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Singapore “Wunderground” Festival to Drive Retail / Lifestyle Sector Alliances, Grow Stronger Talent, Internationalisation

Enterprise Singapore Encourages More Retailers to Develop New Experiences

SINGAPORE – Media OutReach – 30 August 2023 – The Singapore Retailers Association (SRA), which represents the republic’s retail sector, today unveiled Wunderground Festival 2023 – an immersive three-year initiative that aims to transform the retail & lifestyle sector.

Artist's impression of the upcoming Wunderground @ Emerald Hill.png
Artist’s impression of the upcoming Wunderground @ Emerald Hill

At the core, the goal is to rejuvenate the retail & lifestyle sector through urban and heartland festivals, and encourage experimentation and adoption of immersive and realistic elements to excite and attract consumers.

Wunderground 2023 will be the first edition, with two more annual editions planned in the pipeline. The first year’s effort will focus on promoting cross collaboration of brands under the umbrella of “Wunderground”; the second on creating a flagship go-to event for residents; and the third relating to the creation of opportunities for overseas brands to participate under this Festival.

Mr Ernie Koh, SRA President, said that Wunderground comes at a time when transformation in the Singapore retail sector is essential for the future. “For the retail sector to climb new heights, we need to collectively re-imagine how we will operate in the future. The Wunderground initiative reflects of the key strategies to respond to the new norms and to accelerate business transformation.”

Ms Jeannie Lim, Assistant CEO (Lifestyle & Consumer) of Enterprise Singapore (EnterpriseSG), said, “Enterprise Singapore is supportive of the Wunderground initiative by the Singapore Retailers Association. The new experiential concepts and innovations by Singapore lifestyle brands that are part of the initiative will inject more vibrancy into our retail landscape. We encourage more retailers to develop new experiences and build unique propositions that can set their brands apart.”

Catalysed by SRA’s Roadmap Vision 2025 of “Inspiring Retail Experiences”, this dynamic platform will muster collaboration among retail and lifestyle industry players.

SRA’s 2025 retail industry vision is aligned to the Retail Industry Transformation Map 2025, first announced in late 2022. Led by EnterpriseSG in partnership with key industry players, unions and other government agencies, it focuses on strengthening Singapore as a global lifestyle and retail hub, anchored with new experiential concepts and innovative products. It will centre on building a core of global Singapore brands, and uplifting the quality of job opportunities in the sector.

Touching both urban and heartland target audiences, Wunderground also aims to propel homegrown collaborations into international markets in the longer term. Similarly, it also aims to attract a new wave of local talent to the retail & lifestyle sector to support emerging experiential business models which will play a vital role in rejuvenating Singapore’s retail ecosystem.

Wunderground 2023 Highlights

Wunderground is a platform created for lifestyle brands to showcase collaborations, enable them to display fresh experiences via creative pop-up structures, and promote brands through popular social commerce personalities. In addition, organisers are working with artists, creatives, and design schools to showcase interesting visual merchandising and interactive art installations.

The key notion is that it is curated to be unlike other lifestyle festivals and aimed at creating fresh shopping experiences.

  • The Festival will run in two parts, with the intent of touching both the cosmopolitan as well as the heartland audiences. The “city” experience will run at 37 Emerald Hill from 21 September – 1 October 2023, while the “heartland” experience will be located at Tampines West from 6 October – 15 October 2023.
  • In this inaugural festival effort, there will be 25 alliances – comprising 50 enterprises – which will participate through several tiers comprising co-branded collaborations, cross promotions, limited edition collaborations, among others.

Hashtag: #SingaporeRetailersAssociation

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

KPMG Accelerates Economic Growth, Business Transformation, and Regional Collaboration in Indonesia with IDR 150 Billion Investment

  • IDR 150 billion investment over five years to accelerate momentum to promote an enabling business environment in Indonesia, further expanding its growing economy

  • Projected to create over 300 new jobs for specialised roles in business transformation such as security engineering and data science as well as sustainability and climate change


JAKARTA, INDONESIA – Media OutReach – 30 August 2023 – KPMG Siddharta Advisory (KPMG), a leading professional services firm, announced today a significant investment of IDR 150 billion (US$9.8 million) over the next five years to drive economic growth, scale business transformation, and enable regional collaboration in Indonesia. The investment will fuel comprehensive initiatives that empower Indonesian businesses to optimise operations, embrace digitalisation, and unlock new growth opportunities. The announcement was made at the opening of KPMG’s new office at Menara Astra, which also celebrated the long-standing partnership between KPMG Siddharta Advisory and KPMG in Singapore in driving regional business potential.

The decision to invest is fuelled by Indonesia’s thriving market, which presents a multitude of deal opportunities from thriving multinational corporations (MNCs), the transformation of small and medium-sized enterprises (SMEs) into larger corporates, the emergence of innovative startups, rising foreign direct investment (FDI), and strong government support.

Mr. Irwan Djaja, Chief Executive Officer of KPMG Siddharta Advisory expressed the significance of the investment, stating, “Our substantial investment of IDR 150 billion over the next five years showcases our unwavering confidence in Indonesia’s economic potential and reaffirms KPMG’s global standing. With this funding, we aim to create 300 new high-skilled positions in critical domains such as business transformation, security engineering, data science, sustainability, and climate change. Our goal is to expand our workforce and capabilities, equipping our clients with unparalleled expertise to confidently navigate complex business challenges. We sincerely thank our clients as well for their unwavering trust and support. Their partnership has allowed us to collaborate closely, fostering innovation and propelling all of us to new heights within the industry.”

To support Indonesian businesses in their expansion, mergers, and acquisitions ventures, KPMG will provide valuable knowledge, diversification strategies, and scalable approaches driven by cost-effectiveness and innovation. Key areas of focus for KPMG’s investment include cybersecurity, data solutions for business transformation and IT enablement, and regulatory technology (regtech) for compliance. Please see Annex for factsheet on KPMG Siddharta Advisory.

Mr. Ong Pang Thye, Managing Partner, KPMG in Singapore & Board Member of KPMG International, emphasised the benefits of the partnership between the two KPMG firms, stating, “The collaboration between KPMG firms in accelerating business transformation knowledge exchange, capacity building, and co-creating solutions across borders will be crucial in driving resilience in Southeast Asia. This partnership provides large foreign corporations looking to invest in sectors such as transportation, energy, or telecommunications with the opportunity to tap into KPMG’s deep-rooted local market knowledge, while also benefiting from KPMG’s regional and global capabilities. Both KPMG firms currently work closely together, with Singapore exporting expertise and solutions to Indonesia to help businesses gain holistic perspectives and efficiently solve complex issues.”

Singapore, as the largest recipient of foreign direct investment coming into ASEAN for the past decade, has been an excellent partner for Indonesia’s economic growth. In 2022, Singapore became the largest foreign direct investor in Indonesia, with investments reaching US$13.3 billion[1], a notable increase of 29 percent from the previous year.

KPMG’s investment in Indonesia will leverage its global network, extensive expertise, and successful business transformation case studies to empower Indonesian businesses of all sizes. By sharing best practices and providing strategic guidance, KPMG aims to enhance the competitiveness of organisations and enable them to effectively navigate the evolving business landscape.

Accelerating Indonesia’s Green Transition

To address the decarbonisation needs by businesses in Southeast Asia, the ASEAN Decarbonisation Hub was set up by KPMG in Singapore in March 2023. As the largest economy in Southeast Asia, Indonesia’s green transition is expected to create strong economic opportunities. Hence, Indonesia is spearheading the Asian Development Bank’s Energy Transition Mechanism (ETM), a critical enabler for phasing out coal-fired power plants and just transition to cleaner energy sources. KPMG’s ASEAN Decarbonisation Hub is extensively involved in the ETM and other similar path-finder projects in the region.

The ASEAN Decarbonisation Hub adopts a collaborative “hub-and-spoke” approach, working closely with governments and companies across ASEAN countries to enable the operationalisation of decarbonisation strategies. By prioritising energy efficiency and transitioning to renewable energy sources, businesses can significantly reduce their carbon footprint while gaining regulatory agility. The Hub also facilitates training programmes and fosters climate-focused partnerships throughout supply chains, enabling companies to collectively reduce the carbon footprint of their final products. Leveraging data and cutting-edge technology, the Hub assists companies in tracking consumption patterns, detecting emissions trends, and showcasing their progress in decarbonisation endeavours, building trust with stakeholders. The Hub facilitates project origination, structuring, financing, and implementation to support businesses on their decarbonisation journey across three primary sectors of Energy, Transport and Real Estate.

Supporting Indonesian Businesses in their Digital Transformation Journeys

Recognising the multifaceted challenges encountered by Indonesian businesses on their digital transformation journeys, KPMG is also looking for its investment to fund comprehensive support for business strategies. This includes addressing crucial areas such as ESG strategies, regulatory compliance, risk management, and fortified cybersecurity measures. Leveraging the power of KPMG Global’s proprietary data-driven solutions, KPMG will offer advanced technologies such as machine learning, natural language processing, blockchain, and AI to support businesses in navigating the complex regulatory landscape (regtech).

Through strategic alliances with major technology platforms worldwide, KPMG will also accelerate innovation responsibly and reliably, ensuring clients benefit from state-of-the-art solutions. The firm is looking to seamlessly integrate these initiatives into Indonesia to develop specialised, tailored solutions that bolster clients’ competitive advantage and drive profitability, all while upholding the highest standards of ethics and security.

[1] Data from – https://data.aseanstats.org/indicator/FDI.AMS.TOT.INF

ANNEX
KPMG Siddharta Advisory
Factsheet

KPMG Siddharta Advisory is making a substantial investment of IDR 150 billion over the next five years to accelerate economic growth, stimulate business transformation, and foster regional collaboration in Indonesia. This significant commitment will drive comprehensive initiatives designed to empower Indonesian businesses to optimise their operations, embrace digitalisation, and unlock new avenues for growth.

Building upon its state-of-the-art office, inspired by KPMG’s successful Singapore office, KPMG Siddharta Advisory aims to revolutionise the business landscape by fostering a sustainable future of work through strategic investments in technology, talent, and decarbonisation efforts.

With this investment, KPMG Siddharta Advisory is poised to be at the forefront of empowering Indonesian organisations to navigate the evolving business landscape with confidence. By leveraging cutting-edge technology, innovative strategies, and global expertise, KPMG Siddharta Advisory will help businesses harness the power of digitalisation and position themselves as leaders in their respective industries.

What’s the office move about?
KPMG’s office move is part of the firm’s ESG commitments to reduce the impact on the environment, contributing the firm-wide goal of reaching net-zero carbon emissions by 2030. Integrating technology into the office design has also created a conducive, collaborative, and a fit-for-future workplace for employees.

How the features of our new office enable our Sustainable Future of Work strategy

Future-focused workplace Technology · A Connected, Conscious, and Collaborative Workspace

· Network as a Service (NaaS): We have implemented seamless, wireless Internet in the office, allowing our staff to work at higher speeds, meet up conveniently and collaborate effectively.

· Space Booking System: This integrated web and mobile application allows us to optimise the usage of our office spaces efficiently. This innovative technology enables convenient and easy access to office facilities such as desks and meeting rooms through app-enabled applications.

· Technology-Enabled Meeting Rooms: Our meeting rooms are equipped with cutting-edge technology, including acoustic doors and soundproofing. These features ensure a conducive and distraction-free environment for productive discussions and presentations.

Green initiatives · Certified Green Mark Platinum building: Our new office at Menara Astra has been given the prestigious Green Mark Platinum certification by Singapore’s Building and Construction Authority. This recognition highlights our commitment to environmental sustainability, as the rating system acknowledges projects that adopt enhanced strategies and measures for sustainable living.

· Introducing sustainable practices: The new building provides us with three times more space than our current office. To conserve water and energy usage, this new building will also be equipped with energy-efficient and water-saving measures, such as a rainwater harvesting system and a greywater recycling system. By the end of 2023, the new office will also incorporate smart lighting systems, maximising the use of natural lighting and minimising unnecessary energy consumption.

· Circularity Practices: We are dedicated to instilling circularity practices within our firm. As part of this commitment, approximately 60 percent of the old workstations from our previous office will be repurposed and used in the new space. Additionally, recycling bins will be strategically placed throughout the premises, encouraging employees to actively participate in waste management and recycling initiatives.


KPMG’s Strategic Investments in Technology, Talent and Decarbonisation

Pillar Exhibit Key messages
Technology Advanced Attack simulation and AI-enabled monitoring At KPMG Siddharta Advisory, we combine our deep industry knowledge with cutting-edge technologies such as artificial intelligence (AI) to deliver robust cyber defense solutions, safeguarding sensitive information and mitigating impacts on your company’s digital infrastructure. Our goal is to protect digital systems by ensuring the security and integrity of your organisation’s digital infrastructure.

Our team of consultants includes C-suite level expertise across various industries. This depth of knowledge is crucial in helping businesses shape their digital programs and ensure their robustness. With our experienced professionals, you can trust that your digital transformation efforts will be guided by industry leaders who understand the unique challenges and opportunities within your sector. Through the knowledge transfer with other KPMG member firms including Singapore, this allows us to adapt our solutions to the complexities of different markets by tapping on the best minds across the firm.

Talent Talent of the Future At KPMG Siddharta Advisory, we believe that talent is the cornerstone of success. That’s why we are committed to attracting and nurturing the best minds in Indonesia. Here’s how we are investing in talent to support your transformation journey:

· Creating Job Opportunities: We are proud to announce the creation of more than 300 new jobs in Indonesia. This significant expansion builds upon our current headcount of about 400, which has quadrupled over the past eight years. These new positions will be focused on recruiting security engineers, data scientists, and other talents required for digital transformation and Environmental, Social, and Governance (ESG) initiatives.

· Strategic Partnerships for Technical Expertise: Through our partnerships with renowned tech companies such as Microsoft and ServiceNow, we ensure that our staff receives the necessary technical expertise to excel in their roles. We offer training opportunities in critical areas such as cyber risk management, threat intelligence, and operational efficiency. By equipping our team with advanced skills, we can provide you with the highest level of expertise and support.

· Global Network Collaboration: As part of the KPMG global network, we have access to a broader network consisting of 143 member firms. This extensive collaboration allows us to tap into global knowledge and skills, developing the best solutions for our clients in Indonesia. With this vast network, we bring a global perspective to address local challenges and drive meaningful results.

· Investing in Our People: Our investments in our people are centered around five pillars:

  • Learn for a lifetime: We provide continuous learning opportunities to ensure our professionals stay at the forefront of industry trends and developments.
  • Thrive with us: We foster a supportive and inclusive culture that enables our employees to thrive both personally and professionally.
  • Do work that matters: Our team is passionate about making a difference and delivering impactful solutions that drive your success.
  • Come as you are: We embrace diversity and believe that everyone’s unique perspectives contribute to our collective strength.
  • Make your mark: We encourage our employees to take ownership of their careers and make their mark in the industry.
Decarbonisation ASEAN Decarbonisation Hub KPMG is committed to driving sustainability and supporting Indonesian firms on their Environmental, Social, and Governance (ESG) journey. As part of our global ESG strategy, we have established the ASEAN Decarbonisation Hub, led by KPMG in Singapore. Here’s how this initiative contributes to Indonesia’s sustainable future:

· Scope and Focus: The ASEAN Decarbonisation Hub focuses on three key areas: energy transition, energy efficiency, and transition finance. By addressing these critical aspects, we aim to support Indonesian firms in their efforts to reduce carbon emissions and transition to cleaner energy sources.

· Partnerships and Capabilities: The Hub serves as a node of sustainability capability and partnerships across ASEAN. Through collaboration with industry partners and leveraging our expertise, we can develop innovative solutions that drive decarbonisation and support the country’s goal of phasing out coal-fired power plants.

Hashtag: #KPMG

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

About KPMG International

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. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

“Thailand Privilege Card” Marks 20th Anniversary with Grand Revamp: Unveils New Brand Logo, Membership Packages, and Exclusive Luxury Lifestyle Perks.

Revealing a Robust Strategy to Capture the Premium Foreign Long-Term Residency Market in Thailand, Projected to Generate Revenue Exceeding Ten Billion Baht

Highlights:

  • Thailand Privilege Card has continued to grow consistently over the course of 20 years, generating revenue into the country exceeding 50 billion Thai Baht, with a membership base of over 31,500 members.
  • The company has embarked on an aggressive strategy, focusing on brand modernization by creating a fresh identity through a new logo, a new uniform, and new card formats for all 4 packages. This is aimed at targeting high-end tourists.
  • The company is establishing new selling points that emphasize elevating privileges beyond boundaries under the concept “More Choices More Freedom.” Additionally, they are expanding across primary, secondary, and potential new markets.
  • The company is cultivating sustainable growth through the creation of an ecosystem in collaboration with partners across various tourism industries. This is set to elevate member services in all aspects and meet customer needs across dimensions.

BANGKOK, THAILAND – Media OutReach – 30 August 2023 – Thailand Privilege Card Co., Ltd. (TPC), the operator of the Thailand Elite Card Project overseen by the Tourism Authority of Thailand (TAT), has undergone a rebranding with the vision of establishing itself as a global leader in offering premium privileges to prominent individuals seeking long-term residency in Thailand. The previous eight membership card options have been phased out, making way for the new “Thailand Privilege Card” product, which is now available in four distinct packages. Crafted upon the bedrock of the “Freedom of Choices” philosophy, these packages embrace amplified privileges customized to a variety of global lifestyles. With a deliberate emphasis on pivotal markets, namely China, Japan, the United States, the United Kingdom, Russia, and European Union nations, with an ambitious projection of contributing over ten billion Baht into the nation.

Thailand Privilege Card - Newswire 3.JPG

Reflecting on the operational accomplishments of the Thailand Privilege Card in 2023 and its current performance, Mr. Manatase Annawat, President of Thailand Privilege Card Co., Ltd., stated, “The Thailand Privilege Card has reached an impressive 20-year milestone, and we take great pride in this achievement. The company has continuously developed services and introduced products to cater to the evolving needs of international residents seeking long-term residency in Thailand. We are the sole global Residency Campaign that offers Visa Privileges alongside Airport Services and Lifestyle Privileges, resulting in an accumulated income of over 50 billion baht over our 20-year journey, with a membership that exceeds 31,500 members. In the year 2023 alone, we achieved approximately 7,500 billion baht, witnessing a growth of more than 11,500 members, representing a remarkable 210% increase from the revenue of 2022.”

To celebrate the 20th anniversary of Thailand Privilege Card Co., Ltd., a significant rebranding and enhancement of benefits has been introduced. This transformation marks the shift from the ‘Thailand Elite Card’ to the ‘Thailand Privilege Card,’ extending a warm welcome and ensuring utmost satisfaction and convenience for international residents aspiring to establish long-term residency in Thailand. This revamped offering includes comprehensive benefits of airport privileges, enriched travel experiences, leisure, accomodations, activities, business investment opportunities, and more. This multifaceted rebranding effort involves key changes, such as contemporary logo design and new staff uniforms. Guided by the company’s brand DNA, ‘GRACE,’ the company aims to elevate Thai product and service quality, generate revenue for the nation’s economy, and reinforce the image of a global organizational leader.

Thailand Privilege Card - Newswire 2.JPG

“The company targets four main segments: Frequent International Visitors/ Affluent/Investors, Workcation/Digital Nomads, Expats in Thailand, and Retirees. The company will strategically penetrate markets in various potential countries, encompassing key markets such as China, Japan, the United States, the United Kingdom, Russia, South Korea, and European Union countries. Additionally, the company will explore and expand its presence in emerging markets with potential, such as India and countries within the GCC region, including Saudi Arabia,” Mr. Manatase added.

The new benefits of the Thailand Privilege Card, following the concept of ‘More Choices More Freedom,’ each membership category will accrue Privilege Points, enabling the redemption of exclusive privileges and extraordinary experiences. The membership cards are categorized into four packages:

RESERVE: The membership fee is 5 million baht, with a membership duration of 20 years or more. This option is designed for individuals seeking long-term entry and exit to Thailand. Membership can be renewed every 5 years, and members can earn 120 accumulated points annually for redeeming top-tier privileges, including accommodations, travel conveniences, investments, health and wellbeing, and more. The RESERVE membership is exclusively available through invitation and is limited to 100 individuals per year.

DIAMOND: The membership fee is 2.5 million baht, with a membership duration of 15 years and exclusive privileges throughout the stay in Thailand. Members earn 55 accumulated points annually to redeem additional privileges.

PLATINUM: The membership fee is 1.5 million baht, with a membership duration of 10 years. Members accumulate 35 points annually to redeem additional privileges.

GOLD: The membership fee is 900,000 baht, with a membership duration of 5 years. This option is curated for individuals seeking short-term entry and exit to Thailand. Members can accumulate 20 points annually to redeem additional privileges.

‘More Choices More Freedom’ introduces exclusive privileges to all cardholders’ preferred lifestyle, delivering premium services throughout their stay in Thailand.

Thailand Privilege Card - Newswire 1.JPG

These privileges encompass premium airport assistance services, exclusive lounge access at the airport on both arrival and departure, limousine transfers, and personal liaison services available in four languages: English, Korean, Mandarin, and Japanese, with the potential for additional languages in the future.

Thailand Privilege Card Co., Ltd. is pressing forward through collaborations with diverse sectors within the tourism industry, aiming to enhance comprehensive service to members. The key is to generate revenue for businesses that align with diverse lifestyles nationwide, including:

  1. Stay: Exclusive privileges for exceptional stays in world-class luxury hotels, including benefits i.e. “Stay 1 night get 1 more night,” and room upgrade opportunities
  2. Travel: Special travel privileges in partnership with leading airlines, featuring personal assistants and welcoming staff at airports, dedicated airport transfers, airport lounge access, as well as perks like private drivers, private yachts, private jets, and private car rentals.
  3. Leisure: A range of benefits from partnering establishments such as restaurants, entertainment venues, shopping outlets, and sports activities. These benefits encompass discounts, VIP lounges, personal shopping assistance, priority viewing at prominent shopping centers, co-working spaces, and even a “buy-one-get-one-free” movie ticket offer.
  4. Well-Being: provides exclusive privileges in health and wellness. This includes health check-ups at prominent hospitals, spa services, access to fitness center facilities, and top-tier wellness centers.
  5. Wealth: Investment-related privileges, including the Wisdom Card (subject to terms), financial and investment advisory services, training seminars, and exclusive packages for health and life insurance.

For those intrigued by the Thailand Privilege Card, further information is available on the official website at www.thailandelite.com. For partners interested in collaborating with the company, please contact the Vendor Relations Department at 02-3534145 or email vendor_relations@thailandelite.com. For those interested in becoming agents and expanding their business worldwide, please reach out to the Sales Representative Management Department at 02-353-4120 or via email at salesgroup@thailandelite.com.

PressReleaseTMPhPMFRQ.jpg

Hashtag: #ThailandPrivilegeCard #FreedomofChoices #ThailandPrivilegeVisa

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

Ministry of Home Affairs Unveils New Uniforms for Village Chiefs and Deputy Chiefs

Ministry of Home Affairs Unveils New Uniforms for Village Governors and Deputy Governors
The village governors new uniforms for both male and female officers (photo: The Ministry of Home Affairs)

In a recent government notice, the Ministry of Home Affairs has introduced new uniforms for village chiefs and deputy village Chiefs, catering to both male and female officials.

Financing secured to complete Taiwan’s 640 MW Yunlin offshore wind farm project

  • Extended financing agreement secured
  • Amended installation schedule on track

HAMBURG, GERMANY – EQS Newswire – 30 August 2023 – Skyborn Renewables (Skyborn), and its partners in Yunneng Wind Power Co., Ltd., TotalEnergies, Electricity Generating Public Company Ltd. (EGCO) and Sojitz Corporation (Sojitz), have successfully secured an extended financing agreement to complete the construction of the 640 MW Yunlin offshore wind farm project in Taiwan.

Caption

“This is a major milestone for the Yunlin project and the offshore wind industry in Taiwan. It demonstrates our commitment to Taiwan’s clean energy transition and underlines our project management capability” said Thomas Karst, CEO of Skyborn. Commenting on the progress of the project, Karst added, “Thanks to the good cooperation of all stakeholders and the tenacity and dedication of the project team, the 2023 installation campaign is well on track and preparations for the 2024 installation campaign are almost completed.”

The Yunlin offshore wind farm project is a key priority for Skyborn and its partners. Electricity from the project is provided to Taipower under two 20-year power purchase agreements. Once completed, the 640 MW project will be one of the largest offshore wind farms in Taiwan, producing enough clean energy to serve the energy needs of more than 600,000 Taiwanese households.

The Yunlin offshore wind farm project is located in the Taiwan Strait, between 8 and 17 kilometers off the west coast of Taiwan, in water depths ranging from 7 to 35 meters. The 82 km² project area consists of 80 wind turbine generators whose generated electricity is fed into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County.

Partners of Yunneng Wind Power Co., Ltd.

Skyborn Renewables

Skyborn Renewables (Skyborn) is an accomplished offshore wind developer and operator with more than 20 years’ experience, headquartered in Germany. Our capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), a leading infrastructure investor headquartered in New York, USA.

TotalEnergies

TotalEnergies is a global multi-energy company, active in more than 130 countries, that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in electricity and renewables. At the end of June 2023, TotalEnergies’ gross renewable electricity generation installed capacity was 19 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world’s top 5 producers of electricity from wind and solar energy.

The Electricity Generating Public Company Ltd. (EGCO)

EGCO Group, the first Independent Power Producer in Thailand, is focused on clean and socially responsible power businesses in Asia and North America. The Company’s facilities generate electricity using a variety of fuel sources and the Company has established an internal target to achieve carbon neutrality within its businesses by 2040.

Sojitz Corp. (Sojitz)

Sojitz Corporation is a major investment and trading firm in Japan conducting its wide-ranging operations in approximately 50 countries around the world through approximately 440 consolidated subsidiaries and affiliated companies located in Japan and overseas. Sojitz was formed out the union of Nichimen and Nissho Iwai Corp. both with long world-wide investment histories of more than 160 years, Sojitz is a publicly listed company on the Tokyo Stock Exchange.

This press release and press photos are available at
www.skybornrenewables.com/newsroom/financing_secured_to_complete_Yunlin_offshore_wind_farm_project

Hashtag: #SkybornRenewables

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

About Skyborn Renewables

Skyborn Renewables is driving global decarbonization by accelerating offshore wind energy across the world. We believe offshore wind is a cornerstone of the clean energy transition and an enabler for achieving net-zero targets, ensuring energy security and developing a sustainable energy supply for future generations. Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience. Our capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management.

For more information, visit

Laos Labor Shortage Plagues Local Industries, Hurts Foreign Investment Drive

Lao workers at the Frist Lao-Thai Friendship Bridge. ( Photo: Jason Rolan).

Lao workers are leaving the country in large volumes, searching for employment opportunities abroad amid the skyrocketing cost of living. But in a delicate balancing act, the government of Laos is also trying to attract foreign investment in a bid to increase domestic production.

Chartered Institute of Housing Asian Pacific Branch Presents Annual Convention Themed “Intelligent Building: Integrating Technology & ESG for Wellness”

To Nurture Property Management Talent and Create Liveable Cities

HONG KONG SAR – Media OutReach – 30 August 2023 – The Chartered Institute of Housing Asian Pacific Branch (CIHAPB) will hold its annual convention on 31 August 2023 during the 3rd International Property Management and Procurement Expo. The Expo, staged from 30 August to 1 September 2023 at the Hong Kong Convention and Exhibition Centre, provides an exceptional platform for the latest property management services and products while fostering new business partnerships for property professionals and industry players in Hong Kong, mainland China and across Asia.

Mr. Romulus Wong, Chairman of the CIHAPB (Chartered Institute of Housing Asian Pacific Branch), and Mr. Edmond Cheung, Deputy Chairman of the CIHAPB, have been invited to participate in a radio interview
Mr. Romulus Wong, Chairman of the CIHAPB (Chartered Institute of Housing Asian Pacific Branch), and Mr. Edmond Cheung, Deputy Chairman of the CIHAPB, have been invited to participate in a radio interview

As one of the key supporting organisations of the Expo, the CIHAPB seizes the opportunity to gather its members and guests to share current trends and views in housing and property management with a particular focus on wellness and environmental to promote a healthier liveable city for all.

In the run-up to these two significant events on the profession’s calendar, Mr Romulus Wong, Chairman of the CIHAPB, and Mr Edmond Cheung, Deputy Chairman of the CIHAPB, appeared on Metro Radio’s “Smart People Smart City” program to discuss property management trends and introduce the diverse content of the CIHAPB convention. Highlighting the importance of the Expo, Mr Wong said: “The International Property Management and Procurement Expo has grown exponentially over the years, gathering together a wealth of industry professionals to showcase various technologies, facilities and systems related to property management. It provides an important forum for property management professionals to share knowledge, exchange ideas and improve work efficiency within the industry.”

Mr Cheung addressed the challenges encountered by the property management industry in Hong Kong during the Covid-19 pandemic. He explained that while the pandemic had aggravated a manpower shortage within the profession, it also raised public expectations for service quality, particularly in the areas of hygiene and epidemic prevention. This has changed the face of Hong Kong property management, which is now seeing an increase in the use of technology such as robotics, sensors and contactless equipment to improve efficiency and reduce reliance on human resources.

Mr Cheung further furnished a preview of the annual convention. In line with the industry’s people-oriented approach, and reflecting its ambition to serve the public and adapt to the times, this year’s theme is ‘Intelligent Building: Integrating Technology & ESG for Wellness’. The aim is to strengthen understanding within the profession of modern housing design and management trends that prioritise a healthy environment and satisfy residents’ daily needs.

Distinguished guests have been invited to speak on a range of topics at the convention. These include Mr Alan SIU, Chief Executive Officer, Property Management Services Authority; Dr WU Yicheng, Vice Chairman (Mainland China Affairs) and Chair, Mainland China Affairs Committee of the CIHAPB; and Mr Dennis CHAN, Partner and GBA (Greater Bay Area) Lawyer, Gallant, as well as Mr Norman CHENG, Chairman, Hong Kong Waste Management Association.

Summarising the work of the CIHAPB for listeners, Mr Wong said: “As a professional organisation in the field of property management, the Chartered Institute of Housing Asian Pacific Branch has a long history and is committed to nurturing talent in property management. In addition to collaborating with universities to offer relevant professional courses to prepare a new generation of property managers, we also regularly organise seminars, visits and exchange programs to enhance the professional competence of our members.”

Chartered Institute of Housing Asian Pacific Branch Annual Convention 2023

Date: 31 Aug 2023
Time: 1:45pm – 5:30pm
Venue:Hall 3C-E, Hong Kong Convention and Exhibition Centre (HKCEC), 1 Expo Drive, Wan Chai, Hong Kong
Topic: Intelligent Building: Integrating Technology & ESG for Wellness
Speakers:

Harnessing PropTech for Sustainable Future
Mr Alan SIU
Chief Executive Officer
Property Management Services Authority

Green and Healthy Operation Under Sustainable Development of Property Management Industries
Dr WU Yicheng
Vice Chairman (Mainland China Affairs) and Chair, Mainland China Affairs Committee
Chartered Institute of Housing Asian Pacific Branch

Pitfalls in Personal Data Handling for Building Practitioners
Mr Dennis CHAN
Partner & GBA Lawyer
Gallant

Turning Waste into Resources
Mr Norman CHENG
Chairman
Hong Kong Waste Management Association

Hashtag: #CIHAPB

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

Prudential Plc Half Year 2023 Results: Delivering A Strong Performance And Strategic Update

HONG KONG SAR – Media OutReach – 30 August 2023 – Prudential plc (“Prudential”; HKEX: 2378; LSE: PRU) today announced its financial results for the six months ended 30 June 2023 along with a strategic update.

Performance highlights on a constant (and actual) exchange rate basis1

  • New business profit2 up 39 per cent (36 per cent) to $1,489 million, with 17 of our life markets delivering growth3, 16 of which by double digits. Excluding the effect of interest rate and other economic movements, new business profit was up 52 per cent (48 per cent)
  • APE sales4 up 42 per cent (37 per cent) to $3,027 million
  • Adjusted operating profit5 up 6 per cent (4 per cent) to $1,462 million
  • Operating free surplus generated from in-force insurance and asset management business6 down (2) per cent ((4) per cent) to $1,438 million
  • EEV operating profit7 up 22 per cent (19 per cent) to $2,155 million. EEV shareholders equity is $43.7 billion, equivalent to 1,588 cents per share
  • GWS shareholder capital surplus over GPCR of $15.5 billion8, equivalent to a cover ratio of 295 per cent8 (31 December 2022: 307 per cent)
  • Adjusted IFRS equity9 of $36.4 billion, up 4 per cent10 from 31 December 2022, equivalent to 1,324 cents per share. Annualised Contractual Service Margin11 growth of 8 per cent.
  • First interim dividend of 6.26 cents per share, up 9 per cent10 with guidance for 2023 and 2024 of expected annual growth between 7-9 per cent

Strategic update

Alongside interim results, CEO Anil Wadhwani announced a new purpose and strategy following the completion of his strategic and operational review.

Prudential’s new purpose statement – For Every Life, For Every Future – reflects its mission to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.

Prudential’s new strategy will build a sustainable growth platform, through targeted investment in structural growth markets across Asia and Africa by:

  • Enhancing customer experiences to drive higher acquisition and loyalty for lifetime value creation;
  • Technology-powered distribution with a focus on agency and bancassurance productivity and activation;
  • Unlocking the health opportunity by disciplined implementation of best practices across all our markets;
  • More consistent execution across each of our markets, driven through changes in our organisational model and technology platform; and
  • Prioritising value creation, focusing on the generation of free surplus that can be used to invest in new business at attractive returns, core capabilities and strategic opportunities, as well as return capital to shareholders via dividends.

We believe our new strategy will accelerate value creation for all our stakeholders through operational and financial discipline, with two key financial objectives:

  • Growing New Business Profit at 15-20 per cent compound annual growth between 2022 and 202712;
  • Achieving double-digit compound annual growth in operating free surplus generated from in-force insurance and asset management business between 2022 and 202712.

Summary financials Half year

2023 $m

Half year

2022 $m

Change on

AER basis1

Change on

CER basis1

New business profit2 1,489 1,098 36% 39%
Operating free surplus generated13 1,024 1,224 (16)% (15)%
Operating free surplus generated from in-force insurance and
asset management business6
1,438 1,503 (4)% (2)%
Adjusted operating profit5 1,462 1,411 4% 6%
IFRS profit (loss) after tax 947 (1,505) n/a n/a
30 Jun 2023 31 Dec 2022
Total Per share Total Per share
EEV shareholders’ equity $43.7bn 1,588¢ $42.2bn 1,534¢
IFRS shareholders’ equity $17.2bn 623¢ $16.7bn 608¢
Adjusted IFRS shareholders’ equity9 $36.4bn 1,324¢ $35.2bn 1,280¢

Commenting on his first Interim results and strategic update, CEO Anil Wadhwani, said: “The interim results demonstrate the power of our multi-engine, multi-channel business model across Asia and Africa. The business performed strongly in the first half of 2023, with new business profit up 39 per cent14. (up 52 per cent14 on an ex-economics basis – i.e. excluding the effect of interest rates). APE sales were up 42 per cent14 to $3,027 million and this sales momentum continues into the current third quarter.

“Our agency channel has rebounded strongly in all segments as Covid restrictions ended, reporting 89 per cent14 growth in new business profit on an ex-economics basis. The bancassurance channel maintained margins (on an ex-economics basis) despite lower sales in Singapore, Vietnam and the Chinese Mainland.

“13 of 22 life markets3 recorded positive Health & Protection new business profit growth. We continue to see increased agency adoption of digital tools. In 2022 agents using PRULeads, our activity and leads management engine, were 30 per cent more productive15.

“Prudential has a great franchise with 175 years of history, top three positions16 in 12 of our 14 Asia life markets and 4 of our 8 Africa life markets, scale in both agency and bancassurance, and more importantly the trust of our 18 million customers. We also have in-house investment capabilities with Eastspring managing over $220 billion of assets.

“We have today announced that we will do things differently in the way we run Prudential. With a clear strategy, operational and capital allocation priorities, we are focused on delivering sustainable value for all our stakeholders: employees, customers, shareholders and our communities.

“We are excited to write the next chapter of growth at Prudential.”

Market overview and outlook

In the first half of 2023, in Hong Kong, both domestic and Chinese Mainland Visitor segments performed particularly well. APE sales from the Domestic segment grew 68 per cent and the Chinese Mainland Visitor segment has seen a significant increase in sales following the opening of the border with the mainland in February 2023. Prudential increased market share across segments and achieved the number one position in both the offshore business and in the agency channel17. Demand for savings products across the Hong Kong business continues to be strong with volumes reflecting increased savings case sizes compared to 2019. Product mix in terms of new policy count has started to normalise. Customer experience improvements in digital onboarding and underwriting and enhanced multi-currency options have improved both health and protection and savings offerings. In Macau, the recruitment of agents has commenced, following the opening of the branch. The new licence completes Prudential’s footprint in all 11 cities in the Greater Bay Area, which has a population of over 85 million18.

In the Chinese Mainland, the company’s focus in the first half of 2023 was taking decisive steps to drive a more balanced product mix. At the start of the second quarter we actively withdrew certain guaranteed savings product from both agency and bancassurance channels. As a consequence, both agency and bancassurance channels reduced the proportion of short-term pay non-participating products sold in favour of higher quality and higher margin annuity and longer premium payment term products, particularly affecting volumes in the bancassurance channel in the second quarter. Agency still performed very strongly with APE sales up 25 per cent14 and productivity18 up 53 per cent. Overall, new business profit was marginally down by (3) percentage points14 on an ex-economics basis. Margins for both agency and bancassurance improved, and in aggregate rose by 7 percentage points, on an ex-economics basis. In Taiwan, APE sales grew by 28 per cent14 and new business profit increased with good performances from both existing and new bank partners. Participating products and tailored customer segmentation led to the business significantly outperforming the market.

Our businesses in ASEAN reflect our leading positions and the strength of our diversified multi-channel distribution franchise in this region.

  • Malaysia grew APE sales by 12 per cent14 and new business profit by 11 per cent14 and had a leading net promoter score in both conventional and Takaful business.
  • Indonesia APE sales grew 42 per cent14 and new business profit grew 22 per cent14 – with agency APE up particularly strongly at 51 per cent14 and with new business profit per active agent in the period up 77 per cent. Customer medical benefits were upgraded contributing to margins reducing by 6 percentage points.
  • The Philippines delivered 13 per cent14 growth in new APE sales, with strong growth in active agents and new business profit. In Q1 2023, it was the number one player by sales in the market19.
  • Singapore showed a resilient performance with APE sales down (3) per cent14 and new business profit down (20) per cent14 as we maintained market positioning, despite challenging operating conditions.
  • In Vietnam, industry sales fell 31 per cent largely due to weakness in the bancassurance channel20. We outperformed the market, reporting APE sales down (18) per cent14, with agency APE sales up 34 per cent14. New business profit was down overall.

In India, there was continued strong momentum and high quality growth: new business profit was up in the first half, reflecting APE sales growth of 15 per cent14 and an improvement of margin. Agency APE Sales grew 29 per cent14, with over 17,000 new agent recruits and over 100 new distribution partners secured.

In Africa, we delivered a strong performance with new business profit up reflecting broad based growth across all channels and all eight African markets recorded double digit13 APE sales growth. Overall Africa saw 31 per cent14 APE sales growth and an 18 per cent increase in the number of active agents since the equivalent period in the prior year. It had over 220 members qualifying for ‘million dollar round table’ status in 2022.

At Eastspring, funds under management increased to $228 billion, reflecting net inflows of $3.3 billion (excluding money market funds and net redemptions from funds managed on behalf of M&G plc) and positive market movements. Operating profits were up 14 per cent14 to $146 million.

Consumers in Asia remain resilient despite the challenging environment. While the outlook for Asian markets is mixed, our momentum in the first half has continued into the third quarter. This underscores the strength of our multi-market growth engine backed by our diversified channel mix, which is key to driving sustainable value in the long term.

Notes
1 Further information on actual and constant exchange rate bases is set out in note A1 of the IFRS financial statement. All results are presented in US dollars.

2 New business profit, on a post-tax basis, on business sold in the period, calculated in accordance with EEV Principles. See the basis of preparation to the EEV basis results for further explanation.

3 Of our 14 Asia life markets and 8 Africa life markets

4 APE sales is a measure of new business activity that comprises the aggregate of annualised regular premiums and one-tenth of single premiums on new business written during the year for all insurance products, including premiums for contracts designated as investment contracts under IFRS. It is not representative of premium income recorded in the IFRS financial statements. See note II of the Additional financial information for further explanation.

5 ‘Adjusted IFRS operating profit’ refers to adjusted IFRS operating profit based on longer-term investment returns from continuing operations and is stated after excluding the effect of short-term fluctuations in investment returns against long-term assumptions and other corporate transactions. This alternative performance measure is reconciled to IFRS profit for the period of $947 million (2022: $(1,505)million) in note B1.1 of the IFRS financial results.

6 Operating free surplus generated from in-force insurance business represents amounts emerging from the in-force business during the year before deducting amounts reinvested in writing new business and excludes non-operating items. For asset management businesses, it equates to post-tax operating profit for the year. Restructuring costs are presented separately from the business unit amount. Further information is set out in ‘movement in Group free surplus’ of the EEV basis results.

7 EEV operating profit is based on longer-term investment returns and is stated after excluding the effect of short-term fluctuations in investment returns and other corporate transactions, and excludes the effect of changes in economic assumptions and the mark-to-market value movement on core borrowings.

8 Estimated GWS capital position reflects eligible Group capital resources in excess of the Group prescribed capital requirements (GPCR) attributable to the shareholder business, before allowing for the 2023 first cash interim dividend. Further detail on the estimated GWS capital position, including the basis of preparation, is included in note I(i) of the Additional financial information.

9 IFRS shareholders equity plus contractual service margin net of reinsurance and related tax adjustments. See note C3.1 in the IFRS financial results for further information.

10 On an actual exchange rate basis.

11 Net of reinsurance.

12 The objectives assume exchange rates at December 2022 and economic assumptions made by Prudential in calculating the EEV basis supplementary information for the year ended 31 December 2022, and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the existing EEV and Free Surplus methodology at December 2022 will be applicable over the period.

13 Operating free surplus generated from insurance and asset management operations after investment in new business but before restructuring costs. Definition and further information is set out in ‘Movement in Group free surplus’ of the EEV basis results.

14 On a constant exchange rate basis.

15 Measured by cases per agent

16 As reported at full year 2022 unless specified. Sources include formal (e.g. competitors results release, local regulators and insurance association) and informal (industry exchange) market share. Ranking based on new business (APE sales, weighted full year premium or full year premium depending on availability of data) or total weighted revenue premiums, except for Hong Kong based on in-force premiums. Ranking for FY2020 for Cameroon.

17 Source: HKMA Q1 2023 market statistics.

18 Source: The Guangdong-Hong Kong-Macao Greater Bay Area Development Office.

19 Q1-2023 based on Weighted First Year Premium, Philippines Insurance Commission.

20 H1 2023 Vietnam Actuarial Network.

Hashtag: #PrudentialPlc

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

About Prudential plc

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.

Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.