A new financial outlook released on Tuesday said that the Baht has become increasingly volatile, which has also affected foreign investment in Thailand.
PAOB Introduces “Business Revolving Loan” as the Expanded Collaboration with eftPay
Enabling Retail SMEs to Seize Market Recovery Opportunities with Flexible Funding
HONG KONG SAR – Media OutReach – 30 May 2023 – Ping An OneConnect Bank (Hong Kong) Limited (“Ping An OneConnect Bank” or “PAOB”), the first virtual bank in Hong Kong dedicated to SMEs, announced an expanded collaboration with eftPay (Asia) Limited (“eftPay”), Hong Kong’s leading electronic payment service provider. Leverage their competitive advantages, PAOB is launching a new SME loan service – “Business Revolving Loan” for eftPay’s SME customers to navigate through opportunities from economic recovery in a timely manner.
The maximum credit amount of “Business Revolving Loan” is HK$300,000 with a repayment period ranging from one to three months. SMEs can have numerous withdrawals within the approved credit limit in a year, allowing them to allocate their funds anytime and anywhere. As the first virtual bank in Hong Kong to utilise alternative data as the basis for credit assessment, PAOB assists eftPay merchants to submit loan application and conducts credit analysis with commercial data through its unique risk assessment platform, and such streamlines the loan approval process without the need of submitting any application documents[1] and collaterals. This loan service brings SMEs a much more convenient and efficient virtual banking experience.
Since reopening the border and lifting most of the anti-pandemic measures earlier this year, Hong Kong’s retail and tourism sectors are gradually recovering. For the first quarter of 2023, statistics show that the total value of retail sales in Hong Kong increased by 24.1%[2] and the total number of visitors to Hong Kong exceeded four million[3] comparing with the same period last year. The retail sector has been buoyed by the government’s recovery measures, the distribution of consumer vouchers to the public and the promotion of conferences, exhibitions, and tourism.
Mr. Michael Fei, Chief Executive and Executive Director of PAOB, said, “As the first virtual bank in Hong Kong specialising in banking services to SMEs, PAOB has been expanding into different scenarios and virtual banking services in line with our commitment to financial inclusion. From ‘Trade-Connect Loan’ for the trade SMEs since our inaugural launch, the ‘Business Instalment Loan’ for start-ups and other SMEs, to our earlier ‘Business Short-term Loan’ for SMEs in the engineering and construction industry, we have solid understanding of the financing needs and challenges of SMEs across different industries and become their ‘best partner’ to tackle opportunities and challenges together.
With the resumption of cross-border travelling with the international markets and Mainland China, number of business and travel visitors to Hong Kong has multiplied, and with that comes the recovery of retail spending power. We are confident that the local retail sector is reviving again. In view of this, we are deepening our partnership with eftPay by launching ‘Business Revolving Loan’ for retail SMEs. By leveraging our profound experience in SME virtual banking services and competitive edges in fintech and utilising the potentials of eftPay’s commercial data, this new loan service will swiftly and effectively provide cash flow to the retail SMEs which enable them to seize opportunities from the recovering economy.”
Mr. Andrew Lo, Chairman and Chief Executive Officer of eftPay (Asia) Limited, said, “eftPay is committed to providing a full suite of e-payment services to merchants, helping them solve their operational pain points. In recognition of the cash flow issues that is often beset retail businesses, such as stocking and expansion costs, we have partnered with PAOB to provide a convenient and expedited financing solution that helps SMEs alleviate their immediate cash flow challenges. With the border reopened and the resurgence of local economic activities, PAOB’s “Business Revolving Loan” is poised to enable the merchants with flexibility to allocate their capital more effectively, seize market opportunities and expand their businesses.”
PAOB and eftPay are fully committed to supporting the business needs of retail merchants. From now until 30 June 2023 (“Promotion Period”), the handling fee will be waived for eligible SME customers who successfully apply and draw down the “Business Revolving Loan”. For more information, please refer to the PAOB website at www.paob.com.hk or call the PAOB Customer Service Hotline at 3762 9900.
To borrow or not to borrow? Borrow only if you can repay!
Terms & Conditions apply.
Hashtag: #eftPay
The issuer is solely responsible for the content of this announcement.
eft Payments (Asia) Limited
Established in 2013, eftPay is one of the leading e-Payment services providers in Hong Kong, providing merchants with comprehensive e-Payment services, including account opening, point of sale system and integration of payment system, transaction processing and payment settlement services. Currently, eftPay serves not less than 22,600 stores in Hong Kong, including well-known local jewelry chains, electrical appliances stores, makeup and beauty stores, clothing stores, food and beverage, theme parks, convenience stores and supermarkets. Website: http://www.eftpay.com.hk/
Ping An OneConnect Bank (Hong Kong) Limited
Ping An OneConnect Bank (Hong Kong) Limited (“PAOB”), a wholly-owned subsidiary of OneConnect Financial Technology Co., Ltd. (“OneConnect”) (HKEx:6638; NYSE:OCFT) and a member of Ping An Insurance (Group) Company of China Ltd. (“Ping An”) (HKEx:2318; SSE:601318), is committed to establishing a virtual banking ecosystem by optimising customer-centric services through its innovation and sophisticated technology. PAOB was granted a virtual banking licence by the Hong Kong Monetary Authority in May 2019. PAOB is developing diverse business segments including retail banking and SME banking.
Authorities in Thailand Seize More Than a Ton of Crystal Methamphetamine Thought Bound for Australia

BANGKOK (AP) — Law enforcement officials in Thailand said Monday they seized more than a ton of crystal methamphetamine in a southern province last week that they believed was bound for Australia.
Laos Welcomes Over 1 Million Tourists in Four Months
Compared to last year, the country has reported an impressive number of over 1 million international tourists to have visited Laos between January to April.
Authorities Green Light Lao Dance Sport Federation
The Ministry of Education and Sports in Laos has officially recognized the newly-established Lao Dance Sport Federation to promote competitive dancing in Laos.
SwissCham Singapore Announces Ms Julie Raneda As New Chair
At 34th AGM, Ms Raneda commits to growing wider awareness of Swiss businesses in the republic
SINGAPORE – Media OutReach – 30 May 2023 – Swiss Chamber of Commerce and Industry Singapore (SwissCham) Board has elected Ms Julie Raneda as new Chairperson at its 34th Annual General Meeting.

Ms Raneda, Partner and Managing Director of Schellenberg Wittmer’s Singapore office, is a lawyer by training and has a degree in international relations. Julie has been deeply connected with the Chamber for a long time, and was recently the Co-Chair of SwissCham International Relations Subcommittee.
Upon her appointment, she welcomed her new role and thanked the Board “for entrusting (her) with the important role to lead the Chamber and represent the Swiss business community in Singapore.”
Emphasizing longstanding Swiss-Singaporean relations, she said: “Switzerland has an excellent reputation in Singapore, thanks in particular to the Swiss business community in the republic that has been around for a long time and represents Switzerland’s values, qualities, and innovation so well.”
She added that “SwissCham is at the tip of the iceberg of this community, a platform to showcase Switzerland’s excellence.” She aims to continue “the commitment to grow wider awareness about Swiss companies and their perspective in Singapore, and make SwissCham even more relevant for its members with fruitful collaborations and appropriate networking opportunities.”
SwissCham Singapore is one of the pillars of the Swiss community in Singapore and brings together the representatives of Swiss companies, encouraging networking and exchange of information and championing the establishment of Swiss values and quality through business. SwissCham Singapore is focused on advocating Swiss business in Singapore and bridging bilateral commercial interests.
Hashtag: #SwissCham
The issuer is solely responsible for the content of this announcement.
OctaFX and Ideas Academy partner to digitalise learning centres in Malaysia
OctaFX and Ideas Academy partner once again to advance education in Malaysia. This time, they join forces to digitalise multiple learning centres for refugees and underprivileged students.
KUALA LUMPUR, MALAYSIA – Media OutReach – 30 May 2023 – The international broker OctaFX and the educational organisation Ideas Academy have partnered once again. The joint initiative aims to effectively digitalise dozens of learning centres for refugees and underprivileged students in Malaysia to help advance their education.

Currently, the United Nations High Commissioner for Refugees (UNHCR) oversees more than over 153 learning centres that cater to the needs of underprivileged individuals, particularly young refugees. Most of them lack the necessary software and structured curriculums that could greatly improve the quality of education and contribute to students’ academic success. Ideas Academy aims to provide those centres with essential software packages and online curriculums for two years.
The all-in-one digital packages will include the following pieces of software:
- school management system
- gamified learning application
- access to ‘Google for Education‘ services
- access to a structured online curriculum from Ideas Academy.
In addition to digitalising the learning centres, OctaFX and Ideas Academy will also hold a financial literacy workshop for underprivileged students. It will provide them with basic knowledge of personal finance that they can use to improve their financial situation.
‘Education has always been one of our core values, and it is especially important for us to contribute to it in an impactful way. We are grateful to Ideas Academy for the opportunity to take part in this project as one of the sponsors and help enhance education for underprivileged students in Malaysia,’ the OctaFX press office commented.
Here’s what the Ideas Academy representative had to say about the collaboration: ‘This project is a unique opportunity for advancing education in Malaysia, and we thank OctaFX for their much-appreciated support of this initiative. We look forward to providing the learning centres with software and learning programs!’
It will be the entities’ second collaboration to advance education in Malaysia. Recently, OctaFX sponsored the Cambridge IGCSE curriculum exam fees for students in Malaysia under the tutelage of Ideas Academy.
Hashtag: #OctaFX
The issuer is solely responsible for the content of this announcement.
About OctaFX
OctaFX is an international broker that has been providing online trading services worldwide since 2011. The company is involved in a comprehensive network of charity and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
About Ideas Academy
The Kuala Lumpur-based Ideas Academy has been active in the field of improving and raising the standard of education since 2012. They specialise in working with underprivileged children, including those with refugee backgrounds.
The people driving Ideas Academy forward believe in ‘Education for All’. It is their mission to ensure that every child between 12 and 18 years of age gains a strong secondary educational foundation. By safeguarding this, they encourage them to become confident, responsible, proactive, and compassionate adults. Ideas Academy is determined to be a force for high-quality, affordable virtual education— combined with physical classes for students in Kuala Lumpur.
ULI Releases 2023 Asia Pacific Home Attainability Index Covering Data from 45 Cities
- At their 2023 Asia Pacific Summit happening from 29 May to 1 June, ULI unveiled its 2023 APAC Home Attainability Index.
- The report compared housing prices against the median income across 45 cities in the APAC region and Singapore’s private sector homes have now greatly surpassed last year’s top runner, Hong Kong, as the most expensive in the region.
- Singapore’s private sector rental homes are now also the most expensive in the region at a US$2,600 (SG$3,500)/month on average.
SINGAPORE – Media OutReach – 30 May 2023 – The Urban Land Institute’s (ULI) recently released 2023 Asia Pacific Home Attainability Index report provides a high-level snapshot of the extent to which housing is attainable in cities in the Asia Pacific region. The report covers 45 cities in nine countries, namely, Australia, China, India, Indonesia, Japan, the Philippines, Singapore, South Korea, and Vietnam, with a combined population of 3.5 billion or around 45% of the world’s total population, measuring home attainability for both home ownership and home rentals in relation to the median income of households.
Kenneth Rhee, Senior Director of ULI China and primary author of the report said, “Housing stocks and home attainability vary greatly in the Asia Pacific region. Key factors for home attainability include demographic trends, government policies related to land use and density, the ability to redevelop or regenerate urban areas in decay, availability of financing for home purchase, the government’s involvement in the home provision, and the impact of COVID on new home supply.”
In terms of home ownership, housing in Singapore is deemed most attainable with the median price of Housing Development Board (HDB) units at 4.7 times the median household income. Home attainability is severely challenged in Tier 1 and leading Tier 2 cities in mainland China, Hong Kong SAR, Metro Manila, Metro Cebu, Ho Chi Minh City, and Danang with median home prices at approximately 20 to 35 times median household income. Compared to home ownership, home rentals are deemed more attainable with monthly rent for most cities at below 30% of median household income. Cities in Japan and South Korea have the lowest ratio of monthly rent to income.

According to the report, Singapore’s private sector homes have surpassed Hong Kong SAR as the most expensive in the region with a median price of US$1.2 million. Also, with a nearly 30% increase in monthly rent, Singapore private sector rental homes are also the most expensive in the region with a median monthly rent of approximately US$2,600. For the sharp increase in home price and rent, the report cites as key causes (1) a large influx of immigrants into the city-state, (2) a growing trend of young professionals to move out of their multi-generational family homes for more space and freedom, (3) the government’s new measure that requires homeowners to serve a 15-month wait-out period after the disposal of their private properties before they are eligible to buy a non-subsidised Housing Development Board (HDB) resale flat, (4) a relatively limited stock of institutionally or individually-owned rental properties, and (5) a reduced new supply of housing in the past few years due to the disruption to the supply chain of building materials and labour due to COVID.
Homeownership varies significantly in the region, often a function of government policies and population migration. Singapore continues to have the highest homeownership rate of nearly 90%, thanks to the government’s decision and consistent commitment to enable its citizens to own homes at reasonable prices from the early years of the country’s independence in the 1960s.
In contrast, other gateway cities such as Hong Kong SAR, Shanghai, Tokyo, and Seoul have relatively low homeownership rates, reflecting high home prices and the more migratory nature of the populations in gateway cities.
David Faulkner, President of ULI Asia Pacific said, “This report explores the implications of shifts in housing demand and regional competitiveness, arising from wide-ranging factors that impact home attainability. Our goal at the ULI Asia Pacific Centre for Housing is to advance best practices in residential development and to support ULI members and local communities in creating and sustaining a full spectrum of housing opportunities. Through thought leadership, we aim to catalyse the production of housing and inspire a broader commitment to housing.”
Some key findings from the report:
- Australia: Home prices have declined in Australia’s top two cities, Sydney and Melbourne. COVID-19 has caused a migration of people from Sydney to smaller regional cities with people looking for more space; this has created a housing shortage in the regional cities, worsening home attainability for existing residents.
- Tier 1 and 2 cities in Mainland China: Similar to last year’s findings, mainland Chinese cities rank among the lowest in terms of home attainability. Home price is closely tied to new housing supply to population increase.
- Hong Kong SAR: Home prices dropped substantially in 2022, returning to 2017 prices, mainly caused by a drop in population and a rising mortgage interest rate.
- India: Among the eight cities studied in India, Mumbai has the highest median home price per square metre of US$3,383, with Delhi NCR trailing far behind at US$1,358. Compared to other developing countries, India’s housing price is relatively inexpensive compared to the median household income.
- Indonesia: Jakarta’s housing stock is predominantly landed homes, which contributes to urban sprawl and heavy traffic congestion and exacerbates the rate of soil subsidence as most landed homes rely on groundwater.
- Japan: The median monthly rent of Japanese cities relative to median household income is the lowest among all the cities in the report. The median monthly rent ranges from US$350 in Osaka to US$602 in Tokyo Ku. This is due to a relatively large pool of available housing for rent resulting from an ageing population and limited new household formation.
- Philippines: While Metro Manila allows a high FAR (Floor to Area Ratio) of 16 or even higher, it suffers from limited housing stock and poor urban transportation infrastructure for a fast-expanding number of young professionals. The government has recently embarked on an ambitious campaign to building 1 million homes per year for the next five years.
- South Korea: A recent home price drop has created problems for ‘Jeonse’, a unique form of home rental in South Korea where tenants put up a lump sum deposit of as much as 70-80% upfront instead of paying monthly rent during the lease period. With declining housing prices in recent months, a growing number of ‘jeonse’ landlords have been unable to return deposits to renters at lease expiration.
- Vietnam: Homes in Ho Chi Minh City are the second least affordable, at 32.5 times the median household monthly income. Many home buyers are speculative investors who own multiple units, further driving up house prices.
The 2023 Asia Pacific Home Attainability Index summary report can be found on ULI’s Knowledge Finder platform.
NOTE TO EDITORS: High-res versions of the charts in the press release are available for viewing in the full 2023 ULI Asia Pacific Home Attainability Index.
Hashtag: #RealEstate #Property #Housing #HomeAttainability #ULI
The issuer is solely responsible for the content of this announcement.
About the Urban Land Institute
The Urban Land Institute is a non-profit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the institute has more than 46,000 members worldwide representing all aspects of land use and development disciplines. For more information on ULI, please visit
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About the ULI Asia Pacific Centre for Housing
Established in 2022, the ULI Asia Pacific Centre for Housing aims to advance best practices in residential development and support ULI members and local communities in creating and sustaining a full spectrum of housing opportunities. The Centre for Housing publishes the annual Asia Pacific Home Attainability Index.
The Centre for Housing acts as a think tank and provides a forum to explore the latest trends and to address housing issues relevant to the region. Our programme of work is delivered through events, research, education, and advisory services for government policymakers, developers, investors, occupiers, and communities at large.