Home Blog Page 2249

Lao, North Korean Leaders Hold Historic Talks in State Visit to Pyongyang

Lao President Thongloun Sisoulith paid an official state visit to the Democratic People’s Republic of Korea (DPRK) this week, holding talks with North Korean leader Kim Jong Un. (Photo: Pathetlao)

Lao President Thongloun Sisoulith paid an official state visit to the Democratic People’s Republic of Korea (DPRK) this week, holding talks with North Korean leader Kim Jong Un in a move that reaffirmed decades of diplomatic ties and marked several historic anniversaries.

The visit, which took place on 7-8 October, came at the invitation of President Kim and was timed to coincide with the 80th anniversary of the founding of the Workers’ Party of Korea (WPK).

President Thongloun’s arrival in Pyongyang was met with a grand welcome ceremony, complete with a 21-gun salute and an inspection of the guard of honour. 

Over 1,000 people, including Party members, officials, armed forces personnel, and local citizens, gathered at the Pyongyang City Sports Stadium Meeting Hall to greet the Lao delegation.

Talks to Deepen Bilateral Ties

Immediately following the ceremony, the two leaders held bilateral talks at the Workers’ Party of Korea Central Committee headquarters, where they reaffirmed their commitment to deepening the relationship between the Lao People’s Revolutionary Party and the Workers’ Party of Korea.

President Kim Jong Un described the Lao leader’s visit as a “profoundly historic milestone” and voiced confidence that the trip would elevate traditional relations between the two nations. He also extended his best wishes for Laos’ preparations for the 12th National Congress of the Lao People’s Revolutionary Party in 2026.

President Thongloun expressed gratitude for the warm hospitality shown by the Korean leadership and people. He extended congratulations to the DPRK on the WPK’s 80th anniversary and thanked North Korea for its historical support during Laos’ revolutionary struggle and ongoing national development.

Both sides agreed to strengthen cooperation in areas such as education, cultural exchange, and Party-building efforts, while maintaining regular exchanges at various leadership levels. The leaders also held frank discussions on regional and international issues of mutual concern, in a gesture underscoring their ideological and diplomatic alignment.

Timed with Key Diplomatic Anniversaries

The visit not only celebrated the WPK’s founding but also marked the 60th anniversary of the first meeting between Lao revolutionary leader Kaysone Phomvihane and DPRK founder Kim Il Sung. Additionally, this year commemorates the 50th anniversary of the establishment of formal diplomatic ties between Laos and North Korea in 1974.

President Kim later hosted a state banquet in honour of President Thongloun and the Lao delegation. The group also visited important landmarks around Pyongyang, further strengthening mutual understanding and cultural ties.

International Spotlight on DPRK

Thongloun’s visit came amid heightened international attention on North Korea, as Pyongyang prepares for what is widely expected to be a large-scale military parade on 10 October . South Korean military sources have suggested the parade could take place at night, involving tens of thousands of personnel in a high-profile display of military strength.

Although the Lao state media confirmed the visit dates as October 7–8, North Korean sources had initially implied President Thongloun might attend the 10 October celebrations themselves. 

While the final schedule remains partially unconfirmed, his early visit makes him the first foreign leader publicly welcomed by the DPRK for the WPK’s anniversary, a symbolic gesture that underlines Laos’ unique relationship with North Korea.

Other foreign dignitaries are expected to arrive in Pyongyang for the celebrations, including Dmitry Medvedev, Deputy Chairman of Russia’s Security Council. Reports also suggest that Vietnamese Communist Party chief To Lam may visit the DPRK later this month, potentially marking the first such trip by a Vietnamese leader in nearly two decades, though this remains unconfirmed.

A Rare Diplomatic Spotlight

At a time when North Korea remains largely cut off from much of the world, President Thongloun’s visit offers a rare look at Pyongyang’s efforts to reconnect with its oldest allies. For Laos, the trip highlights its steady approach to foreign policy.

Tainan to Host the 2025 Kunshen Wangye’s Salt for Peace Festival, Taiwan’s Premier Salt Culture Event

TAINAN, TAIWAN – Media OutReach Newswire – 9 October 2025 – The Kunshen Wangye’s Salt for Peace Festival, Taiwan’s largest celebration of salt culture, will take place on November 15–16, 2025, at the Nankunshen Daitian Temple in Beimen, Tainan. Organized by the Southwest Coast National Scenic Area Headquarters, this 22nd edition carries the theme “Together in Blessings, Bringing Sunlit Happiness Home,” blending culture, faith, and entertainment while inviting travelers to join the celebration.

The festival’s most spectacular highlight is the awe-inspiring 108-ton Salt Mountain, transformed into a dazzling stage where music and rainbow lights weave together to create an unforgettable nighttime spectacle. On November 15, the Salt Festival Concert will feature some of Taiwan’s most popular singers, lighting up the salt village sky with music and energy.

By day, the excitement continues with a vibrant local food market, family craft workshops, children’s games, cultural performances, and the thrilling Moon Block Challenge, offering a total prize pool of over NT$500,000.

Visitors can also join the Six-Temple Blessing Tour, collecting stamps at historic temples to redeem exclusive souvenirs, or experience the Interactive Digital Archway, where immersive visuals bring the grandeur of the Nankunshen archway to life. This year’s Peace Salt Bags, endorsed by the guardian deity Lord Zhu (Zhu Fu Qian Sui), are available in exchange for just three donated uniform invoices—combining charity with blessings to bring peace home.

The festival concludes with the heartwarming Blessing Salt Ceremony, where small mounds of consecrated salt are shared with the crowd, symbolizing the spreading of peace and happiness to every family.

The Salt for Peace Festival is more than a celebration—it bridges Taiwan’s traditional salt-making heritage with modern tourism. International travelers can enjoy Tainan’s finest cuisine, coastal scenery, and unique cultural traditions all in one place. Don’t miss this once-a-year celebration—come and experience the captivating charm of Taiwan’s salt culture!

Hashtag: #PeaceFestival #SaltCultureEvent

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

SBI Holdings Joins Amar Bank as New Shareholder, Strengthening Global Confidence in Indonesia’s Digital Banking Sector


JAKARTA, INDONESIA – Media OutReach Newswire – 9 October 2025 – PT Bank Amar Indonesia Tbk. (“Amar Bank”, IDX: AMAR), a pioneer in digital banking serving the retail and MSME segments, today announces that SBI Holdings, Inc. (“SBI Holdings”, TYO:8473), a leading Japanese financial services conglomerate, has taken a stake in Amar Bank. Following this transaction, SBI Holdings now holds more than 5% of Amar Bank’s shares, making it the third-largest institutional investor after Tolaram Pte. Ltd (“Tolaram”) and PT Jagat Raya Imajinasi.

This marks a new chapter in Amar Bank’s growth journey and underscores the confidence of global investors in the future of Indonesia’s digital banking industry.

President Director of Amar Bank, Vishal Tulsian said “We are excited to welcome SBI Holdings on board and look forward to working closely with them to unlock new opportunities. We aim to collaborate with their portfolio of companies and leverage their strong financial services ecosystem to share expertise, build synergies, and ultimately deliver even greater value to our retail and MSME customers across Indonesia.”

MD, Fintech & Infrastructure of Tolaram, Navin Nahata added “As the controlling shareholder of Amar Bank, we believe that SBI Holdings’ entry as a shareholder continues to validate Amar Bank’s strategy and mission to revolutionise banking services for Indonesia’s retail and MSME customers. By bringing together all our respective capabilities and expertise, we are confident that this will further accelerate Amar Bank’s roadmap and support its efforts to expand access to financial services, enhance customer experience, and create sustainable impact for retail and MSME segments in Indonesia.”

Backed by strong global and local partners, Amar Bank remains committed to driving innovation, expanding financial inclusion, and creating lasting impact for Indonesia’s underserved retail and MSME customers.

Hashtag: #AmarBank

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

About Amar Bank

PT Bank Amar Indonesia Tbk. or Amar Bank (stock code: AMAR) is an Indonesian digital bank listed on the Indonesia Stock Exchange (IDX). Founded in 1991, it was relaunched as Amar Bank in 2015, since then the bank has undergone significant digital transformation to become one of the pioneers of fintech institutions through the Tunaiku digital loan platform, which has won various awards. Tunaiku is Indonesia’s first application-based digital loan platform that utilises big data and predictive analytics to serve the unbanked and underserved population in Indonesia. Tunaiku provides personal loans to individuals and MSMEs with applications processed and approved within 24 hours. In 2020, Amar Bank launched the first cloud-based mobile smart bank in Indonesia, which adopts new AI technology to promote good savings habits and strengthen personal financial discipline.

About SBI Holdings

Founded in 1999, the SBI Group is a comprehensive internet financial group that operates Financial Services Business, centering on securities, banking, and insurance, as the pioneer of internet-based financial services in Japan. The Group is committed to providing lower-cost and highly convenient products and services through the internet. In addition to its core financial services operations, the SBI Group also engages in Asset Management Business, PE Investment Business, Crypto-asset Business, and Next Gen Business on a global scale.

About Tolaram
Tolaram is a family-owned, professionally managed business headquartered in Singapore, investing in emerging markets to build brands that drive growth and positive impact. Established in 1948, it has evolved from a single retail shop into a diversified global enterprise spanning consumer goods, fintech, infrastructure, and industrial sectors across Africa, Asia, and Europe. In Africa and the Middle East, Tolaram is among the largest consumer goods companies, producing and distributing food, beverage, personal and home care products with partners including Indofood, Arla, Kellanova, Colgate-Palmolive and Diageo. In Nigeria, it developed Lagos Free Zone with an integrated deep-sea port. Outside of Africa, Tolaram owns and operates the only sustainable sack kraft paper producer in the Baltics. In Indonesia, Tolaram drives financial inclusion through Amar Bank, the country’s first pure-play digital bank with an award-winning lending platform, and Insureka, which provides affordable and flexible motor insurance products.

For more information, please visit:
Website : &
Facebook : Amar Bank / Tunaiku
Twitter : @amarbankID / @tunaikucom
Instagram : @amarbank.id / @tunaikucom
Instagram : @lifeatamar.tunaiku
LinkedIn : Amar Bank / Tunaiku

BCG’s Carol Liao Recognized on Fortune Most Powerful Women Asia 2025 List

Honored for her leadership in driving innovation & growth

SINGAPORE and HONG KONG, Oct. 9, 2025 /PRNewswire/ — Boston Consulting Group (BCG) is proud to announce that Carol Liao, Managing Director and Senior Partner; Chair, Greater China, has been named to the Fortune Most Powerful Women Asia 2025 list. The recognition honors 100 outstanding women leaders who are shaping the future of business, society, and culture across the region.

Carol Liao, Managing Director and Senior Partner; Chair, Greater China, Boston Consulting Group
Carol Liao, Managing Director and Senior Partner; Chair, Greater China, Boston Consulting Group

In its third year, Fortune’s Most Powerful Women in Asia celebrates diversity – from the region’s most powerful boardrooms to the arenas of culture, sport, and public life, with women leaders setting Asia’s agenda and shaping its future. This year’s honorees include 28 women in global or regional roles at Fortune Global 500 companies and six who serve as CEO, Chairman and other C-Suite roles at Fortune Southeast Asia 500 firms.

“It is an honor to be recognized among so many inspiring and accomplished women who are leading the way in business and beyond,” said Carol Liao, Managing Director and Senior Partner; Chair, BCG Greater China. “This recognition marks a meaningful milestone in a journey shaped by curiosity, resilience, and a constant drive to grow. Through BCG’s CEO Advisory, I’ve had the privilege of learning from and supporting CEOs as they navigate complexity, which reminds me that true leadership is about empowering others. Standing alongside extraordinary women reinforces my belief in what we can build together — more open dialogue, stronger platforms for collective impact, and greater opportunities for the next generation to lead boldly.”

Commenting on her recognition, Yasushi Sasaki, BCG Asia Pacific Chair, said, “Carol embodies the leadership qualities that define the future of business in Asia: resilience, vision, and an unwavering commitment to people and purpose. Her recognition on Fortune’s Most Powerful Women Asia 2025 list is a testament to her impact on clients, colleagues, and the broader business community.”

Carol, the first woman Chair of BCG Greater China, brings three decades of consulting experience to her role. Under her leadership, BCG Greater China has grown to nearly 1,000 professionals and expanding its portfolio of top-tier clients across industries from digital transformation to climate and sustainability. She also spearheaded BCG’s CEO Advisory Program in Asia-Pacific, a premier platform that has supported over 500 CEOs and CXOs globally in navigating strategic challenges during times of volatility. She frequently speaks at top forums including the World Economic Forum, Boao Forum for Asia, APEC Business Council Forums, and China Development Forum, and serves on the steering committee of Mulan Club, China’s leading network for women business leaders.

To celebrate the MPW Asia 2025 honorees, Fortune will be hosting an award ceremony and leaders’ breakfast at the Fortune Innovation Forum in Kuala Lumpur, Malaysia, on November 17 – 18.

The full MPW Asia 2025 list is available at Fortune.com/asia

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

BCG’s Longstanding Presence in Asia-Pacific
BCG has been a trusted advisor to leading companies in the Asia-Pacific region for over five decades. Its first office opened in Tokyo in 1966, and since then, the organization has rapidly expanded its presence to 27 offices in the region. With a team of experts dedicated to the region, BCG continues to partner with clients to navigate the complex dynamics of global trade and drive transformation across industries.

SEMI Reports Global 300mm Fab Equipment Spending Expected to Total $374 Billion Over Next Three Years

PHOENIX, Oct. 9, 2025 /PRNewswire/ — SEMICON West — Global 300mm fab equipment spending is expected to reach $374 billion from 2026 to 2028, SEMI reported today in its latest 300mm Fab Outlook. This robust investment reflects fab regionalization and surging AI chip demand for data centers and edge devices, while underscoring the growing commitment to semiconductor self-sufficiency across key regions through localized industrial ecosystems and supply chain restructuring.

300mm_Equipment_Spending
300mm_Equipment_Spending

Worldwide 300mm fab equipment spending is expected to surpass $100 billion for the first time in 2025, growing 7% to $107 billion. The report projects investment will increase 9% to $116 billion in 2026, 4% to $120 billion in 2027, and 15% to $138 billion in 2028.

“The semiconductor industry is entering a pivotal era of transformation, driven by unprecedented demand for AI-enabled technologies and a renewed focus on regional self-sufficiency,” said Ajit Manocha, President and CEO of SEMI. “Strategic global investments and collaboration are driving robust, advanced supply chains and faster deployment of next-generation semiconductor manufacturing technologies. The global expansion of 300mm fabs will enable progress in data centers, edge devices, and the digital economy.”

Segment Growth

The Logic & Micro segment is projected to lead equipment expansion with $175 billion in total investments from 2026 to 2028. Foundries are expected to be the primary drivers of this growth, fueled by sub-2nm capacity build-outs. Key enablers include advanced technologies such as gate-all-around (GAA) architecture and backside power delivery, which are essential to enhancing chip performance and power efficiency for increasingly demanding AI workloads. More advanced 1.4nm process technology is expected to enter volume production by 2028-2029. Additionally, AI performance improvements are anticipated to drive massive growth in edge-devices including automotive electronics, IoT applications, and robotics. Beyond advanced processes, demand across all nodes and various electronics devices is expected to surge significantly, fueling mature process equipment investment.

The Memory segment is projected to rank second with $136 billion in spending over the three-year period, marking the beginning of a new growth cycle for the segment. DRAM-related equipment investment is expected to exceed $79 billion from 2026 to 2028, with 3D NAND investment reaching $56 billion over the same period. AI training and inference have driven comprehensive demand increases across various types of memory. AI training requires greater data transmission bandwidth and extremely low latency, significantly boosting high bandwidth memory (HBM) demand. Moreover, model inference generates higher quality and more diverse AI digital content, creating substantial demand for end storage capacity and driving 3D NAND Flash requirements. This robust demand has sustained elevated levels of supply chain investment in memory over the medium to long term, helping to mitigate potential downturns from traditional memory cycle fluctuations.

Analog-related segments’ anticipated investment is projected to exceed $41 billion over the next three years.

Including Compound semiconductors, the power-related segment is expected to invest $27 billion from 2026 to 2028.

Regional Growth

Mainland China is expected to continue to lead in 300mm equipment spending with $94 billion in projected investments from 2026 to 2028, sustained by national self-sufficiency policies.

Korea is projected to rank second in global 300mm equipment spending over the three-year period with $86 billion invested, supporting industries worldwide in generative AI demand.

Taiwan is expected to invest $75 billion in 300mm equipment over the three years, ranking third. Investment will concentrate primarily on 2nm and sub-2nm capacity to maintain dominance in advanced foundry capacity and technology leadership.

The report projects Americas to invest $60 billion from 2026 to 2028, rising to fourth position. U.S. suppliers are expanding advanced process capacity to meet surging AI application demands while catalyzing domestic industrial and investment upgrades to maintain global technology development leadership.

Japan, Europe & Middle East, and Southeast Asia are projected to invest $32 billion, $14 billion, and $12 billion, respectively, over the three-year period. Policy incentives aimed at alleviating critical semiconductor supply concerns are expected to increase equipment investment by more than 60% in these regions by 2028 compared to 2024.

Part of the SEMI Fab Forecast database, the SEMI 300mm Fab Outlook lists 391 facilities and lines globally. The report reflects 173 updates and nine new fabs/lines projects since its last publication in January 2025.

For more information on the report or to subscribe to SEMI market data, visit SEMI Market Data or contact the SEMI Market Intelligence Team (MIT) at mktstats@semi.org.

About SEMI
SEMI® is the global industry association connecting over 3,000 member companies and 1.5 million professionals worldwide across the semiconductor and electronics design and manufacturing supply chain. We accelerate member collaboration on solutions to top industry challenges through Advocacy, Workforce Development, Sustainability, Supply Chain Management and other programs. Our SEMICON® expositions and events, technology communities, standards and market intelligence help advance our members’ business growth and innovations in design, devices, equipment, materials, services and software, enabling smarter, faster, more secure electronics. Visit www.semi.org, contact a regional office, and connect with SEMI on LinkedIn and X to learn more.

Association Contacts

Christian G. Dieseldorff/SEMI US
Phone: 1.408.943.7940
Email: cdieseldorff@semi.org  

Sherrie Gutierrez/SEMI Corporate
Phone: 1-831-889-3800
Email: sgutierrez@semi.org

Stephanie Quinn/Kiterocket (Media Inquiries)
Phone: 1-480-316-8370
Email: squinn@kiterocket.com  

 

Neopharma Technologies Appoints Singapore Fintech Veteran and Serial Entrepreneur Mr. Joo Seng Wong as Board Advisor to Oversee Institutional Strategy and Global Execution

SINGAPORE, Oct. 9, 2025 /PRNewswire/ — Neopharma Technologies Ltd (“Neopharma”), a digital health company pioneering AI-driven Digital Drug and Impairment Testing, today announced the appointment of Mr. Joo Seng Wong to its Advisory Board. Mr. Wong will play a key role in strengthening Neopharma’s institutional strategy, execution frameworks, and global commercialization roadmap as the company advances toward its planned NASDAQ listing.

Institutional Credibility and Strategic Depth

Mr. Wong is one of Singapore’s most accomplished financial and technology leaders. A Fintech Veteran and Serial Entrepreneur, he currently serves as Venture Partner at Vickers Venture Partners, one of Asia’s foremost global venture capital firms, and Venture Partner at True Global Ventures, a leading technology-focused VC.
He is also Chairman of the Singapore International Chamber of Commerce (SICC), Singapore’s oldest chamber of commerce. His deep capital-markets expertise and proven ability to commercialize complex technology platforms will further strengthen Neopharma’s institutional leadership and execution discipline.

Mr. Wong brings over three decades of experience leading and advising institutional-grade enterprises at the intersection of finance, AI, and data infrastructure. As Co-Founder and CEO of Spark Systems, he built one of Asia’s most advanced AI-powered trading platforms. Previously, he co-founded M-DAQ Private Ltd, which achieved a SGD $250 million Series C valuation within six years, and served as Founding CEO of GK Goh Financial Services, transforming it into one of Asia’s largest FX trading houses.
A MENSA Singapore member, Mr. Wong is recognized for strategic execution, risk management, and innovation—qualities critical to scaling Neopharma’s global commercial and regulatory footprint.

Guiding Neopharma’s Institutional Growth

Neopharma’s proprietary NEOVAULT® Platform combines AI, data analytics, and cybersecurity to digitize drug and impairment testing across occupational health, safety, and law-enforcement sectors. The system provides tamper-proof, regulatory-compliant data that enables governments and enterprises to make informed, real-time compliance decisions.

“It is an honour to welcome Mr. Joo Seng Wong to the Neopharma Technologies team,” said Marcus L’Estrange, Executive Chairman of Neopharma Technologies. “Mr. Wong brings exceptional institutional credibility and fintech execution expertise that will help drive our investor engagement, disciplined growth, and global expansion strategy.”

Mr. Wong added: “It is a pleasure to join Neopharma and be part of the team. The wide scope as well as depth of this product makes this one of the key companies to watch, as it will literally force an evolution in this industry.”

About Neopharma Technologies Ltd

Neopharma Technologies Ltd is an Australian-based AI- and cybersecurity-driven digital health company. Its NEOVAULT® Platform secures Digital Drug and Impairment Testing and ensures compliance with ISO 27001, SOC 2 Type II, GDPR, and HIPAA standards. Through partnerships with leading POC manufacturers and system integrators, Neopharma delivers real-time, compliant, and globally scalable diagnostic data solutions.

Contact: Shaun Melville, shaun@neopharmatechnologies.com

Masverse and Lembaga Zakat Selangor Pioneer Blockchain-Based Zakat Distribution through e-Wakalah Proof-of-Concept

KUALA LUMPUR, Malaysia, Oct. 9, 2025 /PRNewswire/ — In a landmark collaboration that bridges Islamic finance and emerging technology, Masverse Sdn. Bhd., in cooperation with Lembaga Zakat Selangor (LZS) and under the facilitation of Malaysia Digital Economy Corporation (MDEC), has completed the e-Wakalah Proof-of-Concept (POC). This blockchain-powered platform redefines transparency, efficiency, and accountability in Zakat fund distribution.

Representatives from Lembaga Zakat Selangor (LZS), Malaysia Digital Economy Corporation (MDEC), and Masverse Sdn. Bhd. during the e-Wakalah Blockchain Proof-of-Concept official kickoff session, marking a key milestone in advancing transparent and accountable Zakat fund distribution through blockchain innovation.
Representatives from Lembaga Zakat Selangor (LZS), Malaysia Digital Economy Corporation (MDEC), and Masverse Sdn. Bhd. during the e-Wakalah Blockchain Proof-of-Concept official kickoff session, marking a key milestone in advancing transparent and accountable Zakat fund distribution through blockchain innovation.

The initiative, officially commissioned through a Letter of Engagement dated 7 May 2024, followed a rigorous selection process where Masverse was shortlisted from several technology companies that submitted proposals to participate in this pioneering effort. All the firms were first briefed during an industry engagement session organised by the Malaysia Digital Economy Corporation (MDEC) in collaboration with Lembaga Zakat Selangor (LZS).

This selection marked the beginning of a historic milestone — one of Malaysia’s first blockchain-based pilots for Islamic social finance. The project was completed with full data sign-off by Lembaga Zakat Selangor in December 2024, confirming the POC’s validated outcomes and its demonstrated potential to transform the way Zakat is managed and distributed.

Transforming Faith-Based Giving through Technology

The e-Wakalah model digitises the traditional wakalah process, ensuring Zakat funds are distributed securely and verifiably via MasChain, Masverse’s public-permissioned blockchain. Through this innovation, each transaction is immutable, traceable, and auditable — allowing LZS to monitor every fund transfer from Wakalah (appointed representative) to Asnaf (eligible recipient) in real time.

During the POC, all the Asnaf successfully withdrew their Zakat funds directly to their bank accounts, with every transaction recorded on-chain. All the participating Wakalah reported positive feedback on the system’s usability and transparency, while Asnaf beneficiaries praised the digital process for its speed and convenience. The fastest withdrawal from onboarding to receipt of funds was completed in under seven minutes.

This milestone directly addresses long-standing issues, such as manual reporting, limited traceability, and potential fraud risks, replacing them with digital audit trails, automated validation, and data integrity at every stage.

A Global Benchmark for Islamic Fintech

The success of e-Wakalah is more than just a technological proof — it is a testament to possibility. It demonstrates that Islamic social finance can evolve through innovation without compromising its core principles of trust (amanah), justice (‘adl), and transparency (shafafiyyah). The e-Wakalah platform also introduces the concept of purpose-bound money (PBM), ensuring that every tokenised Zakat money issued is digitally programmed for its designated recipient and use case. This mechanism safeguards the sanctity of Zakat funds by preventing misuse, guaranteeing that allocations reach the right Asnaf categories in a fully verifiable manner.

Through blockchain technology, the distribution of Zakat now carries a digital signature of trust, ensuring that every ringgit reaches its rightful beneficiary. This model can be replicated globally across Waqf, Sadaqah, and other Islamic philanthropic systems.

“This initiative is a milestone in harmonising syariah-compliant finance with cutting-edge innovation,” said Mr Chew Kian Kok, Chief Executive Officer at Masverse. “With e-Wakalah, we’ve shown that technology can preserve the sanctity of Islamic giving while ensuring every transaction is transparent, accountable, and efficient.”

Towards a Scalable, Inclusive Future

Backed by MDEC’s Blockchain Pilot Programme, the e-Wakalah POC was developed and delivered between May and December 2024, encompassing prototype development, system testing, pilot distribution, and final data analysis.

The system integrates blockchain-based smart contracts, digital wallets, and e-KYC verification for Asnaf — providing a secure end-to-end process for fund management. Feedback from the pilot has also guided proposed enhancements, including automated withdrawals, integration with existing LZS systems, and simplified e-KYC flows for non-tech-savvy users.

A Call to the Islamic Digital Ecosystem

The success of e-Wakalah stands as a call to action for Islamic institutions, fintech vendors, and government bodies to collaborate in building transparent and equitable distribution systems powered by blockchain.

As Masverse continues to advance its MasChain infrastructure and expand e-Wakalah’s capabilities, the platform opens new pathways for global Islamic finance institutions seeking verifiable, scalable, and ethical digital transformation.

“This is Malaysia’s signal to the world,” added Mr Chew Kian Kok. “Islamic finance has always upheld the principles of accountability and trust — and through blockchain, we can now make these values visible. e-Wakalah is not just a project; it’s the beginning of a new era for digital trust and transparency in Islamic social finance.”

About Masverse

Masverse Sdn. Bhd. is a Malaysian blockchain solutions provider developing MasChain, a Layer-1 public-permissioned blockchain designed to power trust-based digital ecosystems. The company develops enterprise solutions for digital identity, supply chain management, ESG tracking, and Islamic finance, including its flagship BlockchainCert.my and e-Wakalah platforms.

About Lembaga Zakat Selangor (LZS)

LZS is the authorised zakat institution for the state of Selangor, Malaysia, responsible for collecting and distributing zakat funds to eligible Asnaf, ensuring equitable and transparent management aligned with Islamic principles.

Fosun International’s S&P Global CSA Score Rises to 72, Retains Industry Lead

HONG KONG, Oct. 9, 2025 /PRNewswire/ — S&P Global recently released the 2025 Corporate Sustainability Assessment (CSA) score results for Fosun International Limited (HKEX stock code: 00656, “Fosun International” or “Fosun”). Fosun International’s S&P Global CSA score has risen to 72 points, significantly outperforming the industry average and maintaining its leading position in the industry.

In the 2024 S&P Global CSA, Fosun International achieved an excellent score of 70, ranking in the top 5% of its global industry peers. This year, Fosun International’s sustained and deepening commitment to sustainability was once again recognized, with its S&P Global CSA score rising to 72 points.

Fosun International demonstrated strong performance across all dimensions of this year’s S&P Global CSA. It scored 75 in the Environmental dimension, 72 in the Social dimension, and 70 in the Governance and Economic dimension, fully reflecting its balanced development in Environmental, Social, and Governance (ESG) areas. Fosun International achieved outstanding results particularly in various sub-dimensions, including Energy, Water, Waste and Pollutants, Environmental Policy and Management, Business Ethics, Risk and Crisis Management, Customer Relations, and Human Capital Management.

Due to its ongoing commitment to ESG initiatives, Fosun International was once again included in the S&P Global’s Sustainability Yearbook 2025 and was selected as the top 1% in S&P Global’s Sustainability Yearbook 2025 (China Edition).

Fosun International has achieved significant milestones in global ESG ratings. As of now, Fosun International has maintained an MSCI ESG rating of AA. It received an HSI sustainability rating of AA- and has been included in the Hang Seng Corporate Sustainability Benchmark Index for consecutive years. Fosun also retained a leading FTSE Russell ESG score and continued to be selected as a constituent stock of the FTSE4Good Index Series.

Fosun International remains steadfast in its commitment to being a responsible global corporate citizen. It has established a robust ESG governance structure and management system, embedding sustainability principles across all levels of its operations.

In terms of green operations, Fosun International actively responds to China’s carbon peaking and carbon neutrality goals by promoting carbon neutrality and energy conservation and emission reduction. Fosun International has published Climate Information Disclosures Reports for three consecutive years, demonstrating its commitment to global climate action. Fosun International has also established a Carbon Neutrality Committee and Working Group to guide and facilitate the implementation of carbon neutrality management across member companies.

Regarding social contribution, the Rural Doctors Program, launched in 2017, has supported 25,000 rural doctors and benefited 3 million rural families. The initiative, “Rural Doctors Program Empowering Rural Medical Services”, was honored as one of the UNGC’s “20 Cases of Private Sector’s Sustainable Development in China for 20 Years”. Fosun Pharma has consistently contributed the “China Solution” to the fight against malaria in Africa. As at the end of June 2025, its independently developed artesunate for injection had been used to treat more than 84 million patients with severe malaria worldwide. Additionally, Fosun Pharma had cumulatively supplied over 420 million doses of artesunate for injection globally.

Since its establishment, Fosun International has remained committed to its original aspirations of “Self-improvement, Teamwork, Performance, and Contribution to Society”. Looking ahead, while continuing to focus on business operations, Fosun will further strengthen its sustainable development management, actively fulfill corporate social responsibilities, and advance ESG practices. Leveraging the resources and advantages of its global industrial ecosystem, Fosun strives to continuously create a better world.

About the S&P Global Corporate Sustainability Assessment

Launched in 1999, the S&P Global Corporate Sustainability Assessment (CSA) grades enterprises on how they put sustainability into practice, covering 61 different industry-specific ESG standards. Evaluating more than 7,000 companies each year, S&P Global CSA has become a reference tool for enterprises, helping them gauge the financial importance of a company’s sustainability performance from the perspective of investors.