The chief of Myanmar’s junta, General Min Aung Hlaing, has called for face-to-face peace talks with the heads of the nation’s many ethnic rebel groups.
Myanmar’s Junta Government Calling for Peace Talks with Rebel Groups

RENOVA and PTSC signed Memorandum of Understanding (MOU) on Collaboration for Offshore Wind Power Project in Vietnam
According to the MOU, RENOVA and PTSC will establish a cooperative relationship on scouting, preparation, offshore survey, development, construction, implementation, operation and maintenance of the offshore wind power project planned in Vietnam with a view towards commercialization.
This signing ceremony was arranged in a special ceremony at the Asia Green Growth Partnership Ministerial Meeting (AGGPM)’s Public-Private Forum organized by the Japanese government as an action helpful to Asia’s energy transition in line with the Asia Energy Transition Initiative (AETI) announced by the Japanese government in May 2021. Mr. Yosuke Kiminami, the founding President and CEO of RENOVA, and Mr. Le Manh Cuong, the President and CEO of PTSC participated in the ceremony online.
“I am very delighted to form a close cooperative relationship with PTSC, which has advanced technologies for the construction of offshore facilities in Vietnam, where the continued growth of the renewable energy industry is anticipated. RENOVA will work harder on decarbonization in the country in cooperation with the Vietnamese government, the provincial government, partner companies and local residents,” says RENOVA’s founding President and CEO Mr. Yosuke Kiminami.
PTSC’s President and CEO Mr. Le Manh Cuong comments, “It is encouraging for us to build a partnership with RENOVA, which has expertise in the overall development of renewable energy projects, including engineering and financing. We will work together with RENOVA towards the commercialization of the offshore wind power project.”
#RENOVA #PTSC
The issuer is solely responsible for the content of this announcement.
Colgate’s latest electric toothbrush that is ‘Tailored for Your Smile’ launches on Shopee
Colgate is meeting the oral care needs of Gen Z and Millennial consumers and offering exclusive deals with its Brand Spotlight campaign on Shopee Mall
MANILA, PHILIPPINES – Media OutReach – 26 April 2022 – Colgate, the global leader in oral care, collaborates with Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, to launch their new electric toothbrush that is ‘Tailored for Your Smile’. The electric toothbrush was developed based on the brand’s research into category and cultural trends to create product innovations that suit the lifestyle of modern consumers. It is only available online and in five markets — Singapore, Malaysia, Thailand, Vietnam and Philippines, and shoppers can look forward to special launch deals only on Colgate’s official store on Shopee Mall.

The new electric toothbrush lets users personalise their brushing experience with 10 levels of vibration intensities and 4 different cleaning modes — squeaky clean, sparkle, gum care and night spa. With a total of 33 combinations, users can customise their brushing experience for just what they need.
It comes packed with smart features that provide real-time “coaching” for the best brushing experience, including its smart pressure sensor to remind users to apply less pressure when brushing their teeth, a quad pacer that pulses when it is time to change the brushing area, and a built-in timer of two minutes for optimal efficiency.
Yves Briantais, Vice President Marketing, Asia Pacific, Colgate-Palmolive said: “We are extremely happy and excited to launch Colgate’s first smart electric toothbrush on Shopee to help people in the Philippines noticeably improve their oral health. With a large and fast-growing base of digital consumers in this region, we decided to adopt a digital-first approach aimed at reaching and serving them with an engaging and tailored online shopping experience. We hope to encourage consumers to upgrade from their trusty manual toothbrushes to one that can bring them a personalised brushing experience.”
Martin Yu, Director at Shopee Philippines, said, “In the past year, we are seeing more consumers shopping online for essential products, with 8 times more users shopping online at least once a month on Shopee Mall. We have been working with brands such as Colgate to expand our product variety to meet this increasing demand. With Oral Care as our fastest-growing subcategory, we are glad to be the exclusive e-commerce platform to bring Colgate’s innovative smart electric toothbrush to our shoppers. We will continue partnering with brands to offer shoppers access to greater convenience, variety and value all-year-round through Shopee Mall.”
Last year, Shopee and Colgate-Palmolive signed their first Memorandum of Understanding (MoU) to jointly drive e-commerce penetration for the Personal Care category on Shopee in the region. It marked a key milestone in deepening collaboration on multiple fronts to accelerate growth of Colgate-Palmolive’s digital commerce business across Southeast Asia and Taiwan by more than 20x by 2025. Oral Care is the fastest-growing subcategory on Shopee, driven by increasing consumer demand for trusted brands and innovative products.
Starting this year, Colgate-Palmolive became a strategic partner under Shopee’s Regional Champion Brands Programme[1], which will help to strengthen Colgate-Palmolive’s online presence and deliver more of their innovative and high-quality products to millions of households through Shopee’s extensive reach.
‘Tailored For Your Smile’ Brand Spotlight
Through the campaign, Colgate aims to make the latest addition to their roster of superior oral health technology easily accessible to Filipino shoppers. On 29 April, users can enjoy a rewarding shopping experience with Shopee-exclusive deals on Colgate’s smartest electronic toothbrush, including:
- 50% off and extended warranty on the NEW Colgate Electric Toothbrush
- Exclusive bundles for the Colgate Electric Toothbrush and Colgate Portable Water Flosser
- Up to 50% off storewide discounts
- Up to PHP100 in vouchers
- Free gifts with every purchase
Colgate will also treat lucky Shopee users to up to PHP15,000 in coins and up to PHP65,000 in vouchers when they play Shopee Lucky Prize.
Find out more about the Colgate Tailored For Your Smile campaign at https://shopee.ph/colgatepalmolivephilippines or Colgate’s Official Facebook and Instagram pages.
Download the Shopee app for free on the App Store or Google Play Store.
About Colgate-Palmolive
Colgate-Palmolive Company is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition, the Company sells its products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, PCA Skin, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. The Company is recognized for its leadership and innovation in promoting environmental sustainability and community well-being, including its achievements in saving water, reducing waste, promoting recyclability and improving children’s oral health through its Bright Smiles, Bright Futures program, which has reached more than 1.3 billion children since 1991. For more information about Colgate’s global business and how the Company is building a future to smile about, visit www.colgatepalmolive.com.
About Shopee Mall
Shopee Mall is the region’s leading online mall offering one-stop access to a wide range of international and local brands and retailers. Shoppers can enjoy three guarantees delivered by Shopee Mall — 100% authentic products, free returns and free shipping. With always-on deals, entertainment and a robust loyalty programme, Shopee Mall offers an unparalleled online shopping experience and best value all year round. Shopee Premium was introduced in 2020 to add greater variety to Shopee Mall. Users can shop from a curated selection of premium fashion, beauty and lifestyle products from renowned luxury brands.
#ColgatePalmolive #Shopee
The issuer is solely responsible for the content of this announcement.
Prudential and Nervotec enter exclusive partnership to bring better health to communities in Asia and Africa
Video-based technology enables people to measure vital signs and track stress levels on Pulse app
SINGAPORE, HONG KONG SAR – Media OutReach – 26 April 2022 – Prudential has partnered with Singapore-based Nervotec, a digital health company, to help people better manage and monitor their health and stress levels on a daily basis.

Users of the Pulse by Prudential app (Pulse) will be able to measure their vital signs, such as heart rate, heart rate variability, respiration rate and oxygen saturation levels simply by scanning their face with a mobile phone. These measurements, which can be obtained instantly, can be used to determine daily stress levels, emotional well-being and general fitness levels.
The new feature, named “My Pulse Daily”, will be made available first to consumers in The Philippines and Singapore. Pulse is an AI – powered mobile app designed to bring holistic health and wealth solutions to Prudential’s customers and the communities in its markets across Asia and Africa.
Lee Boon Huat, Prudential’s Chief Digital Officer, said that the company is expanding its digital health ecosystem to help more people lead healthier lives.
“We continue to enhance the capabilities of Pulse with new features that are relevant to consumers in our 17 markets across Asia and Africa. Through Nervotec’s cutting-edge technology, we make it easier for people to access reliable evidence-based information, to better understand how their bodies respond to different activities and be able to take remedial actions to improve their health,” said Mr Lee.
Jonathan Lau, CEO and founder of Nervotec, said the company is excited to partner with leading insurer Prudential to democratise digital health.
“With Prudential’s Pulse app, we will be able to reach out directly to billions of consumers in Asia and Africa. Our contactless technology is accessible through a mobile phone which means that people can monitor their health anywhere, anytime. More importantly, we provide users with tailored insights so that they are empowered to take charge of their health journey,” said Mr Lau.
Nervotec’s health service is backed by modern image processing technology known as remote photoplethysmography (rPPG).
Tracking stress levels through a facial scan
The social and economic uncertainties brought about by the Covid-19 pandemic has caused an increase in stress. In a study conducted by Milieu across six countries in South East Asia, Singapore (81%) and The Philippines (78%) top the list with respondents agreeing that it is stressful living in their countries, followed by Malaysia (61%), Thailand (59%), Indonesia (51%) and Vietnam (42%)[i].
Long-term stress can contribute to physical and mental illness. In Singapore, more than 160,000 people are admitted to public hospitals every year for stress-related illnesses. The country spends about US$2.3 billion (S$3.1 billion), or 18 per cent of its total healthcare expenditure, on stress-related illnesses annually[ii].
“By enabling people to monitor and track their stress levels, we hope to provide them with insights on how work, relationships, and physical stress such as aches and pains, impact their daily well-being. Through Pulse, we can help people journey towards a healthier self and reduce their risk of disease through our fitness tracker, diet recommendations and telemedicine service,” added Mr Lee.
A tool for corporate health and wellness
When taken together, the measurements of stress level and vital signs can enable users to assess their overall sense of well-being and whether they are fit to work for the day. This is especially relevant in industries where shift work is prevalent, and where roles are physically demanding or customer-facing.
Small and medium-sized enterprises (SMEs) are some of the early users of Nervotec’s services. Angjolie Mei of The Life Celebrant, an SME client of Prudential in Singapore said, “Getting daily health insights empowers our team to take greater ownership of their health and well-being. For instance, with better understanding of their physical and mental health state, they can schedule time to have a break from work when they need. For a company like us with a small workforce, it is important to ensure that the wellbeing of employees is looked after so we can sustain a consistent level of productivity.”
Pulse is part of Prudential’s strategy to provide affordable and accessible healthcare and to make financial planning simpler to everyone throughout Asia and Africa. Launched in Malaysia in August 2019, Pulse is now active in 17 markets and 11 languages in Asia and Africa, and has been downloaded more than 32 million times. It features a growing suite of health, wealth and wellness services such as a symptom checker and health assessment, personal wellness services, and video consultations with certified doctors and specialists.
About Prudential plc
Prudential plc provides life and health insurance and asset management in Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 18 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S) and New York (PUK).
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.
About Nervotec
Nervotec is the world’s first provider of HaaS (Healthcare as a Service), a software only solution that measures and analyses physiological biomarkers remotely and contactlessly across multiple mobile platforms.
Nervotec’s proprietary video-based technology enables the rapid measurement of physiological biomarkers with medical grade accuracies, while creating actionable insights on stress and heart health.
Nervotec’s solutions are used in professional sports, construction, insurance, healthcare, and governmental sectors worldwide.
Through its technologies, Nervotec is transforming the way people access healthcare, truly enabling healthcare anywhere.
About Pulse by Prudential
Pulse by Prudential (Pulse) is an all-in-one app that offers holistic health and wealth management solutions to consumers. Powered by Artificial Intelligence (AI), Pulse serves as a health and wealth partner to users. It is designed to help people prevent, postpone, and protect against the onset of diseases, as well as make informed financial decisions to protect and grow their wealth.
Pulse is part of Prudential’s strategy to make healthcare and financial security more accessible to more people by leveraging digital technologies and best-in-class partnerships. Launched in Malaysia in August 2019, Pulse is active in 17 markets and 11 languages in Asia and Africa, and has been downloaded more than 32 million times.
Pulse is currently available on the Apple/Google Play stores in Cambodia, Hong Kong, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, Thailand, Vietnam in Asia, and Cameroon, Ghana, Kenya, Nigeria, Uganda and Zambia in Africa.
For more information, log on to www.wedopulse.com.
#Prudential
The issuer is solely responsible for the content of this announcement.
Babel Finance: accelerating mainstream adoption of cryptocurrencies will drive Bitcoin price all-time-high in 2022
As a result of the conflict in Ukraine, cryptocurrencies are gaining popularity among mainstream investors. To mitigate risks, sovereign wealth funds and high net worth individuals are contemplating diversifying away from traditional investments.
“We are seeing an increasing number of inquiries from traditional investors and clients who want to diversify their portfolios by investing in crypto assets. We anticipate that these needs will continue to drive Bitcoin’s price higher, with the possibility of a new all-time high this year,” Yulong Liu stated.
More clarity on Asia’s regulatory rules is also likely to help many conventional Asian investors overcome their reservations about investing in crypto assets. Singapore has enacted legislation mandating virtual asset service providers in the city-state that solely do business overseas to be licensed after prohibiting the advertising of investing in crypto assets to retail investors in November 2021.
Based in Babel Finance’s Singapore office, Yulong Liu said, “We think these measures are consistent with the Singapore regulator’s perspective of progressively developing a suitable regulatory regime for cryptocurrency firms while prioritizing investor safety over outright bans and limits. As these regulatory frameworks improve, Bitcoin firms that adapt will have access to stronger development prospects.”
Notes to editors and readers
The report is based on the author’s own research, analysis, and judgment and does not constitute an investment recommendation. Babel Finance assumes no responsibility for any consequences that readers may have.
About Babel Finance
Babel Finance is a global leading crypto financial services provider, offering institutional and HNWI investors professional services covering crypto lending and crypto trading.
The company is backed by prominent investors, including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital, and NGC Ventures.
With a business focus in Asia, Babel Finance operates a business headquarters in Singapore, and has established close cooperative relationships with major global exchanges, custodians, investment funds, and mining institutions.
https://twitter.com/BabelFinance
https://www.linkedin.com/company/babelfinance/
#BabelFinance
The issuer is solely responsible for the content of this announcement.
OctaFX – First steps into the ‘cryptoverse’: what you need to know
Bitcoin and Ethereum have long since ceased to be the only games in town for crypto investing and trading. New players have emerged that, in comparison, are still in their infancy while having unheard of potential to be positively disruptive—both for newcomers and seasoned traders. Here we take a look at some of the projects.
KUALA LUMPUR, MALAYSIA – Media OutReach – 26 April 2022 – The world’s first cryptocurrency––bitcoin––has been around for more than a decade. In 2015, Ethereum entered the blockchain innovation scene as the first smart contract platform. Over the years, both cryptocurrencies have gained widespread recognition and support. The main reasons were its novel premise for true decentralisation and corruption-proof technology—contributing to the rise of individual financial sovereignty unattainable before. Exhilarating adoption is also true for the trading community. The annual trading volume of Bitcoin (BTC) and Ethereum (ETH) consistently rise.

It’s now not only a list of significant commercial companies (like Twitter, Tesla, Etsy, Microsoft, or Paypal) that adopt cryptocurrencies. Entire countries—for example, El Salvador in 2021—are switching to crypto, declaring bitcoin their legal tender alongside the centralised national currency. Some governments do it sooner, while others will postpone this decision as long as possible. But that’s a topic for another occasion.
The entire blockchain industry is built and developed around bitcoin and Ethereum. So, these two cryptocurrency monoliths would never leave the sphere anytime soon. But there are new blockchain projects launched every year that solve issues inaccessible to the big players. Much smaller by market capitalisation, these cryptocurrencies are still in their infancy and have great potential for further growth and market share expansion. Investing in them and trading them can prove decisive while steering the often confusing Foreign Exchange waters.
Lately, the international Forex broker OctaFX has upgraded its trading pool by adding 25 new promising cryptocurrencies. Let’s take a look at a few of them.
Cardano (ADA)
A direct Ethereum competitor among smart-contract platforms. Its founder participated in developing the Ethereum network and, since 2015, founded Cardano as a separate entity. Since 2019, its cryptocurrency ADA has put on an incredible expansion. Its ecosystem is considered one of the most decentralised—having an exceptionally high and rare level of self-initiative among its global community. Most of them do not simply hold Cardano’s native cryptocurrency but have found pools with liquidity and the ecosystem, in turn, grows stronger every week.
Solana (SOL)
Another ‘Ethereum killer’, as some like to claim in the crypto community. In fact, it doesn’t so much kill it as challenge some of ETH’s dominant market share. Like Cardano, Solana solves scalability and transaction fees problems that have caused much pain for Ethereum users. Last year has provided Solana with one of the biggest success stories of growth and community building.
Binance Coin (BTB)
This is the native token of the largest centralised crypto exchange on the market—Binance. They have also launched their own blockchain to compete with Ethereum’s financial and computing ecosystem with an upwards trend. Binance is one huge success story with just one undeveloped aspect—decentralisation. But beyond that, the company has done a great job of providing an exquisite and reliable user experience. Transaction costs compared to Ethereum and most other competitors are virtually nonexistent.
Matic (MATIC/POLYGON)
Matic is a so-called ‘second-layer solution’ for Ethereum. That means it’s set out to solve a specific problem: Ethereum’s severe scalability restrictions ‘on-chain’. There have been others, but Matic did a great job back in 2019–2020, bringing together powerful partnerships, building collaborations, and assembling a loyal and committed community ahead of time, resulting in rapid growth in adoption and market capitalisation in the first quarter of 2021.
Zcash (ZEC)
With an uncertain future for classical fiat currencies and monetary policies worldwide becoming more obscure and unpredictable, privacy coins are in constantly high demand. It was one of the most powerful promises of bitcoin itself, back in 2009—financial privacy in a digital age. Since then, much has changed. Bitcoin proved to be less private and untraceable than some expected it to be. After 2014, coins like Monero, Dash, and Zcash entered the playground. Zcash has great bitcoin-based technology and a magnificent team that stands for what it believes in.
Decentraland (MANA)
Decentraland is an Ethereum-based platform that builds a ‘virtual reality’. Here you can buy digital land, engage in it, manoeuvre it with other users, and benefit from all processes. Thus, MANA could be one of the key players in the much-talked-about ‘metaverse rush’, which could prove lucrative in the long run.
An investment opportunity of a lifetime
That is just a small part of the cryptocurrencies worth talking about. A vibrant, new industry is now unfolding that will determine the fate of the ‘Fourth Industrial Revolution’ and the whole new world that ‘Web 3.0’ will soon prepare for us.
Any powerful smart-contract players are severe contenders for significant future market share. Ethereum will not vanish, but its challengers will probably seize the opportunities for large-scale growth. It’s true for both their governance tokens and their cryptocurrencies.
Investment-wise, privacy coins with powerful code and inventive protocols are almost a no-brainer. Their straightforward use-case will soon be in such desperate demand—especially with inflation being on the loose long term—that investing in them now will print much wealth for those who dare. Their relative worth will skyrocket compared to today’s prices.
According to many, a virtual, parallel reality called ‘metaverse’ is no fringe gamer’s dream anymore. There is already a vast virtual marketplace manifesting that vividly mimics the real world. So much so that trade, business, administrative procedures, and entertainment will have a strong substitute domain. It’s no niche for some futurologists anymore. Metaverse projects will thrive, no matter what.
In conclusion, these new financial instruments are noteworthy. Behind them are entities that are what Amazon, Apple, Google, or Facebook were to the IT industry just a few decades ago.
About OxtaFX
OctaFX is a global broker providing online trading services worldwide since 2011. It offers everything one needs to reach their investment goals, providing top-notch conditions utilised already by 7.5 million clients globally.
The company is involved in a comprehensive network of charity and humanitarian initiatives, including improvement of educational infrastructure, short-notice relief projects, supporting local communities and small to medium enterprises.
On a side note, OctaFX has also won more than 45 awards since its foundation, including the 2021 ‘Best Forex Broker Asia’ award from Global Banking & Finance Review and 2021 ‘Best ECN Broker’ award by World Finance.
#OctaFX
The issuer is solely responsible for the content of this announcement.
Gaw Capital Partners and IMM Investment Enter into Agreement to Tap into Korea IDC Business

This partnership will further expand the Dreamline telecommunications business and is the first step for Gaw Capital to tap into the Korea IDC market. Gaw Capital will continue to seek additional opportunities in South Korea, where IDC demand has been growing due to the government’s policy of moving into cloud computing.
Established in 1997, Dreamline has a long history of operating businesses in the ICT field based on the technology and expertise it has accumulated over the past 20 years. The company operates a nationwide optical fiber network providing high speed leased lines to enterprise and hyperscale customers as well as data center services via its subsidiary Dreammark1.
Established in 2016, Dreammark1 is an internet data center (IDC) operator based in Seoul, South Korea, that owns a data center in Guro, Seoul with a capacity of over 1,200 racks and power supply of 10MW. Having established a unique market position as one of the top-tier carrier-neutral IDC operators in Korea, Dreammark1 is independent from the major carrier providers in the country hence its clients are provided a wide selection of network services. Facilities of Dreammark1 are protected by a dual-source electricity supply system and earthquake-resistant design that ensures data protection in addition to superior capabilities to provide uninterrupted services to its clients. Dreammark1 currently has a number of blue-chip tenants that are attracted by Dreammark1’s exceptional service quality. Dreammark1 is also an investor in the upcoming Jukjeon Data Center project. Located in the eastern part of Seoul metropolitan area, Jukjeon Data Center is close to the Pangyo Techno Valley, a technology hub known as South Korea’s Silicon Valley.
Kok Chye Ong, Managing Director – Head of IDC Platform, Asia (Ex-China) of Gaw Capital Partners, said, “We are delighted to have seized on this favorable investment in South Korea, which brings significant strategic value to our pan-Asia IDC platform. The surging demand for data centers in Asia Pacific continues to grow due to increased Internet usage driven by the pandemic, and we are committed to the principles of sustainable development of such centers through the application of ESG initiatives such as appropriate construction waste management, and renewable power sources exploration, that will further enhance our competitiveness in the data center sector. Gaw Capital will continue to look for new investment opportunities and partnerships in South Korea.”
Gaw Capital Partners was named ‘Alternatives Investor of the Year: Asia’ at the PERE Awards 2021 after receiving the largest number of votes in a public ballot of the real estate industry. In recent years, IDC has been a focus sector for Gaw Capital Partners as the data center industry is one of the cornerstones of the digital economy, which is growing rapidly with broad prospects. The firm was also highlighted for launching two data center platforms in China and one in pan-Asia. In September 2020, the firm closed fundraising for its first IDC platform, which invested in a portfolio of projects in partnership with IDC developers and operators in China, bringing the total equity raised to approximately US$1.3 billion with the aim to build “green, efficient, innovative and recyclable” data center clusters.
Following this announcement, the Gaw Capital global data center platform comprises of data centers located in China, Indonesia, Japan and now in South Korea.
About Gaw Capital Partners
Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.
Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.
Gaw Capital has raised seven commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia Hospitality Fund, a European Hospitality Fund, a Growth Equity Fund and provides services for separate account direct investments globally.
Since 2005, Gaw Capital has commanded assets of US$34.1 billion under management as of Q4 2021.
#GawCapitalPartners
The issuer is solely responsible for the content of this announcement.
Prudential Singapore’s SME poll: 9 in 10 SME employees want employers to provide medical benefits
- 60 per cent of SME employees are more willing to join a company that provides medical benefits
- 85 per cent of SME employees said that it is a priority for companies to provide employee benefits
- 79 per cent of SME employees see digital transformation as essential to company’s survival
SINGAPORE – Media OutReach – 26 April 2022 – Coverage for in-patient and outpatient medical expenses (“medical benefits”)[1] are an important consideration for most small-and-medium-sized enterprise (SME) employees, with nine in 10 saying that they want their employers to provide healthcare coverage. This is according to a poll commissioned by Prudential Singapore (“Prudential”) which explores the needs and challenges of SMEs in the area of medical and employee benefits.
Sixty per cent of the 1,029 respondents said that they are more willing to join an SME that provides medical benefits, while almost 40 per cent are more likely to stay in a company that provides the same benefits. Almost half of them see companies that provide medical benefits as a caring employer.
Thirteen per cent of respondents said their company does not offer any medical benefits, and this number doubled (27 per cent) for SMEs with 10 or less employees. SMEs account for 99 per cent of the businesses in Singapore, and they employ 70 per cent of the workforce.[2]
Mr Dennis Tan, CEO, Prudential Singapore, said that medical benefits are essential to employees’ overall wellbeing and success at work.
“Awareness of health and protection has gone up since the pandemic, so understandably, employees value medical benefits and appreciate investments in their wellbeing and future. An ageing workforce coupled with rising healthcare costs are also driving employees to want support in the area of medical protection so that they can focus on their work with greater peace of mind,” said Mr Tan.
Most respondents cited small company size and high cost of group insurance as reasons why their company does not provide medical benefits. When asked how much budget is set aside for their company’s medical benefits per year, almost two in five SME owners and Human Resource (HR) professionals said $10,000 and below.
Employee benefits also top of mind
SME employees also value flexible benefits such as company-sponsored trainings, e-vouchers, and wellness initiatives (eg. fitness classes), with 85 per cent of them saying employers should consider it a priority to provide such benefits. However, 34 per cent of respondents said their company does not offer any employee benefits. This number went up to 45 per cent for SMEs with 10 or less employees. Small company size and high costs were noted as the key reasons for why their companies do not provide employee benefits.
SME employees also regard employee benefits to be just as important as medical benefits. Three in five respondents said that they are more willing to join a company that provides employee benefits, and two in five said that they are more willing to stay in a company that provides the same.
SME employees acknowledge need for digitalisation
When asked if they are more willing to stay in a company that prioritises digital transformation, about one in five respondents said that they would, and four in five agreed that digital transformation is an important factor for business survival.
“Digitalisation is crucial in helping SMEs remain competitive and relevant in the digital economy. It empowers businesses to accelerate growth and at the same time, appeals to talents who share this belief and are looking for companies that have started on their digital journey,” said Mr Tan.
However, just 21 per cent of SME employees say that their company is already digital. They face challenges such as lack of talent with digital skills, high cost, and lack of training opportunities to do it effectively.
All is not lost as 64 per cent of SME employees say that their company intends to undergo or is on the road to digital transformation. Steps being taken to digitalise include automation of processes and trainings for employees to enhance their digital skills.
Support for SMEs
There are various initiatives provided by the government as well as private sector companies to help SMEs speed up digitalisation. This could take the form of skills trainings in areas such as cybersecurity, or a comprehensive guide to kickstarting the SME’s digitalisation journey. One example is the customisable digital commerce playbook[3] launched by Ngee Ann Poly and Prudential which provides SMEs with guidance and practical help on the use of digital technologies.
Prudential has been supporting the needs of SMEs over the years. For example, it offers a range of insurance solutions for SMEs, even those with just three employees. It also provides a corporate wellness programme to encourage SME employees to be more proactive about preventative healthcare to ensure they stay healthier and productive for longer.
This poll was commissioned by Prudential and conducted by Milieu Insight and surveyed 1,029 Singaporean SME employees and business owners aged 18 and above who work in SMEs with 1 to 200 employees. Responses for the online poll were collected in April 2022.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 91 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$53.3 billion funds under management as at 31 December 2021. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.
#PrudentialSingapore
The issuer is solely responsible for the content of this announcement.