LS Education is striving to provide students with internationally recognized qualifications and opportunities. To bridge the gap between local education and global standards, LS Education has partnered with PSB Academy, a renowned institution in Singapore known for its quality education and industry-relevant programs.
Fusion Bank and WeBank Technology Services Forge New Benchmark in FinTech Collaboration with Next-Gen Core System
HONG KONG, Feb. 25, 2025 /PRNewswire/ — In the digital age, the global financial industry is undergoing rapid transformation, and Hong Kong’s Fusion Bank has just unveiled a significant milestone in its digital infrastructure. The bank’s new-generation core banking system, launched in October last year, has achieved remarkable results: it has halved the time required for new product development and is projected to reduce non-human IT costs by 53% over the next three years. This success is the result of a collaboration with WeBank Technology Services, which provided core banking system solutions based on distributed architecture, and Tencent Cloud, which supplied the full-stack proprietary cloud platform and database solutions. The project not only sets a new benchmark for core system upgrades in Hong Kong but also offers valuable experience for Shenzhen–Hong Kong fintech cooperation.
A New Milestone in Digital Banking
Fusion Bank, a licensed digital bank in Hong Kong, initiated the project to build a new-generation core system to meet the demands of business innovation and cost efficiency. The project involved integrating and transforming over 150 subsystems across five core business areas. Within just 10 months, the upgrade was completed, with the go-live process taking only 15 hours and the migration of systems and data from various vendors to the new core system accomplished in just 6 hours.
The new system, built on a distributed architecture, incorporates key features of the digital banking solutions from WeBank Technology Services. It offers low cost, high agility, and high availability while maintaining an open nature. The upgraded system can now scale on demand according to business growth, solving the problem of high upfront investment and resource waste associated with traditional one-step solutions. Additionally, the system’s capabilities in parameterized products, modular design, process orchestration, and AI-native features have significantly enhanced the efficiency of new product launches. The compatibility with mainstream software and hardware also ensures that the bank’s operations are no longer reliant on a single supplier or technology platform, reducing the impact of supply chain disruptions.
Significant Benefits for Fusion Bank
“This upgrade is of great significance to Fusion Bank’s long-term development,” said Fusion Bank’s Alternate Chief Executive and Chief Technology Officer, Billy Chiu. “It not only supports our operations in a more cost-effective manner but also helps us build a sustainable agile innovation capability to respond more quickly to customer needs.” The new product development cycle has been shortened from six months to three months, and non-human IT costs are expected to be reduced by 53% by 2027.
Global Implications for Digital Banking Transformation
The global financial industry is currently in urgent need of updating its digital infrastructure, with many financial institutions seeking technological solutions to optimize their cost structures. The successful upgrade of Fusion Bank’s new core banking system demonstrates WeBank Technology Services’ continued effectiveness in delivering digital finance solutions in international markets. It also provides a valuable reference for banks in Hong Kong and around the world looking to upgrade their core systems and accelerate digital transformation.
WeBank Technology Services, established in June 2024 as the wholly-owned fintech arm of WeBank, is committed to providing digital finance and digital infrastructure solutions globally. Leveraging WeBank’s leading fintech capabilities, WeBank Technology Services has actively pursued opportunities in the global market, engaging with over 20 enterprises and institutions across countries such as Saudi Arabia, Thailand, Indonesia, and regions including Hong Kong.
WeBank is a global leader in digital banking. Since its inception, WeBank has adopted commodity servers and open-source software to develop the world’s first core banking system based on a fully distributed architecture. The system has served over 400 million individual customers and 5 million micro-, small- and medium-sized enterprises (MSMEs),with a peak daily transaction volume exceeding 1.4 billion. The system’s availability rate remains above 99.999%, and the annual IT O&M cost per account has been reduced to less than $0.3, one-tenth of the industry average.
About WeBank Technology Services
Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank’s cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide.
XCMG and FinDreams Battery Co-Host the 3rd Super Battery Day: Pioneering Green Construction with Innovation and Collaboration
XUZHOU, China, Feb. 25, 2025 /PRNewswire/ — The 3rd XCMG & FinDreams Super Battery Day was successfully held at the XCMG International Conference Center, Xuzhou, China, focused on cutting-edge technologies and explored new pathways for green energy development. Technical experts from XCMG Research Institute and FinDreams Battery, a subsidiary of BYD, engaged in in-depth discussions on the application scenarios and solutions for power batteries, covering topics such as battery technology, battery management systems, core components, and quality control.
XCMG XCT100G5_1HEV, a truck-mounted telescopic boom crane, is designed with a maximum lifting capacity of approximately 100 metric tons, and capable of handling heavy loads with ease in the challenging environment.
Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery, emphasized the significance of the strategic partnership between XCMG and BYD. “The collaboration between XCMG and BYD has been a pivotal force in advancing XCMG’s green transformation. Over the past three years, our joint efforts have yielded remarkable achievements. Moving forward, we will continue to deepen our cooperation in the new energy sector, leveraging our technological strengths and innovative capabilities to pioneer a greener future for the construction machinery and commercial vehicle industries.”
He Long, Senior Vice President of BYD and Chairman of FinDreams Battery, highlighted the successful application of FinDreams Battery technology in XCMG products. He outlined plans to further strengthen the partnership by establishing a joint R&D platform, building an ecosystem of collaboration, and expanding into global markets. “Together, we aim to set a new benchmark for the green transformation of the global commercial vehicle and construction machinery industries,” he said.
The event brings together over 300 industry leaders, experts, and academics from XCMG, BYD FinDreames Battery, Wuxi Caitong, the China Automotive Technology and Research Center, the China Industrial Association of Power Sources, Xi’an Jiaotong University, and Beijing Institute of Technology. Industry leaders and academics also shared their latest research findings and perspectives on the innovation and application of new energy technologies.
Shan Zenghai, Chief Engineer and Vice President of XCMG Machinery, provided an in-depth analysis of the rapid growth trends and challenges in the new energy construction machinery market. He shared insights into the technological advancements and market applications achieved through the collaboration with FinDreams Battery and expressed optimism about future innovations in power battery technology. “Our partnership will continue to deliver high-quality, efficient, and green construction machinery and commercial vehicles,” he added.
Looking ahead, XCMG and FinDreams Battery will deepen their collaboration, accelerate the integration of innovation and industrial chains, and drive breakthroughs in core new energy technologies.
Green transformation remains a cornerstone of XCMG’s strategic development. At the 2024 Shanghai bauma Exhibition, XCMG and FinDreams Battery jointly announced a lifetime warranty policy for electric construction machinery and commercial vehicle batteries, underscoring their commitment to sustainability. During the exhibition, XCMG showcased 48 new energy products, accounting for 42% of its display, reflecting its leadership in the new energy sector. XCMG has achieved full electrification across its product line, with applications in earthmoving, logistics, and mining operations. The penetration rate of new energy product revenue has reached 19%, solidifying XCMG’s position as a leader in the industry’s green and low-carbon transformation.
African Swine Fever Detected in Xaysomboun, Control Measures Enforced
Authorities have declared several villages in Xaysomboun Province as under threat for African swine fever (ASF) following confirmed test results from five pigs in Vang Hai village.
China-ASEAN Observation: What Are the Future Trends in China-ASEAN Digital Economy Cooperation?
BEIJING, Feb. 25, 2025 /PRNewswire/ — The digital cooperation between Singapore and China holds exceptional promise, given their mutual commitment to technological innovation and digital transformation. Singapore, with its well-developed digital infrastructure, especially, the innovative regulatory framework, and status as a global financial hub, complements China’s vast market, technological expertise, and manufacturing capabilities. Singapore’s strategic position as a gateway to Southeast Asia also makes it an ideal partner for China as it seeks to expand its digital footprint in the region.
The collaboration between Singapore and China can be particularly impactful in several high-potential areas. This partnership can enhance financial inclusion and streamline transactions between businesses and consumers. There are also opportunities to explore central bank digital currencies (CBDCs) and alternative global settlement solutions.
As leaders in AI research and development, Singapore and China can collaborate to advance smart cities, healthcare, and logistics. By sharing expertise in big data analytics, they can drive innovations across various sectors, including finance, healthcare, and public services. The growth of e-commerce presents a valuable opportunity for digital cooperation. By aligning their digital trade policies and platforms, Singapore and China can facilitate smoother cross-border e-commerce transactions and enhance cybersecurity measures to ensure safe and secure digital trade.
Both nations are pioneers in smart city development. Collaborative projects in this area can lead to sharing best practices, conducting joint research, and implementing cutting-edge technologies to improve urban living, sustainability, and efficiency. For instance, integrating smart electric vehicles with smart city initiatives could be a key focus.
Additionally, as two of the most digitally advanced economies in Asia, the collaboration has the potential to set benchmarks for the region and beyond. Initiatives like the China–Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity and the Sino-Singapore Guangzhou Knowledge City can serve as blueprints for future collaborations, fostering a more integrated digital economy.
As for China and ASEAN, the cooperation in the digital economy is set to become a cornerstone of their economic partnership. Focusing on critical areas such as e-commerce, digital infrastructure, AI, and cybersecurity will unlock new growth opportunities and foster a more integrated and resilient digital economy. This collaboration will not only benefit China and ASEAN but also contribute to broader goals like digital inclusion and sustainable development in the Global South.
Governments and firms should closely monitor the following key trends:
1. Digital Silk Road Integration: The Digital Silk Road, part of China’s Belt and Road Initiative (BRI), is likely to play a pivotal role in ASEAN-China digital cooperation. This initiative promotes the construction of digital infrastructure, e-commerce platforms, and smart cities, which will integrate ASEAN more closely into the global digital economy.
2. Rise of Digital SMEs: As digital infrastructure improves, more small and medium-sized enterprises (SMEs) in ASEAN will have the opportunity to engage in digital trade. This will lead to a more inclusive digital economy, where even the smallest businesses can access international markets. The economic amplifying effect has been well observed in China and ASEAN countries.
3. Increased Focus on Sustainability: Sustainability will become a key consideration in digital economy cooperation. Both China and ASEAN are likely to prioritize green technologies and digital solutions that contribute to environmental protection, such as smart grids, energy-efficient data centres, and sustainable urban planning.
4. Collaborative Innovation Hubs: To foster innovation, China and ASEAN may establish joint research and development centres or innovation hubs focused on digital technologies with industry partners and universities. These hubs could facilitate collaboration between researchers, entrepreneurs, and governments, driving the development of new digital products and services.
As international data flows evolve, ASEAN and China face the critical challenge of balancing digital integration benefits with the need for robust data governance. To address these challenges and build a trustworthy, transparent, and secure digital environment, they should engage both the private sector and civil society to establish common standards for data governance, promote ethical use of data and AI to build trust through transparency and accountability, enhance multilateral dialogue and cooperation, strengthen cybersecurity collaboration, and facilitate cross-border data flows with continuous monitoring and adaptation. RCEP has already set up an arrangement to facilitate free data flow among the ASEAN 10 + 5 countries.
ASEAN and China must deepen their collaboration across multiple fronts. By harmonizing data governance standards, enhancing cybersecurity cooperation, promoting ethical data use, and engaging a broad range of stakeholders, they can create a robust framework that supports digital innovation while safeguarding privacy and security. This approach will not only strengthen their digital economies but also contribute to the broader goal of building a secure and trustworthy global digital ecosystem.
(This article is a contribution from Yan Li, invited by China-ASEAN Observation. Yan Li is currently a senior lecturer at Nanyang Business School, Nanyang Technological University, Singapore. The views expressed are solely those of the author and do not necessarily reflect the views of China-ASEAN Observation.)
About China-ASEAN Observation
https://www.coa-observation.com/
Established by China Center for International Communication Development (CCICD) in 2024, China-ASEAN Observation is a dedicated content platform focusing on various aspects of China-ASEAN relations, including economic and trade cooperation, cultural exchanges, and regional developments. The platform gathers insights from experts and scholars across China and ASEAN, offering analytical articles that provide perspectives on key topics such as the current state and future prospects of China-ASEAN cooperation, the development of a shared future community, high-level exchanges, regional peace and stability, economic and trade trends, the South China Sea, technology, and cultural tourism. In addition to commentary, the platform incorporates data visualizations, infographics, and illustrations to present information in a diversified manner.
China-ASEAN Observation collaborates with multiple Chinese media platforms to establish a content-sharing mechanism, expanding its reach and influence. By providing in-depth perspectives and diverse content, China-ASEAN Observation aims to be a leading voice in fostering mutual understanding and cooperation between China and ASEAN nations.
Sino Land Recognised in CDP’s 2024 ‘A List’ for Corporate Sustainability Leadership in Climate Action
HONG KONG, Feb. 25, 2025 /PRNewswire/ — Sino Group (‘the Group’) is pleased to announce that Sino Land Company Limited (‘Sino Land’) (Stock Code: 0083.HK) has been recognised as one of the first developers in Hong Kong to be included in CDP’s highest benchmark, the 2024 ‘A List’, for its leadership in corporate sustainability, transparency and performance on climate action. This accreditation reinforces our commitment to accelerating climate action and provide a clearer pathway towards achieving net-zero carbon by 2050, in alignment with our Decarbonisation Blueprint.
CDP’s annual environmental disclosure and scoring process is globally recognised as the gold standard for corporate environmental transparency. As a leading non-profit organisation, CDP has tracked and disclosed corporate climate data since 2000, enabling businesses to effectively manage climate and environmental risks. In 2024, over 24,800 companies reported data to CDP. The organisation applies a detailed and independent methodology to assess companies’ emissions reduction efforts, climate risk management, and the comprehensiveness of their environmental disclosures, with the highest ‘A’ score awarded exclusively to companies demonstrating leadership in climate action, deforestation mitigation, and water security.
Mr Daryl Ng, Deputy Chairman and Chairman of the ESG Steering Committee of Sino Group, said, ‘We are honoured to be recognised among esteemed companies around the globe on the prestigious CDP “A List” for leadership in climate action. This achievement signifies a key milestone in our ongoing efforts to reduce emissions and enhance environmental transparency. We look forward to joining hands with like-minded partners to contribute to a more sustainable future through green architectural planning, decarbonisation, innovation and inclusion.’
The Group has been taking an active role in minimising the impacts of climate change. It has recently reached several important milestones on its decarbonisation journey, including official validation from the Science Based Targets initiative (SBTi) for long-term emissions reduction targets, the launch of the Decarbonisation Blueprint, being one of the pioneering developers in Hong Kong to publish a standalone Climate Action Report, and the installation of over 4,000 photovoltaic panels and over 1,800 electric vehicle chargers at the Group’s managed properties, highlighting its dedication to addressing long-term climate challenges.
Paris Baguette Expands Global Reach with the Launch of Its Regional Manufacturing Hub in Johor, Malaysia
Strategic Growth to Strengthen International Supply Chain and Meet Rising Global Demand
JOHOR BAHRU, Malaysia, Feb. 25, 2025 /PRNewswire/ — Paris Baguette, the globally renowned bakery brand under SPC Group, has officially launched its newest regional manufacturing hub in Johor, Malaysia. This milestone, graced by Johor’s Chief Minister Mr Onn Hafiz Ghazi, and Mr. Hur Young In, Chairman of SPC Group reinforces Paris Baguette’s commitment to global expansion, increased production capacity, and delivering high-quality bakery products to international markets.
This facility marks a strategic move in Paris Baguette’s global expansion, ensuring a seamless, efficient supply chain that supports the brand’s growing presence across Southeast Asia, the Middle East, and beyond. As demand for premium bakery products continues to rise globally, the Johor hub will play a pivotal role in boosting production capabilities, streamlining international distribution, and reinforcing SPC Group’s position as a major player in the global food industry.
During the inauguration ceremony, Mr. Hur Young In, Chairman of SPC Group, stated: “Food is more than just what we eat—through food, we connect with people, honour our heritage, and create meaningful experiences that bring communities together. With the Johor Production Centre as a strategic hub, we aim to bring wholesome and delightful flavours to the 2 billion consumers in the Halal market, spanning Southeast Asia, the Middle East, and beyond. This milestone is not only about business expansion, but also about building stronger connections, creating job opportunities, and celebrating the rich and diverse cultures of the communities we serve.”
The Paris Baguette Regional Manufacturing Hub in Johor is designed to support the brand’s rapid expansion across key international markets. The hub is equipped with seven advanced production lines, enabling an output of up to 100million bakery products per year, ensuring a steady and scalable supply of bakery products to meet global demand.
A defining feature of this facility is its Halal certification, meeting some of the most stringent food safety and quality standards worldwide. Malaysia’s globally recognised Halal certification is synonymous with excellence in food hygiene, sourcing, and production processes. By achieving this certification, Paris Baguette ensures that its products meet the highest levels of quality, safety, and cleanliness, further strengthening consumer trust across international markets.
With around 4,000 outlets worldwide, Paris Baguette remains one of the fastest-growing bakery brands in the global market. The opening of this regional manufacturing hub is part of SPC Group’s broader strategy to strengthen its position as an international leader in the bakery and food production industry.
For more info, please visit https://www.parisbaguette.com.sg/.
About Paris Baguette
Paris Baguette, born in 1988, is a global bakery brand of SPC Group, a leading South Korean food and confectionery corporation. From its modest beginnings, the chain has grown steadily to become the No.1 bakery in Korea.
From 2004, the brand has expanded internationally, the brand operates around 4,000 stores worldwide across the United States, Canada, France, UK, China and Southeast Asia, solidifying its reputation as a truly global premium bakery brand.
About SPC Group
SPC Group is a Korea-based global food company, over 80 years of history. It owns 30 renowned brands and operates 7,000 stores worldwide, including Paris Baguette, Paris Croissant, Passion 5, Coffee@Works, and StrEAT.
SPC Group has successfully introduced global brands to the Korean market including Baskin Robbins, Dunkin, Pascucci, LINA’s, Jamba, Shake Shack.
SPC Group remains committed to innovation, quality, and sustainable growth, shaping a healthier and happier global food culture.
Driving Impact: Southeast Asia as a Rising Force in Social Developments and Impact Investing
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The region’s rising maturity and rapid economic growth
position it as a critical player in addressing social issues,
while fostering innovative solutions through collaborative ecosystems.
SINGAPORE, Feb. 25, 2025 /PRNewswire/ — The AVPN Southeast Asia Summit 2025, held at Fairmont Singapore on 24 and 25 February, brought together over 450 investors, leading philanthropists, government officials, policymakers, and impact leaders from around the world to accelerate solutions for Southeast Asia’s most pressing challenges. Under the theme “Voices of Southeast Asia: Driving Regional Transformation and Inclusion,” discussions focused on the region’s growing leadership in tackling climate action, health resilience, gender equality, catalytic philanthropy, blended finance and impact investing, and AI skilling.
From left to right: Naina Subberwal Batra, CEO, AVPN; Muhamad Chatib Basri, Co-Chairman of The Pandemic Fund and former Minister of Finance of Indonesia; Dini Indrawati Septiani, Regional Director, Southeast Asia, AVPN
Guests of honour who attended the Summit include Dr. Mari Elka Pangestu, Indonesia’s Presidential Special Envoy for International Trade and Multilateral Cooperation, Bapak Muhammad Chatib Basri, Co-Chairman of Pandemic Fund and former Minister of Finance of Indonesia, Dr. Kraiyos Patrawart, the Managing Director of the Equitable Education Fund, Mr Vinamra Srivasta, Chief Sustainability & Sustainable Investments Officer, CapitaLand Investment (CLI), and Boon Heong Ng, Executive Director and Chief Executive Officer, Temasek Foundation.
Addressing Southeast Asia’s Critical Challenges
Southeast Asia is one of the world’s fastest-growing regions, but it faces mounting challenges, including the need for net-zero strategies, workforce upskilling, gender equity, and healthcare resilience. Despite its economic strength, investment gaps continue to hinder progress in these critical areas. To overcome these barriers and drive sustainable, inclusive growth, collaborative capital and innovative financing models are essential. This includes exploring new approaches and tools to reform the development finance architecture, to raise the voice of Asia at critical global forums.
Encouragingly, impact investing in the region has surged, with over 67% of cumulative capital from the past 15 years committed in just the last three years (2020–2022), signalling strong momentum for solutions-driven investment. Starting in 2025, world leaders have emphasised the need for collective action and shared solutions to advance the SDGs at global forums. Southeast Asia is well-positioned to emerge as a leader in tackling social challenges through innovative, localised approaches.
“The AVPN Southeast Asia Summit 2025 reinforced that while the region is increasingly recognised as a key driver of global impact, unlocking its full potential requires more than dialogue—it demands tangible commitments and coordinated action,” said Naina Subberwal Batra, CEO of AVPN. “By convening the region’s key changemakers, we are not only spotlighting solutions in gender finance, AI skilling, and climate resilience but also mobilising the capital and partnerships necessary to turn ideas into measurable outcomes.”
Building Resilience for Vulnerable Communities in Asia
CapitaLand Hope Foundation, the philanthropic arm of CapitaLand Group, in collaboration with AVPN, announced the launch of the SGD 3 million CapitaLand Community Resilience Initiative at the Summit. This initiative, which will be implemented across China, India, Singapore, and Vietnam, aims to equip vulnerable children and youth with the skills, knowledge and support systems needed to thrive in the face of adversity, strengthening their resilience to ensure a stronger, more adaptive and equitable future. Funding will be provided to projects by non-profit organisations focused on improving the education, health and well-being of children and youths.
Improving Access to Medicine Across Southeast Asia
AVPN, together with Takeda Pharmaceuticals, Access Health International, and SingHealth Duke-NUS Global Health Institute have pledged to ensure sustained and equitable access to medicines in Southeast Asia amongst underserved communities.
The Southeast Asia Access to Medicines Pledge underpins a shared vision of improving medicine access in the region, addressing disparities both within and across countries. Leveraging multistakeholder collaboration, each organisation aims to share knowledge and best practices, invest resources, work together to drive progress, and continuously measure and report impact.
Generating Insights and Increasing Transparency for Social Investment Ecosystem
AVPN and Impact Intelligence launched the Social investment in Asia in Action (SIAA) Dashboard, an AI-powered tool that provides a dynamic view of social investment capital flows across Asia-Pacific. Covering more than 50 markets across Asia-Pacific, the dashboard generates news and insights on social investments across Asia, and identifies specific impact activities across sectors, geographies, capital investment mechanisms and more.
This tool will support the social investment ecosystem by improving decision making through the deployment of valuable insights, increase accountability and transparency, and strengthen collaboration between social investors, philanthropists, corporates and other stakeholders.
Looking Ahead: Turning Commitments into Action
As the Summit concluded, speakers emphasised the need to move from discussion to action.
“The Southeast Asia region is integral to tackling global challenges, from climate change and gender equality to healthcare resilience and youth empowerment,” said Naina. “The solutions developed here will not only shape Southeast Asia’s trajectory but also contribute to the broader global agenda.”
About AVPN
AVPN is the largest network of social investors in Asia, comprising over 600 funders and resource providers across 33 markets. Our mission is to increase the flow and effectiveness of financial, human, and intellectual capital in Asia by enabling members to channel resources towards impact. As an ecosystem builder, AVPN enables its members to connect, learn, act, and lead across key pillars and improve the effectiveness of deployed capital, bringing local field needs, regional expertise, and policy insights to the forefront. We have market representatives as local points of contacts across Asia-Pacific and beyond, including Singapore, Indonesia, Malaysia, Vietnam, Thailand, and Philippines. For more information about AVPN and our work, please visit our website and read our latest Annual Review 2023/24.