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German President Steinmeier visits Infineon site in Kulim, Malaysia; New exhaust air purification system will significantly improve Infineon’s positive climate footprint

MUNICH, GERMANY & KULIM, MALAYSIA – Media OutReach – 16 February 2023 – German President Frank-Walter Steinmeier visited Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) in Kulim, Malaysia, as part of his trip to Asia. The visit focused on Infineon’s contribution to enabling the global energy transition with energy-saving semiconductor solutions, as well as by investing in solutions that further reduce the CO2 footprint in its chip manufacturing.

Frank-Walter Steinmeier Federal President of Republic of Germany signs on wafer
Frank-Walter Steinmeier Federal President of Republic of Germany signs on wafer

Infineon is currently building a new plant for two billion euros that will focus on so-called compound semiconductors. These semiconductors are based on new materials like silicon carbide and gallium nitrite that enable further energy-efficiency increases. Energy-saving semiconductor solutions play a central role in the energy transition. Among other things, these solutions are used in wind turbines, solar power systems, e-vehicles and charging infrastructures. Kulim 3 will be ready for equipment in summer 2024 and will create 900 high value jobs. Infineon confirmed that construction work is on schedule.

During Steinmeier’s visit, Ng Kok Tiong, Senior Vice President and Managing Director of Infineon Technologies Kulim presented its investment in expanding the exhaust air purification system at the Kulim site. Avoiding CO2 emissions is a clear priority for Infineon in implementing its climate strategy. Modern exhaust-air purification systems offer the greatest leverage in this regard. The upgrade in Kulim is expected to result in an approximately eight percent reduction of global direct site-related emissions (Scope 1) by the end of the 2023 fiscal year, compared to the previous year. A planned new exhaust-air purification system in Austin, USA, will lead to further savings.

The company has also set the goal of operating 100 percent of its plants in Malaysia with green electricity in the future and is in close exchange with local suppliers and the government to this end. The initiative will help further improve Infineon’s positive climate contribution. Today, the company’s energy-efficient solutions help save 33 times the amount of CO2 emitted during their production.

“Infineon is fully aligned with the trends of decarbonization and digitalization,” said C.S. Chua, President and Managing Director of Infineon Asia Pacific. “The growing demand for renewable energy, e-vehicles as well as energy-efficient applications will lead to a strong increase in the demand for power semiconductors. Our investments in Kulim and beyond are laying the foundation for being able to serve this growing need as well.”

Hashtag: #InfineonTechnologiesAG

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

About Infineon

Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The company has around 56,200 employees worldwide and generated revenue of about €14.2 billion in the 2022 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).

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This press release is available online at

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Indonesia Welcomes Timor-Leste into ASEAN

Indonesia Welcomes Timor-Leste into ASEAN With Plans To Strengthen Economic Ties.
President Joko “Jokowi“ Widodo (right) greets Timor-Leste Prime Minister Taur Matan Ruak (left) on a state visit. ( Photo : The Jakarta Post/Kompas.com )

President Joko “Jokowi” Widodo of Indonesia welcomed Timor-Leste as a member of ASEAN to enhance greater cooperation between the neighboring countries this week.

Bartra Wealth Advisors responds to the closure of the Ireland Immigrant Investor Programme (IIP)

Bartra Wealth Advisors, the leading IIP fundraiser in Asia, recorded almost 230 IIP applications and repaid nearly €100 million to IIP investors in 2022

HONG KONG SAR – Media OutReach – 16 February 2023 – On Tuesday 14 February, the Irish government announced the closure of the Immigrant Investor Programme (IIP), which was first introduced in 2012. The Programme has approved investment totaling more than €1 billion, which has benefitted Ireland and many enterprises, both economic and social, including community and sporting organisations.

The Minister of Justice said the decision to close the scheme had taken into account studies by international bodies such as the European Commission, which last year called on EU governments to end national programmes to sell citizenship to investors, which it has long considered a security risk.

Bartra Wealth Advisors, the immigration arm of Ireland’s most successful real estate developer Bartra Group which specialises in providing independent Irish immigration investment advisory services on investment in Ireland’s much-needed, purpose-built social housing and nursing home IIP projects, reported receiving over 100 phone calls following the announcement from clients in China, Hong Kong SAR, Taiwan, Vietnam, Korea and the USA, asking about their applications and the impact of the IIP’s closure.

“The closure of the Programme will not affect existing projects that have been approved by the Government. For these, we can continue to source the investors required to complete funding and we will continue to be monitored by the Department of Justice in relation to the delivery of the projects and for compliance purposes,” said Daniel Hinds, COO of Bartra Wealth Advisors. “Investors who have already been approved by the Irish Naturalisation and Immigration Service (INIS) will not be affected by the closure of the Programme, and all future visa renewals will be granted as long as the requirements are fulfilled.”

James Hartshorn, CEO and Co-Founder of the company said: “Since last year, we have been advising our clients who were considering the IIP but had not yet made up their minds to take action and be proactive as policy changes could happen at any time. Ireland in particular offers a great quality of life and a strong economy, as well as world-class healthcare and educational systems making it an easy place for foreigners to immigrate to.”

“Since we established our business in China in 2016, we have been aggressively expanding our global footprint and offering IIP opportunities to more families looking for better education for their children as well as greater access to the EU and UK. As well as China, we have received approvals of applications for American, Vietnamese, Indian and Korean clients.

“Bartra’s IIP business is a win-win business. It brings capital from all over the world to fund much-needed local infrastructure, which was and remains undersupplied, and to support government initiatives such as the Housing for All policy. For Bartra, building new homes is a key part of our business. As well as providing much-needed housing, our construction programme helps to create jobs and training opportunities, regenerate neighbourhoods and support communities across Ireland. We plan to deliver at least 3,000 new homes between now and 2030, with our primary focus on the continued delivery of sustainable social housing.

“Bartra is also developing portfolios of nursing homes and care units to support this in-demand sector in Ireland. To ensure the success of the developments, we are one of few groups that integrate development, operation and management into our IIP projects.

“For our investors, their investment with us is very safe. Last year alone, we made repayments of nearly €100 million to about 100 IIP investors who had invested in our social housing and nursing home projects. Many of their repayments have also been reinvested in other development projects in Ireland and a large number of our clients are now living or plan to live in Ireland with their children who are or will be studying in Irish schools. We believe a diversified community with talent from around the world will only further strengthen Ireland’s future economic and social growth.”

Bartra Wealth Advisors also has been supporting Irish nationwide charities, sporting clubs and hospitals with significant investments into these sectors under the IIP Endowment option.

Organisations with IIP-approved projects are welcome to contact Bartra Wealth Advisors to leverage its global client base for raising funds.

Visit our website for interviews with some of our investors about their IIP investment journeys and their lives in Ireland.

Hashtag: #BartraWealthAdvisors #Immigration

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

Bartra Wealth Advisors

Bartra Wealth Advisors (Bartra) is a subsidiary of Ireland’s most successful real estate developer Bartra Group, specialising in providing independent Irish immigration investment advisory services. With well-established business, extensive Irish immigration experience, expertise in the investment field, professional landing teams and strong business network support, Bartra Group has successfully carried out a significant number of social housing and nursing home IIP (Immigrant Investor Programme) projects and has helped hundreds of families successfully immigrate to Ireland.

Bartra Wealth Advisors prides itself on delivering streamlined, in-group, end-to-end services. Its unique business model supports clients throughout their investment and immigration journey, from immigration advisory and government backed IIP projects through to exit executions. It maintains a 100% application approval rate, a 100% renewal rate and a 100% repayment rate. For details, please visit to the company website .

Bartra Insights

For more insights about Ireland, visit Bartra Wealth Advisors’ blog:

KPMG China expects border reopening provides opportunity to turn around the Government’s deficit

KPMG China recommends measures to enhance Hong Kong’s competitiveness by attracting talent and foreign investment

HONG KONG SAR – Media OutReach – 16 February 2023 – KPMG China estimates Hong Kong’s deficit for the fiscal year would be doubled the original deficit estimate, however, as the borders reopen and anti-epidemic measures are relaxed, the situation would turn around. Despite the third deficit in four years, Hong Kong’s fiscal reserves remain healthy and can be used to assist local people and enterprises, while supporting ongoing targeted measures to maintain Hong Kong’s competitiveness in medium to long term.

KPMG China forecasts the Hong Kong SAR Government will record a HKD 120.9 billion deficit for the fiscal year 2022/23, compared to the Government’s original estimate of a HKD 56.3 billion deficit, driven by less than expected land related revenue and stamp duty revenue. KPMG China estimates the city’s fiscal reserve to stand at HKD 836.2 billion by the end of March 2023.

John Timpany, Partner, Head of Tax in Hong Kong, KPMG China, says: “The opening of the borders and the relaxation of anti-epidemic measures provide an opportunity for an economic turnaround. Short-term fiscal deficit due to relief measures to support citizens and businesses is acceptable. KPMG China believes that the Government should make the timely and right use of fiscal reserves to stimulate the economy, prepare for the turnaround, and maintain Hong Kong’s competitiveness.”

KPMG China suggests immediate measures such as the distribution of consumption vouchers worth HKD 5,000 to Hong Kong permanent residents and new arrivals, with a portion of vouchers designated to certain targeted sectors such as catering and entertainment. KPMG China also proposes that Hong Kong permanent residents aged 70 or above receive HKD 5,000 cash through the Old Age Allowance. With the launch of the global promotional campaign “Hello Hong Kong”, KPMG China recommends that the Government provide monthly work allowance of HK$3,000 to newly employed tourism workers during 2023/24 over a three-month period, at the same time extend the Tourism Industry Additional Support Scheme by providing each eligible licensed travel agent with a one-off cash subsidy.

In the short-to-medium term, KPMG China recommends the Government introduce new allowances to encourage stay-at-home parents to return to the workforce and revisit the tax bands and lower the progressive rates to attract talent to Hong Kong. In order to build the territory into a world class smart city, KPMG China suggests the Government refine the current tax incentives for research and development (R&D) expenditure, as well as take the lead in digitalizing its work flow and service delivery in order to leverage the ongoing technological advancement for Government’s operations.

Alice Leung, Tax Partner, KPMG China, says: “In order to attract talent and support business growth, the Government could introduce a tax concession where share-based remuneration offered by strategic enterprises to its Hong Kong employees would be exempt from Salaries Tax. Apart from this, the Government could provide immigration incentive by shortening the number of years required to obtain a Hong Kong permanent residency from 7 years to 4 years for successful applicants / employees under Quality Migrant Admission Scheme, Top Talent Pass Scheme and certain tax incentives to make it more attractive and comprehensive.”

Possible long-term measures from the Government include enhancing sustainable economic growth and Hong Kong’s competitiveness by attracting more foreign investment. When it comes to attracting businesses, including attracting companies to establish regional headquarters in Hong Kong, the Government should adopt 50% of the normal tax rate (i.e. 8.25%) for profits derived from regional headquarters in Hong Kong. KPMG China also suggests to enhance the tax system by providing clarity on the definition of non-taxable capital gains from the disposal of shares and other equity interests and relaxing the existing stringent conditions for tax deduction of interest expenses.

Stanley Ho, Tax Partner, KPMG China, says: “The Government should create a senior body to deal with tax policy issues, one that is responsible for enhancing Hong Kong’s overall tax competitiveness as well as formulating the tax policies and measures for specific industrial sectors in Hong Kong. Moreover, they must expand and optimize the treaty network to cover other principal trading partners’ jurisdictions and attract foreign investors to set up companies in Hong Kong, which in turn would promote economic development, enhancing Hong Kong’s competitiveness in the long run.”

As part of the Greater Bay Area (GBA) collaboration, KPMG China believes that the Government should extend the R&D tax deduction to cover R&D activities carried out in the GBA and provide accelerated tax depreciation allowance for fixed assets for set-ups in the Northern Metropolis.

Hashtag: #KPMGChina

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

About KPMG China

KPMG China has offices located in 31 cities with over 15,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.

LWU and UNFPA Discuss Coordinated, Quality Response to Violence Against Women

LWU and UNFPA Discuss Coordinated, Quality Response to Violence Against Women
Mme. Thamma Phetvixay, Vice President of Lao Women's Union gives her speech

Lao Women’s Union (LWU), in collaboration with United Nations Population Fund (UNFPA), held a National Consultation in Vientiane Capital, which brought together key government, international organizations, and civil society organizations to provide input to the Draft ASEAN Guidelines for Developing National Standard Operating Procedures (SOPs) for a Coordinated Response to Violence against Women.

Almost 1.3 Million Tourists Visited Laos in 2022

Visitors in Luang Prabang. (Phot: Nith TheBox)

Laos recorded close to 1.3 million tourists visiting the country between January and December last year.

The Ministry of Information, Culture and Tourism reported that 1,294,338 people visited Laos in 2022.

Most international visitors were from Thailand, Vietnam, China, South Korea, and the United States.

The number of tourists increased after the country reopened its borders with the number of international tourists rising from 36,006 in May to 175,419 people in June, according to the report.

The country welcomed 731,754 visitors from Thailand, 359,721 from Vietnam, 45,573 from China, 26,008 from South Korea, and 18,447 from the US.

Laos has set a goal of attracting 1.4 million international tourists in 2023 with revenue from the tourism sector estimated to reach USD 340 million.

With the Lao Thiao Lao domestic tourism campaign continuing in 2023, the government of Laos hopes to continue attracting domestic tourists as well as visitors from abroad.

Last month, Laos was listed by Traveller, an Australian online publication, as one of the 25 hottest destinations in 2023.

Club Travel announces partnership with Agoda. Upgraded platform to offer flight and accommodation options at over a thousand popular destinations

Launching travel offers and discounts on all-round travel essentials

HONG KONG SAR – Media OutReach – 16 February 2023 – Club Travel, an affiliate of HKT that provides comprehensive travel products and services, announced a partnership with digital travel platform Agoda to upgrade its existing online travel platform, enriching its travel product options. The new Club Travel Flight and Accommodation Booking Platform (Club Travel Booking Platform) 1 offers more than 2 million hotels, resorts, villas and guesthouses at over a thousand popular destinations worldwide, as well as bookings for more than 200 full-service and low-cost carriers. In addition, customers can also enjoy offers and discounts through Club Travel’s designated business partners for all-round travel essentials such as travel insurance and data roaming services, removing customers’ friction on their journeys as they acquire all the travel-related essentials. Furthermore, Club Travel Booking Platform can now offer The Club members to earn Clubpoints upon materialisation and completion of journeys booked via Club Travel Booking Platform, as well as redeem flights and accommodations with Clubpoints 2 for a seamless, enhanced travel experience. 2

(From left to right) Ms Monita Leung, CEO of HKT Digital Ventures, Ms Jess Ho, Associate Director, Strategic Partnerships of Agoda, Ms Terri Yang, VP, Loyalty and Strategic Business Development, HKT Digital Ventures announce a partnership between Club Travel and Agoda.
(From left to right) Ms Monita Leung, CEO of HKT Digital Ventures, Ms Jess Ho, Associate Director, Strategic Partnerships of Agoda, Ms Terri Yang, VP, Loyalty and Strategic Business Development, HKT Digital Ventures announce a partnership between Club Travel and Agoda.

“Through this partnership with Agoda, the renowned digital travel platform, we can enrich our travel product offerings and meet the strong rebound in travel demands. Alongside our product offerings, including travel insurance, data roaming, and Citi The Club Credit Card, our customers can enjoy a hassle-free booking experience for their trips. We will continue to explore partnership with various industries to further enhance our e-commerce ecosystem and offer an extraordinary and personalised experience to our Club members,” said Monita Leung, CEO of HKT Digital Ventures.

Damien Pfirsch, Agoda’s Chief Commercial Officer, added “As travel returns, we are excited to use our technology know-how and extensive accommodation partner network to create solutions and collaborate with Club Travel to accelerate their own loyalty and growth goals. Through this partnership, Club Travel customers will be able to easily search and book great value deals directly via the Club Travel platform, making return to travel even more hassle free.”

10% discount on worldwide accommodations

Celebrating the new Club Travel Booking Platform which is powered by Agoda, we are offering a 10% discount 3 on selected accommodation bookings made via Club Travel Booking Platform from now to 31 May 2023 using the promo code “CLUBHOTEL10”. 3

Earn up to 3% spending rebate in Clubpoints on all flights and hotels 4

The Club members can use Clubpoints2 to redeem flights and stays via Club Travel and travel accessories via The Club’s shopping and rewards portal. 2 Upon completion of journeys booked via Club Travel online platform, customers can earn Clubpoints which can be used for their next trip or to redeem various merchandise such as Airport Express tickets, luggage and more. In addition, Citi The Club Credit Card cardholders will enjoy up to a total of 3% spending rebate in Clubpoints. 4

All-rounded travel essential – Go Travel SIM

From now to 31 December 2023, with bookings on Club Travel, you can also purchase a “Go Travel SIM” paid by Tap & Go5 to enjoy 7-day travel data6 at HK$78 only7 via the designated website (clubsim.com.hk/en/go/gotravelsim/) using a designated promo code to enjoy an instant discount of HK$10. Stay connected with Go Travel SIM in 15 destinations: mainland China, Macau, Australia, Cambodia, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Vietnam, Taiwan and Thailand.

Comprehensive travel insurance for a hassle-free holiday

Also, enjoy 50% discount8 on iTravel Plus (Single Trip)9 (promotion brought to the customer directly by HKTIA) from now to 31 March 2023 upon successful purchase of eligible products on the Club Travel Booking Platform.

Visit the brand-new Club Travel Booking Platform to enjoy an enhanced travel booking experience and fabulous rewards: trip.clubtravel.com.hk.

Notes:
1. Club Travel Flight and Accommodation Booking Platform (Club Travel Booking Platform) is available at trip.clubtravel.com.hk.
2. Usage of Clubpoints in The Club Shopping and Rewards platform is subject to terms and conditions. For details, please visit https://shop.theclub.com.hk/terms-and-conditions? store=en_US. Clubpoints usage in The Club Travel Services Limited (“Club Travel”) (Travel Agent Licence Number: 350873) is subject to “Club Travel Earn and Use Clubpoints Service” terms and conditions, please visit www.clubtravel.com.hk/en/pages/81751ED106CA2364/Club%20Travel%20Earn%20and%20Use%20Clubpoints
%20Service%20Terms%20and%20Conditions. In the event of dispute, decisions made by The Club and Club Travel shall be final and binding.
3. Promotion is subject to the relevant terms and conditions. The offer is applicable to net room rate
only (excluding payments for taxes, services fees, levies and/or other similar fees or charges). For promotion terms and conditions, promotion period and details, please visit www.clubtravel.com.hk/en/pages/D7C0426E50F82135/Club%20Travel- GOversea%20Welcome%20Offers%20Hotel%20Bookings%20Terms%20and%20Conditions%20Terms.
4. Upon materialisation and completion of eligible journeys booked via Club Travel Booking Platform at trip.clubtravel.com.hk, 2%* basic “Clubpoints Rebate” is earned based on “net value”, definition of which and relevant terms and conditions can be found in “Club Travel Earn and Use Clubpoints Service” Terms and Conditions referred to in Note 2.
The Citi The Club Credit Card 1%* spending rebate in Clubpoints is subject to Terms and Conditions, it will be credited to the corresponding The Club membership account of the Principal Cardholder. For details, please visit https://www.citibank.com.hk/english/credit-cards/pdf/citi-the-club/terms-and-conditions.pdf. Citi The Club Credit Card is issued by Citibank (Hong Kong) Limited (“Citibank”). Please see Citibank’s website or contact Citibank via CitiMobile®App, Messaging Service or call CitiPhone at 2860 0333 for more details or enquiries on credit card information. The Club loyalty programme is subject to Terms and Conditions available at https://www.theclub.com.hk/en/terms-and-conditions.html. Please contact The Club’s CS Hotline 183 3000 for enquiries relating to The Club. These promotions do not constitute any invitation or inducement to make a deposit with Club HKT Limited or any other person.
*The percentages of rebates of Clubpoints are calculated based on Clubpoint conversion ratio when using “Spend Less with Clubpoint” function on Club Travel or The Club Shopping and Rewards portal (as the case may be) (currently 5 Clubpoints to HK$1), which is subject to changes from time to time without prior notice.
To borrow or not to borrow? Borrow only if you can repay!
5. Tap & Go is operated by HKT Payment Limited (Stored Value Facilities Licence Number:SVF0002), a stored value facility operator designated by the HKSAR Government under the Consumption Voucher Scheme and subject to its relevant terms and conditions. HKT Payment accepts no liability for the quality of or any other matters relating to goods, products and/or services provided by CSL Mobile Limited (“csl”), The Club, Club Travel,
The Club shopping and rewards portal and HKT Care. For any enquiries about Tap & Go, please visit www.tapngo.com.hk or call Tap & Go Service Hotline at 2888 0000.
6. Go Travel SIM Card seven-day 4G travel data is applicable to 15 destinations: mainland China, Macau, Australia, Cambodia, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Vietnam, Taiwan and Thailand. When the 4G travel data usage reaches 500MB daily, the data speed will be adjusted to no higher than 256kbps. 4G travel data is valid for 365 days. When the 365-day validity period expires, any unused data balance will be forfeited and you will not be compensated in any way. Go Travel SIM card and SIM card service are provided by csl. HKT Payment Limited accepts no liability for the quality of or any other matters relating to goods, products and/or services provided by csl.
7. Promotion is subject to the relevant terms and conditions: tapngo.com.hk/eng/pdf/TapGo_GoTravelSIM_TnC.pdf. The quota for the discount code is 8,000 and available on a first-come-first-served basis while stocks last.
8. Promotion is subject to the relevant terms and conditions For details, please
visit https://www.theclub.com.hk/en/clubtravel/iTravel-Plus-Single-Trip-T-N-C.html. The promotion is arranged and brought to you directly by HKT Care/ HKT Financial Services (IA) Limited (“HKTIA”) and MSIG Insurance (Hong Kong) Limited (“MSIG”). Club HKT Limited, HKT Payment Limited, Club Travel and all other entities of the HKT Group (other than HKT Care/HKTIA) are not arranging for any contract of insurance or carrying on any regulated activities (as defined under the Insurance Ordinance) in connection with iTravel Plus Single Trip” (the “Plan”) or this promotion, are not the supplier of the Plan, any insurance related services or this promotion. These promotional materials are not an insurance policy or a contract of insurance. Customers should not apply for the relevant insurance product(s) solely on the basis of any promotional offer(s) or material(s).
9. iTravel Plus (Single Trip) (“this Plan”) is underwritten and provided by MSIG and are distributed and arranged by HKT Care/ HKTIA. HKT Care (operated by HKTIA) acts as an appointed licensed insurance agency (Insurance Agency Licence No.: FA2474). Terms and Conditions apply. For full terms and conditions, coverage details, risk disclosures and exclusions, please refer to the policy documents of this Plan or call HKT Care Customer Service Hotline 8209 0098 for more details.

Issued by HKT Limited.
HKT Limited is a company incorporated in the Cayman Islands with limited liability.

Hashtag: #HKT #ClubTravel

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

About HKT

HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city’s true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses; whereas our comprehensive mobile communication and smart living offerings enrich people’s lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.

For more information, please visit
LinkedIn:

About The Club

The Club, an HKT Digital Ventures arm, is an integrated loyalty and digital commerce online platform. Its services include e-commerce, travel, insurance and charitable contributions. The Club members can earn Clubpoints on their spending at The Club, designated HKT services and merchant partners to redeem rewards and privileges. For more information about The Club, please visit or call The Club’s hotline on +852 183 3000.

About Club Travel

The Club Travel Services Limited (“Club Travel”) is a licensed travel agent (licence number 350873) and a member of HKT Group. We offer instant access and booking confirmation for over 2 million stays and worldwide flights on our Club Travel Flight and Accommodations Booking Platform powered by Agoda. Our team of Travel Advisors also offer curated and personalised Club Travel experiences including thematic travel packages, overseas sports hospitality itineraries, cruises, study tours and other premier travel products for a comprehensive customer experience. For more information about Club Travel, please visit .

Singapore achieves its highest fintech funding in three years, even as global fintech investment takes a hit due to economic conditions, lower valuations and turbulence in the crypto space: KPMG Pulse of Fintech H2’22

  • Singapore fintech investments bucked global trend, up 22 percent to US$4.1 billion in 2022, from US$3.4 billion the previous year. Top three investment areas in Singapore were Crypto/Blockchain, Payments and Wealthtech.
  • Global fintech market attracts U$164.1 billion across 6,006 deals in 2022 – a strong showing despite falling from the high of US$238.9 billion seen in 2021. Top three fintech investment areas globally are Payments, Crypto/Blockchain and Regtech.
  • Investors have turned to investing in non-crypto blockchain innovations after the Terra (Luna) crash and bankruptcies of Three-Arrows and FTX


SINGAPORE – Media OutReach – 16 February 2023 – Overall fintech investments in Singapore saw a year-on-year rise, hitting a three-year-high of US$4.1 billion across 250 deals in mergers & acquisitions (M&A), private equity (PE), and venture capital (VC) in 2022, according to the KPMG Pulse of Fintech H2’22. 2022’s total deal value here saw a 22 percent increase, up from US$3.4 billion in 2021, and a 75 percent increase from 2020’s total deal value of US$2.3 billion. The 2022 figure is also the second highest fintech investment achieved by Singapore in the past decade, after investments peaked at US$5.62 billion in 2019 just before Covid-19.

Singapore’s 2022 positive showing comes against the backdrop of falling global fintech investment. After reaching a record US$238.9 billion across 7,321 deals in 2021, total global fintech investment across M&A, PE, and VC dropped to US$164.1 billion across 6,006 deals in 2022. While results were substantially lower compared to 2021’s peak highs for the world, 2022 was not a poor year as a whole. In fact, it was the third best year for global fintech investment and the second strongest year for global deal volume in the past decade.

Globally, the top three areas for fintech investment in 2022 were Payments, followed by Crypto/Blockchain and finally RegTech. In Singapore, these top three areas of fintech investment were Crypto/Blockchain, followed by Payments and finally WealthTech.

Regionally, the Americas remained the dominant force of fintech investment globally, accounting for US$68.6 billion in investment in 2022; the US accounted for US$61.6 billion of this total. The Asia-Pacific region reached a marginal new high of US$50.5 billion during 2022, while the EMEA region attracted US$44.9 billion. While the payments space attracted the largest share of fintech funding in 2022 (US$53.1 billion), Regtech was the hottest sector of the year, with investment rising from US$11.8 billion in 2021 to US$18.6 billion in 2022.

“2022 was a tale of two fintech markets. The variance between the first half of the year and the second highlights the rapid shift in investor sentiment amidst a combination of challenges—high inflation and rising interest rates, the lack of IPO exits, the downward pressure on valuations, and, of course, the turbulence in the crypto space,” said Anton Ruddenklau, Global Head of Financial Services Innovation and Fintech, KPMG International. “But the news wasn’t all negative. Regtech, in particular, saw incredible investment in 2022, while seed-stage deals received excellent attention from investors after years of late-stage deals getting priority.”

KEY TRENDS

  1. Investors shift to non-crypto blockchain-based solutions
    Global investments in crypto and blockchain fell to US$23.1 billion in 2022 from US$30 billion in 2021. The decline was particularly noticeable in the second half of the year as investor sentiment related to the consumer crypto space and crypto exchanges plummeted following the Terra (Luna) crash in late H1’22 and the bankruptcy of crypto hedge company Three Arrows Capital in July. In Singapore, cryptocurrency and blockchain funding in Singapore also declined 21 percent from US$1.5 billion in 2021 to US$1.2 billion in 2022.

    Given the FTX bankruptcy in November, it is likely that investment in crypto-focused firms will remain very slow into H1’23 as many investors work to review and significantly enhance their due diligence and governance processes related to investments in the crypto space. There could also be a shift in investment to jurisdictions with stronger regulatory frameworks for crypto activities.

    With consumer crypto offerings losing their lustre, investors have started to turn their attention to broader blockchain-based solutions and value propositions. This includes investing in blockchain-based technologies that underpin solutions to real-world problems, such as conducting real-time payment settlement pre-validation, streamlining cross-border payments and tokenising assets.

    One trend seen in 2022 that is expected to grow heading into 2023 is the shift of investors from blockchain companies focused on the retail market to startups focused on providing solutions for the SME market. One area increasingly attracting attention is the provision of SME-focused decentralised finance (DeFi) solutions, including solutions focused on SME loan financing or trade financing.
  1. Payments remains a hot space in the fintech market
    Globally, payments remain the strongest area of fintech investment in 2022, with US$53.1 billion in investment compared to US$57.1 billion in 2021. In Singapore, funding for payments rose 57 percent from US$628.4 million in 2021 to US$984.8 million in 2022.

    A popular source of alternate financing, Buy Now Pay Later (BNPL), continues to drive interest despite valuation and regulatory challenges faced by firms. With inflation high and interest rates rising, BNPL companies will likely continue to have their margins challenged. Despite the challenges faced by some standalone BNPL firms, there continued to be momentum in the space, particularly on the part of corporates looking to embed or create their own BNPL offerings.

    Interest in embedded payments also continued to grow during 2022, spanning a wide variety of sectors — from retail and e-commerce to gaming and ride-hailing. Corporates showed particular interest in the space, likely as a means to extend their customer value.

  1. Cost of compliance remains key driver of regtech interest
    The regtech space was a bright light of fintech investment in 2022, attracting a new high of US$18.6 billion in investment — well above the previous record of US$12.1 billion seen in 2021.

    The ever-increasing cost of compliance is a major challenge for financial services companies everywhere in the world, with multinational companies particularly challenged to manage their compliance across multiple jurisdictions. With no end in sight to regulatory change both globally and in individual jurisdictions, it’s not surprising that regtech investment climbed for the fourth year in a row during 2022 as investors and corporates embraced regtechs able to provide simpler, cost-efficient and sustainable solutions for managing compliance requirements.

    The growth of digital banking, digital payments and crypto in different jurisdictions over the last few years has driven significant investment in regtech aimed at ensuring that such transactions are accurate, transparent, reliable and compliant. Recently, investors have shown very strong interest in companies able to provide multi-dimensional services. For example, in 2022, US-based Cross River Bank raised $620 million in PE funding to grow its fintech-focused compliance offerings, aimed at enabling a broad range of financial services activities, including payments, marketplace lending, banking-as-a-service platforms, capital-markets, and other digital banking activities.

    That said, Singapore may have some way to go to attract fintech investments in this space. Locally, there was a 5 percent decline in Regtech deal value to US63.30 million in 2022, from $66.63 million in 2021.

  1. Expanding access to a broader base of investors
    The wealthtech sector globally attracted over $1.2 billion in total investment during 2022 — a very strong year, despite the decline from 2021’s investment peak of $2 billion. Singapore also experienced a wealthtech sector rally attracting US$500 million in fintech investments in 2022, up from US$29.60 million in 2021. H2’22 saw the two largest wealthtech deals of the year, including the $323 million acquisition of UK-based Pollen Street Capital and the $300 million raise by Singapore-based crypto firm Amber.

    This comes as a growing number of wealthtechs have, over the past year, focused on developing solutions able to give a broader base of investors unique access to asset classes that have typically only been used by institutional or high net worth investors – such platforms are able to cost-effectively facilitate fractional investments which traditionally had a high minimum investment.

    Recognising that investors today have a wealth of information at their fingertips, both traditional wealth management firms and wealthtechs have been grappling with ways to enhance the value they provide to their clients and to build deeper relationships to help with retention. This has led to increasing interest and investment in solutions intended to improve the wealth management experience.

GLOBAL HIGHLIGHTS

The sharp drop-off in fintech investment between H1’22 and H2’22—from US$119.2 billion to US$44.9 billion—highlights the rapidly shifting market conditions much more clearly. H1’22 saw numerous US$1 billlion+ deals, including eight M&A—including the US$27.9 billion acquisition of Australia-based Afterpay by Block, two VC raises—Germany-based Trade Republic and UK-based Checkout.com, and one PE deal—US-based Genesis Digital Assets.

H2’22 by comparison saw just three M&A deals over US$1 billion—all in the US, including the US$8.4 billion buyout of Avalara, the US$1.7 billion buyout of Billtrust, and the US$1.6 billion buyout of Computer Services Inc. The largest VC raise of H2’22 was an US$800 million raise by Sweden-based Klarna—in what was a significant rounding down (A). The largest PE deal was a US$250 million raise by US-based Avant.

  1. US drives fintech investment in Americas; region sees record Seed stage investment
    Fintech investment in the Americas was US$68.6 billion in 2022, with the US accounting for the vast majority of this total (US$61.6 billion). By comparison, Brazil attracted US$1.8 billion and Canada attracted US$1.3 billion in fintech investment. While total investment declined year-over-year in the Americas, angel & seed-stage deals attracted a record US$4.5 billion—up from US$3.4 billion in 2021. Angel & seed-stage deals also saw the median deal size rise from US$2.4 million to US$3 million year-over-year. The Americas also saw its second strongest year of CVC-participating investment in 2022, with US$18.2 billion of investment; the US accounted for US$14.9 billion of this total.

  1. Fintech investment in Asia-Pacific rises to record US$50.5 billion in 2022
    Fintech investment in the Asia-Pacific region climbed to a slight new record high in 2021, rising from US$50.2 billion in 2021 to US$50.5 billion in 2022. The US$27.9 billion acquisition of Australia-based buy now, pay later company Afterpay by Block in H1’22 accounted for over half of this total. The impact of the one megadeal was particularly noticeable when looking at H1’22 and H2’22 results separately—with fintech investment in H2’22 just US$5.8 billion, compared to the US$44.6 billion seen in H1’22.

    As a result of the Afterpay acquisition, Australia led fintech investment in the Asia-Pacific region—with US$30.2 billion of investment. Despite a decline from 2021’s US$7.9 billion, investment in India remained robust at US$6 billion. Singapore saw fintech investment rise from US$3.4 billion to US$4.1 billion year-over-year. Fintech investment in China remained very weak in 2022 at just US$770 million.

  1. EMEA sees large decline in fintech funding year-over-year
    Fintech investment in the EMEA region dropped from US$79 billion across 2,379 deals in 2021 to US$44.9 billion across 1,977 deals in 2022. Investment in H1’22 was far more robust than H2’22, accounting for US$32.8 billion in investment compared to US$12.1 billion. The lack of US$1 billion+ fintech deals in H2’22 accounted for much larger drop-offs—with the largest deal in H1’22 the US$3.9 billion buyout of Italy-based SIA, compared to the US$840 million buyout of UK-based Nucleus Financial Group in H2’22.

  1. Fintech investment likely to remain subdued heading into H1’23
    With no end in sight to the macroeconomic challenges plaguing the public markets and the IPO window expected to remain closed well into the first half of 2023, fintech investment globally is expected to remain quite subdued, even compared to H2’22. While M&A activity could begin to pick up, deal sizes will likely be much smaller as investors wait for valuations of late-stage companies to settle. Regtech will likely remain one of the most resilient sections of fintech investment, in addition to B2B solutions within all fintech verticals. While investment in crypto is expected to be particularly weak in H1’23 as investors reconsider their due diligence processes and regulators consider tightening crypto regulations, the broader area of blockchain-based solutions—including institutional use cases, cross-border payments, gaming, and NFTs— will likely gain additional attention from investors.

    Despite any short-term softness in the global fintech market, the long-term outlook for fintech investment remains quite positive given the ongoing transformation of financial services occurring in many different jurisdictions and the growing focus globally on embedding financial services offerings into other sectors.”

With interest rates still rising, valuations are going to remain quite tricky for some time. This will likely keep a lot of the biggest potential M&A transactions on the shelf as investors wait to see if prices come down even further,” said Anton Ruddenklau, Global Head of Financial Services Innovation and Fintech, KPMG International. “That said, M&A activity will likely increase for smaller size deals as corporates and larger fintechs look to buy fintech capabilities at good value.”
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