SINGAPORE – Media OutReach – 1 February 2023 – GBG (AIM:GBG), the global technology specialist in fraud and compliance management, identity verification and location data intelligence, today released its Asia Financial Institution Study, “Combatting Escalating Fraud in a Digital World”. According to the TABInsights study commissioned by GBG, Asia’s top financial institutions (FIs) continue to be challenged by the expanding threat landscape in the past few years as well as the tightening of regulatory and enforcement measures. The study found more rigorous supervision and penalties have resulted in increased monetary losses in the form of regulatory fines, the highest-ranking component of fraud loss for 41 per cent of FIs—a change from the previous survey in 2020 wherein direct fraud losses was ranked highest.
The survey found that Asian FIs complete a higher number of transactions through mobile and online channels with the highest digital channel adoption seen in Indonesia (71 per cent), closely followed by Malaysia (70 per cent). Respondents said they expect the average daily digital transaction volume to surge by 70 per cent in 2025 compared to 2022. As more FIs expand their digital offerings in response to consumer behaviour shifts towards mobile and digital, managing the cost of increasing compliance has emerged as a key concern for 70 per cent of FIs, while the ability to scale fraud detection measures to growing digital transaction volumes (39 per cent) and identity verification (33 per cent) rank as the top challenges.
Dev Dhiman, Managing Director, APAC, GBG said: “Open banking, interconnected devices and ecosystems, and increased digital adoption in general has elevated the risk of digital fraud and cyber-attacks, and expanded the perimeter of attack FIs face today. New technologies are being exploited every day by innovative perpetrators who continue to challenge FIs to escalate their technology risk management strategy and capabilities to comply with the increased scrutiny by regulators and customers alike.”
Stronger ML adoption in Asia but gaps in data standardisation remain a key challenge
The study revealed strong machine learning (ML) adoption in Indonesia (71 per cent) and Thailand (69 per cent), while third-party data is used more actively in China (77 per cent), Vietnam (73 per cent) and the Philippines (68 per cent) alongside robotic analytics in Singapore (63 per cent) and Malaysia (62 per cent) to address false positives, indicating a maturing ML landscape among Asian FIs. While the region saw increased adoption of ML-based algorithm tools with automated smart models to address fraud prevention in the sector—with 47 per cent of FIs actively using ML tools and 37 per cent beginning to use them—one of the biggest challenges for these organisations undergoing digitalisation is the increased complexities in addressing data standardisation and governance to scale fraud detection.
Some 38 per cent of FIs indicated that inadequate data standardisation is their most critical gap, alongside 32 per cent who are challenged by fragmented data because of piecemeal systems and software. In Thailand and China, fragmented data emerged as the top challenge for FIs. In Malaysia, after inadequate data standardisation, lack of good link analysis was also highlighted by 23 per cent as the top challenge. Meanwhile, 59 per cent of FIs said they increasingly rely on third-party data, alongside 58 per cent that use ML to address false positives.
The evolving risk dynamics in the industry are forcing institutions towards stronger data integration and technology tools to future-proof their fraud risk capabilities and ability to gather effective data insights. Increasingly, institutions seek to integrate a spectrum of transactions, devices and big data to strengthen fraud detection capabilities. Data from interconnected devices are being used by 78 per cent of FIs, while 76 per cent use transaction data and 64 per cent public data. In fact, 42 per cent of FIs indicated their need to prioritise and invest in one platform to interexchange application data and transaction data in 2022. Within the next year, 47 per cent of FIs plan to add internal unstructured data and geographic data to deepen their fraud detection.
Addressing risk management holistically requires cultural change
Despite many safeguards, fraudsters have remained one step ahead in employing modern technology to commit fraud and exploit loopholes. Respondents in the study recognise the need for a comprehensive enterprise-wide strategy for fraud control that includes data, technology, people, and procedures. A significant 48 per cent of FIs continually upskill and upgrade their human resource capabilities while 19 per cent actively hire new staff to meet the evolving requirements.
Additionally, increasing the application of scalable and intelligent technologies, such as AI and ML, enable advanced predictive and behaviour analytics for stronger real-time fraud management and effective anti-scam procedures. By harnessing new technologies and ecosystem partnerships to build capabilities for stronger identification, verification, and real-time threat detection, FIs can prevent increasingly innovative and technically advanced attacks.
“The increased need to deepen threat detection, analysis and timely prevention capability requires a more strategic and structured approach that takes into account proactive multi-pronged data and technology initiatives, alongside robust identity verification and authentication tools,” Bernardi Susastyo, General Manager, Asia, GBG said. “In 2023, FIs would do well to address risk management holistically to ensure the initiatives they adopt integrate data across their organisations and the ecosystem, so that even as they improve their fraud prevention and risk management capabilities, they are not compromising customer experiences.”
You can read the full Asia report here.Hashtag: #GBG
The issuer is solely responsible for the content of this announcement.
About the survey: “Combatting Escalating Fraud in a Digital World”
The survey was conducted across seven key Asian markets including China, Indonesia, Malaysia, The Philippines, Singapore, Thailand, and Vietnam with 250 respondents from the FI sector. It aims to better understand the emerging fraud landscape and examines the digitalisation priorities of Asia’s financial institutions (FIs), their key fraud and security challenges, and the existing gaps in fraud control and mitigation amidst an escalation in fraud and cybercrime in 2022.
About GBG
We are the experts in digital location, identity and managing fraud risk and compliance. Helping organisations across the globe eliminate customer friction and fraud from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to businesses globally.
Through the combination of the latest technology, the most accurate data, and our unrivalled expertise, GBG helps organisations ranging from start-ups to the largest consumer and technology brands in the world deliver seamless experiences, so their customers can transact online with greater confidence.
To find out more about how we help our clients establish trust with their customers, visit www.gbgplc.com/apac, follow us on Twitter @gbgplc or LinkedIn.
About TABInsights
TABInsights is the global research arm of The Asian Banker, interacting with a wide spectrum of financial institutions across the Asia Pacific, Middle East and African regions.
TABInsights provides a range of custom and bespoke research for financial institutions in emerging and established markets to facilitate management decision-making process and guide business strategy. TABInsights provides strategic analysis and recommendations to institutions across all verticals including retail, transaction, risk and technology functions.
A Kakao employee calls an autonomous vehicle with Kakao Mobility's Kakao T platform to test its service in Seoul on 10 November, 2022 (photo: The Korea Times)
Korean internet company Kakao Mobility signed a contract with LVMC Holdings Company in Vietnam on Tuesday to provide online taxi-hailing and parking services in Laos.
HONG KONG SAR – Media OutReach – 1 February 2023 – Get ready to fall in love this February with a series of “Limited Edition Sweet Surprises” at 7-Eleven! 7-Eleven’s own brand 7CAFÉ is teaming up with GODIVA, the iconic premium chocolate brand, for the first time ever to launch three “Limited Edition Sweet Surprise” chocolate beverages and chocolate coffee creations! “Sweetness Is All Around” at 7-Eleven so head on down to your nearest store and share a sweet moment with your loved ones!
7CAFÉ+GODIVA “Limited Edition Sweet Surprise” new items: GODIVA is a premium brand well-known across the world and also one of the official chocolatiers to the Royal Court of Belgium, a testament to the excellence and quality of its products. 7-Eleven’s own brand 7CAFÉ can be found in over 600 locations making it Hong Kong’s largest coffee network providing customers with freshly brewed coffee that is quick, convenient, good quality and affordable. Three all-new chocolate drinks have been created as a result of this first-ever collaboration between 7CAFÉ and GODIVA including Hot/Iced Chocolate Mocha, Hot/Iced Chocolate as well as the refreshing Chocolate Frappe (exclusively available at selected stores). The Chocolate Mocha is made with 7CAFÉ’s signature blend of 100% Rainforest Alliance Certified Arabica beanswhich give them their perfectly balanced flavour. The 7CAFÉ+GODIVA products also feature all-new stylishly simple packaging decorated with GODIVA’s classic logo. They’re a feast for the eyes as well as the tastebuds so are the perfect romantic treat this Valentine’s month.
This unmissable “Limited Edition Sweet Surprises” series of 7CAFÉ+GODIVA drinks are available from 1 February. Share a sweet moment with your sweetheart this February and express your love with a 7CAFÉ+GODIVA drink!
7CAFÉ+GODIVA Chocolate Mocha (Hot $26/Iced $28)
Chocolate and coffee come together in perfect harmony in this delectable drink! Made using top quality GODIVA cocoa powder and freshly brewed flavourful coffee, this silky-smooth beverage will delight chocolate and coffee lovers alike!
7CAFÉ+GODIVA Chocolate (Hot $26/Iced $28)
Luxuriously indulgent, this silky-smooth chocolate drink is made with rich GODIVA cocoa powder and fresh milk. A creamy, chocolatey creation that will definitely put a smile on your face!
7CAFÉ+GODIVA Chocolate Frappe ($35)
[Exclusively available at selected stores]
Calling all chocoholics! This fantastic frappe is the ultimate taste sensation and made with premium GODIVA cocoa powder and fresh milk. A generous topping of whipped cream completes the drink and goes wonderfully with the rich chocolate flavours.
Selected Stores 7CAFE+ Concept Store – Shop No. G21 on the Ground Floor of Carnarvon Plaza, No. 20 Carnarvon Road, Tsim Sha Tsui, Kowloon – Ground Floor, No.158 Sai Yeung Choi Street South, Kowloon – Shop G67 & G67A, DB Plaza, Discovery Bay
7CAFE+HOTSHOT – Shop No. S4B & S4C, Ground Floor, Tai Yuen Shopping Centre, No.10 Ting Kok Road, Tai Po
Hashtag: #7CAFE #GODIVA #7ElevenHongKong
The issuer is solely responsible for the content of this announcement.
About 7CAFÉ:
7CAFÉ is one of 7-Eleven’s own brands. Available at over 600 stores, 7CAFÉ enables customers to enjoy freshly brewed coffee on the go that is convenient, easy to access, good quality and affordable. Its unique blend comprises of premium 100% Rainforest Alliance Certified Arabica coffee beans sourced from Brazil, Honduras and Indonesia. The beans are freshly roasted locally in Hong Kong to preserve their characteristic flavour. The house blend which is exclusive to 7-Eleven is rich and flavourful with a nutty-like almond aroma, herbaceous notes and a smoky sweet aftertaste.
Two years after the Myanmar military launched a coup against the democratically-elected government, the country has sunk deeper than ever into crisis and has undergone a wholesale regression in human rights.
“By nearly every feasible measurement, and in every area of human rights – economic, social and cultural, as much as civil and political – Myanmar has profoundly regressed,” said UN Human Rights Chief Volker Türk, reflecting on the spiraling crisis since the attempted coup of 1 February 2021.
“Despite clear legal obligations for the military to protect civilians in the conduct of hostilities, there has been consistent disregard for the related rules of international law. Far from being spared, civilians have been the actual targets of attacks – victims of targeted and indiscriminate artillery barrages and air strikes, extrajudicial executions, the use of torture, and the burning of whole villages.”
“At this somber time, I want to acknowledge the courage of all those whose lives have been lost in the struggle for freedom and dignity in Myanmar, and the continuing pain and suffering of their families and loved ones.”
According to credible sources at least 2,890 people have died at the hands of the military and others working with them, of whom at least 767 were initially taken into custody. This is almost certainly an underestimation of the number of civilians killed as a result of military action. A staggering further 1.2 million people have been internally displaced, and over 70,000 have left the country – joining over one million others, including the bulk of the country’s Rohingya Muslim population, who fled sustained persecution and attacks over the past decades.
Credible information indicates that over 34,000 civilian structures, including homes, clinics, schools and places of worship, have been burned over the past two years. Myanmar’s economy has collapsed with nearly half of the population now living below the poverty line.
Since the coup was launched, the military has imprisoned the democratically elected leadership of the country and, in subsequent months, detained over 16,000 others – most of whom face specious charges in military-controlled courts, in flagrant breach of due process and fair trial rights, linked to their refusal to accept the military’s actions.
“There must be a way out of this catastrophic situation, which sees only deepening human suffering and rights violations on a daily basis,” said Türk. “Regional leaders, who engaged the military leadership through ASEAN, agreed a Five-Point Consensus that Myanmar’s generals have treated with disdain.”
“Two of the critical conditions that were agreed – to cease all violence and to allow humanitarian access – have not been met. In fact, we have seen the opposite. Violence has spiralled out of control and humanitarian access has been severely restricted.”
The High Commissioner pointed to other measures that would be crucial to a political foundation for resolving the crisis: the release of all political prisoners, including State Counsellor Aung San Suu Kyi and President U Win Myint, as called for by the UN Security Council; inclusive dialogue with all parties — involving both the ASEAN Chair and the UN Special Envoy; and allowing the UN Human Rights Office meaningful access to the country to monitor the situation independently and impartially.
“Restoring respect for human rights is a key to ending this crisis, to end this situation where Myanmar’s generals are trying to prop up through brute force a decades-old system in which they answer to no-one but themselves,” said Türk.
“Those responsible for the daily attacks against civilians and the human rights violations must be held accountable. The military needs to be brought under real, effective civilian oversight. This will be difficult to achieve, but these elements are critical to restoring any semblance of democratic rule, security and stability to the country.”
In its first year of independence, Myanmar was among the first Member States of the United Nations to vote in favour of the Universal Declaration of Human Rights. Sadly, as we mark 75 years since the Declaration’s adoption, the military is actively engaged in violating its fundamental values, principles and rights enshrined in it,” the High Commissioner said.
“How can a military that purports to defend the country have brought their own people – from all parts of Myanmar’s rich and diverse society – to such a point of desperation?”
“Last month, the Security Council united to adopt a path-breaking resolution that demanded an immediate end to the violence, among other urgent steps. Now it is time for the world to come together to take common actions to stop the killing, protect the people of Myanmar, and ensure respect for their universal human rights.”
HONG KONG SAR – Media OutReach – 1 February 2023 – Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions and hinges/ positioning technology has expanded its line of cam latches with a new version that designed with enhanced security and ergonomic operation. Southco’s newest E5 Cam Latch features an L-shaped handle that provides a secure grip and makes it easy to latch, unlatch or open a door with a gloved hand. The ability to add a padlock to the latch offers a simple way to upgrade security.
E5 Cam Latch with Padlocking L-Handle
Southco’s E5 Cam Latch with Padlocking L-Handle combines a door handle, latch and padlock hasp in a single package, simplifying installation for a variety of applications, including HVAC units, electrical enclosures and other enclosures located in public spaces. Designed with corrosion resistant materials, the E5 Cam Latch with Padlocking L-Handle is sealed to NEMA4/IP65 and is suitable for indoor and outdoor use.
Available with padlocking or key locking, or padlocking combined with key locking for maximum security, the E5 Cam Latch with Padlocking L-Handle provides an extra level of protection for applications that are prone to vandalism. With the option to add a padlock to the cam latch, the newest addition to Southco’s E5 Cam Latch series allows users to easily upgrade security and change out the padlock when needed.
The L-shaped handle design provides added leverage needed to compress thick gaskets between doors and panels. The E5 Cam Latch with Padlocking L-Handle is available with extended housing and is suitable for use for a range of door thicknesses, from thin sheet metal panels to thick, insulated doors used in outdoor HVAC applications.
Southco’s E5 Cam Latch series delivers affordable simplicity for a range of enclosure applications by offering quick access with just a quarter turn, the versatility of multiple body materials, plus the flexibility of modular design for numerous actuation and dimensional options.
Commercial Product Manager Todd Schwanger adds, “The E5 Cam Latch with Padlocking L-Handle makes it easy to upgrade the security of HVAC enclosures. The use-friendly interface allows simple hand actuation and reduces the amount of force the user needs to apply to open and close a door or panel.”
For more information about the functionality of E5 Cam Latches, please visit southco.com or email the 24/7 customer service department at info@southco.com.
Hashtag: #Southco
The issuer is solely responsible for the content of this announcement.
About Southco
Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world’s most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.
Southco Asia Limited 2401, Tower 2, Ever Gain Plaza 88 Container Port Road, Kwai Chung Hong Kong
HONG KONG SAR – Media OutReach – 1 February 2023 – World Cancer Day – held every 4 February – is the global uniting initiative led by the Union for International Cancer Control (UICC). By raising worldwide awareness, improving education and catalysing personal, collective and government action, UICC partners across the world with many corporate businesses and individuals to reimagine a world where millions of preventable cancer deaths are saved and access to life-saving cancer treatment and care is equitable for all – no matter who you are or where you live.
Created in 2000, World Cancer Day has grown into a positive movement for everyone, everywhere to unite under one voice to face one of the greatest challenges in history.
Each year, hundreds of activities and events take place around the world, gathering communities, organisations and individuals in schools, businesses, hospitals, marketplaces, parks, community halls, places of worship – in the streets and online – acting as a powerful reminder that we all have a role to play in reducing the global impact of cancer.
While we live in a time of awe-inspiring advancements in cancer prevention, diagnosis and treatment, many of us who seek cancer care hit barriers at every turn. Income, education, geographical location and discrimination based on ethnicity, gender, sexual orientation, age, disability and lifestyle are just a few of the factors that can negatively affect care.
Throughout the month of February, Hugill & Ip runs the Double Your Impact campaign in support of the Asian Fund for Cancer Research (AFCR). The firm will be matching direct donations to AFCR received this month, as well as raise funds from other corporate entities and individuals. The firm will also offer a free Estate Planning service for minimum donations of HK$3,800 that donors will directly give to the organisation.
Hugill & Ip also customizes its logo throughout the duration of the campaign to raise awareness of cancer and to encourage its prevention, detection and treatment. Moreover, it continues to increase awareness about legal issues related to individuals affected by cancer.
The Asian Cancer Research Foundation (AFCR) is dedicated to funding cancer research and promoting global collaborations to save the lives of cancer patients, with a focus on cancers prevalent in Asian populations. As a proud member of the Union for International Cancer Control (UICC) and in support of the #ClosetheCareGap movement, AFCR continues to fund innovative solutions to eliminate unequal access to cancer care and treatment in the region. AFCR is committed to making a high impact in the fight against cancer and continues to support ground-breaking research that benefits people affected by the disease.
Lance Kawaguchi – Chairman of AFCR and CEO of Cure Brain Cancer Foundation – commented: “On World Cancer Day, we’re honoring the people who fight cancer every day – from pioneering researchers and dedicated doctors to courageous patients. We believe that cancer can be cured and that through partnerships and collaboration, we can fund research and support early-stage oncology companies to work toward a cure. Together, we can make a difference.”
Hugill & Ip is proud to support AFCR, including through the provision of pro-bono legal services to the cancer research support organization and sponsorship of its BRACE Award Program. The AFCR’s BRACE Award Program aims to provide vital funding to early-stage biotechnology, enabling them to accelerate their innovative therapeutics, diagnostics and cancer prevention products into the clinic, with the ultimate goal of improving outcomes for patients affected by cancer globally.
Adam Hugill – Managing Partner of Hugill & Ip – observed: “Giving back to the community is part of our firm’s ethos and we are thrilled to continue extending our pro-bono support to AFCR. We have worked with the organization since Hugill & Ip’s early days. We are thankful for its contribution to advocate for cancer early diagnosis and treatment, as well as to impact to the increase of cancer survival, while improving the quality of life for people impacted by the disease. ”
Double your impact, because only together we can make progress!
For additional information about the campaign please click on Double Your Impact
The issuer is solely responsible for the content of this announcement.
About Hugill & Ip
An independent law firm in Hong Kong. We are modern, approachable and solution-driven. Practical advice to individuals, families, entrepreneurs and businesses.
SINGAPORE – Media OutReach – 1 February 2023 – SAP Asia Pacific Japan (APJ) today announced a Regional Strategic Services Partner (RSSP) initiative to amplify the capabilities and reach of established partners in the APJ region that are on a rapid growth trajectory. Through this initiative, SAP will provide strategic support to eligible partners, which may include coordinated industry-aligned solutions, joint go-to-market strategy, and access to SAP regional and market unit industry expertise.
The RSSP initiative will enable partners to scale their SAP practice more quickly across the APJ region and collaborate more closely with SAP to deliver joint customer success. Distinct from the company’s existing Global Strategic Services Partner (GSSP) program that includes a select group of SAP’s most strategic global partners in the consulting, infrastructure, and technology space, the RSSP initiative aims to facilitate collaboration within partner entities residing in the region that demonstrate capability and capacity requirements specific to APJ.
To qualify for the RSSP initiative, candidate partners are required to meet or exceed a defined set of SAP criteria including geographical presence, vertical industry competencies, and alignment on a joint sustainability strategy.
SAP also announced ABeam Consulting, a Japan-headquartered integrated management consulting firm, as its first partner on board the RSSP initiative.
“APJ is one of the fastest-growing regions for SAP, and our partner ecosystem plays an integral role in customers’ transformation. With over 24,000 registered partners globally and close to 20% in APJ, there is a large SAP-certified community that can benefit customers and the broader ecosystem,” said Paul Marriott, President APJ, SAP. “Congratulations to ABeam Consulting on becoming our first partner to join the Regional Strategic Services Partner initiative. We look forward to amplifying ABeam’s SAP expertise across the region and drive more innovations for customers. And I look forward to welcoming more regional partners to the RSSP initiative.”
“It gives us great pride to know that ABeam Consulting is the first partner on board SAP’s Regional Strategic Services Partner initiative. This is a recognition of the fast growth of SAP business in Asia Pacific and the quality of our flexible and adaptive services that take into account diverse local business practices and needs. It also highlights our advantages in delivering cutting-edge solutions and realising customer value, as well as the scalability of our integrated deployment across our Asian offices. This initiative further strengthens our partnership with SAP while driving the ABeam Consulting growth strategy aimed at making us the No. 1 consulting firm in Asia as a social change accelerator,” said Tatsuya Kamoi, President and CEO, ABeam Consulting. Hashtag: #SAP
The issuer is solely responsible for the content of this announcement.
About SAP
SAP’s strategy is to help every business run as an intelligent, sustainable enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: SAP customers generate 87% of total global commerce. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organisations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit https://www.sap.com.
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This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP’s 2021 Annual Report on Form 20-F.
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