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Allianz Risk Barometer 2022: Cyber perils outrank Covid-19 and broken supply chains as top business risk globally and in Asia Pacific

  • 11th Allianz survey: Cyber, business interruption and natural disasters are the top three business risks globally in 2022. Cyber ranks top Asia Pacific risk for the third consecutive year
  • Pandemic outbreak drops from second to fourth position as majority of companies are less concerned and feel adequately prepared for future outbreaks
  • Natural catastrophes and Climate change rise significantly in the annual rankings as extreme weather events and transition risks mount
  • AGCS CEO Joachim Mueller: “‘Business interrupted’ will likely remain the key underlying risk theme for this year. Building resilience is becoming a competitive advantage for companies.”

JOHANNESBURG/LONDON/MUNICH/NEW YORK/PARIS/SAO PAULO/SINGAPORE – Media OutReach – 18 January 2022 – Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year.

Cyber incidents tops the Allianz Risk Barometer for only the second time in the survey’s history (44% of responses), Business interruption drops to a close second (42%) and Natural catastrophes ranks third (25%), up from sixth in 2021. Climate change climbs to its highest-ever ranking of sixth (17%, up from ninth), while Pandemic outbreak drops to fourth (22%). The annual survey from Allianz Global Corporate & Specialty (AGCS) incorporates the views of 2,650 experts in 89 countries and territories, including CEOs, risk managers, brokers and insurance experts. View the full global and country risk rankings.

 

“‘Business interrupted’ will likely remain the key underlying risk theme in 2022,” AGCS CEO Joachim Mueller summarizes. “For most companies the biggest fear is not being able to produce their products or deliver their services. 2021 saw unprecedented levels of disruption, caused by various triggers. Crippling cyber-attacks, the supply chain impact from many climate change-related weather events, as well as pandemic-related manufacturing problems and transport bottlenecks wreaked havoc. This year only promises a gradual easing of the situation, although further Covid-19-related problems cannot be ruled out. Building resilience against the many causes of business interruption is increasingly becoming a competitive advantage for companies.” 

Business interruption (BI) ranks as the second most concerning risk. In a year marked by widespread disruption, the extent of vulnerabilities in modern supply chains and production networks is more obvious than ever. According to the survey, the most feared cause of BI is cyber incidents; reflecting the rise in ransomware attacks but also the impact of companies’ growing reliance on digitalization and the shift to remote working. Natural catastrophes and pandemic are the two other important triggers for BI in the view of respondents.

In the past year post-lockdown surges in demand have combined with disruption to production and logistics, as Covid-19 outbreaks in Asia closed factories and caused record congestion levels in container shipping ports. Other knock-on effects included a spike in demand for energy, which led to power blackouts and further factory closures in Asia, as well as acute shortages of labor in the transport, hospitality, and food production sectors. Pandemic-related delays compounded other supply chain issues, such as the Suez Canal blockage or the global shortage of semiconductors after plant closures in Taiwan, Japan and Texas from weather events and fires.

“The pandemic has exposed the extent of interconnectivity in modern supply chains and how multiple unrelated events can come together to create widespread disruption. For the first time the resilience of supply chains has been tested to breaking point on a global scale,” says Philip Beblo, Property Industry Lead, Technology, Media and Telecoms, at AGCS.

According to the recent Euler Hermes Global Trade Report, the Covid-19 pandemic will likely drive high levels of supply chain disruption into the second half of 2022, although mismatches in global demand and supply and container shipping capacity are eventually predicted to ease, assuming no further unexpected developments.

Awareness of BI risks is becoming an important strategic issue across entire companies. “There is a growing willingness among top management to bring more transparency to supply chains with organizations investing in tools and working with data to better understand the risks and create inventories, redundancies and contingency plans for business continuity,” says Maarten van der Zwaag, Global Head of Property Risk Consulting at AGCS.

Pandemic preparations improve. Next up – making businesses more weatherproof

Pandemic outbreak remains a major concern for companies but drops from second to fourth position (although the survey predated the emergence of the Omicron variant). While the Covid-19 crisis continues to overshadow the economic outlook in many industries, encouragingly, businesses do feel they have adapted well. The majority of respondents (80%) think they are adequately or well-prepared for a future incident. Improving business continuity management is the main action companies are taking to make them more resilient.

The rise of Natural catastrophes and Climate change to third and sixth position respectively is telling, with both upwards trends closely related. Recent years have shown the frequency and severity of weather events are increasing due to global warming. For 2021, global insured catastrophe losses were well in excess of $100bn – the fourth highest year on record. Hurricane Ida in the US may have been the costliest event, but more than half of the losses came from so-called secondary perils such as floods, heavy rain, thunderstorms, tornados and even winter freezes, which can often be local but increasingly costly events. Examples included Winter Storm Uri in Texas, the low-pressure weather system Bernd, which triggered catastrophic flooding in Germany and Benelux countries, the heavy flooding in Zhengzhou, China, and heatwaves and bushfires in Canada and California.

Allianz Risk Barometer respondents are most concerned about climate-change related weather events causing damage to corporate property (57%), followed by BI and supply chain impact (41%). However, they are also worried about managing the transition of their businesses to a low-carbon economy (36%), fulfilling complex regulation and reporting requirements and avoiding potential litigation risks for not adequately taking action to address climate change (34%).

 “The pressure on businesses to act on climate change has increased noticeably over the past year, with a growing focus on net-zero contributions,” observes Line Hestvik, Chief Sustainability Officer at Allianz SE. “There is a clear trend for companies towards reducing greenhouse gas emissions in operations or exploring business opportunities for climate-friendly technologies and sustainable products. In the coming years, many corporate decision-makers will be looking even more closely at the impact of climate risks in their value chain and taking appropriate precautions. Many companies are building up dedicated competencies around climate risk mitigation, bringing together both risk management and sustainability experts.”

Businesses also have to become more weatherproof against extreme events such as hurricanes or flooding. “Previous once-in-a-century-events may well occur more frequently in future and also in regions which were considered ‘safe’ in the past. Both buildings and business continuity planning need to become more robust in response,” says van der Zwaag.

 

Top Asia Pacific Risks

Cyber incidents (#1 with 40% responses), is the top Asia Pacific risk for the third consecutive year while Business interruption (#2 with 37%) and Pandemic outbreak (#3 with 27%) make up the top three business risks followed by Natural catastrophes (#4 with 25% ) rounding out the key issues in the region.

 

In Asia Pacific, Cyber was the top risk in Australia, India and Japan reflecting the recent technology woes of companies in the region In July, Japanese companies were targeted by a cyber hacking group called APT40. IT vulnerabilities was also an issue as seen with DBS, Southeast Asia’s largest lender. Their digital banking services experienced a two-day disruption caused by an issue with its access control servers. Last month, hackers also launched over a million attacks on companies globally, including across Asia Pacific in just four days, through a previously unnoticed vulnerability in a widely-used piece of open-source software called Log4J.

 

As expected, Changes in legislation and regulation (#5 with 22%) also kept its place amongst the top five Asia Pacific risks in 2022 for the fourth consecutive year. In China, there is continuing crackdown on big internet companies and the US-China geopolitical rivalry has had widespread pressure on economic activity, ranging from trade to technology and investment. 2022 may likely see further political challenges, as the US heads into mid-term elections and China gathers for an all-important Communist Party Congress.

 

Commenting on the Asia Pacific results Mark Mitchell, AGCS APAC Managing Director, said: “It is no surprise that Cyber remains as the top Asia Pacific risk for the third consecutive year in light of the high-profile ransomware attacks, combined with challenges caused by accelerating digitalization and remote working.

 

Following a year of unprecedented global supply chain disruption, business interruption is a consequence of many of the other risks in the rankings, such as cyber and natural catastrophes and will be a perennial concern for companies the world over and in Asia Pacific. Meanwhile, the pandemic has exposed the extent of vulnerabilities in modern supply chains, and how multiple risks can come together to create disruption. There will be a greater need for companies to build resilience to cope with the interconnectivity of risks in future.”

 

About Allianz Global Corporate & Specialty

Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.

 

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

 

Worldwide, AGCS operates with its own teams in 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2020, AGCS generated a total of €9.3 billion gross premium globally.

For more information please visit http://www.agcs.allianz.com/ or follow us on Twitter @AGCS_Insurance and LinkedIn.

These assessments are, as always, subject to the disclaimer provided below.

 

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.

 

Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

 

No duty to update

Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

 

Privacy Note

Allianz SE is committed to protecting your personal data. Find out more in our privacy statement.

#Allianz

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

artnet AG: Artnet Data and Analytics show key developments of art market in 2021, Indicate growth for 2022

  • Post-War and Contemporary Art show strongest growth
  • Price development highlights Fine Art’s attractiveness as alternative asset
  • Pablo Picasso, Jean-Michel Basquiat, Andy Warhol most expensive artists in 2021
  • More than $14 Billion worth of art sold at auction in 2021
  • Artnet developing AI-supported analytics and predictive technology

NEW YORK, US / BERLIN, GERMANY – EQS Newswire – 17 January 2022 – Artnet AG, the leading platform for art market data and media, and the global marketplace for fine art will deploy more resources to further develop its AI-supported analytics and business intelligence products. The development of predictive technologies will be instrumental for data-driven decision making, especially in terms of art secured lending, fractionalization, and other financial products.

Over the past few years, and especially in the wake of the pandemic, art has rapidly developed into a viable alternative asset. With over $14 Billion worth of fine art sold at auction last year, a hefty increase in comparison to the $10.1 Billion 2020 total sales, more and more family offices, collectors, and banks are turning to Fine Art as a viable investment.

The Artnet Business Intelligence team can reveal that especially Post War and Contemporary Art are showing strong returns, with data suggesting growth in line with the S&P500. Modern Art and Impressionist Art are on a steady upwards trajectory. Old Master paintings are experiencing more tepid growth.

The top 10 performing artists over the past year, according to Artnet’s Database, were Pablo Picasso ($657 Million), Jean-Michel Basquiat ($414 Million), Andy Warhol ($341 Million), Claude Monet ($305 Million), Vincent van Gogh ($235 Million), Gerhard Richter ($225 Million), Banksy ($201 Million), Cy Twombly ($181 Million), Zhang Daqian ($160 Million), and Yayoi Kusama ($146 Million). The NFT breakout artist Beeple is among the top 20 highest grossing artists of 2021.

Artnet ended the year 2021 as its strongest performance ever. A pioneering force in the digitization of the art industry, Artnet’s global, highly-curated, and data-driven platform has been critical in supporting the continued growth of the art market.


For more exclusive insights, subscribe to Artnet News Pro, which provides members with decision-driving intelligence about the latest developments in the global art market, from exclusive news and data reports to opinion from our acclaimed columnists.

Learn more and sign up: https://news.artnet.com/subscribe

Further Investor-relations related news and publications can be found here:
http://www.artnet.com/investor-relations/

About Artnet

Artnet has an unparalleled 60 million unique users annually, making it the largest global platform for fine art. Founded in 1989, Artnet has revolutionized the way people discover, research, and collect art today. Artnet’s market data is a mission-critical resource for the art industry, encompassing more than 15 million auction results and AI- and ML-driven analytics providing an exceptional level of transparency and insight into the art market. Artnet’s marketplace connects leading galleries and auction houses with our global audience, offering a curated selection of over 250,000 artworks for sale worldwide. Artnet Auctions, the pioneering online-only auction platform, offers unprecedented reach, liquidity, and efficiency. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary. It is the single most-read news publication in the fine art industry, with a rapidly growing, and dedicated audience. Together, Artnet’s broad synergistic product offering provides a comprehensive ecosystem that drives and informs the modern art market.

Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. The majority of operations are headquartered in New York at its wholly-owned subsidiary, Artnet Worldwide Corporation, a New York based entity founded in 1989. Artnet Worldwide Corp. owns a London based subsidiary, Artnet UK Ltd.

ISIN: DE000A1K0375
LEI: 391200SHGPEDTRIC0X31

 

#Artnet

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

Azbil Receives Singapore Apex Corporate Sustainability Award 2021

TOKYO, JAPAN – Media OutReach – 17 January 2022 – Azbil Corporation announced that it has won a prestigious award in the Sustainable Solutions, Non-SME (small and medium enterprises) category of the Singapore Apex Corporate Sustainability Awards 2021 from Global Compact Network Singapore (GCNS), the Singapore chapter of the United Nations Global Compact. Representing Azbil Corporation, the company’s Singapore branch, Strategic Planning & Development Office for Southeast Asia, was presented the award at a ceremony on December 9 by Guest of Honor Mr. Lawrence Wong, Singapore’s Minister for Finance.

 

 

Azbil being presented the award in the Sustainable Solutions, Non-SME category 

The Singapore Apex Corporate Sustainability Awards are one of the most prestigious awards in Singapore for corporate sustainability and recognize companies whose business operations or solutions have exemplified the Ten Principles of the United Nations Global Compact, which cover environment, human rights, labor, and anti-corruption. The annual award spotlights companies that have taken concrete steps to advance the SDGs and aims to inspire more organizations to share the responsibility of achieving a more sustainable future. The award in the Sustainable Solutions category specifically recognizes businesses that outperform in products or services meeting the sustainability needs of other businesses, the environment and society.

 

Ms. Anju Jaswal, Global Executive Member & Managing Director,

Southeast Asia and India received the award on behalf of Azbil Corporation

 

The azbil Group aims to provide value to society through its four essential goals related to the SDGs to be achieved by 2030. The azbil Group seeks to provide energy solutions which create new value through the optimization of manufacturing and operations and contribute towards a decarbonized society. For example, Azbil’s Utility Optimization System (ENEOPT™ Utility), an energy saving improvement support system, has helped regional customers reduce significant CO2 emission and achieve target energy efficiency in energy production systems including equipment such as chillers, boilers and turbines, and district cooling/heating systems.

 

“We are extremely pleased and honored to receive this recognition which affirms our Group-wide contributions towards the achievement of a sustainable society, aiming to share value through our core businesses and general corporate activities and realizing the SDGs. We are committed to continue developing innovative solutions to help preserve the environment and save energy, and we look forward to reaching many goal-oriented milestones for years to come,” Mr. Takayuki Yokota, Director and Senior Managing Executive Officer, CFO and in charge of international business at Azbil Corporation.

 

“Congratulations to Azbil Corporation. We commend the winners of the Singapore Apex Corporate Sustainability Awards 2021. With sustainability increasingly becoming the key to lasting competitive advantage, we hope that the winners’ strategies and efforts will inspire others to build their sustainability practices,” Ms. Goh Swee Chen, President of GCNS.

 

Based on the Group philosophy of “human-centered automation,” the azbil Group will strive to contribute “in series” to a sustainable society and achieve sustained growth, while moving forward with specific initiatives to do so.

* ENEOPT is a trademark of Azbil Corporation.

#Azbil


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

DHL Global Forwarding delivers Covid-19 antiviral pills to South Korea, the first country in Asia Pacific to receive the treatment courses

SEOUL, SOUTH KOREA – Media OutReach – 17 January 2022 – DHL Global Forwarding, the freight specialist arm of Deutsche Post DHL Group, has been tasked to bring in the newly approved Covid-19 antiviral pills to South Korea to bolster its fight against the pandemic. The logistics Group has been heavily involved in the transportation of Covid-19 vaccines worldwide, shipping well over 1.8 billion shipments of vaccines across 174 countries.

DHL
DHL

“Across the Group, it’s been a privilege to be part of the global fight against the pandemic. Our network around the world banded together to make the fastest, smoothest delivery of Covid-19 vaccines worldwide possible. Now, we’re doing the same with the latest antiviral pills said to significantly lessen the severity of the disease for patients and the community. We are honored to deliver this important shipment to South Korea, the first country in Asia Pacific to receive the Covid -19 antiviral pills,” said SP Song, Managing Director, DHL Global Forwarding Korea.

“Unlike the shipments of Covid-19 vaccines, which were required to be shipped under specific temperature and dry ice conditions, the transportation of the antiviral pills are akin to regular pharmaceutical goods transported at a range of 15-25 degree Celsius, requiring limited bespoke logistics arrangements.”

DHL managed the transport of the antiviral pills from the production sites in Germany to Belgium, where the shipment undergoes value-added thermal packaging before being transported to its destination in South Korea.

“It is important that as many people as possible have access to vaccines and the necessary life-saving medication when needed. With a highly experienced global network of healthcare logistics expertise to ensure the integrity of the antiviral pills throughout the journey, we’re proud to continue our part and help make a difference to lives and livelihoods in the communities we operate in”, said Song.

More than 9,000 life sciences and healthcare specialists work across DHL’s dedicated global network so that pharmaceutical, medical devices, clinical trials and research organizations, wholesalers and distributors, as well as hospitals and healthcare providers are connected across the value chain and through digitalization, from clinical trials to point of care, and every step in between.

DHL’s portfolio for the healthcare industry includes 150+ pharmacists, 20+ clinical trials depots, 100+ certified stations, 160+ GDP-qualified warehouses, 15+ GMP-certified sites, 135+ medical express sites, and a time-definite international express network covering over 220 countries and territories.

On a global scale, logistics providers are challenged to establish medical supply chain rapidly to deliver vaccines of an unprecedented amount of more than 10 billion doses worldwide—also in regions with less developed logistics infrastructures, where approximately 3 billion people live. To provide global coverage over the next two years, DHL estimated in its 2020 vaccine logistics whitepaper that up to 200,000 pallet shippers and 15 million cooling boxes, as well as 15,000 flights, will be required across the various supply chain setups. In its whitepaper “Revisiting Pandemic Resilience“, DHL also estimated that from 2022 onwards, a further 7-9 billion vaccine doses are necessary annually to keep (re-)infection rates low and slow down the pace of virus mutations.

Note to editors:

Find out more about how South Korea became one of the biggest producer countries for Covid-19 test kits where DHL Global Forwarding air-freighted more than 1.3 million Covid-19 test kits to Brazil, Ecuador, India, Lithuania, Poland and Russia in April 2020. Read more on DHL’s Logistics of Things.

DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 400,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 66 billion euros in 2020. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.

#DHL

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

Malaysia Global Business Forum (MGBF) launched roundtable series “The Evolving Threat Matrix of the Digital Economy”, to showcase better understanding of threat matrix key to future success in digital economy

KUALA LUMPUR, MALAYSIA – Media OutReach – 17 January 2022 – The recent global pandemic has fast-forwarded change. It has opened considerable opportunities for businesses to make a profit while at the same time it has increased the potential for crisis. The reality is the evolving threat matrix of the digital economy, which is at the convergence of many factors: cyber security, data management, weaponised information in the media, external attacks on supply chains and rapid political and policy changes.

 

According to the latest figures released by the Department of Statistics Malaysia, the country’s digital economy has grown at a rate of 17.1 per cent to a value of some RM320 billion, with some estimates placing the value of the overall contribution of this sector to the economy at 22.6 per cent. These impressive growth figures have garnered the attention of investors and criminal elements alike. 

 

The Malaysia Global Business Forum (MGBF)’s exclusive roundtable series called “The Evolving Threat Matrix of the Digital Economy” will confront critical questions impacting the future of business in the rapidly digitising world. The four component events will focus on: addressing security concerns in critical value chains; digital resilience in the corporate sector; charting the future of data resilience; and addressing weaponised information in the media.

 

When speaking about dealing with security concerns in critical value chains, MGBF Founding Chairman Nordin Abdullah stated, “The threat matrix has evolved. The frontline is at the confluence of information warfare, propaganda, cyberspace incursions, social media, algorithms, big data and behavioural communications, just to name a few. Business leaders within complex global supply chains need to be aware of these threats and if they wish to survive, must be prepared to manage these challenges.”

 

When asked about digital resilience in the corporate sector, Nordin mentioned, “Corporations are in a digital arms race; it is just that many do not realise it. A new breed of mercenaries are looking to exploit gaps in cybersecurity and digital frameworks. Coupled with weaponised communications that is designed to bring companies to their knees, organisations need leaders who understand the new rapidly evolving strategic landscape.”

 

“Companies can now live, or die based on their ability to generate and manage data. This strategic asset is also a target, requiring protection from internal and external forces. Effectively managing these existential challenges to business is the opportunity that business leaders need to grasp to ensure a sustainable future,” continued Nordin when asked about charting the future of data resilience.

 

“Attacks on corporations and their leadership often take the form of weaponised information attacks in the media. These communications often fall on the heads of corporate communicators. It goes deeper than the job scope and pay grade of communications teams. The importance of understanding these advanced business threats now falls on the shoulders of board members and C-suites,” concluded Nordin.

 

Data-driven business decisions have never been as crucial, especially in this era. Extracting relevant and timely business data to analyse the competitive market environment is a key element to success. The Malaysia Global Business Forum (MGBF) leverages off technology, experience, and market presence to aid businesses in making data-driven decisions. The series of events are part of an effort to realise a sustainable future in the face of rapid change.

 

MGBF was established to empower stakeholders at the intersection of international and Malaysian business. Through government relations, business intelligence, advocacy, media engagement, market research, networking, advisory and business matching, MGBF delivers results for individuals, corporations, trade, and business associations, as well as national and state governments.

 

For more information visit www.MalaysiaGlobalBusinessForum.com.

 

About Malaysia Global Business Forum

The Malaysia Global Business Forum (MGBF) was established to empower stakeholders at the intersection of international and Malaysian business. Through government relations, business intelligence, advocacy, media engagement, market research, networking, advisory and business matching, MGBF delivers results for individuals, corporations, trade and business associations, as well as national and state governments.

 

For more information visit www.MalaysiaGlobalBusinessForum.com.

#MalaysiaGlobalBusinessForum #MGBF

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

Singapore based KaHa Pte Limited acquired by Imagine Marketing (boAt) to create next-generation IoT enabled wearable products and ecosystem

SINGAPORE – Media Outreach – 17 January 2022 – Imagine Marketing Private Limited (parent company of boAt) announced the acquisition of Singapore based KaHa Pte Limited, an end-to-end SMART IoT product development company. The acquisition will enable Imagine Marketing to augment its wearable product offerings in terms of the concept, design, electronic firmware, algorithm development, Android/ iOS applications, new feature integration, social engagement and analytics, and lead the way by creating a vibrant eco-system for the Indian consumer. This acquisition will allow Imagine Marketing to scale up its smart and holistic wellness wearables ecosystem, and further innovate to come up with functional features with the Indian consumer in mind.

 

Founded in 2015, KaHa has capabilities in developing products in the IoT space and has a technology-focused platform for wearables through patented AI and ML capabilities, end-to-end smart wearable solutions (hardware and software), and data-driven smart IoT platforms, providing solutions and analyses for multiple use cases. It has its operations across Singapore, India and China. KaHa Pte Limited, with over 30 patents and over 90 dedicated and experienced engineers, is expected to augment IMPL’s capabilities to introduce technologically advanced products and shorten the lead time to have an ecosystem play in the wearables and IoT segment.

The wearables market in India is estimated to be over USD 1 billion, growing at ~100% YoY with positive headwinds and attractive market characteristics. In a year since entering the category, boAt has amassed over 20% market share in India on the back of launching multiple disruptive high-quality products at affordable prices. Imagine Marketing aims to participate in a broader lifestyle-oriented play in India’s wearables ecosystem, driven by consumers’ rising health consciousness and need for convenience.

 

Imagine Marketing has been increasing its R&D focus through boAt Labs with a dedicated 25+ member team having expertise in audio and wearable devices. Imagine Marketing’s deep understanding of consumer and category landscape combined with KaHa Pte Limited’s strong IoT expertise will help create smart products with a holistic wellness focus that improve the quality of life of consumers. The acquisition is expected to increase Imagine Marketing’s product offering capabilities fueling the next generation IoT enabled smart wearables that are more versatile, personalized and affordable.

“We are passionate about providing a compelling value proposition to our wide audience of digital-savvy young, aspirational consumers by offering a portfolio of well-designed and distinctive lifestyle-oriented products, indigenized and offered at attractive prices. With chronic lifestyle diseases on a rise, we are seeing greater awareness and adoption of digital connected devices consumers that enable consumers to better track their habits and adopt healthier lifestyles. Our acquisition of KaHa Pte, a next-generation platform known for developing smart wearables in the holistic wellness space captures all aspects including vitals, fitness, social and mental health. By leveraging KaHa’s capabilities, we will be able to create a powerful smart wearables ecosystem with powerful functionality at affordable prices that truly benefit the consumers.” said Sameer Mehta, Co-Founder and Chief Product Officer, Imagine Marketing Pvt. Ltd.

 


Sameer Mehta, Co-Founder and Chief Product Officer, Imagine Marketing Pvt. Ltd.

Pawan Gandhi, CEO and Co-founder of KaHa Pte Ltd., said “We are delighted to become part of the boAt family. Our DNA lies in cutting edge product development and building smart IoT products that solve consumer problems. We look forward to working with the boAt team to make wearable technology an enriching and life-changing part of the consumer’s everyday life and building a vibrant wearables ecosystem”

Pawan Gandhi, CEO and Co-founder of KaHa Pte Ltd

About KaHa

KaHa is a Singapore-based Internet of Things (IoT) technology company with offices in Singapore, China, India. An industry leader, KaHa has developed its proprietary COVE® IoT platform.

With in-built Artificial Intelligence and Machine Learning algorithms, COVE® provides users with actionable intelligence and personalized experiences across a range of consumer verticals: Health & Wellness, Sports & Fitness, Digital Payment and Safety. The platform includes electronics design, printed circuit board assembly, application frameworks for iOS and Android, cloud services, data analytics and smart after-sales service tools. For more information, visit www.coveiot.com.

 

#KaHa

Laos Authorizes Two Crypto Exchange Platforms

Cryptocurrency and bitcoin

Authorities in Laos have officially authorized two licensed cryptocurrency exchange platforms to operate in the country.

Toby – A One-Stop-Shop Hong Kong’s Leading Service Marketplace Forms Partnership with Jackercleaning – Taiwan’s Largest Home Cleaning Service Platform

Building a Stronger Workforce and Network to Lead in the Taiwan Market

HONG KONG SAR – Media OutReach – 17 January 2022 – As the Chinese New Year is around the corner, many families are planning to clean up their home to give space for good luck in the coming year. Toby (previously known as “HelloToby”), a one-stop-shop service platform, announced a new move in the home cleaning service market.

 

Established in 2016, Toby is a platform connecting individuals looking for personal services and household services to professional service providers, who give quotes on the platform. It introduced a new stream of professional housekeeping services in 2018 which eases the booking of cleaning services for households. Embarking on the year of 2022, Toby is stepping up its efforts to expand its reach in Taiwan and Singapore by concluding a long-term partnership with Jackercleaning, the largest home cleaning service platform in Taiwan. The workforce from the two companies will join forces to provide top-quality service to Taiwanese.

Mr. Jason Zheng(鄭會杰), CEO and Co-founder of Toby remarked, “Toby is flexing its muscles to expand in South-east Asia while Taiwan is considered one of the most vital, strategic markets. We thank Jackercleaning for entrusting us in a long-term collaboration and look forward to seeing the reciprocal support and the combination of strength of both sides that will help us grow stronger and bring more quality and convenient service in Taiwan.”

Both Toby and Jackercleaning have been providing home cleaning solutions catering for different needs of users in Hong Kong and Taiwan respectively.  The new partnership will pull together the capacity and resources from the two companies offering more options to customers. As a result, it will on one hand enhance user experience, and on the other hand, create more work opportunities for the cleaners.

Mr. Harvey Lam, CEO of Jackercleaning said “We’re optimistic about the outlook of the group as the partnership between Jackercleaning and Toby launches. We are happy to work with the Toby team and believe that the partnership will not only allow our customers to enjoy better services, but also create synergy of the membership and traffic. Moreover, our team will be able to take the opportunity to get involved in a venture of larger scale and to work with a remarkable team outside Taiwan. We envisage a win-win-win scenario for customers, the two companies and their staff.”

Toby and JackerCleaning will be working together on more initiatives to lead the home cleaning market in Taiwan.

Extensive Network of Specialists   520K Users’ Requests Matched

Toby takes pride in having an extensive network of over 100,000 independent professionals and small enterprises across Hong Kong, Taiwan and Singapore, covering some 800 service categories including housekeeping, beauty service, renovation, training, sports, IT, business, wedding planning and event organisation. Since its inception five years ago, Toby has been running as a marketplace which facilitates users to get quotes and make direct booking from the professional service providers. So far it has served around one million requests and facilitated matches for 520,000 users. Toby’s accomplishments have been well recognised – it was awarded the Start-up of the Year at Alibaba Cloud Summit and the 5th place of the 2021 Deloitte Hong Kong Technology Fast Company.

 

Eyeing to Asian Market Business Opportunities

Mr. Jason Zheng, who is listed as one of the 30 Forbes Under 30 Asia Outstanding Young Entrepreneur in 2021, leads the team at Toby to excel in the Asian market. “Home services is our starting point and we’ll expand our services in Taiwan to other areas with an aim to bring consumers diverse service experience.” The partnership demonstrates Toby’s determination to enter and thrive in the Taiwan market. Zheng also revealed that Toby looks to inject more resources in both Taiwan and Singapore markets to build a stronger, reliable network of independent professionals from various fields, with an aim to create more business opportunities while benefiting local customers with the quotation and direct booking facilities on the platform.

About Toby

Toby (previously known as “HelloToby”) is a customer-oriented, one-stop-shop service  matching platform established in 2016 on which users can book a service at a fixed price from the service listing of Toby’s professional team and its business partners. Toby also delivers customised match services, including quotations for special requests as well as one-on-one renovation consultation for better understanding and match of the user’s needs.

Toby features more than 800 service categories on the platform, including housekeeping services, beauty, massage, renovation and interior design, tuition, wedding planning and more. With the mission of ensuring users can find quality service with ease, Toby has facilitated the service match for more than 520,000 requests.

Toby is headquartered in Hong Kong and has expanded its reach to the Taiwan and Singapore markets.

Toby’s official website: www.hellotoby.com

About Jackercleaning (潔客幫)

Jackercleaning (潔客幫) was founded in 2014 as the largest housekeeping service platform in Taiwan. The platform has engaged around 600 domestic helpers and has helped more than 30,000 families find a suitable household cleaning service. Users can complete booking of a professional home/office cleaner in no more than 5 minutes after submitting specific requirements.

Jackercleaning’s housekeeping services cover general cleaning service, electric appliance cleaning and other deep cleaning service. Jackercleaning is available in Taipei, Keelung, Taoyuan, Hsinchu, Taichung, Tainan and Kaohsiung. More locations will be added.

Jackercleaning website: www.jackercleaning.com

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