADESH – Media OutReach – 2 February 2023 – ShopUp, the largest full-stack B2B commerce platform in Bangladesh, announces a major milestone in securing $30 million in debt financing. The funds will be used to drive expansion efforts and strengthen the company’s supply chain operations, benefiting small businesses and consumers across the country.

The $30 million financing round was comprised of $20 million from Lendable, the global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia. Additionally, ShopUp secured BDT equivalent of $10 million in debt financing from The City Bank, a major commercial bank in Bangladesh, a first for a local startup.

Bangladesh’s retail market is highly fragmented, with 4.5 million small shops accounting for 98% of total consumption in the country. These small, scattered shops are responsible for distributing food and household items across the country. Still, they face issues such as product unavailability, unreliable delivery, and lack of access to affordable financing.

ShopUp’s commerce platform Mokam partners with manufacturers, brands, and mills to streamline the distribution of food and household necessities to small shops. Currently, 20 million people in Bangladesh access food and essentials through Mokam’s network of shops. The company operates the largest last-mile logistics network in Bangladesh, REDX, and is committed to addressing gaps in the country’s food supply chain infrastructure.

With over $200 million in investments from global investors already raised, the recent debt financing of $30 million will enable ShopUp to further its efforts in building critical supply chain infrastructure, partnering closely with mills and manufacturers, and expanding its financial services products to support underserved SMEs in the food value chain. The funds will also help address the significant food waste issue in Bangladesh, with over 30% of production going to waste, by implementing a seamless distribution system that reaches 50% of the population, ensuring food security for all.

“The new debt facilities will help us reach our goal of creating a seamless distribution network for food and essentials that serves 80 million people in Bangladesh,” says Afeef Zaman, CEO, and Founder of ShopUp. “Our recent success in securing financing is a reflection of our financial stability and our efforts towards having a positive impact in Bangladesh.”

“We have been impressed by the scale of business and quality of team that ShopUp has built to date and are happy to be supporting the impactful work ShopUp has been doing in providing access to goods and capital to underserved MSMEs in Bangladesh” added Hani Ibrahim, Chief Investment Officer of Lendable. “We continue to work closely with ShopUp to facilitate additional debt capital into their business as they roll out their growth plan”.

Hashtag: #ShopUp #Lendable #Debt #Financing #B2B #Commerce #Finance #Fintech #Business #StartUp #Funding #Singapore #Bangladesh #APAC


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

ShopUp

ShopUp is the largest full-stack B2B commerce platform in Bangladesh, offering a range of services to small businesses and consumers. The company operates the largest last-mile logistics network in Bangladesh and has raised over $200 million in investments from global investors.

Lendable

Lendable is a leading debt finance provider to fintech companies across frontier and emerging markets that create access to new financial products and services for un- and under-banked populations. Lendable finances fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces. From its offices in Nairobi, London, and Singapore, and using its proprietary technology and data, Lendable directly originates, structures, underwrites, and monitors all transactions. To date, Lendable has disbursed over $340m to fintechs in over 14 countries.

To learn more about Lendable, visit

14-Year-Old Girl Faces Potential 15 Years for Royal Defamation in Thailand

14-Year-Old Girl Faces Royal Defamation in Thailand
Representational image (photo: Thairath)

An ultra-royalist accused a 14-year-old girl of royal defamation for her involvement in a Bangkok protest in 2022.

Asian Stationery & Office Products Online Exhibition 2023 Grand Opening

TAIPEI, TAIWAN – Media OutReach – 2 February 2023 – Asian Stationery & Office Products Online Exhibition (ASOP 2023) is a virtual and physical integration targeting Asian suppliers, importers, and exporters. It will be exhibited from January 9 to April 30, 2023, and is expected to bring an excellent opportunity for exhibitors to expose their brands. This transnational trade event, jointly organized by AsianNet and TradeAsia (www.e-tradeasia.com), will be held once a year starting in 2022. In terms of quality and quantity, there are satisfactory results. In 2023, we will expand the scale. During the three-month extension period, there will be in line with the show schedules of HKISF (Hong Kong International Stationery Fair), Paperworld Frankfurt, Reed Gift Fairs Sydney and Giftionery Taipei (Giftionery & Culture Creative, Taipei) to create group momentum. It is convenient for international buyers to visit and compare in one purchase.

TradeAsia, the organizer of the Asian Stationery & Office Products Online Exhibition (ASOP 2023), invited dozens of Taiwanese suppliers of Stationery & Office Products to participate in the exhibition. Top-notch brands such as FRIEND CHIU, HIGHGRADE TECH, FLYWELL INTERNATIONAL, ELASTIN INTERNATIONAL and YEU CHYUAN are all gearing up to showcase their newest products.

Manufacturers and product categories have covered Art & Craft, Art & Drafting Supply, Bags, Binding & Cutting, Computer Accessory & Peripheral, Computer Input Device, Desk Supply, Educational Supply, Festival & Party Supply, Gift & Gift Set, Gift Packaging & Accessory, Office Equipment, Office Furniture, Office Kitchen, Office Stationery, Paper & Paper Product, Paper Machinery, Printer Supply, Promotional Product, Publishing Supply, Writing Supply, Wired Ombre Ribbon, Bow Ribbon, Heavy Duty Single Ultra wide Monitor Arm, Single Ultra wide Monitor Arm, Flat Chrome Kitchen Napkin Holder, Wooden Console Table, PVC Printed Sheet, Binding Paper, Bi-Color Mini Glue Gun and Embossing Heat Gun with thousands of the latest products, tools, and equipment on display. It can be said to be rich and professional.

ASOP 2023 Online Exhibition:
https://www.etradeasia.com/online-show/19/Asian-Stationery-Office-Products-Online-Exhibition-2023.html

Although the Covid-19 epidemic is gradually slowing down, European and American countries have gradually unblocked. However, the international flow of people still needs to recover. Traditional exhibitions have significantly been hindered. At this time, online activities have become mainstream. The Asian Stationery & Office Products Online Exhibition 2023 (ASOP 2023) provides a variety of online exhibition solutions, including exhibition pages, electronic catalogs, or virtual exhibition halls, and connects products and exhibitor information with TradeAsia, so that even if international buyers are thousands of miles away, they can easily visit, they can further see the manufacturer’s particular page and leave information simultaneously.

TradeAsia (www.e-tradeasia.com) has provided B2B international trade services for buyers and sellers since 1997. It is the most experienced and professional trade platform in the world. We currently have millions of global members, more than 600,000 suppliers, and millions of the latest products. Thousands of professional buyers worldwide find products and contact sellers daily for business cooperation. TradeAsia is a significant trade promotion channel in Asia.

TradeAsia has also established cooperative relationships with hundreds of trade entities worldwide, exchanging marketing promotion exposures. Therefore, suppliers have a good chance to spread information to global platforms or exhibition entities simultaneously. Through this effort, we will significantly increase participation with global marketing power. ASOP 2023 Online Exhibition will also be broadcast globally.

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

Pow.re Announces Successful Closing of US$9.2 Million Series A, US$18 Million Strategic Partnership in Paraguay and Advisory Board Appointments

MONTREAL (QC), CANADA Media OutReach – 2 February 2023 – Pow.re Holdings Limited (“Pow.re” or the “Company”), a high-density computing (“HDC”) proof-of-work digital mining and fintech enterprise, has closed a US$9.2 million Series-A funding round at a US$150 million post-money valuation. Haru United Pte Ltd. (“Haru”) – a holding company of asset management platform, haruinvest.com – led the round joined by Trinito Corporation, RFD Capital Pte Ltd and others.

Pow.re is also pleased to announce an US$18 million strategic investment from Haru and partnership in the Company’s first HDC site in Paraguay.

“We are grateful to our strategic partner and investors for their support and conviction in our execution capabilities.” said Calvin Tay, Pow.re’s Group CFO. “This mandate will enable us to accelerate our growth and capitalize on opportunities in current market conditions.”

These investments provide the Company means to execute its counter-cyclical ASIC purchasing and infrastructure growth strategy. Pow.re will tactically drive infrastructure growth by maximizing use of capacity in existing Canadian facilities while building out further capacity at new HDC facilities.

The Company’s new facilities in Paraguay will be energized through agreements between Pow.re and the Administración Nacional de Electricidad Ande (“ANDE” – national power distributor). Paraguay’s grid is powered almost completely by hydropower and the country has ample additional sustainable energy production, approximately double its own use.

The Company remains on track to operate over 500 petahash per second of hashing power within 1Q23. Pow.re’s first Paraguayan facility began operations late January and the second facility by the end of 1Q23. Pow.re’s pipeline of several 100MW hydro-powered opportunities is coming to fruition, and the company remains diligent in its pursuit of growth.

Finally, Pow.re is excited to welcome two digital mining veterans to its advisory board:

Anthony Levesque, Former VP, Operations at Bitfarms (NasdaqGM: BITF) and; Carson Smith, CEO of SBI Crypto.

These advisors bring proven success and complementary experience in digital assets that will contribute to the Company’s ongoing growth.

Hashtag: #Pow.re

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

About Pow.re Holdings Limited

Pow.re is a PoW digital miner deploying HDC data centers in proximity to sustainable stranded energy sources to produce hashing power. Pow.re will leverage its growing proprietary hashing power, to commodify hashing power markets and capacitate hedging and investment.

Company Website :
LinkedIn :
Twitter : @powremines

HSBC Reiterates “Buy” Rating on Fosun and Raises Target Price to HK$11.50

HONG KONG SAR – Media OutReach – 2 February 2023 – On 30 January 2023, HSBC Global Research (“HSBC”) published a report pointing out that Fosun International Limited (“Fosun International” or the “Company”) (HKEX: 00656) is recovering vigorously. HSBC maintained “Buy” rating on Fosun International and raised the target price to HK$11.50.

HSBC pointed out that Fosun’s secured RMB12 billion syndicated loan is the largest private enterprise loan led by five major state-owned banks in cooperation with policy banks and joint-stock banks since the Central Economic Work Conference explicitly proposed in December 2022 to encourage and support the development of the private economy and private enterprises. HSBC expects the official landing of the loan to be of great relief to Fosun’s cash crunch; it should also serve as a catalyst to rekindle market confidence in the Company’s operating stability.

As of the end of July 2022, Fosun had repurchased or purchased overseas bonds with an equivalent par value of USD366 million prior to maturity, partially replaced by low-yield loans to reduce interest payments. HSBC emphasized in the report that Fosun has demonstrated its active debt management and it is expected that the Company’s liquidity and earnings this year will improve with debt optimization.

HSBC believes that although Fosun International recently issued a profit warning on the Hong Kong Stock Exchange, overall speaking, the negative impacts will be gone gradually. The bank believes that the worst has passed. With debt optimization and consumption recovery, Fosun International’s subsidiaries are well-positioned to capture post-pandemic travel, retail, and medical demand, so should post strong earnings this year.

In addition to HSBC, Morgan Stanley earlier expressed its optimistic view on Fosun International and reiterated its “Overweight” rating. According to Morgan Stanley, Fosun’s syndicated loan can further improve its liquidity, significantly helping lift market confidence in Fosun’s stability. The firm believes that after several months of active deleveraging efforts, Fosun’s liquidity risk has been greatly reduced. Looking ahead, the reopening of China will help boost fundamentals, especially in businesses such as tourism, retail, and investment.

It is worth mentioning that the recovery trend has been reflected in Fosun’s recent business operations in the tourism, health and other sectors. Regarding the tourism sector, the 2023 Yuyuan Garden Lantern Festival being held in the Grand Yuyuan has attracted many citizens and tourists; Club Med’s bookings in the first half of 2023 have greatly exceeded the same period in 2019 before the COVID-19 pandemic. During the Spring Festival holiday, the occupancy rate of Club Med resorts in China continued to rise. As one of the preferred destinations for domestic travel, Atlantis Sanya, a benchmark project of Fosun Tourism Group, has continued to be in high demand since the beginning of 2023. During the New Year holiday period, the average occupancy rate reached 97.4%, the total reception was about 37,000 person-times, and the business volume exceeded the pre-pandemic level.

Regarding the Health segment, as the COMIRNATY® BNT162b2 vaccine and COMIRNATY® bivalent vaccine was officially registered as a drug/product (biological product) in Hong Kong SAR and was approved as a regular imported vaccine in Macao SAR, Mainland Chinese residents visiting Hong Kong SAR and Macao SAR to receive COMIRNATY® vaccination has recently attracted great attention, the number of inquiries and appointments have increased significantly during the Spring Festival holiday. As regards Azvudine, the oral medication for COVID-19, it is now included in the medical insurance scheme in 31 provinces, autonomous regions, and direct-administered municipalities across the country and is available in primary healthcare institutions in many provinces. The accessibility of Azvudine has been greatly enhanced. In addition, in the global consumer market, Fosun’s 48 overseas brands in the Health, Happiness, and Wealth segments are also developing steadily and gradually recovering in their respective fields.

The robust recovery and steady development of various businesses of Fosun signal an upward development trend. With the strong support from the government, the optimization of epidemic prevention and control measures, and the consumption recovery, Fosun, which is financially stable and has abundant cash flow, has ushered in a new growth point. As HSBC mentioned in the report, “The worst is now behind Fosun and 2023 is looking better.”

Hashtag: #Fosun

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

Feel the Love With iShopChangi This February With Flash Sales & More

#beyourbestlover this February as iShopChangi celebrates the month dedicated to love with a myriad of exciting offers to indulge in. Enjoy up to 75% off in sitewide discounts, on top of hard-to-miss deals!

SINGAPORE – Media OutReach – 1 February 2023 – From 1 to 28 February 2023, prepare to be enamoured as iShopChangi celebrates romance and self-love this season. With flash sales, exclusive curated gifts and deals from best-selling brands, Jewel Changi Airport date night vouchers and more, travellers and non-travellers alike are bound to be struck by cupid’s arrow just in time for Valentine’s Day.

iSC-2-2-Homepage-Desktop-EN.jpg

Make February Sweeter with 2.2 Flash Sale

Kicking things off for both non-travellers and travellers is the much-anticipated 2.2 flash sale accompanied by an array of sitewide vouchers and exclusive promotions — it’ll undoubtedly be a hot time to splurge! Not an iShopChangi member yet? Pucker up because there’s one more way to spread the love in the first week of February with an exclusive code for new sign-ups. Grab all that your heart desires by locking in these discount codes below!

2.2 Flash Sale
From 1 – 5 Feb 2023
Code Description
22FLASH18 18% off* with no min. spend, capped at S$50
22FLASH25 25% off* with min. spend S$1,000, capped at S$300

New User Special
From 3 Jan – 5 Feb
ISCNEW20 S$20 off* with min. spend S$79
Changi Pay
From 1 – 5 Feb 2023
S$8 off* no min. spend^

*Product exclusions and T&Cs apply
^ Stackable with 2.2 Flash Sale promo codes. Collect vouchers from ChangiPay and cart out to offset your purchase.

If love is the stuff of fairytales, where better to find your happily-ever-after than in the thrill of carting out a wide range of products, from health and wellness to beauty, with fabulous savings?

For those looking to treat themselves to some well-deserved self-care, iShopChangi has got you covered with beauty products like the Sulwhasoo Clarifying Mask 150ml Duo sold at S$54.45 (25% off the usual price of S$72.60). Paired with the Kinohimitsu [1 FOR 1] Detox Enzyme 30’s, going at S$49.90 (58% off the regular S$119.80 retail price), fill your beauty cabinets with must-haves for the absolute perfect pick-me-ups.

For a special treasure that will win the hearts of your significant other, the tried-and-true gift of electronics can never go wrong. Set any gamer’s heart afire with the Razer Deathadder V2 Wired Gaming Mouse. Designed with best-in-class ergonomics, this computer accessory will stun your valentine with how much game you’ve got at only S$24.90 (77% down from its usual price of S$109.90).

Don’t miss out on the 2.2 vouchers and stack them with an S$8 iShopChangi discount voucher from ChangiPay to offset your total cart amount!

Rediscover Love with Love BEAUTIQUE

Being your best lover is always worth the splurge! In celebration of Galentine’s and Valentine’s Day, embrace the gift of beauty with a curated collection of premium beauty treats from Estée Lauder, Clinique, La Mer, and more, while revelling in exciting deals on best-selling products from BEAUTIQUE by iShopChangi. The perfect gifting destination of the season, check out the codes below to grab huge discounts on favourite beauty buys and spark some joy this V-day as you pave the way towards your special celebration.

Love BEAUTIQUE Sitewide Vouchers (For Travellers & Non-Travellers)
From 1 – 28 Feb 2023
Code Description
LOVE800 18% off* min. spend S$800, capped at S$200
Love BEAUTIQUE Sitewide Sale
From 1 – 28 Feb 2023
Description
  • 40% off* Duo Sets
  • Up to 72% off* Blockbuster Sets
  • 30% off* any 3 products from Clinique or Origins
Gift with Purchase^
  • Get exclusive Love BEAUTIQUE Gift Sleeve with Sticker Pack with any purchase
  • Receive S$50 Jewel Date Night Voucher and exclusive GWPs (worth S$116) with min. spend of S$320
  • Receive S$100 Jewel Date Night Voucher and exclusive GWPs (worth S$116) with min. spend of S$600

*Product exclusions and T&Cs apply
^While stocks last

Enhance your beauty rituals with Estée Lauder’s [Buy 1 Gift 1] Advanced Night Repair Synchronized Multi-Recovery Complex Serum 30ml worth S$137. Reduced by 50% from its original S$274, this beauty set comes paired with two of Estée Lauder’s Advanced Night Repair Synchronized Multi-Recovery Complex Serums (30ml), and two complimentary mini versions (15ml) of it. But that’s not all! Spend S$200 worth of any products and receive a 3-piece Estée Lauder gift set worth S$79.

Skincare lovers have more to relish. Look forward to shaving 40% off* beauty sets like the Clinique [Perfect Duo] Hydrate and Brighten Set, which retails at S$103 (usual price S$171). Receive a 4-piece Clinique gift set worth S$70 with a minimum spend of S$80 on Clinique products. Another highlight for skincare lovers is the premium La Mer [Beauty Set] Little Luxuries Travel Set, at just S$300! Going at 40% off the usual price of S$500, buy three of the best-selling products from the luxury skincare and makeup brand for the price of two! The free La Mer Daily Pouch in Blue that comes with every La Mer purchase is just another romantic nod to the spirit of the holiday.

Treat Yourself in the Name of Love

With the best deals in town, incredible discounts on beauty sets from revered skincare brands, and more, iShopChangi is undoubtedly the place for gifts that remind you of love every day. Travellers may place their orders between 30 days in advance and up to 12 hours before their flight, and conveniently pick up their purchases from the Collection Centres across the departure halls of all terminals at Changi Airport. Alternatively, provide a Singapore residential address for delivery.

Non-travellers can cart out at duty-absorbed prices on iShopChangi and have their items delivered to them for free when they spend at least S$59 and provide a local residential address for delivery.

Hashtag: #iShopChangi

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

iShopChangi

iShopChangi was launched in 2013 as an extension of Changi Airport’s promise to deliver greater comfort and convenience to travellers in its suite of airport retail offerings. Passengers can browse and purchase tax- and duty-free products across all terminals between 30 days to 12 hours pre-flight on the e-store – and choose to collect their items at Collection Centres within departure, upon arrival or have them delivered free in Singapore. Providing easy access to over 30,000 products across 900 brands and exclusives such as Changi First product launches, the site has since received global recognition with its award for Best Website – Retail Customer Facing at The Moodies: the Airport and Travel Retail Digital Media Awards 2018. In early 2020, the e-commerce store started to retail a selection tax- and duty-absorbed products to Singapore-based residents without the need to fly.

Millennials expect holistic care with digital health, Bupa survey finds

70% of millennials interested in learning about health, despite multiple barriers

HONG KONG SAR – Media OutReach – 1 February 2023 – Healthcare providers, insurers, and other members of the healthcare industry can focus on three aspects pointing to millennials’ distinctive experiences and expectations, providing healthcare that is holistic, interactive and engaging, and digital. According to a survey by Bupa, 70% of millennials are interested in learning more about how to maintain health, multiple barriers stand in their way.

A study by Bupa in Hong Kong surveying 500 Hong Kong millennials found that the biggest obstacle to maintaining a healthy lifestyle is not having enough time, cited by 53% of survey respondents. The second biggest barrier is too much stress (48%). And, perhaps unsurprising for the generation that pioneered on-demand entertainment, one in three Hong Kong millennials (33%) say that they don’t prioritize a healthy lifestyle because it’s simply too boring.

Millennials are different than the previous generation, viewing health as a holistic pursuit encompassing multiple aspects of physical, mental and emotional wellness. At the same time, millennials are pursuing career aspirations and caring for aging parents, while starting families of their own. Millennials are also getting older – some are already facing chronic health conditions. For others, the risk will only increase with age.

“Millennials represent a core subset of the Hong Kong population. Getting millennials to start on healthy habits today will be vital to help them stay well in the coming decades,” said Andrew Merrilees, Managing Director, Bupa Hong Kong. “In order to design a wellness approach that works for this generation, healthcare providers, insurers, and the healthcare industry need to understand what matters most to millennials. Millennials are a generation of digital natives, famous for blazing new trails and transforming the ways we communicate, work, and experience the world.”

Healthcare providers have a mandate to be more holistic in their offerings to millennials. Hong Kong millennials see wellness as encompassing multiple aspects of their lifestyle: from regular exercise, to a balanced diet, to high-quality sleep. Mental health is just as important as physical health, and many millennials also consider the health of the world beyond themselves. They also concerned about the wellbeing of their community and the natural environment, too. This sets millennials apart from the previous generation, who are more likely to see health as simply being free from illness.

Millennials invented the world we know today; a world of on-demand information, entertainment and communication. They are accustomed to the social media interface and expect the services offered to them to be cross-platform, personalised, and perhaps most important—fun. In this context, it’s time for solutions that promote interactive healthcare engagement and learning, rather than just pushing out general medical information which could apply to anyone. When millennials feel catered to on an individual level, they will be more encouraged to take the steering wheel and start down the road to a healthier lifestyle—especially if there are enticing goal-oriented rewards to encourage even more positive progress.

Millennials need an ecosystem of wellbeing solutions which work together and are synced across platforms. Examples of this include virtual doctor appointments, easy-to-use patient portals, and personalised data repositories that give patients faster access to their healthcare information. Bringing wellbeing to the digital ecosystem will be even more important as millennials continue to age and find more chronic healthcare needs, which is why Quality HealthCare Medical Services Limited (QHMS) recently launched its DigiHealth Point to centralise remote healthcare services and optimise the “Prediction, Prevention and Treatment” approach to chronic disease management.

The future of healthcare is already being defined by the needs of millennials today. It is a generation full of health-conscious people, who will gladly admit to needing additional support to bring their wellness to the next level. Now is the right moment for more services and solutions to support millennials in overcoming their healthcare barriers and discovering a brighter, healthier future ahead.

Hashtag: #Bupa

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