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ASEAN Accepts Mutually Recognized Covid-19 Vaccination Certificates

Health Ministers of ASEAN countries at the 15th ASEAN Health Ministers Meeting.
Health Ministers of ASEAN countries at the 15th ASEAN Health Ministers Meeting.

ASEAN Member States have collectively recognized a COVID-19 vaccination certificate to be applied in Southeast Asia.

Thailand to Legalize Undocumented Workers from Neighboring Countries

Migrant workers waiting in line for vaccination in Thailand(Photo: Apichart Jinakul).

Thailand has said it hopes to legalize undocumented migrants to meet an increased demand for foreign labor.

Vientiane to Promote Little-known Xing Xou Island as New Tourism Site

View of Vientiane Capital from Xing Xou Island.
View of Vientiane Capital from Xing Xou Island (Photo: Cameron Darke).

Xing Xou Island has been announced as a new cultural heritage site in Vientiane Capital. 

Choco Up partners with Shoplazza to transform the financing landscape for DTC e-commerce merchants

The partnership will provide funding to e-commerce merchants and help turn local businesses into global players

SINGAPORE – Media OutReach – 23 May 2022 – Choco Up, a global technology and financial services platform offering revenue-based financing and growth solutions for digital merchants and startups, today announced its strategic partnership with Shoplazza, a global leading e-commerce Software as a Service (SaaS) platform. Together, their collaboration will provide quick and accessible business growth funding for Shoplazza’s direct-to-consumer (DTC) brands, helping businesses to overcome financing challenges commonly encountered by e-commerce merchants.

The first-ever growth funding partner of Shoplazza, Choco Up’s embedded revenue-based financing solution with a proprietary AI-driven underwriting model will offer funding through the Shoplazza platform in just a few clicks. This will enable more than 360,000 merchants to grow in gross merchandise value (GMV) through inventory purchases, marketing expenditures, and new market expansions across the globe.

E-commerce merchants often face operational and geographical challenges as they expand

A significant pain point faced by many e-commerce merchants is their heavy reliance on third-party marketplaces such as Amazon and Lazada. These platforms pocket commission fees as high as 45% per transaction, putting pressure on sellers’ razor-thin margins. As a result, many e-commerce merchants have adopted the DTC business model, which offers higher margins, more flexibility and a greater Return-On-Investment (ROI). However, this also requires business owners to invest in their website and online store, which can incur substantial costs.

Shoplazza empowers merchants by providing all the tools they need to create their online store, freeing them from third-party marketplace platforms and allowing them to grow their DTC brands globally and independently. Its integrated platform helps businesses manage their online stores, including web infrastructure, product sourcing, enterprise resource planning (ERP), customer operations, etc. On top of software-as-a-service, Shoplazza also provides merchants branding, marketing, and other e-commerce-adjacent support.

Another key challenge facing e-commerce businesses is the substantial funding gap among merchants seeking to pivot to the DTC business model to expand and scale globally. E-commerce merchants are frequently unable to secure loans from banks due to a lack of assets with profiles perceived as higher risk. They cannot turn to private equity or venture capital, which tend to prefer investing in disruptive tech sectors – leaving many digital merchants in the cold. The success rate of securing private equity funding can be as low as 0.7%.

Choco Up provides quick and easy growth funding to e-commerce merchants without requiring collateral, equity, or fixed terms. For Shoplazza’s DTC e-commerce merchants, there is no need to fill out lengthy applications or go through extensive credit checks to access growth capital. With its proprietary AI and machine learning technology, Choco Up can quickly and reliably conduct the risk assessment for merchants and is able to offer funding in as soon as 48 hours.

As opposed to traditional financing methods, Choco Up’s revenue-sharing model – the first of its kind in Asia – allows merchants to easily get growth funding and repay flexibly by sharing a small proportion of their monthly revenue during repayment. Merchants no longer need to worry about overdue payments due to unstable cash flows and are provided with the flexibility and protection against business growth and expansion risks. By extending credit to e-commerce businesses and supporting merchants in their pursuit of global ambitions, Choco Up bridges the gap between e-commerce businesses and growth capital.

“A synergistic convergence of two of Asia’s leading tech companies, this embedded financing product partnership between Choco Up and Shoplazza will revolutionize e-commerce funding at scale. Together, the two platforms will provide merchants access to quick and easy business funding to monetize growth opportunities in the dynamic e-commerce landscape and a comprehensive suite of digital-commerce-related support,” said Brian Tsang, Choco Up’s co-founder and COO. “Teaming up with Shoplazza also enables us to help yet more local businesses expand beyond borders whilst furthering our mission to increase financial inclusion for companies of all sizes and types.”

“Through this strategic partnership, Shoplazza will be able to broaden its range of e-commerce-adjacent support for merchants currently using its software and services. In addition, the funding provided by Choco Up can help many DTC merchants realize their global growth potential,” said Jesse Huang, the VP of Shoplazza.

About Choco Up

Choco Up is a global technology and financial services platform, offering revenue-based financing and business growth solutions for digital merchants and startups. With data analytics and machine learning at its core, Choco Up employs vast integrations to automate fund deployment, providing fast-growing companies with zero-equity funding in a quick and seamless manner. We currently have offices in Singapore and Hong Kong and serve businesses worldwide, providing smart-growth analytics and global payment solutions to fuel their growth.

For more information, visit:

About Shoplazza
Shoplazza is an award-winning shopping cart commerce technology company that provides differentiated value by offering technology that is easy to start, market and manage online stores of any size. The single integrated back-end platform powered by advanced data analytical capability is engineered for reliability, security and adaptivity, ensuring our merchants never miss a turn.

Shoplazza champions merchants to not only build an online store but own their brand. The North America-based Direct-to-customer (“DTC”) branding incubation team provides services covering the entire journey of buyers that helps merchants develop a direct relationship with the buyers and make their brand memorable and distinctive.

For more information, visit:

#ChocoUp #Shoplazza

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

AXA launched “WiseProtect Pro Medical Insurance Plan”

Annual benefit limit up to MOP40million and no lifetime benefit limit

Fully cover1 prescribed medical treatments with no waiting period

“Noble” benefit level provides worldwide2 medical coverage

MACAU SAR – Media OutReach – 23 May 2022 – AXA Hong Kong and Macau (AXA) today announced the launch of WiseProtect Pro Medical Insurance Plan” (“WiseProtect Pro”), which offers customers a comprehensive and quality protection with medical coverage including up to MOP40 million annual benefit limit, no lifetime benefit limit, full coverage1 for qualified medical treatments and no waiting period. In addition, the top-notch “Noble” benefit level provides worldwide medical coverage (excluding the USA)2 to address the needs of those customers who are studying abroad or on business trips.

Three notable features of the WiseProtect Pro are as follows:

1) No lifetime benefit limit; up to MOP40 million annual benefit limit

In view of the continuously rising medical costs, customers at all benefit levels of “WiseProtect Pro” will enjoy the coverages without lifetime benefit limit. The annual benefit limits of the “Regular”, “Enhance” and “Premier” benefit levels are MOP5 million, MOP25 million and MOP30 million respectively. Customers of the “Noble” benefit level will enjoy an annual benefit limit of up to MOP40 million. The coverage allows our customers to focus on addressing their health issues without worrying about exhausting the benefit limit.

2) “Noble” benefit level provides global2 medical coverage

Embracing the concept of global citizenship, the top-notch “Noble” benefit level provides worldwide2 non-emergency treatment coverage, so customers can receive quality medical protection even when they are abroad. Policyholders can also receive private nursing service provided by a qualified nurse for a maximum of 30 days per policy year during their hospitalisation. Insured persons under the age of 18 who are hospitalised for at least 5 consecutive days can receive extra financial support of up to MOP5,0003. Within 180 days of discharging from a hospital and with the recommendation from doctor, the insured customer can also receive additional rehabilitation support of up to MOP80,000 for a maximum of 90 days per policy year, covering the expenses for related treatments according to medical advice, in an accredited hospital or a licensed rehabilitation facility.

In addition, all “WiseProtect Pro” customers can enjoy worldwide emergency treatment coverage. Comprehensive protection will be available to an insured person who is unfortunately involved in an accident when travelling and in need of emergency treatment to prevent death, permanent damage or other severe consequences.

3) Up to 180 days of follow-up outpatient visits after discharged from hospitalisation for major or complex surgical procedures with no claim limit; full coverage1 for prescribed non-surgical cancer treatments

“WiseProtect Pro” provides immediate and all-inclusive protection after the policy is effective with no waiting period. It also offers full coverage1 for prescribed non-surgical cancer treatments and an unlimited number of designated follow-up outpatient claims within 180 days after discharge from hospitalisation for major or complex surgical procedures. With the new benefit covering specified reconstructive surgeries, including oral and maxillofacial procedures after an accident and breast reconstruction surgery, “WiseProtect Pro” can help its customers go through different health challenges.

Furthermore, policyholders of the “Enhance” benefit level can enjoy a daily cash benefit4 of MOP1,000 during their hospitalisation in a lower ward class in Hong Kong and Macau, while those of the “Premier” and “Noble” benefit levels can receive MOP2,000.

A series of additional supporting services to address insured persons’ medical needs at all times

In addition, a cashless service within the AXA Signature Network will be available for the policyholders of “WiseProtect Pro”, in order to save customers’ time when handling medical claims. Moreover, “WiseProtect Pro” offers a free medical consultation service for policyholders to receive a second medical opinion from doctors through face-to-face meetings. Under “WiseProtect Pro”, qualified nurses can be arranged to provide the insured with advices and timely supports throughout the entire recovery journey.

Kevin Chor, Chief Life and Health Insurance Officer, AXA Hong Kong and Macau, said, “According to statistics, the total health expenditure rose at an average annual rate of 5.6%5 in the past 30 years. In view of this, we are pleased to launch ‘WiseProtect Pro’ which enables our customers to enjoy a comprehensive protection with a higher maximum annual benefit with no lifetime benefit limit. The ‘Noble’ benefit level allows the insured to receive medical treatment globally in most countries and regions to fully address their needs anytime and anywhere. ‘WiseProtect Pro’ underscores our commitment in facing future challenges together with our customers and being their lifetime companion.”

The upgraded “WiseProtect Pro” provides multiple levels of protection. For more information about this product, please visit: https://www.axa.com.mo/en/promotions/

The above information is for reference only. For details on product features, content, terms and exclusions, please refer to the product brochure, policy provision and promotional leaflet.


1 Full coverage shall mean the actual amount of eligible expenses and other expenses charged after deducting the remaining deductible (if any), and is subject to the annual benefit limit and other conditions as stated in the product brochure and policy contract.

2 Worldwide excluding USA shall mean worldwide excluding USA. USA shall mean the United States of America and US Minor Outlying Islands.

3 One claim per policy year.

4 Maximum 10 days per confinement

5 Information from Hong Kong’s Domestic Healthcare Accounts released by the Food and Health Bureau.

About AXA Hong Kong and Macau

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 50 markets and serving 95 million customers worldwide. Our purpose is to act for human progress by protecting what matters.

As one of the most diversified insurers offering integrated solutions across Life, Health and General Insurance, our goal is to be the insurance and holistic wellness partner to the individuals, businesses and community we serve.

At the core of our service commitment is continuous product innovation and customer experience enrichment, which is achieved through actively listening to our customers and leveraging technology and digital transformation.

We embrace our responsibility to be a force for good to create shared value for our community. We are proud to be the first insurer in Hong Kong and Macau to address the importance of mental health through different products and services such as offering free mindfulness practice resources through Mind Charger which is fully accessible to our customers and the public via our holistic wellness platform AXA BetterMe.

AXA also takes part in a wide range of ESG initiatives and programmes both globally and locally. AXA Group established AXA Climate School and Net-Zero Insurance Alliance in 2021 and set out various global green targets such as reaching €26 billion in green investments by 2023 and achieving carbon neutrality by 2025. In Hong Kong, AXA pledges to reduce paper usage via digitisation and is the first insurer to join the ‘Green Monday ESG Coalition’. As of Feb 2022, AXA Hong Kong’s green investments have exceeded HKD4 billion. We strive to contribute to a sustainable future as an investor, insurer and an exemplary company.

THIS PRESS RELEASE IS AVAILABLE ON AXA’S WEBSITE:

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 – “Risk factors and risk management” of AXA’s Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA’s business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations.

#AXA

Thai AirAsia X Successfully Files for Bankruptcy

Thai AirAsia X Files for Bankruptcy

Thai AirAsia X (TAAX), a low-cost long-haul flight provider that is part of the AirAsia group, has successfully filed for bankruptcy in a Thai court.

As it strengthens its regional focus, VP Bank announces key appointments in Asia with Johnny Heng as Head of Singapore Branch and Kenneth Chan as Head of In-termediaries Hong Kong

HONG KONG SAR – Media OutReach – 23 May 2022 – VP Bank Ltd today announces several appointments within its Asia organisation. These appointments further affirm the Bank’s dedication to Strategy 2026, enhancing its competitive edge to seize opportunities in the Asia region.

VP Bank Ltd Singapore Branch
New appointments

1. Johnny Heng joins as the Head of Singapore Branch, effective 1 June 2022 (subject to regulatory approval), reporting to CEO Asia, Pamela Hsu Phua. Having worked more than 25 years in the financial services industry, he has extensive international investment and management experience spanning London, New York and Singapore. In line with Strategy 2026, Johnny will be responsible for developing and scaling the Bank’s operations and activities in Singapore. Prior to joining VP Bank, Johnny worked for Equities First Holdings, Nomura Singapore, Coutts & Co. and Credit Suisse Private Bank. Johnny also held senior investment roles in a sovereign wealth fund and a single family office, helming the investment teams through numerous market cycles like the “dot.com” bubble and the last global financial crisis. In recognition for his active community work and contributions to the non-profit sector, he was awarded the Public Service Medal by the President of Singapore in 2019. An economist by training, he also holds a Juris Doctor degree from Singapore University of Social Sciences.

2. Veronica Ong joins as Regional Lead, Marketing and Communications Asia, effective 17 May 2022, reporting to Chief of Staff Asia, Heline Lam. A marcom professional with more than 20 years of experience, Veronica is responsible for driving the Bank’s marketing and communication activities in Asia to support business growth in this region. She was previously Head of Marketing, Southeast Asia for Credit Suisse AG, and worked for organisations such as Coutts & Co Bank Ltd and the Monetary Authority of Singapore. She graduated from National University of Singapore with a Bachelor of Business Administration.

VP Wealth Management (Hong Kong) Ltd
New appointments

3. Kenneth Chan joins as the Head of Intermediaries Hong Kong, effective 1 June 2022. With over 30 years of financial services experience, he will report to Reto Marx, Head of Hong Kong, and help in the development and implementation of VP Bank’s growth strategy in the Greater China region. Prior to joining our Hong Kong office, Kenneth worked for EFG Bank AG, UBS AG, Pictet & Cie (Europe), Standard Charted Private Bank and DBS Hong Kong. He graduated from the University of Toronto with a Bachelor of Arts in Commerce & Economics and is a Financial Risk Manager (FRM).

4. Alice Chan joins as a Relationship Manager, effective 1 June 2022. With extensive experience in relationship management, she will report to Kenneth Chan. Joining from EFG Bank AG, she has previously worked for UBS AG Hong Kong, Standard Chartered Ltd, DBS Bank and ICBC.

5. Karen Ho joins as a Relationship Manager, effective 27 June 2022. With close to 20 years of banking experience, she joins from EFG Bank AG and will report to Kenneth Chan. Prior to joining EFG Bank AG, Karen held various banking positions at UBS AG, HSBC, Citibank, and AIA.

“With the Asia region as one of the main growth engines for VP Bank, we continue to emphasise on expanding and improving our investment platform and infrastructure for our clients,” highlighted Pamela Hsu Phua, CEO Asia of VP Bank.

About VP Bank Group

VP Bank Ltd was established in 1956 and, with around 1,000 employees, is one of the largest banks in Liechtenstein. VP Bank has an international presence, with offices in Vaduz, Zurich, Luxembourg, Singapore, Hong Kong and Road Town (British Virgin Islands). Its core competencies include the development of customised financial solutions for intermediaries and private persons, as well as access to private market investments via a curated ecosystem. In addition, the Group has an international fund competence centre. As of 31 December 2021, client assets under management of VP Bank Group amounted to CHF 51.3 billion. VP Bank is listed on the SIX Swiss Exchange and has an “A” rating from Standard & Poor’s.

About VP Bank Ltd Singapore Branch

VP Bank Ltd Singapore Branch is a boutique private bank with a client-centric business philosophy. With a presence in Singapore since 2008, it is the Asian branch of the Liechtenstein-based VP Bank Group.

VP Bank Ltd Singapore Branch provides specialised wealth management solutions and family office services for high-net-worth clients and professional asset managers and is dedicated to the protection and growth of clients’ wealth. The bank offers a holistic suite of services in wealth management. Apart from private wealth management, VP Bank Ltd Singapore Branch provides comprehensive services for asset managers and other financial intermediaries. The service offering comprises a trading platform, banking services – including e-banking and mobile banking – and operational support. Partnership arrangements with professionals include tailor-made investment advisory, discretionary management solutions, and custodian services.

VP Bank was awarded Best External Asset Manager Service Provider and Best Private Banking Regional Partnership at Greater China WealthBriefingAsia Awards for Excellence 2020 and Best Asia EAM Service Desk at Citywire Asia EAM Desk Awards 2020. In 2021, VP Bank was named Best Private Bank – Intermediary Services by Asian Private Banker.

#VPBank

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

Whizz Woods Integrates With Latest CAD Solution For Better Designs

SINGAPORE – Media OutReach – 23 May 2022 – Whizz Woods, a trusted computer-aided design (CAD) software reseller in Singapore, has announced its integration with ZWCAD 2022 SP2, a CAD software developed by a reliable provider of all-in-one CAx solutions, ZWSOFT. As the latest edition of its flagship 2D CAD solution, ZWCAD 2022 SP2 seeks to elevate the friendliness and speed to the next level – ultimately enhancing users’ planning and design workflows.

ZWCAD 2022 SP2 is designed to be efficient but without compromising stability. With the SP2 version, users can move the cursor smoothly across entities, so they do not experience any unexpected pauses when designing. As it is fast, it is more stable, especially when it comes to simple functions such as copying all entities, switching between layouts, and zooming in. In addition to assisting users in plotting drawings in batches, Smart Plot has been enhanced with two new functions: allowing users to efficiently set up all file names before plotting, rather than manually adjusting them one by one afterwards, as well as plotting various sizes of paper at once by enabling automatic paper size recognition for physical and virtual printers. Other functionalities include four new data types for Tables and the ArcGIS Module that enables maps to be displayed more accurately.

By integrating with ZWCAD 2022 SP2, Whizz Woods is bringing an innovative solution to the various industries utilising CAD software for CAD drawing, drafting or CAD product design while simultaneously boosting their productivity. While ZWCAD focuses on developing its core competencies, Whizz Woods provides a solution to users seeking a perpetual CAD software license in Singapore with new and improved features. Together, the two solutions streamline users’ planning and design processes with enhanced administrative functions and flexible access to upgrades – resulting in increased productivity and more informed decisions for optimum designs.

Whizz Woods is among Singapore’s leading CAD software resellers offering alternatives to AutoCAD with a non-expiring license. Individuals interested in the latest version of the ZWCAD can download it as a CAD software free trial on Whizz Woods’ website. Besides the new ZWCAD 2022 SP2, Whizz Woods supplies a vast range of other CAD software products and services, such as PINEAL 3D Robotic Vision and Robotic Vision Design Consultancy Service.

For more information on the ZWCAD price in Singapore or Whizz Woods’ excellent range of CAD solutions, do visit https://cadvisionsoft.com/.

#WhizzWoods

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