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Atradius survey: significant uptake of trade credit insurance across UAE

Expressing a concern over safeguarding cash flow, more businesses have turned to credit insurance than last year

DUBAI, UAE Media OutReach28 June 2022 – The latest Atradius Payment Practices Barometer Survey for the United Arab Emirates has revealed a year-on-year increase in the number of businesses adopting trade credit insurance. The majority of businesses polled cited the need to protect cash flow and minimise days sales outstanding (DSO) as primary reasons for taking out a policy. Indeed, 60% of businesses polled explained that liquidity issues were the primary reason for payment defaults. However, there was also an increase in the number of businesses choosing to use specific trade finance solutions to complement their credit insurance policy.

Despite this increase in the adoption of trade credit insurance, there was no year-on-year change in the total value of B2B sales made on credit, which remained at about half of all sales. Write-offs also held steady at 8% with no change year-on-year. Businesses across the UAE reported different reasons for offering customer credit. These ranged from the desire to grow sales with existing customers in the agri-food industry, to the need to remain competitive within regional and international markets as indicated by respondents in the ICT industry.

“The UAE has a strategically important position as the region’s commercial hub”, said Schuyler D’Souza, Managing Director Middle East at Atradius. He explained: “Although there remains a widespread preference for cash, trade credit is used to drive sales across various sectors where businesses are competing in international markets. The more widespread use of trade credit insurance in the region is likely to reflect the development of more sophisticated credit management strategies. It is the indication of a maturing market and a further example of the importance of the nation’s commercial focus.”

Overall, companies in the UAE appeared upbeat about their business outlook. The Atradius survey reported an optimistic mood among interviewees, the majority of whom anticipate an improvement in customer payment practices over the coming year. 71% (across all industries) said they expect to increase the amount of B2B credit they trade over the coming months, reflecting anticipated growth in their market share. There was also a widespread expectation that DSO would be kept under control. 53% of the total value of invoices is currently overdue, an improvement on the 60% reported in our last survey in 2021.

The exception to the positive outlook is the steel/metals industry, which has been impacted by geopolitical tensions and supply chain issues. In this year’s survey the industry reported a year-on-year increase in write offs; 12% of all B2B invoices this year compared to 9% last year. The sector also saw an increase in late payments; 49% up from 30% last year.

Atradius conducted the Payments Practices Barometer survey in the first half of 2022. Responses were collected from businesses across the UAE in agri-food, chemicals, consumer durables, electronics/ICT and steel/metals industries.

Download the full report here: https://atradius.sg/reports/payment-practices-barometer-united-arab-emirates-credit-management-strenghtening.html

About Atradius

Atradius is a global provider of credit insurance, surety and collection services, with a strategic presence in over 50 countries. The credit insurance, bond and collection products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world. You can find more information online at

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#Atradius

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

Cambodia Considers Monorail Project for Phnom Penh

Monorail
The KL Monorail links key destinations in Kuala Lumpur, Malaysia.

The Government of Cambodia has reviewed a feasibility study for a monorail project that would connect densely populated areas of the capital Phnom Penh.

FTT DAO raises $7 million, donated by FTX token fans

FTX Token Fans Start FTT DAO

HONG KONG SAR – Media OutReach – 27 June 2022 – FTT DAO, a community-led ecosystem DAO, has received 250,000 $FTT, worth approximately $7 million USD, in community donations to help kick start its activities.

A number of community contributors participated in the donation to help grow FTT DAO. Through this donation, which will be used as an ecosystem fund, FTT DAO plans to support upcoming community-led projects across areas such as crypto education, decentralized finance and effective altruism for the FTT community.

“As an independent, community-led DAO, fans of FTX and Sam Bankman-Fried are encouraged to follow and get involved as a BFF, a Bankman-Fried Fan, Friend or Follower” said contributor 0xMarcJ. “There are limitless opportunities for FTT DAO right now, those interested also have the option to apply for a grant for an idea or project they have in mind.”

“I’m aware of FTT DAO and it’s cool that the community is spontaneously coming together”, said Sam Bankman-Fried, CEO of FTX.

Fans can expect to see more crypto educational videos, content, and events. Donations are also earmarked for FTT-related NFT projects and further building the FTT global community and utility.

About FTT DAO:

FTT DAO is an independent, community-led DAO set up by friends, followers and fans of the FTX Token (FTT). They are fully independent of FTX, who are aware and have no objections. FTT DAOs believe in the future of crypto and digital assets, education to bridge the current gap and giving back to the world. The FTT DAO community are called “BFFs”, otherwise known as Bankman-Fried Fans/Followers/Friends. We share the same values as SBF (Sam Bankman-Fried) and support his mission to give back to society in order to make a positive impact on our world.

For more information information visit

For updates, follow FTT DAOs socials:

#FTTDAO

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

Crypto Derivatives Leader Bybit Tackles Bear Market by Settling Options in USDC

VICTORIA, SEYCHELLES – Media OutReach – 27 June 2022 – Bybit, a cryptocurrency exchange with one of the largest BTC futures open interest, is settling its options trading market in one of the world’s most trusted stablecoins: USDC. Unlike Bitcoin-settled contracts, Bybit’s use of USDC allows for stable prices for the duration of each contract.

Users of Bybit’s European-style, USDC-settled options will also benefit from the newly-launched unified margin account, which offers a completely new derivatives trading structure. Users can use all assets under their account as collateral to trade USDC options contracts as well as perpetuals.


Bybit’s portfolio margin account supports USDT, USDC, BTC and ETH as collateral, with more assets to be added soon. These functions cement Bybit’s reputation as a fully integrated trading powerhouse, with a dedicated dual server system that ensures 99.9% uptime.

Indeed, Bybit experienced a 99.99% up rate throughout the year, with 100k rps trading engine throughput and the track record of processing 30,000 transactions at its peak. Furthermore, Bybit is offering users one month’s trading at their lowest fee tier, usually reserved for VIPs. This equates to a 60% discount compared to industry standard.

As well as having the best on-screen liquidity in the market, Bybit prides itself on open, transparent communication. Its tier-based fee rate has a transparent structure with no hidden fee levels, nor hidden non-liquidation clauses either.

Options Trading in Crypto

Currently, the total crypto options volume is only a small fraction of crypto’s total derivative volume traded, contrary to traditional markets, most crypto options is margined and settled by the same currency — i.e. BTC is used both as collateral and settlement currency for BTC options. For the first time ever in crypto, Bybit offers options that are settled in USDC, which is pegged to the dollar. Bybit options also offer a portfolio margin system similar to that of SPAN.

“We have been very pleased by the roll-out of our options trading product,” said Ben Zhou, co-founder and CEO of Bybit. “We have received excellent feedback from our users too — they love our user-friendly products. Coupled with our 24/7 multilingual customer support, we have been able to help all traders take trading to the next level with a wide range of financial products. Our derivatives platform has the world’s best liquidity and tightest spread, so traders are ensured the best quote and best execution in the market even during extreme volatility.”

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

For more information please visit:

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P2E.Game, the one-stop information aggregation platform for NFT and GameFi, launches the News section and Launchpad

CALIFORNIA, UNITED STATES – Media OutReach – 27 June 2022 – P2E.Game, the one-stop GameFi and NFT Information Aggregation Platform, has officially launched the Beta version and updated the News section.

P2E.Game has rolled out important news and selected reports on GameFi and NFT tracks, so to make sure players have access to the most valuable information on the market in a short time whether a new investment event or a public test that a project is conducting.

In the News section, players can directly judge the popularity of the project from the Like of each news, saving inefficient browsing time, learning and joining in new projects on time, acquiring accurate market information, and receiving information about whitelist and airdrop of potential GameFi projects.

In the past 6 months, P2E.Game has launched four sections, Launchpad, Game Library, NFT Aggregator, and News, aiming to present to both gamers and crypto investors as the “Best GameFi and NFT Gem Tracker”, and opened up the Web3.0 era with GameFi and NFT.

P2E.Game is about to build DAO by aggregating players, projects, communities, media, institution investors and other participants.

On the roadmap, P2E.Game is running global airdrop activities in Q3 to expand P2E ecology. P2E.Game has achieved the accumulation of 100,000 seed users. Through DAO economy combined with the SocialFi model, each player can participate in the platform and become the owner of the platform.

P2E.Game has launched the innovative E2E Product to help projects find their targeted customers by bonding projects with users through a more effective Web3-sense of marketing.

P2E.Game has launched Launchpad Gallery that users could effortlessly find the scores and comparison of different GameFi launchpads in terms of ROI or quality of projects, which saves plenty of time switching between various platforms. The requirements of entry and the time period during which to participate are also provided so that users could timely track the best chance to earn from IDO with more accurate and comprehensive information.

P2E.Game is built by players, committing to creating a one-stop GameFi and NFT information platform and a Web3.0 portal.

Cambodia’s Wheelchair Basketball Squads for 12th ASEAN Para Games 2023 Take Centre Stage

PHNOM PENH, CAMBODIA – Media OutReach – 27 June 2022 – Cambodia’s wheelchair basketball teams will be stronger than ever going into the 12th ASEAN Para Games in 2023 with exciting new players, a brand-new look, and new leadership at both the coaching and federation levels.

PP1-2-.jpg

From left, Mike Tuon of Cambodia Wheelchair Basketball Federation (“CWBF”), Gabriel Tan of Prince Holding Group, Edward Lee of Prince Real Estate Group, Seu Muy of CWBF, Senior Minister Ly Thuch – President of CWBF, H.E. Vath Chamroeun of National Olympic Committee of Cambodia, H.E. Ouk Sethycheat of Ministry of Education, Youth and Sports, H.E. Hoeurng Sophon of Ministry of Social Affairs, Veterans, and Youth Rehabilitation.

The Cambodia Wheelchair Basketball Federation (“CWBF”), with the support of the Prince Holding Group’s philanthropic arm Prince Foundation, unveiled the changes at a ceremony attended by a diverse audience of nearly 200 people that included government leaders along with representatives from international chambers of commerce, local businesses, and civil society organizations.

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Guests of honors posing at the photo wall post-event with His Excellency Ly Thuch, the President of Cambodia Wheelchair Basketball Federation (“CWBF”).

Prince Foundation is elated about the federation’s decision to appoint H.E. Senior Minister Ly Thuch to become the federation’s next President since his expertise as the First Vice President of Cambodia Mine Action and Victim Assistance Authority (“CMAA”) will be invaluable given many of the new players on both the men’s and women’s teams are landmine survivors.

“I am extremely thankful and humbled to be appointed as the President of the Cambodia Wheelchair Basketball Federation. I have been very passionate about helping to develop and uplift the sports sector in Cambodia, and it is a great privilege for me to have a chance to lead the team and build on its successes within the sport,” said H.E. Ly Thuch.

Prince Holding Group, under the leadership of Chairman Chen Zhi, has a keen focus on human capital development to aid economic growth for the Kingdom. Additionally, with support from the Prince Foundation, both teams will receive world-class training from three Team USA-certified coaches to help them prepare for next year’s ASEAN Para Games in Cambodia.

“In the past, we have provided various contributions to help the local sports sector such as volleyball and football,” said Gabriel Tan, Chief Communications Officer of Prince Holding Group. “This is our first involvement in empowering people with disability, and we are honored to take part in fostering social inclusion by organizing the unveiling of Cambodia ASEAN Para Games 2023 Wheelchair Basketball Squad,” he added.

For Michael Tuon, Team USA Basketball Gold certified and National Wheelchair Basketball Association (“NWBA”) certified coach, this will be yet an exciting journey as he heads the basketball coaching with CWBF for the Cambodian wheelchair basketball squad.

“Many of our athletes have overcome obstacles I can’t imagine. They are resilient and will not let anything stop them from pursuing their dreams. To help support their progress, we’ve developed a Long-Term Athlete Development (LTAD) plan to ensure that our athletes keep growing and improving. We are excited to see what the future holds for Cambodian athletics,” said Michael Tuon.

When the players take the floor at next year’s games, they will be wearing freshly designed blue, red, and white uniforms that showcase the Kingdom’s national colors with a new national crest that incorporates Cambodia’s cultural icons like the Romdoul flower and Angkor Wat temple.

Further details of the crest and jersey design are included in this press kit.

About Prince Holding Group:

Prince Holding Group is one of Cambodia’s largest business groups spanning across real estate development, financial services and consumer services.

Prince Holding Group’s key business units in Cambodia include Prince Real Estate Group, Prince Huan Yu Real Estate Group, Prince Bank, Cambodia Airways, Belt Road Capital Management, as well as Awesome Global Investment Group. Via its subsidiaries, Prince Holding Group has over 80 businesses in Cambodia operating in real estate development, banking, finance, aviation, tourism, logistics, technology, food and beverages, and lifestyle sectors etc.

Leveraging a network of industrial, business and financial professionals across Asia, Prince Holding Group is firmly committed to the long-term development of Cambodia. Prince Holding Group is developing an almost 1000-hectare township project in the Ream coastline of Sihanoukville that will be one of Cambodia’s leading sustainable real estate developments, aiming to secure close to $16 billion in total investment for the region.

Moving forward, Prince Holding Group will continue to seek out opportunities to play an important role in Cambodia, through partnerships or direct investments into key industries for the betterment of Cambodians and the local economy.

#PrinceHoldingGroup

About Prince Foundation:

Prince Foundation is the philanthropic arm of Prince Holding Group, with the mission statement – “Together, Building a Better Future for Cambodia”. As a unit of one of Cambodia’s largest business groups, Prince Foundation has the potential to aid structural change in Cambodia by investing in education, healthcare, and community initiatives.

Run by a team of Cambodian and international professionals, Prince Foundation is sharply focused on being an effective bridge between the corporate sector, NGOs with a proven track record and the government in Cambodia. It aims to make strategic and evidence-based high-impact social investments, helping communities move forward in a sustainable manner.

Over the years, Prince Foundation has implemented over 250 initiatives benefitting over half a million Cambodians, with cumulative donations exceeding US$14 million.

For more details, please visit:

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

Southeast Asian MPs Urge ASEAN Economic Ministers to Immediately Tackle Food Crisis

An elderly vendor at the Kep Crab Market in Cambodia (Photo: Johm Kann)
An elderly vendor at the Kep Crab Market in Cambodia (Photo: Johm Kann)

As food and fuel prices rise alarmingly around the world, Southeast Asian legislators are pressing their countries’ economic ministers to hold an emergency summit to handle potential food shortages and widespread hunger.

Lao Government Provides Over USD 100 Million to Solve Fuel Crisis

Fuel being imported from neighboring countries(Photo: PeTroTrade).

The Lao government has allocated USD 102 million toward petrol companies in order to address the ongoing fuel crisis.