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New Mini Lever Actuated Plunger Saves Time and Space From Southco


HONG KONG SAR – Media OutReach Newswire – 14 June 2024 – 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 released the new mini lever actuated plunger. Limited space should not mean limited quality. Experience quick and reliable actuation in a more compact package with Southco’s new 56 Mini Lever Actuated Plunger. This solution features the same lever-actuated operation as the full-size version for faster and easier latching and unlatching of electronic components.

56 Mini Lever Actuated Plunger
56 Mini Lever Actuated Plunger

The 56 Mini Lever Actuated Plunger keeps the convenient hold-open feature from the full-size version, so technicians can easily see whether or not a device is secure by looking at the lever’s position. It is also available in a variety of distinct colors, so designers can easily differentiate application zones, or fit the aesthetic of any device. These features combine to ensure that devices using the plunger keep their distinct identity, and are easily identifiable as secure or not.

Additionally, while other compact solutions may have a greater chance of being lost during maintenance, the 56 Mini Lever Actuated Plunger’s captive installation ensures that it stays attached to the side of any device it is used in. That means one less thing for technicians to keep track of, faster maintenance, and more uptime for your server. In a digital world where every second of uptime counts, the small things matter on the physical side too.

56 Mini Lever Actuated Plunger

For more information about the 56 Mini Lever Actuated Plunger, please visit www.southco.com/Mini-Lever-Plunger or email the 24/7 customer service department at info@southco.com.

Hashtag: #southco #enterprisecomputing #electronicsolutions #enclosure #server #plunger

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.

Molex Releases Report on Thermal Management Challenges and Opportunities for I/O Modules amid Emerging Solutions for Next-Gen Data Center Cooling

  • Fueled by heightened demand for the fastest data rates, optical I/O module power requirements push traditional forced-air cooling to operational limits
  • Shift to 224 Gbps PAM-4 interconnects creates nearly a 4X increase in power density, increasing thermal management costs and complexities
  • Advancements in server and optical module thermal management encompass advanced liquid cooling solutions and new drop down heat sink (DDHS) technology


LISLE, IL Media OutReach Newswire – 14 June 2024 – Molex, a global electronics leader and connectivity innovator, has published a report that examines thermal management pitfalls and possibilities as data center architects and operators strive to balance high-speed data throughput requirements with the impacts of growing power density and the need for heat dissipation on critical servers and interconnect systems.

molex 14jun2024

Molex’s In-Depth Report of Thermal Management Solutions for I/O Modules addresses the limitations of legacy approaches for thermal characterization and management and explores new innovations in server and optical module cooling to better support 112G and 224G connectivity.

“As demand for faster, more efficient data processing and storage continues to rise rapidly, so does the heat generated by the high-performance servers and systems needed to scale generative AI applications and support the transition from 112 Gbps PAM-4 to 224 Gbps PAM-4,” said Doug Busch, VP & GM, Enabling Solutions Group, Molex. “The integration of optical connectivity and optical modules, applied with new cooling technologies, will optimize airflow and thermal management within next-gen data centers. Molex is driving innovations in thermal management across both copper and optical platforms, as well as within our power management products, to help our customers improve system cooling capabilities and enhance energy efficiency within next-gen data centers.”

Shift to 224 Gbps PAM-4 Shines Light on Creative Liquid Cooling

The move to 224 Gbps PAM-4 interconnects between servers and network infrastructure represents a doubling of the per-lane data rate. Power consumption is also surging, with optical modules alone reaching as high as 40W over long-range coherent links, up from 12W just a few years ago, representing nearly a 4X increase in power density.

In this informative report, Molex explores the latest in air cooling, along with the integration of creative liquid cooling solutions within existing form factors to address increased power and thermal demands on I/O modules. Direct-to-chip liquid cooling, immersion cooling and the role of passive components to enhance active cooling are addressed. The report also delineates cooling methods that may be most effective for accommodating power demands in chips and I/O modules that scale to high levels.

To solve persistent challenges in cooling pluggable I/O modules, Molex features a liquid cooling solution, called the integrated floating pedestal. In this scenario, each pedestal that contacts the module is spring-taught and moves independently, allowing implementation of a single cold plate to different 1xN and 2xN single row and stacked cage configurations. For example, this solution for a 1×6 QSFP-DD module utilizes six independently moving pedestals which can compensate for varying port stack heights while ensuring seamless thermal contact. As a result, heat flows directly from the module generating heat to the pedestal over the shortest possible conduction path to minimize thermal resistance and maximize heat transfer efficiency.

Additionally, the Molex report outlines the inherent costs and risks associated with immersion cooling, which offers highly effective thermal cooling that exceeds roughly 50kW per rack but requires a complete overhaul of a data center’s architecture.

Molex Drop Down Heat Sink (DDHS) Technology

Beyond liquid cooling, Molex’s In-Depth Report of Thermal Management Solutions for I/O Modules details advanced approaches to module design and thermal characterization poised to transform the performance of high-speed network interconnects. For I/O specifically, new solutions can be integrated into servers and switches for greater levels of heat sinking without compromising reliability. To that end, the report describes an innovative Molex Drop Down Heat Sink (DDHS) solution that maximizes heat transfer capability of a traditional riding heat sink while minimizing metal-to-metal contact, which can create wear-and-tear on components.

Through the DDHS, Molex replaces current riding heat sinks with a solution that eliminates direct contact between the optical module and thermal interface material (TIM) for a simpler and more durable installation without friction or piercing. As a result, Molex’s DDHS allows successful TIM implementation for more than 100 insertion cycles. This reliable heat management solution fits within standard module and rackmount form factors while effectively cooling higher power modules and improving overall power efficiency.

Future of Optical Module Cooling

As an active participant in the Open Compute Project (OCP) and its Cooling Environments project, Molex is collaborating with other industry leaders to develop next-gen cooling technologies that meet the evolving thermal management needs of today’s most demanding data center environments.

Hashtag: #Molex

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

About Molex

Molex is a global electronics leader committed to making the world a better, more connected place. With presence in more than 40 countries, Molex enables transformative technology innovation in the automotive, data center, industrial automation, healthcare, 5G, cloud and consumer device industries. Through trusted customer and industry relationships, unrivaled engineering expertise, and product quality and reliability, Molex realizes the infinite potential of Creating Connections for Life. For more information, visit .

Vectron Systems AG: Business Combination with the Shift4 group to be completed, Delisting planned

MÜNSTER, GERMANY – EQS Newswire – 14 June 2024 – The business combination of Vectron Systems AG (“Vectron“) with the Shift4 group (“Shift4“) announced on 1 June 2024 was previously subject to the condition that Shift4 succeeds in acquiring a total of at least 70% of Vectron’s shares (including the shares from the planned capital increase). Shift4 has declared today that it waives this condition, respectively that the condition is deemed to be fulfilled because the 70% threshold is nearly met. This means not only that the acquisition of approximately 41.4% of Vectron’s share capital from the current CEO Thomas Stümmler and a company controlled by him will be completed, but also that the agreed Business Combination Agreement is finally binding and that the 10% capital increase from authorized capital will be subscribed by Shift4 and completed. The condition is also no longer relevant for the current tender offer for all Vectron shares at an offer price of EUR 10.50 per Vectron share. Following the tender offer a de-listing of the Vectron-share is envisaged with short notice.

IR contact:
Meister Consulting GmbH
Tobias Meister
Im Schling 3
59955 Winterberg
Tel.: +49 (0) 2983 908121
Mob.: +49 (0) 170 2939080
E-Mail: meister@meisterconsult.com

Hashtag: #Vectron

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

Sunfun Info Co. (5278): Increase of Subsidiary by NT$1 Billion and Initiation of 10-for-1 Stock Split Plan


TAIPEI, TAIWAN – Media OutReach Newswire – 14 June 2024 – Sunfun Info Co. (Stock Code: 5278) announced on the 7th that its board of directors has resolved to initiate a significant plan mirroring global AI technology leader Nvidia (NASDAQ: NVDA) by implementing a 10-for-1 stock split. The original face value per share is NT$10, with a total of 22,248,586 issued shares. After the split, the face value per share will be NT$1, with a total of 222,485,860 shares issued.

Sunfun’s CEO, Calvin Chia-Ming Chang, stated, “Inspired by Nvidia’s founder, Jensen Huang, Sunfun aims to increase stock liquidity and trading volume through this 10-for-1 stock split.” Additionally, the board recently approved and completed a capital increase plan for its subsidiary, Daiken Biomedical, amounting to NT$1 billion, which is intended to bolster Daiken’s operating capital. Daiken Biomedical also plans to expand into overseas markets, such as Australia and Japan, to scale up operations. Daiken Biomedical initiated a public offering plan earlier this year, with KGI Securities as the lead underwriter, aiming for a public offering and listing on the Emerging Stock Market by the end of this year. It is estimated that Sunfun will still hold over 90% of Daiken Biomedical’s shares at the time of listing.

Simultaneously, Chairman Chang also announced a partnership with WiAdvance Technology, an innovative cloud service provider under Wistron Corporation, to jointly develop diversified AI innovative services and further penetrate AI market applications. This collaboration will leverage the technological strengths of both parties, aiming to deliver more innovative and efficient AI solutions to the market.

In terms of business expansion, Sunfun’s product, “Mayfun” (www.mayfunapp.com), has attracted over 14,000 buyers and real estate agents. The company is also actively investing in and expanding into the overseas real estate market, currently negotiating with international developers in Japan and Australia. Key target cities include Tokyo and Kumamoto in Japan, as well as Brisbane and the Gold Coast in Australia. Meanwhile, Sunfun’s environmentally-focused project “KOFO”, dedicated to achieving global net-zero carbon emissions by 2050, has successfully planted over 89,716 trees worldwide, demonstrating the company’s strong commitment to corporate social responsibility and environmental protection.

Sunfun International continues to drive steady growth by expanding into international markets, developing AI automation applications, and focusing on green energy and technological innovation. These initiatives aim to create greater value for its shareholders and society.
Hashtag: #Sunfun #StockSplit #AI #DaikenBiomedical #MayfunApp

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

Sunfun Info Co., Ltd.

Founded in 2002, Sunfun Info Co., Ltd. mainly develops online dating services, including the iPair Live Dating App, the iPair dating site, the SweetRing Wedding Dating App, weTouch Fashion Dating, and many others. Sunfun Info Co., Ltd. was listed on the over-the-counter market in 2013. Currently, its product market spans Taiwan, Hong Kong, the U.S., Mexico, Singapore, Malaysia, Thailand, Indonesia, and other countries. The market for Sunfun Info Co., Ltd.’s products continues to grow steadily. In 2018, adhering to their commitment to the health of themselves and their families, they founded Daiken Bio. The company focuses on researching and developing safe, secure, and effective health food products that are renowned for their high quality. In 2022, Daiken Bio. received seven international gold awards from the World Quality Assessment.

The Success of Global Cement and Concrete Association (GCCA) CEO Gathering and Leader Conference 2024 in Bangkok

Cementing Global Government and Industry Partnership, Securing Green Fund to Propel Thai Cement Industry Towards Net Zero Future


BANGKOK, THAILAND – Media OutReach Newswire – 13 June 2024 – Global Cement and Concrete Association (GCCA) in collaboration with Thai Cement Manufacturers Association (TCMA) successfully hosted “GCCA CEO Gathering and Leader Conference 2024”, the first cement and concrete industry summit in Thailand. This conference marks a significant milestone in uniting efforts from governments, international organizations and alliances of leading cement and concrete producers across the globe, underscoring Thailand’s success in attracting global support, securing an innovation and green fund valued CAD 8 million to advance Thai cement industry towards a Net Zero Future.

The Success of Global Cement and Concrete Association (GCCA) CEO Gathering and Leader Conference 2024 in Bangkok
The Success of Global Cement and Concrete Association (GCCA) CEO Gathering and Leader Conference 2024 in Bangkok

Thailand’s Minister of Industry, H.E. Miss Pimphattra Wichaikul, presided over a remarkable global conference, “GCCA CEO Gathering and Leaders Conference 2024,” which convened over 200 CEOs and leaders from the world’s leading cement and concrete manufacturers around the globe gathered in Bangkok. “Thailand is one of the first countries in the word with a credible national roadmap for delivering on the cement industry’s Net Zero Emission. Key to success is innovation, cross-sectorial cooperation, strong leadership with clear targets and international collaboration to drive policy and implementation. I would like to congratulate cement industry- GCCA and TCMA on the collaboration and the CAD 8 million green fund from the Government of Canada, facilitated through UNIDO to support crucial projects and researches on decarbonizing the cement industry in Thailand and across Asia. This is a significant step forward”

Dr. Nattapol Rangsitpol, Permanent Secretary, Ministry for Industry honoured to open the GCCA 2024 “Ministry of Industry of Thailand realizes the importance of climate change and work closely with the Ministry of Natural Resources and Environment and TCMA to reduce greenhouse gas emissions from the industries by applying the concept of Bio-Circular-Green economy to generate the balance of economic, social, and environmental dimensions, together with, enhancing industrial competitiveness under environmentally supporting measurements. ‘SARABURI SANDBOX LOW CARBON CITY’ is one of a good tangible action. As we share the same beliefs, pursue the same purposes, and act according to the same approaches. It is now the right time to move forward together”

Dr. Chana Poomee, Chairman of the Thai Cement Manufacturers Association highlighted the success of the GCCA 2024 themed ‘Cement Industry Progress – What’s next for our collective action and future’ as a result of concerted efforts at domestic, regional, and global levels, reflecting the synergy of leading agencies. “This first green fund delivered to the Thai cement industry is a crucial stepping stone which elevates the position and potential of TCMA and Thai cement producer members. TCMA is ready to collaborate with all sectors, including UNIDO’s global network of experts, to realize the Net Zero goal as outlined in the Thailand 2050 Net Zero Cement and Concrete Roadmap, which encompasses operational capacity building, pilot projects, and deployment of low-carbon technologies in cement and concrete industries, as well as strengthening an innovation ecosystem”

Mr. Thomas Guillot, CEO of the Global Cement and Concrete Association (GCCA), commended Thailand and TCMA for their exceptional Thailand 2050 Net Zero Cement and Concrete Roadmap, “Despite our industry’s efforts, challenges remain if we are to reach our shared goal of net zero concrete, including policy and procurement issues. We welcome the support of organizations through UNIDO. Only by working together will we be able to deliver on our global commitment to deliver net-zero concrete”

Hashtag: #GCCA #TMCA #ThaiCementManufacturersAssociation

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

LigoWave and PT Industri Telekomunikasi Indonesia Sign MOU to Enhance Telecommunication Infrastructure


JOHOR BAHRU, MALAYSIA – Media OutReach Newswire – 13 June 2024 – In a significant step towards advancing telecommunication infrastructure in Indonesia, LigoWave, represented by Mr. Turker Hidirlar, CEO of iConn Networks, DBA LigoWave, and Perusahaan Perseroan (Persero) Industri Telekomunikasi Indonesia (PT INTI), represented by Mr. Tantang Yudha Santoso, Financial, Human Capital, Legal & Risk Management Director, have signed a Memorandum of Understanding (MoU). The signing ceremony took place at Cape EMS Berhad Malaysia, Senai, Johor State, witnessed by Yang Berhormat Liow Cai Tung, Member of the Johor State Legislative Assembly and the representative from the Embassy of Indonesia, Mdm. Rossy Verona, Deputy Chief of Mission in Embassy Indonesia, Malaysia.

LigoWave and PT INTI, represented by Mr. Turker Hidirlar and Mr. Tantang Yudha Santoso, signed an MoU to advance Indonesia's telecommunication infrastructure. The ceremony at Cape EMS Berhad Malaysia, Johor, was witnessed by Yang Berhormat Liow Cai Tung and Mdm. Rossy Verona.
LigoWave and PT INTI, represented by Mr. Turker Hidirlar and Mr. Tantang Yudha Santoso, signed an MoU to advance Indonesia’s telecommunication infrastructure. The ceremony at Cape EMS Berhad Malaysia, Johor, was witnessed by Yang Berhormat Liow Cai Tung and Mdm. Rossy Verona.

The MoU outlines the collaboration between LigoWave and PT INTI to localize the production of advanced telecommunication equipment, including Wireless Devices, Internet of Things (IoT) Solutions, Smart Utility Meters, and 5G Technology in Indonesia. This partnership aims to leverage the strengths of both organizations to meet the growing demand for secure and reliable connectivity solutions in Indonesia.

Key Objectives of the MOU:

    1. Localized Production – Establishing manufacturing capabilities within Indonesia to produce LigoWave’s telecommunication equipment.
    2. Market Expansion – Enhancing market share for access points and other telecommunication products in Indonesia.
    3. Technology Transfer – Facilitating technology transfer and training to support the development and deployment of innovative telecommunication solutions.
    4. Sustainable Development – Supporting Indonesia’s regulatory requirements for local content and contributing to the country’s technological advancement and economic growth.

      During the ceremony, Mr. Hidirlar emphasized the importance of this partnership in addressing the connectivity needs of Indonesia, stating, “This MOU marks a significant milestone in our efforts to bring cutting-edge telecommunication solutions to Indonesia. By localizing production and collaborating with PT INTI, we are committed to supporting the nation’s technological infrastructure and driving innovation into Indonesia.”

      Mr. Santoso added, “PT INTI is excited to partner with iConn Networks, DBA LigoWave, a leader in wireless networking solutions. This collaboration will not only enhance our production capabilities but also ensure that we are at the forefront of technological advancements in telecommunication. Together, we aim to provide high-quality, locally manufactured products that meet the needs of our customers and support Indonesia’s digital transformation.”

      The ceremony was also attended by Datuk HJ Mohd Rabin Bin Basir, Chairman of Cape EMS Berhad, LigoWave’s exclusive manufacturing partner. Cape EMS Berhad will play a crucial role in the manufacturing knowhow transfer and quality assurance of the devices.

      Supporting Indonesia’s National Program Strategy in Digital Transformation

      LigoWave, in collaboration with PT INTI, will support Indonesia’s National Program Strategy in Digital Transformation to improve and expand telecommunication and information access across Indonesia, particularly in underserved and remote areas. The agency is responsible for various initiatives and projects to enhance digital infrastructure and connectivity, ensuring that all citizens have access to information and communication technology.

      Potential Market with the Operation of Satria-1 Satellite

        • Capacity – The satellite has a capacity of 150 Gbps for 150,000 service points, with each point requiring two access points.
        • 2023 Installations – In 2023, 14,360 service points were installed, leaving a huge gap.
        • 2024 Plan – Plans to install almost 30,000 remaining service points.
        • Objective – iConn Networks, DBA LigoWave together with PT INTI to provide the connectivity hardware for these service points. This positions LigoWave’s devices as solutions for all service points.

          Notable Attendees List for Signing Ceremony (PT INTI and LIGOWAVE)

            1. Yang Berhormat Liow Cai Tung, Member of the Johor State Legislative Assembly
            2. Mdm. Rossy Verona, Deputy Chief of Mission in Embassy Indonesia, Malaysia
            3. Mr. Muhammad Arief, First Secretary of Economy from Indonesia Embassy, Malaysia
            4. Mr. Andreza Sethia Dasuki, Acting Head of Mission of the Indonesian Consulate General in JB
            5. Mr. Wahyu Kusumanegara, Consul for Immigration Affairs, Johor
            6. Mdm. Christina Tee, National President of Malaysia International Chamber of Commerce & Industry (MICCI)
            7. Mr. Tantang Yudha Santoso, Financial, Human Capital, Legal & Risk Management Director, PT INTI
            8. Mr. Turker Hidirlar, Chief Executive Officer, ICONN NETWORKS, INC. DBA LIGOWAVE
            9. Datuk HJ. Mohd Rabin Bin Basir, Chairman of Cape EMS Berhad
            10. Mr. Lee Ting Kiat, Chairman of Malaysian International Chamber of Commerce and Industry (Southern Region)
            11. Dr. Kong Weng Keong, Chairman of Malaysia Builder Association, Johor Malaysia
            12. Mr. Dheepan Ramajeyam, Country Manager, Quiksol Int’l
            13. Mr. Edward Ho, CTO of iConn Networks, DBA LigoWave
            14. Mr. Herwan Herwansyah, Deputy Executive General Manager Commercial Engineering PT INTI
            15. Mr. Luthfy Delftyana Mulya, IT & Product Development Manager PT INTI
            16. Mr. Dwi Wahjoe Widodo, Senior Account Manager PT INTI
            17. Mdm. Putty Octaviany Purwadiputri, Head Legal Department PT INTI

              The partnership between LigoWave and PT INTI is set to commence immediately, with both parties dedicated to achieving the outlined objectives and contributing to the growth of Indonesia’s telecommunication sector.

              Hashtag: #TelecommunicationInfrastructure #DigitalTransformation #IndonesiaTech #LigoWave #PTINTI #5GTechnology #IoTSolutions #WirelessDevices #SmartUtilityMeters #ConnectivitySolutions #LocalProduction #TechInnovation #SustainableDevelopment #TechPartnership #DigitalIndonesia #TechAdvancement #ManufacturingInIndonesia #TelecomCollaboration #FutureOfTelecom #iConnNetworks #CapeEMS

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

              About iConn Networks DBA LigoWave

              Delivering Wireless Innovation Worldwide LigoWave, a leading provider of wireless networking solutions, leverages its R&D center in Lithuania, Europe, to design cutting-edge Wi-Fi access points, including the latest 6th generation. Manufactured in Malaysia, these access points are part of LigoWave’s complete cloud and hardware solution, ensuring secure and reliable connectivity for a global audience. With exports to over 100 countries, LigoWave is a key player in bridging the connectivity gap worldwide.

              About PT Industri Telekomunikasi Indonesia (INTI)

              PT Industri Telekomunikasi Indonesia (Persero) is a state-owned enterprise operating in the telecommunications and information technology industry, with a business portfolio in the fields of Manufacturing, System Integrator, and Digital. PT INTI is committed to supporting Indonesia’s next-generation telecommunication infrastructure through high-quality, locally produced solutions.

              This press release highlights the collaborative efforts of LigoWave and PT INTI to bring advanced telecommunication capabilities to Indonesia, focusing on localized production, technological innovation, and sustainable development to meet the country’s growing connectivity needs.

              Magic Compass Group Singapore Company Unveils New Opportunities with Grand Opening Ceremony


              SINGAPORE – Media OutReach Newswire – 13 June 2024 – The Magic Compass Group, a global leader in financial technology, marked a significant milestone with the grand opening of its new office in Singapore(June 5). The event was graced by nearly 100 esteemed guests, including representatives from the local media, enhancing the festive atmosphere.

              Magic Compass Group Singapore Company Unveils New Opportunities with Grand Opening Ceremony
              Magic Compass Group Singapore Company Unveils New Opportunities with Grand Opening Ceremony

              Themed “KEY,” the event signifies the start of an exciting journey for the company, heralding new opportunities in Singapore and Southeast Asia.

              The festivities began with a warm welcome as guests signed in, setting the tone for an afternoon of inspiration and collaboration. Prominent Singapore Magic Compass Group members delivered compelling speeches, highlighting the company’s commitment to innovation, partnerships, and capitalizing on emerging opportunities across various industries.

              A highlight of the event was the ribbon-cutting ceremony, symbolizing the official inauguration of Magic Compass Group’s new office in Singapore. Applause and cheers resounded as the ribbon fell, marking not just the opening of a new location but also the beginning of a journey toward greater success and accomplishment.

              “This ceremony represents a significant milestone for our presence in Singapore and Southeast Asia,” stated Yoyo Lung, Founder of MC Markets. “We are excited about the opportunities that lie ahead and are dedicated to driving innovation, fostering partnerships, and delivering value to our stakeholders.”

              In addition, Zhuo, Senior Director of Singapore Exchange, was invited to deliver a speech. After the formal proceedings, attendees engaged in lively discussions, further strengthening connections and exploring potential collaborations.

              The grand opening of Magic Compass’ new office in Singapore reflects the company’s ambitious vision and highlights its confidence in the region’s potential as a vibrant hub for technology and business innovation. With a mission to provide users with comprehensive and reliable financial technology solutions, Magic Compass Group Singapore is well-positioned to navigate the region’s ever-evolving landscape and achieve success.

              Hashtag: #MagicCompass

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

              About Magic Compass Group

              , a global leader in financial technology, holds a variety of regulatory licenses and offers a wide range of financial instruments to meet diverse user needs. Operating across Europe, Asia-Pacific, Southeast Asia, and Africa, Magic Compass Group adheres to stringent regulatory standards, ensuring professional, efficient, and reliable financial services.

              Renewed Corporate Appetite for Cross-Border Expansion Brings Legal and Compliance Challenges, According to New Global Study

              In-house legal teams face more complexity and risk to stay on top of global entity management

              • Almost all (96%) of multinationals plan to maintain or grow their geographic footprint
              • North America leads the way as the most popular overseas growth market
              • South America attracts most first timers
              • In-house legal teams cite building local infrastructure (61%) and understanding local legal systems (33%) as the biggest cross-border challenges

              HONG KONG SAR – Media OutReach Newswire – 13 June 2024 – Corporations across North America, Europe, and APAC are committed to expanding beyond their domestic markets in the pursuit of growth in 2024. But in doing so, they’re creating a formidable challenge for their in-house legal teams faced with navigating an increasingly complex web of evolving laws and regulations to manage a lengthening list of global entities. This is according to new research conducted among 300 general counsels and legal compliance officers commissioned by CSC, the world’s leading provider of global business administration and compliance solutions.

              CSC’s study1General Counsel Barometer 2024—found that nearly two thirds (62%) of multinational companies aim to grow their presence in a similar number of markets as they did in 2023, with a third (35%) planning to expand into additional territories over this year.

              North America tops the list as the most popular destination, with over half (56%) of respondents looking to build out an existing presence or set up for the first time, tapping into a vast consumer market, strong reputation for innovation, ready access to capital and a skilled workforce, while benefiting from low barriers for entry. This was followed by Asia Pacific (46%) and Europe, excluding the U.K. (44%).

              The study revealed South America as attracting the largest portion (46%) of multinationals seeking entry into a new market for the first time, driven by abundant natural resources, a growing number of English-speaking professionals, and its proximity to the U.S. market. Of these, six in 10 (61%) North American-headquartered multinationals said they had plans to enter South America for the first time, compared to 37% of those based in APAC and 40% in Europe and the U.K.

              Among corporations based in Europe and the U.K., North America expansion topped the list (54%), while in Asia Pacific, the most popular region was the U.K., named by 55% of respondents, given its ongoing reputation for access to investment funds, skills, and resources.

              “Multinationals are setting up and managing a growing number of entities in both existing and new markets, and this is increasing the pressure on their in-house legal teams to rapidly deliver local market know-how and operational readiness,” says Thijs van Ingen, global market leader, CSC’s Corporate and Legal Solutions. “Yet the process of opening and managing subsidiaries in multiple jurisdictions has become highly complex as firms contend with a patchwork quilt of global regulatory structures and different legal frameworks, and supervising those operations in an effective way can be really challenging.”

              Nearly two-thirds (61%) of respondents said they faced challenges when putting new infrastructure in place quickly, while a third found it difficult to understand the local legal system. Meanwhile, 31% admitted to experiencing issues with local privacy laws and jurisdictions, and a quarter (26%) said they were not confident in their ability to verify data across jurisdictions.

              The impact on expansion elsewhere is most concerning for those surveyed when it comes to the potential consequences of inadvertent non-compliance, followed by fines, a postponed or suspended ability to trade in that jurisdiction, and reputation damage. To mitigate these risks and challenges, general counsels and legal compliance officers are investing in solutions for additional support, including technology optimization and engaging third-party organizations.

              “Partnering with an experienced global services provider with boots on the ground across multiple jurisdictions enables companies to focus on their core competencies and strategic growth plans, while resting assured that their entity management needs are being taken care of by industry experts,” van Ingen adds.

              The vast majority (87%) of respondents are using generative AI for legal operations, and 58% stated they are making a concerted effort to accelerate their digital transformation strategies. Half (49%) are outsourcing to third parties to manage their legal operations.

              A key benefit of appointing external providers is that multinationals can move towards a centralized, standard set of processes more quickly and efficiently, and remain on top of an ever-evolving global regulatory landscape. In terms of the specific services legal teams prioritize when selecting an external corporate services provider, corporate secretarial services, regulatory and compliance services, and accounting services top the list.

              Notes to editors

              1CSC, in partnership with Pure Profile, surveyed 300 general counsels and legal compliance officers in North America, Central America, South America, Asia Pacific, Europe (excluding the U.K.), and the U.K., in January 2024. Survey respondents were drawn from a range of industry sectors including communications, banking and financial services, healthcare, insurance, law, and real estate.

              Hashtag: #CSC

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

              About CSC

              CSC is the trusted partner of choice for more than 90% of the Fortune 500®, more than 90% of the 100 Best Global Brands (Interbrand®), and more than 70% of the PEI 300. We are the world’s leading provider of global business administration and compliance solutions, specialized administration services to alternative asset managers across a range of fund strategies, transactions involving capital markets participants in both public and private markets, domain name system management and digital brand and fraud protection, and corporate tax software solutions. Founded in 1899 and headquartered in Wilmington, Delaware, USA, CSC prides itself on being privately held and professionally managed for more than 125 years. CSC has office locations and capabilities in more than 140 jurisdictions across Europe, the Americas, Asia Pacific, and the Middle East. We are a global company capable of doing business wherever our clients are—and we accomplish that by employing experts in every business we serve. We are the business behind business®. Learn more at cscglobal.com.