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HD Hyundai Executive Vice Chairman Chung Kisun Discusses ‘Multi-Fuel Future’ with Global Leaders in Davos

– Attending the World Economic Forum Annual Meeting 2025 for the third consecutive year

– Participating in the Oil & Gas Governors session and other discussions, focusing on energy transition and transportation cooperation

– Introducing an Intelligent Future Shipyard with AI integration in collaboration with Palantir

SEOUL, South Korea, Jan. 23, 2025 /PRNewswire/ — HD Hyundai Executive Vice Chairman Chung Kisun attended the World Economic Forum Annual Meeting 2025 (“Davos Forum”) in Davos, Switzerland, where he introduced the future of K-shipbuilding and discussed cooperation in the energy sector.

HD Hyundai Executive Vice Chairman Chung Kisun in a promotional video by the global big data analytics company, Palantir Technologies. (Photo credit: Palantir Technologies)
HD Hyundai Executive Vice Chairman Chung Kisun in a promotional video by the global big data analytics company, Palantir Technologies. (Photo credit: Palantir Technologies)

The Davos Forum serves as a global platform where leaders from politics, business, and academia gather to address and find solutions to pressing global challenges. This year’s event, themed “Collaboration for the Intelligent Age,” takes place from January 20 to 24. Chung’s participation marks his third consecutive year at the forum, following his first attendance in 2023.

During the forum, he took part in the Oil & Gas Governors, and Supply Chain & Transport Governors meetings consecutively, focusing on cooperation plans for realizing a Multi-Fuel Future, which includes energy transition and transportation, as well as optimizing the building and operating of Software-Defined Vessels through digital technology.

These two governors’ meetings bring together CEOs from leading global companies, including A.P. Moller-Maersk, PSA International, Shell, and TotalEnergies.

Chung also unveiled the blueprint for the Future of Shipyard (FOS) project through a promotional video by the global big data company, Palantir Technologies (“Palantir”). The FOS is an advanced future shipyard that implements digital technologies such as data, virtual and augmented reality, robotics, automation, and artificial intelligence.

This video, showcased at Palantir’s booth on Davos Promenade, featured interviews with Chung and other HD Hyundai executives. It provided a glimpse of how cutting-edge digital technologies—including collaboration with Palantir—could transform the shipyard of the future.

“For many decades now, HD Hyundai has been leading the world’s shipbuilding industry with the most innovative technologies.” said Executive Vice Chairman Chung. “(We are) drawing on the latest innovation in AI, digital twins, and so much more to transform our shipyards, unlocking a whole new level of productivity and safety.”

Since 2021, HD Hyundai has been driving the digital transformation of its shipbuilding business through the FOS project. This initiative focuses on enhancing on-site productivity using advanced technologies, with the goal of ultimately realizing an Intelligent Autonomous Operating Shipyard with minimal human intervention. HD Hyundai plans to complete the FOS project by 2030, with the goal of achieving a 30% improvement in productivity and a 30% reduction in greenhouse gas emissions.

 

Huawei, Chulalongkorn University, and BUPT Collaborated to Foster ICT Talent at Asia Pacific Cloud AI Forum & Huawei Developer Competition 2024 Final

BANGKOK, Jan. 23, 2025 /PRNewswire/ — Huawei Technologies (Thailand) joined forces with Chulalongkorn University (CU) and Beijing University of Posts and Telecommunications (BUPT) to nurture digital talent in the ICT sector, focusing on cloud developers. This collaboration reflects a shared vision to establish Thailand as the hub of the digital economy in ASEAN.

Asia Pacific Cloud AI Forum & Huawei Developer Competition 2024 - Final
Asia Pacific Cloud AI Forum & Huawei Developer Competition 2024 – Final

The partnership was showcased at the Asia Pacific Cloud AI Forum & Huawei Developer Competition 2024 Final, held on January 20 to 21, 2025, at Chulalongkorn University. The event brought together 300 industry leaders, developers, and academics from across the Asia Pacific region, aiming to inspire innovation and strengthen collaboration between academia and industry.

Under the theme “Spark Infinity: Innovate Today, Transform Tomorrow,” the forum demonstrated cutting-edge advancements in cloud and AI technologies, featuring keynote presentations, solution showcases, and expert discussions. A highlight of the event was the Huawei Developer Competition, where nearly 200 teams comprising over 600 participants tackled real-world challenges using Huawei’s comprehensive ecosystem, including API Explorer, CodeArts, ModelArts, and DataArts Studio.

The competition emphasized creativity, technical expertise, and innovation in areas like AI-driven solutions and sustainable technologies. This includes how AI can be used to accelerate cloud adoption and foster the development of a prosperous developer ecosystem.

Speaking at the event, Dr. Chawapol Jariyawiroj, President of Huawei Technologies (Thailand), emphasized its alignment with Thailand’s national strategies, “The Asia Pacific Cloud AI Forum is a testament to Thailand’s commitment to becoming a regional leader in AI and digital innovation. We support the nation’s Cloud-First and AI strategies, which are key pillars for driving economic growth and advancing the digital economy.”

Dr. Chawapol Jariyawiroj, President of Huawei Technologies (Thailand)
Dr. Chawapol Jariyawiroj, President of Huawei Technologies (Thailand)

Huawei has been instrumental in supporting the Cloud-First and AI strategies, offering advanced cloud technologies, AI platforms, and training programs. Thailand’s Cloud-First policy is a cornerstone of its vision to transform into a value-based, innovation-driven economy. This policy requires government agencies to prioritize cloud services for IT infrastructure to enhance efficiency and reduce costs. Meanwhile, the AI Strategy (2022-2027) aims to create an ecosystem that integrates AI across sectors, driving economic growth and improving citizens’ quality of life.

Dr. Chawapol further emphasized the importance of developing digital talent, stating: “At Huawei, we believe that developers are the architects of the intelligent era. It is their ideas, their code, and their drive that spark innovation and inspire others. As a company committed to building a thriving ecosystem, we have cultivated nearly 100,000 digital talent in Thailand in the past 5 years, including nearly 12,000 advanced cloud AI developers. Through our ICT Academy program, more than 50 universities have partnered with us to develop talent through programs like this competition, training initiatives, internships, and technical mentorships. We aim to inspire more people in Thailand and across the region to explore the possibilities of cloud AI and unlock new opportunities for growth and innovation.”

Meanwhile, Chulalongkorn University and Huawei shared a commitment to cultivating digital talent. Prof. Dr. Wilert Puriwat, President of Chulalongkorn University, remarked that “Our collaboration with Huawei is a step forward in building the digital expertise that Thailand needs to thrive in the intelligent era. By working closely with global technology leaders like Huawei, we can better prepare our students to drive innovation and contribute to the nation’s digital transformation.”

Prof. Dr. Wilert Puriwat, President of Chulalongkorn University
Prof. Dr. Wilert Puriwat, President of Chulalongkorn University

As one of the first institutions to co-establish the “Huawei Academy”, BUPT shared its practical experience from three aspects: industry-education integration, smart education, and digital talent cultivation. “As an important training base for digital economy talent and an innovation source for ICT technology, BUPT has always been actively exploring new models of cooperation with enterprises. We make every effort to build platforms such as UNTES Future Learning Center oriented to the intelligent era,” said Ms. Wang Yao, Director of International Office of BUPT.

At the event, several winning teams shared practical and innovative cases built on Huawei Cloud. For example, a team developed an AI therapy enhancement system that operates through remote speech. This system provides more efficient and convenient treatment support for patients with language disorders. Another team designed an integrated building automation management system to improve the efficiency and safety of building management through intelligent means. These projects fully demonstrate the ability and potential of developers to use scientific and technological innovation to solve practical problems.

Moreover, Huawei and more than 10 Thai partners held a Job Fair side event, providing a platform for leading enterprises to connect with excellent developers and students. Enterprises can identify and attract high-potential talent and jointly explore the possibility of future cooperation, forming a more dynamic industrial ecosystem.

The champions of this year’s competition included KernelPanic from Sri Lanka (Student Track) and LifeSparrow from Hong Kong (China) (Enterprise Track). The winning teams will receive a total prize pool of USD34,000, technical training based on Huawei Cloud, and the opportunity to collaborate with Huawei on future projects. This reinforces Huawei’s commitment to nurturing and empowering tech talent in the region, promoting innovation and collaboration in cloud and AI technologies.

About Huawei

Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We have more than 207,000 employees, and we operate in more than 170 countries and regions, serving more than three billion people around the world.

Our mission is to bring digital to every person, home and organization for a fully connected, intelligent world. To this end, we will drive ubiquitous connectivity and promote equal access to networks; bring Cloud and artificial intelligence to all four corners of the earth to provide superior computing power where you need it, when you need it; build digital platforms to help all industries and organizations become more agile, efficient, and dynamic; redefine user experience with AI, making it more personalized for people in all aspects of their life, whether they’re at home, in the office, or on the go.

For more information, please visit Huawei online at www.huawei.com or follow us on:
http://www.linkedin.com/company/Huawei 
http://www.twitter.com/Huawei 
http://www.facebook.com/Huawei 
http://www.google.com/+Huawei 
http://www.youtube.com/Huawei 

HOTELEX Shanghai 2025: Propelling Advancements in Hospitality and Foodservice Amidst the Tourism Surge

SHANGHAI, Jan. 23, 2025 /PRNewswire/ — The 72/144-hour visa-free transit policy has boosted “China Business & Travel,” allowing nationals from 54 countries to travel through 38 ports in 18 provinces visa-free. Visitors can stay up to 72 or 144 hours, depending on the city of entry. This is an ideal time for global businesses to explore China’s growing market and for the foodservice sector to evolve with health-conscious and sustainable options, as well as digital and smart technologies.

HOTELEX Shanghai Hospitality Equipment & Foodservice Expo is scheduled to reconvene in 2025, subsequent to the triumphant iteration in 2024. As one of the preeminent global exhibitions for hospitality equipment and foodservice, the expo boasts a legacy spanning over three decades, coupled with extensive experience in curating events within the hospitality sector. The 2024 exposition drew in excess of 283,046 attendees, encompassing a historic high of 15,761 international visitors—a figure representing an 80% surge from the previous year. The event showcased an assembly of over 3,818 preeminent brands and enterprises distributed across 14 exhibition halls. The forthcoming expo will encompass 12 distinct exhibition categories, namely Kitchen Equipment & Supplies, Tableware, Catering Ingredients, Food, Beverage, Coffee & Tea, Ice Cream Equipment & Materials, Baking Equipment & Raw Materials, Alcoholic Drinks, Food & Catering Packaging, Catering Design & Accessories, and Brand Franchising & Chain Store Resources.

Throughout the duration of HOTELEX Shanghai, in excess of 40 international competitions and forums, each wielding significant influence within the industry, will be conducted. Included among these are numerous internationally certified premier events, such as the World Coffee Events, the World Bread Competition, and the Catering Industry Summit. Notably, HOTELEX Shanghai International Coffee, Wine & Food Festival will distinguish itself. Showcasing over 300 brands, with more than 25 being international in scope, it combines coffee, wine, and immersive experiences to promote wine culture in a convivial daytime ambiance.

Let’s look forward to building a thriving future for the industry. Don’t miss out HOTELEX Shanghai 2025 on 30th March to 2nd April at NECC (Shanghai) and get your FREE ticket.

Please find further information on: hotelex.cn/en/shanghai

Contact us

Booth Inquiry:
Jason Jin
Tel: +86 21 3339 2197
Junyan.Jin@imsinoexpo.com

Media & Visitor Consulting:
Lizzy Chen
Tel: +86 21 3339 2566
Lizzy.chen@imsinoexpo.com

GC Cell Symposium with Bifarma Expands Global Impact and Reach for Immuncell-LC

YONGIN, South Korea, Jan. 23, 2025 /PRNewswire/ — GC Cell, a leading cell and gene therapy company, announced the successful completion of its first thought leadership symposium in Jakarta, Indonesia. The event was organized in collaboration with PT Bifarma Adiluhung (Bifarma), a pioneer in Indonesia’s stem cell therapy sector, and showcased GC Cell’s innovative cancer immunotherapy, Immuncell-LC.

Insights into Immuncell-LC’s mechanisms of action, real-world treatment experiences, and clinical case studies were key focus areas of the symposium. Indonesian oncologists engaged with renowned Korean medical professionals experienced in applying the therapy in clinical trials, fostering fruitful in-depth discussions about its clinical potential.

“As the first-ever overseas event for a cell therapy created in Korea, this symposium marks is a significant milestone for the industry,” said a GC Cell spokesperson. “By building trust and visibility in the Indonesian market, we are accelerating the global commercialization of Immuncell-LC and establishing it as a leading treatment option for cancer patients around the world.”

Strengthening Global Partnerships

Since signing a licensing agreement with Bifarma in September 2024, GC Cell has been actively transferring the necessary technology to support local production and quality control. The six-month program, conducted at GC Cell’s headquarters, is on track to enable Bifarma to launch Immuncell-LC in the Indonesian market by 2025.

A participant in the symposium commented, “This event provided a unique opportunity to understand the impact cell therapies can have on oncology in Indonesia, while underscoring the high level of interest among local healthcare providers. Immuncell-LC has the potential to transform cancer treatment here, and we are excited to see this unfold.”

GC Cell’s collaboration with Bifarma is part of its broader strategy to expand its presence in global markets, offering innovative cell therapies to improve patient outcomes across borders and establishing a competitive edge in the rapidly evolving global biotechnology landscape.

MOXI Teams Up with Boduo International to Bring Gamified Milk Tea to Southeast Asia

SINGAPORE, Jan. 23, 2025 /PRNewswire/ — Southeast Asia’s rapidly growing milk tea market is about to get even more exciting. MOXI, a leading provider of innovative gamification solutions, is teaming up with Boduo International to bring a new level of interactive fun to the milk tea lovers across the region.

The Southeast Asian market is already familiar with Chinese bubble tea brands such as Mixue , Heytea etc. While China’s tea beverage market has fully embraced digital transformation, Southeast Asia is just beginning its journey. Combining MOXI’s gamification expertise with Boduo’s bold expansion strategy, the partnership aims to redefine the milk tea experience and enhance consumer engagement.

MOXI, a leader in gamification, has partnered with over 500 clients, including leading brands like Taobao, Miniso, JD , OPPO etc. In the food and beverage sector, MOXI partnered with Chi Forest, known for its sparkling water, to develop gamified campaigns that boosted brand engagement. One elimination game, featuring Chi Forest’s unique elements, attracted 1.5 million active players during “Double 11,” generating 50,000 new memberships within one month.

MOXI now empowers Boduo International with a comprehensive gamification solution, specifically for their milk tea brand ‘Cooler City.’ Their recently launched ‘Matching Adventure’ game allows bubble tea lovers to play and earn discount vouchers while enjoying friendly competition on the leaderboard.

Milk Tea 2.0: The Future is Playful

The gamification success in China highlights the power of interactive, digital experiences. MOXI is thrilled to collaborate with Southeast Asian brands, leading the way to “Milk Tea 2.0.” Through gamification, the partnership will drive customer loyalty and bring a fresh, dynamic experience to the region’s bubble tea lovers.

Mr. Li, General Manager of Boduo International’s Brand Development Department, stated: “This partnership will inject new momentum into our digital transformation. With MOXI’s solutions, Boduo International will enhance customer experience, boost loyalty, and gain a competitive edge.”

Sun Mengqi, VP of MOXI Technology, said: “The strategic partnership with Boduo International represents an important application of our solutions in the tea and catering industry. Together, we aim to expand gamified operations across more sectors.”

About MOXI Technology:

MOXI empowers businesses with innovative gamified ecosystems to drive user growth and engagement. Since its founding in 2019, Moxi has served over 500 brands and reached over 100 million users with its gamification solutions.

For Partnership Inquiries, Please Contact: inquiry@moxigame.cn

Blackpanda Recognized with Frost & Sullivan’s Asia Pacific Company of the Year Award for Incident Response Excellence

SINGAPORE, Jan. 23, 2025 /PRNewswire/ — Blackpanda, Asia’s leading digital emergency response firm, is thrilled to be named by Frost & Sullivan for Best Practices Company of the Year Award in the Asia Pacific Incident Response Industry. This award underscores Blackpanda’s unwavering commitment to democratizing cyber resilience through strategic partnerships and delivering cyber security solutions that address the growing complexity of threats in the region.

Blackpanda APAC Incident Response Company of the Year
Blackpanda APAC Incident Response Company of the Year

Blackpanda’s success is driven by its robust partnerships with leading telecommunications providers, Managed Service Providers (MSPs), and Managed Security Service Providers (MSSPs) across Asia. The company’s distributor model plays a pivotal role in expanding its services, leveraging alliances with strategic partners such as Singtel in Singapore, HGC Global Communications in Hong Kong, Companhia de Telecomunicações de Macau (CTM), and SB C&S in Japan. These partnerships enable Blackpanda to integrate its incident response solutions seamlessly into partner ecosystems, enhancing the cybersecurity capabilities of businesses across diverse industries.

Gene Yu, Founder & CEO, Blackpanda, said “The future of cyber preparedness lies in proactive, collaborative approaches to managing vulnerabilities—not just within organizations, but across entire sectors and regions. Partnerships play a critical role in this journey. By working closely with our distribution partners, we can scale the availability of IR-1 across Asia Pacific, ensuring that businesses of all sizes have access to best-in-class incident response at an affordable price. Together, we are building a more resilient digital ecosystem, empowering businesses to navigate the evolving threat landscape with confidence.”

With an enterprise-grade incident response SaaS platform, Blackpanda has demonstrated exceptional growth potential in markets that demand rigorous compliance with industry regulations. The company’s collaborations with telecommunications and IT distribution leaders allow it to offer proactive cybersecurity solutions tailored to meet the needs of high-stakes industries, ensuring readiness and resilience against evolving threats.

About Blackpanda

Blackpanda is Asia’s leading local cyber incident response firm, dedicated to delivering world-class digital emergency response services to businesses in the region. We help businesses strengthen their cyber resilience and secure their digital operations by supporting them with incident response delivered by local experts. Our mission is to make cyber resilience achievable for all, with services and solutions designed for the Asian market.

For more information, please visit www.blackpanda.com

Agoda Expands Its Eco Deals Program Pledging Up to $1.5 Million to Fund Critical Conservation Projects Across 10 Asian Markets in Partnership with WWF

SINGAPORE, Jan. 23, 2025 /PRNewswire/ — Digital travel platform, Agoda, announces the launch of its fourth Eco Deals program at the ASEAN Tourism Forum (ATF) in Malaysia, expanding its ongoing partnership with the World Wide Fund for Nature (WWF). In line with the forum’s theme, “Unity In Motion: Shaping ASEAN’s Tourism Tomorrow,” this initiative supports the protection of wildlife and the conservation of critical habitats in Asia.

Agoda has set a donation target of USD 1.5 million surpassing the previous year’s goal of USD 1 million in 2024. This year, the program expands to include Japan and Korea, covering 10 markets in total. Similar to previous editions, Agoda will donate USD 1 towards WWF`s conservation efforts for every program booking made at a participating hotel.

The Eco Deals initiative will fund a wide array of conservation activities, including restoring wetlands in Japan, protecting spoonbills in Korea, and ongoing projects such as advancing tiger conservation in Malaysia, protecting whale sharks in the Philippines, conserving elephants in Thailand, safeguarding saolas in Viet Nam, restoring ecosystems in Indonesia, developing urban wetlands in Laos PDR, and supporting rangers in Cambodia. The Eco Deals program will be open to consumers for bookings from 20 January 2025 to 19 December 2025. 

As part of the Eco Deals framework for 2025, Agoda is also introducing the Sustainable Tourism Impact Fund in collaboration with WWF-Singapore and UnTours Foundation. The fund provides affordable and flexible investment capital to support change-making businesses addressing sustainability challenges in the tourism sector. Agoda is designating USD 100,000 to the fund, with the potential to increase to USD 150,000 upon reaching the $1.5 million donation target.

Damien Pfirsch, Chief Commercial Officer at Agoda, said “With Eco Deals 2025, we are committed to doing even more to support efforts to protect Asia’s remarkable destinations and wildlife. In partnership with WWF, our goal is to ensure that future generations can explore the world affordably while preserving its natural beauty. The Eco Deals Program has been an important initiative for our hotel partners since its inception in 2022, offering them an accessible way to support wildlife protection and habitat conservation projects. Building on past successes, we are scaling up this year by increasing our donation potential to USD 1.5 million and expanding our impact to projects in 10 markets. This expansion creates enhanced opportunities for hotels to participate in this meaningful effort. Additionally, the launch of the Sustainable Tourism Impact Fund will provide crucial support to Micro, Small and Medium Enterprises (MSMEs), empowering them to adopt sustainable practices and contribute meaningfully to the tourism industry’s future.”

Through the Eco Deals program, hotel partners can offer customers discounted rates of up to 15%. In exchange, these participating partners receive the Eco Deals badge and are featured prominently across various Agoda platforms, including social media, banner promotions, customer emails, and in-app notifications, enhancing their visibility. Additionally, customers can easily find Eco Deals through Agoda’s dedicated landing pages, designed for seamless browsing on desktop and mobile devices.

Malaysian Minister of Tourism, Arts and Culture Dato Sri Tiong King Sing said, “We encourage both public and private sectors to engage actively in fostering sustainable practices across ASEAN. As the chair of ASEAN Tourism Ministers Meeting 2025, we are pleased to see the collaboration between Agoda and WWF promoting travel that gives back to destinations which is in step with our theme “Unity In Motion: Shaping ASEAN’s Tourism Tomorrow,” and aligns with the focus of Visit Malaysia Year 2026 to develop sustainability in the tourism industry in Malaysia and beyond.”

Vivek Kumar, Chief Executive Officer of WWF-Singapore, added “Biodiversity is the foundation of life on Earth, intricately tied to the health of our planet and our well-being. Now in the fourth year of our impactful partnership, Agoda and WWF have made meaningful contributions to conservation across the region—supporting the protection of tiger populations in Malaysia, restoring degraded forest landscapes in Indonesia, and addressing human-elephant conflict and poaching in Thailand. This year, with our reach expanding to Japan and Korea, we’re poised to create an even greater impact. With WWF’s 2024 Living Planet Report revealing a devastating 73% decline in global wildlife populations, the urgency to act has never been more pressing. Together with Agoda, we remain steadfast in our commitment to building a future where people and nature thrive together.”

The Sustainable Tourism Impact Fund is designed to provide investment capital to MSMEs in the tourism sector across several Southeast Asian markets, fostering innovation and advancing conservation to help shape the future of travel in a more sustainable way. 

Under the fund scheme, eligible MSMEs seeking funding to enhance their sustainability efforts in the travel sector can apply for low-interest loans ranging from USD 10,000 to USD 25,000. The fund is managed by UnTours Foundation, ensuring effective application and screening processes, while Agoda contributes financing, investment decisions, and mentorship, with WWF-Singapore assisting in environmental guidance and due diligence. Interested businesses can submit their applications via the fund’s official webpage at https://untoursfoundation.org/sustainable-tourism-impact-fund. 

With its global network encompassing diverse accommodations, and experiences, Agoda furthers its dedication to a more sustainable future for travel. Collaborations with organizations like WWF and UnTours Foundation bolster Agoda’s efforts, ensuring a positive ecological and socio-economic impact can be made through every journey.

 

From left to right: Mr. VIVEK KUMAR, CEO, WWF - Singapore; H.E. SORAWONG THIENTHONG – Minister of Tourism and Sport, Thailand; H.E. MDM. DARANY PHOMMAVONGSA - Deputy Minister of Information, Culture and Tourism, Laos; H.E. ALVIN TAN – Minister of State for Trade and Industry, Singapore; H.E. HO AN PHONG – Vice Minister of Culture, Sports and Tourism, Viet Nam; H.E. TIONG KING SING – Minister of Tourism, Arts and Culture, Malaysia; Mr. DAMIEN PFIRSCH, Chief Commercial Officer, Agoda; H.E. DATO DR. ABDUL MANAF METUSSIN – Minister of Primary Resources and Tourism, Brunei Darussalam; H.E. HUOT HAK, Minister of Tourism, Cambodia; H.E. MDM. WIDIYANTI PUTRI WARDHANA, Minister of Tourism, Indonesia; H.E. MDM. CHRISTINA GARCIA FRASCO, Secretary, Department of Tourism, The Philippines.
From left to right: Mr. VIVEK KUMAR, CEO, WWF – Singapore; H.E. SORAWONG THIENTHONG – Minister of Tourism and Sport, Thailand; H.E. MDM. DARANY PHOMMAVONGSA – Deputy Minister of Information, Culture and Tourism, Laos; H.E. ALVIN TAN – Minister of State for Trade and Industry, Singapore; H.E. HO AN PHONG – Vice Minister of Culture, Sports and Tourism, Viet Nam; H.E. TIONG KING SING – Minister of Tourism, Arts and Culture, Malaysia; Mr. DAMIEN PFIRSCH, Chief Commercial Officer, Agoda; H.E. DATO DR. ABDUL MANAF METUSSIN – Minister of Primary Resources and Tourism, Brunei Darussalam; H.E. HUOT HAK, Minister of Tourism, Cambodia; H.E. MDM. WIDIYANTI PUTRI WARDHANA, Minister of Tourism, Indonesia; H.E. MDM. CHRISTINA GARCIA FRASCO, Secretary, Department of Tourism, The Philippines.


CUB Cambodia Approved to Launch Escrow Services, Bolstering Customer Asset Protection

TAIPEI, Jan. 22, 2025 /PRNewswire/ — Cathay United Bank (CUB), a subsidiary of Cathay Financial Holdings—the largest financial group in Taiwan—has firmly established its presence in Cambodia for over a decade, actively supporting local government’s initiatives. Recently, Cathay United Bank Cambodia (CUBC) received approval from Cambodia’s Trust Regulator to offer escrow services. This milestone underscores CUBC’s commitment to fostering economic growth across diverse sectors and boosting investor confidence in Cambodia.

Since the enactment of Cambodia’s Law on Trust in 2019 and the establishment of the Trust Regulator in 2021, the trust business in Cambodia has witnessed remarkable growth. According to the Ministry of Economy and Finance of Cambodia, the country’s GDP is projected to grow 6% in 2024 and accelerate to 6.3% in 2025, with an average growth rate projected to be above 6.6% from 2026 to 2027.

Kevin Yeh, President of CUBC, emphasized the significance of the new escrow service: “Cambodia’s economy continues to grow steadily, with real estate transactions being a key focus of the local market. Given the large transaction amounts involved, ensuring secure payments between buyers and sellers is crucial. This escrow service provides a secure platform for holding and disbursing funds. CUBC will safeguard the transaction funds and release them to the seller only after all contractual conditions are met, ensuring the smooth completion of transactions. We have high expectations for the future growth of escrow services.”

CUBC is dedicated to enhancing customer experience through its customer-centric approach and comprehensive financial services. In 2023, CUBC became the first Taiwanese bank in Cambodia to offer KHQR payments by integrating with the National Bank of Cambodia’s Bakong system. Additionally, for eligible corporate customers, CUBC provides a dedicated support team and video customer service to streamline processes and save time.

CUBC also offers its Global MyB2B service, which is secure, simple, and convenient. This platform enables easy access to global account consolidation, trade finance, cash management, and other financial services, helping clients optimize operational efficiency and create seamless financial experience across online and offline channels. CUBC will continue to prioritize the needs of its customers by offering bespoke solutions, and plans to further strengthen its digital development and enhance the customer experience.

After becoming the first Taiwanese bank to offer KHQR payments, CUBC received approval from Cambodia's Trust Regulator to provide escrow services. CUBC provides a dedicated support team and video customer service to streamline processes and save time for eligible corporate customers. This latest achievement offers customers even more comprehensive options and all-around service.
After becoming the first Taiwanese bank to offer KHQR payments, CUBC received approval from Cambodia’s Trust Regulator to provide escrow services. CUBC provides a dedicated support team and video customer service to streamline processes and save time for eligible corporate customers. This latest achievement offers customers even more comprehensive options and all-around service.