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Allianz: Construction companies to see robust growth and “new age” risks post-Covid

  • The Asia Pacific infrastructure market is expected to grow 7 – 8% a year over the next decade.
  • Current shortage of materials and skilled labor add to long-term challenges around new design, materials and building methods driven by sustainability and net zero strategies.
  • AGCS analysis of €11bn worth of construction and engineering claims over five years identifies top causes of loss by value: fire and explosion (26%), faulty design/poor workmanship (20%) and natural hazards (20%).
  • Construction companies need to improve cyber resilience and protect buildings sites against flash flooding and other extreme weather events driven by climate change. “Out of hours” water damage a major source of loss.


JOHANNESBURG/LONDON/MUNICH/NEW YORK/PARIS/SAO PAULO/SINGAPORE – Media OutReach – 30 November 2021 – The global construction market is set for a sustained period of strong growth post-Covid-19, driven by government spending on infrastructure and the transition to a net zero society. However, the switch to more sustainable buildings and infrastructure, the upscaling of clean energy facilities and the adoption of modern building methods will transform the risk landscape, with radical changes in design, materials and processes. These challenges add to currently-stressed supply chains, shortages in materials and labor and increased costs, which all come against the backdrop of years-long tight margins in the industry. A new report from Allianz Global Corporate & Specialty (AGCS), Construction risk after Covid, explores both acute and long-term risk trends for the construction sector.

 

“Covid-19 has brought about a new age for the construction industry,” says Yann Dreyer, Global Practice Group Leader for Construction in the global Energy & Construction team at AGCS. “While construction projects continued during the pandemic, and further growth is to come, the overall environment has changed fundamentally. The industry faces new challenges around supply chain volatility and spiking material costs, skilled workforce shortages and the heightened focus on sustainability. In addition, the accelerated deployment of cost-cutting strategies and implementation of new technologies and designs may well result in accelerated risks for construction companies and insurers alike. Continued risk monitoring and management controls will be key moving forward. Together with our clients, we will help manage these challenges as AGCS is committed to the construction industry as a key target sector for our growth initiatives.”

 

The strong growth outlook for the sector is based on a number of factors, such as rising populations in emerging markets and significant investment in alternative forms of energy such as wind, solar and hydrogen, as well as power storage and transmission systems. The shift to electric transport will require investment in new plants and battery manufacturing facilities and charging infrastructure. Buildings are not only expected to improve their carbon footprint, but will also require improved coastal and flood defences and sewage and drainage systems in many catastrophe-exposed regions in response to more frequent extreme weather events. At the same time, governments in many countries are planning major public investments in large infrastructure projects to both stimulate economic activity after the pandemic crisis and drive the low carbon transition. In the US, a $1 trillion+ infrastructure package touches everything from bridges and roads to the nation’s broadband, water and energy systems. At the same time it has announced plans to invest in a number of large infrastructure projects around the world in 2022 in response to China’s ambitious Belt And Road Initiative, which could stretch from East Asia to Europe. Four countries – China, India, US and Indonesia are expected to account for almost 60% of global growth in construction over the next decade.

The Asia Pacific infrastructure market is expected to grow 7 – 8% a year over the next decade, reaching US$5.36 trillion a year by 2025.


Downsides of the construction boom


The expected boom brings specific challenges in addition to benefits. In the medium term, sudden surges in demand could put supply chains under additional pressure and exacerbate existing shortages of materials and skilled labor, causing schedule and cost overruns. In addition, many in the industry may need to accelerate the implementation of efficiency and cost-control measures if profit margins have been impacted in the Covid-19 economy, which can often impair quality and maintenance levels and increase susceptibility to errors. Analysis by AGCS shows that design defects and poor workmanship are one of the leading causes of construction and engineering losses, accounting for around 20% of the value of almost 30,000 industry claims examined between 2016 and the end of 2020.

The enhanced sustainability and net zero focus will strongly influence the traditional risk landscape in the construction sector. According to the UN Environment Programme, buildings and the construction industry account for 38% of all energy-related carbon dioxide emissions. In order to cut carbon emissions, existing buildings will need to be refurbished and repurposed. Additionally, new materials and construction methods will need to be introduced across the market in relatively short periods of time. This will bring an increased risk of defects or may have unexpected safety, environmental or health consequences. For example, as a sustainable and cost-efficient material, the use of timber in construction has increased in recent years. However, this has implications for fire and water damage risks. AGCS claims analysis shows that fire and explosion incidents already account for more than a quarter (26%) of the value of construction and engineering claims over the past five years – the most expensive cause of loss.

Upscaling clean energy – renewable risks


Expanding clean energy brings new risks, too. Offshore wind projects are growing in size, moving further out to sea and into deeper waters, meaning the costs associated with any delays or repairs is increasing. Offshore wind farms, as well as onshore wind and solar projects, can also be exposed to serial losses. A design or manufacturing fault in a turbine, for example, can impact many projects. There have also been large claims from faulty foundations in solar parks and farms. Repairs to undersea cables, which weigh thousands of tons and require special ships to lay, can take more than a year. An offshore converter station alone can cost as much as $1.5bn, comparable to an oil rig. A fire or explosion involving a converter, as seen recently in China, can result in a total loss.

“Huge investments in green energy will mean larger values at risk, while the rapid adoption of prototype technology, buildings methods and materials will require close cooperation between underwriting, claims and risk engineering in-house, as well as between insurers and their clients,” says Olivier Daussin, Construction Underwriting Lead in AGCS’s global Energy & Construction team.

The two sides of modular construction


The size of the global modular construction market size is projected to grow from $82bn in 2020 to $109bn by 2025, at a combined annual growth rate (CAGR) of 5.75%. In terms of value and volume, permanent modular construction is estimated to dominate the market and steel is tipped to be the fastest-growing market segment. The healthcare industry is projected to be the fastest-growing end-use sector through to 2025, with the Asia-Pacific region set to grow at the highest CAGR of any region during this period, followed by Europe and North America.

Ultimately, modern building and production methods have the potential to radically transform construction, transferring more risk offsite and incorporating greater use of technology. Modular construction in particular provides many benefits such as controlled factory-based quality management, less construction waste, a construction timeline cut in half compared to traditional methods, and reduced disruption to the surrounding environment. However, it also raises risk concerns about repetitive loss scenarios. “There is an increased risk of serial losses with modular and prefabricated methods as the same part could be used across several projects before a fault is discovered,” Daussin explains.

The shortage of skilled labor in the construction industry is likely to further the trend towards offsite manufacturing and automation. At the same time, digitalization of construction creates cyber exposures which engineering and building companies need to strengthen their defenses against. Today, the numerous parties involved on a construction site are interconnected through various shared IT platforms, which increases their vulnerability. Cyber risks can range from malicious attempts to gain access to sensitive data, to disruption of project site control and associated theft, to supply chain disruption, to potential corruption of project design data, resulting in delays and ultimately reputational risk for parties involved.

Better protection of building sites against natural hazards and water damage


The need to reduce greenhouse gas emissions will not only drive a more sustainable approach to residential and commercial buildings as well as infrastructure but may also hasten the trend as the industry looks to achieve efficiencies and minimize waste. Construction sites also need to give more consideration to mitigate the impact of climate-driven events, such as wildfires, flash flooding and landslides. AGCS claims analysis shows that natural hazards is already the second most expensive cause of construction losses, behind fire and explosion, accounting for 20% of the value of claims over the past five years.

Meanwhile, water damage continues to be a major source of loss during construction. AGCS has seen a number of surprisingly large losses from leaks from pressurized water or fire systems that go undetected or occur out of business hours, on weekends or during periods when site personnel are not present. Water leak detection and monitoring systems can help reduce the frequency and severity of water damage, mitigating expensive repairs and project delays.

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, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, 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.

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” and similar expressions identify forward-looking statements.

Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group’s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events, (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.

#Allianz

Carousell Recommerce Index 2021 Reveals Growing Support for Sustainable Consumption and Circular Economy

Pragmatism and pandemic disruptions pave the way for greater acceptance across Fashion, Electronics and Autos categories in Malaysia

KUALA LUMPUR, MALAYSIA – Media OutReach – 30 November 2021 – Carousell Group, the leading classifieds group in Greater Southeast Asia, addresses the issue of overconsumption in its inaugural Carousell Recommerce Index 2021, a Carousell Green initiative to highlight the importance of sustainability and recommerce in the Greater Southeast Asia region. The report covers findings from four Carousell Group brands namely Carousell, Chợ Tốt, Mudah.my and OneKyat, across eight markets – Hong Kong, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Taiwan and Vietnam, involving over 3,000 buyers and sellers.

 

In Malaysia, almost eight out of 10 people have made secondhand purchases before, with a strong preference for buying Photography and Electronics such as computers, mobile phones and tablets (46%). Meanwhile, top-selling categories are Home, Furniture and Appliances (48%), with thousands of items making their way to new homes instead of landfills, providing income to sellers and delivering value for money to buyers.

 

“At Carousell, we have always aimed to provide a new lease of life for underused items, as a means to reduce waste and to help people get more value for money. Over the last two years, normal consumer behaviour has been upended by the pandemic, hence the Carousell Recommerce Index is a timely ‘report card’ on where we are now, and how we can make secondhand the first choice in our effort to practice a more sustainable lifestyle and support a circular economy,” explained Tang Siew Wai, Country Head (Malaysia), Carousell.

 

As for motivations for buying secondhand, 78% of Malaysian respondents who have purchased secondhand items before cite ‘value for money’ as the top reason, coming out ahead of the regional average of 68%.

Overall in the region, Fashion remains the top category with the most secondhand listings (29%), with Women’s Fashion dominating the top spot across the region, and Men’s Fashion becoming increasingly popular. This is echoed in Malaysia where Men’s Fashion surged 76% in listing views and 74% in listings created on Carousell Malaysia, with men’s tops followed by sneakers as the most popular purchases. Men’s Fashion also saw strong interest on Mudah.my, leading the way for its parent category Home and Personal Items to reach second place in 2020.

 

However, on Mudah.my, Autos takes the lead from 2018 – 2020 in terms of the most number of secondhand listings and the most demand for secondhand. With the launch of the Carousell Auto Group earlier this year, this category is anticipated to be a key area of growth as more individuals seek safe and reliable vehicles for safety and other reasons, without the burden of financing a new set of wheels. 

 

Regardless of fluctuations in buying and selling, Carousell Group continues to make headway in fostering community while promoting secondhand. This includes Malaysia’s Betul-betul Free campaign, which was inspired by generous users who listed items for free using the hashtag #blessings. The popularity of the campaign led to a dedicated Free Items category that is now available in Singapore, Hong Kong, Taiwan, Malaysia and the Philippines on Carousell, as well as Chợ Tốt in Vietnam and OneKyat in Myanmar.

 

Lucas Ngoo, Co-founder, Carousell Group said, “As a pioneer for mobile classifieds in the region, Carousell Group has been constantly working to remove friction and enable secure, seamless transactions. With the use of AI and data, we have been focused on accelerating our recommerce leadership in the region to make buying secondhand trusted and convenient. This, in turn, will help to solve the meaningful problem of overconsumption with recommerce and thus make secondhand the first choice for consumers.”

 

The Carousell Recommerce Index (2021 Report) is available for download here.

About Carousell Group

Carousell Group is the leading classifieds group in Greater Southeast Asia on a mission to inspire the world to start selling, and to make secondhand the first choice. Founded in August 2012 in Singapore, the group has a leading presence in eight markets under the brands Carousell, Mudah.my, Cho Tot and OneKyat, serving tens of millions of monthly active users. Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments and Sequoia Capital India. Visit here for more information.

#CarousellGroup

dorra Continues to Stand Out with Award-Winning Slimming Treatments in Singapore

SINGAPORE – Media OutReach – 30 November 2021 – As the Tummy, Hip and Thigh Slimming Expert in Singapore, dorra‘s Intense Fat Burning Slimming Treatment was most recently featured as the “Best Slimming Treatment” in the Daily Vanity Spa & Hair Awards 2021. Highlighted as both Editor’s and Reader’s Choice, dorra customers can consider this treatment to target stubborn fat and cellulite effectively.

dorra delivers award-winning fat-burning and body-shaping technologies in Singapore, helping women lose weight in their tummy, hips and thighs.

 

Staying true to its aim, dorra reaffirms, “dorra Slimming has amassed more than 50,000 satisfied customers over 10 years, owing to our proven methods and visible results. We strive to have more women learn about our slimming solutions and what we can do to empower them with body confidence.”

 

As of 2021, MediaCorp artiste, Joanne Peh, joins Jayley Woo as a dorra ambassador and customer to commemorate the brand’s 10th anniversary. dorra’s ambassadors continue to inspire women with the motivation brought about by the range of targeted slimming treatments.

 

How Their Slimming Treatments Garner Results

 

Amidst the Covid-19 pandemic, almost one-third of Singaporeans experienced weight gain. Targeting the deepest layers of visceral fat beyond surface fat under the skin, dorra’s Intense Fat Burning Slimming Treatment can be used to counter it without surgery or injections.  

 

In a 100% female environment, customers can comfortably discuss their concerns in a one-on-one consultation with dorra’s professional specialists. This is followed by a personalised body-fat composition analysis that can uncover specific weight gain issues unique to the customer.

 

The dedicated specialist will also customise the Intense Fat Burning Slimming Treatment using advanced slimming peptide technology to fit customers’ individual needs. Through their unique formulations, fat burning in the tummy, hips and thighs can be increased by 53%. Customers can slim down whenever they want to in comfort, seeing up to 5cm loss in just one session.*

 

With dorra, women can work towards maintaining their figure without relying on pills and crash diets. They may also consider other award-winning treatments at dorra such as the Speedy Detox Treatment that also won “Best Body Detox Treatment” in this year’s Daily Vanity Spa & Hair Awards.

 

Customers can easily head down to their outlets for a quick 20- to 40- minute fix, enjoying fast yet effective treatment on the go. With seven outlets conveniently situated in Singapore, they can find the nearest dorra outlet in:

●       Plaza Singapura

●       Lot One Shoppers’ Mall

●       Heartland Mall, Kovan

●       White Sands Shopping Centre

●       Bedok Mall

●       Tiong Bahru Plaza

●       Northpoint City

 

*Results may vary

 

About dorra Slimming

As the only lower body specialist in Singapore equipped with exclusive fat-burning formulations and body-shaping technologies from France, dorra specialises in tummy, hip and thigh slimming since 2011. For more information, view their treatments here: https://dorraslim.com.sg/our-specialisation/

#dorraSlimming

ViLab Signs MOU with Squid Game Special Effects Creator to Develop Metaverse Technology

HONG KONG SAR – Media OutReach – 30 November 2021 – ViLab Limited., a Hong-Kong based metaverse service and technology provider, is pleased to announce that it has signed a Memorandum of Understanding (MOU) with Gulliver Studios, the creator behind the visual effects of “Squid Game,” to jointly develop technology that can be used for creating and maintaining virtual identity and other background features in the metaverse.

Since its founding, ViLab and its partners have been developing and upgrading virtual human and background technologies such as face-shifting, lip synchronization and voice cloning. These, along with its future work with Gulliver, can be applied and used in multiple platforms in the metaverse, including BetterAreana, a ViLab-built space in the metaverse that hosts virtual idol concerts and other activities.

Under the MOU, ViLab and Korea-based Gulliver will explore collaboration in three areas: to develop three-dimensional web and mobile applications; to create computer-generated imagery (CGI) rendered concrete hosting in ViLab’s BetterArena, for background and stage effect and other projects; to create and maintain virtual idols. The partnership will be another major milestone for ViLab. Going forward, the company will collaborate with its partners to build more applications for 3D animated avatars, or digital identities, for the metaverse.


Metaverse is a shared virtual space where people can gather to interact and collaborate at any place and through any device. It has been called “the next frontier” of the internet by a number of tech moguls.

“One of ViLab’s main goals has been to develop virtual identities technology that can be adopted across all metaverse platforms,” said Ginny Q, Co-founder of ViLab: “We are excited about teaming up with Gulliver Studios, one of the hottest names in visual effects globally. By combining our capability and experience in synthetic media technologies with their expertise in CGI, we are moving another step towards realizing our vision.”

About ViLab

ViLab Limited is a Hong Kong-based professional metaverse service provider. With a focus on using artificial intelligence to build and upgrade virtual identity and behavior in the metaverse, it strives to provide 360-degree solutions to individuals and corporates in adapting to the latest changes in web experience. Its core mission is to equip clients in their journey to explore the possibility and potential of the metaverse. Through the creation of a parallel universe, they can also search for solutions to real life problems.

About Gulliver

Gulliver Studios has created stunning visual effects for numerous great films across the globe, including The Cursed: Dead Man’s Prey, Collectors, The Yin-Yang Master: Dream of Eternity, and more. Gulliver received worldwide recognition by exclusively producing visual effects for the Squid Game, the All Time most-viewed TV show on Netflix. Beyond film production, Gulliver continues to take VFX to the next level through research and development in Virtual Reality, Augmented Reality, Extended Reality, Digital Human, and Virtual Production.

#ViLab

Laos Confirms 1,291New Cases of Covid-19 and Four Deaths

Covid-19 Update


Laos has recorded 1,291new cases of Covid-19 across the country today.

The Hong Kong Green Building Council Announces the Winners of the “Advancing Net Zero” Ideas Competition for Building Solutions to Address Climate Change

HONG KONG SAR – Media OutReach – 30 November 2021 – Climate change is without doubt the most pressing concern in the world today. At the recent United Nations Climate Change Conference (COP26) in Glasgow, world leaders agreed on two major initiatives to tackle the problem: Ending deforestation and reducing global methane emissions by at least 30% by 2030 as compared with 2020 levels. Hong Kong is eager to help, and earlier this year launched the first “Advancing Net Zero” (ANZ) Ideas Competition to help drive net zero solutions in the building sector. Organised by the Hong Kong Green Building Council (HKGBC) with Swire Properties as the Principal Partner, the competition attracted great interest and the winners were announced today.

The competition invited experts from around the globe to contribute innovative design ideas and practical solutions in two categories: (i) Future Buildings and (ii) Existing Buildings and under three main themes: (i) Zero carbon & ultra energy efficiency, (ii) Embodied carbon, (iii) Health and sustainability. Participants could propose their ideas based on the real data of two office towers – site of One Taikoo Place and Oxford House in Taikoo Place, so that the solutions generated could be realistic and the implementation feasibility could be enhanced. The overall aim was to move Hong Kong’s building sector towards a sustainable future and actively meet the Hong Kong Government’s target of achieving carbon neutrality by 2050 by fostering innovative solutions for the city.

Ar Prof Ada FUNG, Chairperson of the Organising Committee of the Competition said: ” Hong Kong is a signature model for a subtropical, high-rise and high-density urban context which is always a challenge for designers and architects when it comes to decarbonisation. Targeting the commercial building sector which accounts for 65% of electricity consumption in the city, we were delighted to see so many multi-disciplinary professionalal teams from around the world participate in the competition. In total, we received 22 entries from 58 organisations and companies. The entries were all of a very high standard and we have seen lots of inspiring and avant-garde concepts for both the local and global building sectors. We are glad to see some similar innovative ideas and trends emerging from different teams. Harvesting these ideas and solutions, we would build a Knowledge Bank to help accelerate their adoption by the industry to achieve net zero.”

 

Professional Jury of Global Experts

The Jury Panel was composed of well-known experts from different industries including Ms Tanya COX, Chair of the World Green Building Council; Professor JIANG Yi, Director of the Building Energy Research Centre of Tsinghua University; Mr William MCDONOUGH, the founding partner of architects William McDonough + Partners and a globally recognised leader in sustainable development and design; and Ms Meaghan LLOYD, Partner at Gehry Partners, the acclaimed firm founded by Pritzker Prize Laureate Frank Gehry.

The Winners

The jury selected three Winners and five Merit Awards from the eight shortlisted finalists in the Future Building and Existing Building category. The eight teams are eligible for a total of HK$1.4 million in prize money.

1.       Future Building Category – A seamless carbon positive experience for users intergrated with innovation and technology

The two winning entries for the “Future Building” category are A) “The Treehouse” by Ronald Lu & Partners (Hong Kong) Ltd. and B) “Taikoo Green Ribbon” by Ove Arup & Partners Hong Kong Limited. The three merit awards for this category include Eckersley O’Callaghan Asia Limited, Modus Architecture Ltd and Leigh & Orange Ltd.

  

A.      “The Treehouse”

Using the concept of the sacred union between man and nature, “The Treehouse” is a new calibre of workplace which aims to promote carbon positivity through cutting edge technology, design and management.

 

Highlighted by large amounts of green landscaping and plants, “The Treehouse” features a self-shading façade for the upper storeys as well as a rooftop PV system to avoid solar heat and help generate renewable energy for daily operations. To reduce energy consumption, large PV integrated overhangs with daily light reflectors; a windcatcher that can capture cool air from 200 meters above ground; and a BIPV – CLAD solar chimney will be installed to promote natural lighting and ventilation for the building’s interior. The idea is to inspire and encourage everyone to reinvent their relationship with the earth and make strides to create positive changes for our future.

B.      “Taikoo Green Ribbon”

Featuring over 4,250 sq.m of green open space and garden, a 1km landscaped ANZ jogging path and a series of state of the art technologies, “Taikoo Green Ribbon” designed by Ove Arup & Partners Hong Kong Limited is a unique and innovative workplace that introduces an entirely new urban eco-lifestyle concept.

 

Apart from restoring the local ecosystem and biodiversity by using extensive green elements, ranging from wildlife attracting flowers to wind-resistant plants to create a nature-driven community, the distinctive building also incorporates sets of passive and active environmental systems inside and out to create an advanced net-zero and carbon neutral development. The design also utilises an almost full natural ventilation strategy for the offices to minimise energy consumptions and enhance user’s wellbeing and comfort at the same time.

 

2.       Existing Building Category – Utilising waste to generate renewable energy for operation

The winner of the “Existing Building” category is “The Living Lab” by Ove Arup & Partners Hong Kong Limited. The two merit awards for this category include LWK + PARTNERS and Woods Bagot.  

 

A.      “The Living Lab”
Using a holistic design approach to reduce energy demand and increase on-site renewable energy generation at the same time to achieve a net-zero goal, “The Living Lab” is a nurturing ground to encourage behavioural change from every little step.

 

Featuring a renewable system, the building upcycles the algae in the building’s façade together with food waste and black water to generate a renewable energy supply of electricity and hot water for daily operations through the tri-digestion process.

Mr CHEUNG Hau-wai, Chairman of the Hong Kong Green Building Council said, “Climate change is an urgent global challenge for all countries. Hong Kong is full of talented professionals in the building sector who could contribute proactively to help achieving carbon reduction targets as a member of the global village. We have seen outstanding insights and ideas from the applications to accelerate green building practice for Hong Kong as a high density city as well as for the rest of the globe in eco-construction. Together, we can create a low carbon and eco-friendly future for our planet.”

 
“We are delighted to join the HKGBC in realising the city’s first ANZ competition,” said Mrs Elizabeth KOK, Director and Senior Advisor of Swire Properties. “It is encouraging to see so many innovative ideas, which can inspire our industry to take action and bring positive changes to our built environment. As a keen sustainable development advocate, Swire Properties is working full steam ahead towards reaching our approved 1.5C-aligned science-based targets to fight climate change. We look forward to more innovations in our industry to help push us further to achieve carbon neutrality.”

 

To help encourage a transformation in the market, all the valuable and pioneering solutions from the winners and merits will be showcased via a public exhibition, an e-book and hosted on HKGBC’s website. The first exhibition will be held at Linkbridge, Lincoln House, Taikoo Place (between 29 November – 17 December) and will travel to various districts in Hong Kong with details to be announced. Dialogues with the Government will also be held to hopefully fast track the solutions to the policy level.

 

Appendix A

“Advancing Net Zero” Ideas Competition Exhibition – First Stop

Location:  Linkbridge, Lincoln House, Taikoo Place, 979 King’s Road, Quarry Bay

Date:     29 November – 17 December 2021

Opening Hours: 8:00am – 9:00pm

Download high resolution photos image

About the Hong Kong Green Building Council

The Hong Kong Green Building Council Limited (HKGBC) is a non-profit, member-led organisation established in 2009 with the vision to aspire for quality and sustainability at every stage of the building life cycle and embrace these principles as a mark of excellence. The Founding Members of the HKGBC include the Construction Industry Council (CIC), Business Environment Council (BEC), the BEAM Society Limited (BSL) and the Professional Green Building Council (PGBC). Its mission is to lead the market transformation to a sustainable built environment in Hong Kong by guiding the development of industry standards, best practices, education, and research in green building.


To learn more about the HKGBC, please visit www.hkgbc.org.hk.

About Swire Properties


Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use developments in prime locations. Swire Properties is listed on the Main Board of the Stock Exchange of Hong Kong and its investment portfolio in Hong Kong comprises Taikoo Place, Cityplaza and Pacific Place. In addition to Hong Kong, the Company has investments in the Chinese Mainland, the United States, Singapore, Indonesia and Vietnam.

Swire Properties launched its Sustainable Development (SD) 2030 vision and strategy in 2016 to integrate SD into every aspect of its operations and inspire business decisions.

To find out more about Swire Properties and its SD efforts, visit www.swireproperties.com.

#HongKongGreenBuildingCouncil #SwireProperties

Authorities Destroy 9.9 Hectares of Marijuana Fields in Laos

Marijuana farm in Bolikhamxay Province
Marijuana farm in Bolikhamxay Province.


Authorities in Bolikhamxay Province have destroyed another massive marijuana plantation that spread across nine hectares of land.

YouTrip, a neobank in Southeast Asia, raises US$30 million to accelerate growth in B2C and B2B space

  • YouTrip’s transaction volume has rebounded to pre-COVID levels, driven by strong traction in cross-border e-commerce transactions and return of travel spending. Exponential growth is expected in upcoming months following the opening of more Vaccinated Travel Lanes in Singapore and progressive return of SEA travel.
  • The latest funding will be used to scale the neobank’s product offerings, including venturing into the B2B payments space, and accelerate its expansion into wider Southeast Asia. 
  • YouTrip’s dual-growth engine in B2B and B2C payments enables it to be pandemic-resilient, and well-primed for high growth.

SINGAPORE – Media OutReach – 30 November 2021 – YouTrip, Singapore’s leading neobank offering a multi-currency wallet, announced today that it has raised US$30 million in its latest Series A round. The round, driven by returning investors from major Asian family offices and prominent financial technology investors, will solidify the fintech firm’s position as the leading neobank in Southeast Asia offering B2B and B2C multi-currency payments. With this, the company has now raised over US$60 million funding in total since launch.

 

The new capital will supercharge the company’s technological capabilities to bolster its suite of payment products, in particular entering the adjacent B2B payments space, as well as accelerating its entrance into the wider Southeast Asia.

 

Caecilia Chu, YouTrip’s CEO and Co-founder said, “We have transformed tremendously as a company since our last funding round[1]. From a mobile travel wallet, we have grown to establish a strong foothold in new territories such as overseas online spending to meet the extraordinary shifts in consumer behaviours. We believe there is untapped potential in cross-border payments, and our market-leading position in this space puts us in a good place to serve more of our users’ payment needs – from travellers, to online shoppers, and now, businesses.”

 

“As a company, this latest round also gives us the resources to strengthen our multiple growth engines to stay resilient and well-primed for expansion into new vistas,” she added.

 

Card transaction exceeds US$800 million, exponential growth expected with travel return

 

YouTrip has maintained its position as the ‘go-to’ card for consumers’ multi-currency spending. To date, it has processed over US$800 million card spend globally, with almost 20 million transactions and over 1.5 million app downloads.

 

YouTrip’s transaction volume has also rebounded to pre-COVID levels, driven by strong traction in cross-border e-commerce transactions and progressive return of travel spending. With the opening of more Vaccinated Travel Lanes (VTL) in Singapore, transaction volume is forecast to accelerate rapidly especially given upcoming holiday seasons and revenge travel.

 

B2B payments a promising growth engine

 

To advance its growth, YouTrip has set its sights on the B2B payments ecosystem. The industry, which is expected to be worth US$150 trillion by 2022[2], is ripe with potential, with SMEs showing a strong willingness to adopt digital banking services, specifically for cross-border payments[3].

 

Catering to businesses with a global footprint, YouTrip’s new corporate credit card, YouBiz, promises the best value and best-in-class multi-currency payment experience. The product offers higher spending limits while transacting at the best exchange rates in 150+ currencies, and credit terms offered to selected business account users. Companies will also be able to issue corporate cards to employees, with all expenses streamlined into one platform.

 

Arthur Mak, YouTrip’s Co-founder said, “We’re very excited about the B2B payments opportunity. It is a segment with a deep market, as companies increasingly operate in a distributed and borderless manner and we expect their cross-border payment needs to go up. By incorporating our company’s core strengths of offering the best exchange rates and an extremely easy to use interface into YouBiz, we help businesses save time and cost, so that they can focus their energy and efforts in finding growth.”

 

Registration for interest in the product’s beta launch has received more than 1,000 sign-ups to date.

 

YouBiz will be rolled out in Singapore in the first quarter of 2022, and with plans to bring it to five other Southeast Asia countries in the next twelve months.

 

Riding the tailwinds of ecommerce growth and travel resurgence

 

Lastly, YouTrip is optimistic about the headroom for growth in consumer’s multi-currency payments, driven by the rapid rebound of leisure travel, and the sustained popularity of e-commerce. YouTrip Perks – the company’s rewards platform offering cashbacks and deals from top merchants such as Taobao, Amazon and Singapore Airlines – has recorded a 150% increase in transactions since its launch in September.

 

For a more seamless payment experience, YouTrip will be refreshing its app with new features such as a virtual card, an interactive exchange rates dashboard, and the ability to hold more popular currencies in their wallet. This will be launched in early 2022.

 

On the travel front, with more VTLs opening and as Singaporeans steadily take flight, YouTrip has also launched its VTL Holiday Away campaign today to bring more value to their overseas trips. From today till 31 December, YouTrip users will get a chance to receive cashback of up to $100 when they pay using YouTrip for overseas spending, reinforcing its proposition as the best overseas payment method in the upcoming travel season. A grand prize of an all-expenses-paid VTL trip worth up to $5,000 will also be awarded to one selected user. For more information on the VTL Holiday Away campaign, please visit here.

About YouTrip

YouTrip is a Southeast Asian neobank offering the region’s first and leading multi-currency wallet. As a regional financial technology startup, it is dedicated to creating the best mobile financial services by simplifying foreign currency payments and offering the best exchange rates. YouTrip was launched in Singapore in 2018 and subsequently in Thailand in partnership with Kasikornbank in 2019. To date, it has received over 1.5 million downloads and processed close to 20 million transactions.

The company is a Major Payment Institution licensed by the Monetary Authority of Singapore, and was awarded one of Top FinTech Leaders in both 2020 and 2021 by the Singapore FinTech Association.

For more information, please visit www.you.co

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