Authorities in Luang Prabang have revised the dates for Lao New Year festivities in the province, with a shorter schedule now in place.
GS1 celebrates 50 years of digitalisation in commerce and calls for collaboration towards next-generation barcodes
The GTIN – the number behind the barcode – was developed 50 years ago and transformed the global economy
HONG KONG SAR – Media OutReach – 31 March 2021 – 50 years ago, on 31 March 1971, leaders from the biggest names in commerce came together and transformed the global economy forever by developing the Global Trade Item Number (known as the “GTIN”). This numerical code uniquely identifies every single product and is the core of the barcode, the most important supply chain standard in history. Today, the barcode is scanned over six billion times every day and remains one of the most trusted symbols in the world.
“This is one of the great, untold stories in the history of the modern economy. Half a century ago, fierce competitors came together, put aside their differences and remade global commerce for the better with the development of the GTIN, which in turn led directly to the creation of the barcode. As we celebrate this remarkable milestone, we call on businesses to collaborate once again to meet the needs of the 21st century economy by rapidly deploying and implementing new technologies, including data-rich, next-generation barcodes,” said Kathy Wengel, Chair of GS1 Management Board and Executive Vice President & Chief Global Supply Chain Officer of Johnson & Johnson.
The 1971 historic meeting took place in New York City and included leaders from the biggest names in groceries, retail and consumer goods at the time, including Heinz, General Mills, Kroger and Bristol Myers Company. The executives agreed to create a system to uniquely identify every single product, calling it the Global Trade Item Number, or GTIN. With great foresight, they believed that the GTIN could have a positive impact even beyond the grocery store – from warehouses to board rooms – and would boost speed and efficiency of transactions and processes that could transform everything from supply chains to consumer experiences. And they agreed at the meeting to continue to innovate together to create a system that would benefit businesses and consumers alike. Decades later, the BBC named the resulting outcome one of “the 50 things that made the world economy.”
“32 years ago, industry leaders in Hong Kong joined forces to introduce GS1 global barcode standard to the local retail industry, and in the process, revolutionised the retail check-out and supply chain. Today, barcode not only bridges the physical and digital worlds, but also supports companies’ digitalisation to enhance supply chain transparency and efficiency, ensure product authenticity, and facilitate online and offline commerce,” said Anna Lin, Chief Executive of GS1 Hong Kong.
GS1 standards continue to help make the vast complexity of modern, global business flow quickly, efficiently and securely, simplifying all kinds of supply chain processes in almost every sector all around the world. However, as consumers demand more and better product information, it is time to bring barcodes to the next level.
Developments towards next generation barcodes (such as QR codes), which can hold vastly more information, should be used to empower consumers with trusted information and reshape global commerce for a new century. Their use, for example, can tell consumers if a product contains allergens, if it is organic, and information on its carbon footprint. Ultimately, this provides consumers with a greater level of trust and loyalty relating to the products they buy.
“Our ultimate objective is to ensure transparency, satisfaction, safety and trust to our customers, our partners and our employees,” said Özgur Tort, CEO of Migros Ticaret a.ş. and Co-Chair of Consumer Goods Forum. “Like our predecessors half a century ago, we as business leaders must come together now, to develop standards that deliver even more useful and accurate product information.”
“We are proud to celebrate 50 years of collaboration, innovation and leadership, but we do so not to look back, but to look forward,” said Anna. “GS1 Hong Kong will continue to work closely with our partners to innovate and pave the way to the widespread use of the next-gen barcode, unlocking the infinite possibilities that it entails.”
About GS1 Hong Kong
Founded by the Hong Kong General Chamber of Commerce in 1989, GS1 Hong Kong (GS1 HK) is the local chapter of GS1®, which supports companies’ digitalisation to enhance supply chain transparency and efficiency, ensure product authenticity, and facilitate online and offline commerce with global supply chain standards (product identification key and barcode) and a full spectrum of standard-based platforms, solutions and services.
Currently, GS1 HK has around 8,000 corporate members covering close to 20 industries including retail consumer goods, food and food services, healthcare, apparel, logistics as well as information and technology. By engaging with communities of trading partners, industry organisations, government, and technology providers, GS1 HK is fostering a collaborative ecosystem with the vision of “Smarter Business, Better Life”.
Headquartered in Brussels, Belgium, GS1® is a not-for-profit, standards organisation that has 115 national chapters serving 150 economies globally.
For more information, please visit www.gs1hk.org .
DHL Express uncovers next wave of E-commerce growth
- Whitepaper predicts online B2B increase of more than 70% by 2027 to US$ 20.9 trillion (2019: US$ 12.2 trillion)
- Covid-19 pandemic drives digital transformation and significantly accelerates B2C and B2B E‑commerce growth
- DHL Express closed FY2020 with best result in its history (EBIT: €2.7bn, +34.9% yoy)
SINGAPORE – Media OutReach – 31 March 2021 – Today, DHL Express, the world’s leading international express service provider, released a new Whitepaper “The Ultimate B2B E-commerce Guide: Tradition is out. Digital is in“. The study predicts strong growth for the B2B E‑commerce market in the coming years:
by 2025, 80% of all B2B sales interactions between suppliers and professional buyers will take place in digital channels. The impact of the Covid-19 pandemic on the pace of digitalization and the purchasing behavior of technology-savvy millennials, who are now of an age to be the professional B2B decision-makers, are the main drivers of this global E-commerce growth.
“Even in times of worldwide shutdowns, globalization has shown its resilience, fuelled by digitalization and the power of global trade”, says John Pearson, CEO of DHL Express. “These trends have led to an ever growing number of consumers to shift their shopping activities online. The pandemic has accelerated this development like never before, with a sharp rise in businesses selling their goods in the global marketplace. E-commerce and global logistics thus provided the key to unlock local shutdowns, keep economies running and mitigate the impact of Covid-19 for many of our customers.”
The Whitepaper, compiled by DHL Express, uncovers factors driving the growth of the global B2B E‑commerce market: besides general trends such as globalization and digitalization, a new technology-oriented generation of millennials is starting to make its mark. Already, millennials account for 73% of all professional B2B purchasing decisions. As digital natives, their experiences in the B2C-sector translate to high expectations when making B2B transactions, pushing companies to invest in digital solutions, such as selling platforms, while offering great growth potential.
Acceleration of E-commerce growth through Covid-19
“Specifically in Asia Pacific excluding China, we have witnessed a 17.3% year-on-year rise in shipment volume during the peak months of November and December 2020 driven by more active shippers and a 21% higher spend per customer. In those two months alone, there were 65% more B2C shipments of which consumer technology products and fashion apparel contributed the most,” said Ken Lee, CEO of DHL Express Asia Pacific. “This unabated surge in volume further underscores the growth in online shopping and demand for cross-border shipping, making it critical that logistics providers remain agile to continuously adapt and respond to consumer needs.”
It was not only B2C E-commerce that was growing due to ongoing digitalization and changed shopping behavior of consumers. In 2019, before the pandemic, global sales on B2B E-commerce sites and marketplaces had already increased by 18.2% to reach USD 12.2 trillion[1], outpacing the market size of the B2C sector. Through Covid-19 and the resulting acceleration of digitalization, this global B2B E‑commerce volume is estimated to reach USD 20.9 trillion by 2027[2].
What is predicted for the future of the B2B sector, has already been visible in the significant B2C E-commerce rise over the last years, where DHL Express experienced high growth rates particularly during the holiday peak seasons (e.g. Easter, Christmas) and mega shopping days (e. g. Black Friday, Cyber Monday). In total, the B2C E‑commerce volumes within the DHL Express network increased in 2020 by approximately 40%, compared to 2019.
This positive business development is also reflected in the FY2020 financial results of the company: With a total revenue of €19.1 billion (+11.9% year-on-year) and EBIT of €2.7 billion (+34.9%) the Express division of Deutsche Post DHL Group closed 2020 with the best result in its more than 50 years history. With its worldwide network and breadth of industries served, DHL Express was able to accommodate fast-changing trade flows. Furthermore, its presence in more than 220 countries and territories helped consumers and businesses to stay connected by enabling them to trade around the world – also during the Covid-19 pandemic.
DHL Express is investing to continue to meet high customer demands
In 2020, DHL Express delivered 484 million shipments in total for its customers (B2C and B2B) around the globe, around 9% more per day than in 2019. To adapt to this significant growth of its network, DHL Express continues to invest annually more than €1 billion in new state-of-the-art facilities around the world to multiply its sorting capacity (+65% since 2013), hires new employees (+10,000 year-on-year) and adds new freighter aircraft to its fleet (+20 units year-on-year). In this context, DHL Express recently announced the purchase of eight more Boeing B777 wide body freighters and a partnership with Smartlynx Malta to add two Airbus A321 to its fleet. With these measures, DHL Express ensures that its worldwide customers can benefit from the global
E-commerce boom.
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 fulfilment 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.
Life Insurance Association, Singapore: Industry response to Position Statement on Integrated Shield Plans (IPs) by the Singapore Medical Association (SMA): Focus needs to be on identifying the best way forward together for the benefit of Singaporeans
SINGAPORE – Media OutReach – 31 March 2021 – Integrated Shield Plans (IPs) impact most Singaporeans and IP insurers have been implementing various measures to manage IP costs appropriately and without compromising needed medical care for policyholders. The main objective of the recommendations put forth by the Health Insurance Task Force (HITF) in 2016[1] was to bring down the rate of claims cost inflation so that premium increases can be moderated and kept sustainable. All recommendations by the Task Force have since been implemented.[2]
It is the responsibility of all parties involved to be proactive and work collaboratively to ensure the continued accessibility of quality healthcare in Singapore.
Greater transparency required from all parties
We agree that greater transparency will provide more clarity on this matter.
On this end, we recently concluded an update of the LIA Singapore guidelines on panel management. This includes guidance that IP insurers should explain the criteria for selection of panel doctors and is publicly available on the LIA Singapore website[3].
Equally, we urge SMA to respond to our repeated calls for greater transparency too. LIA Singapore has requested for clinical quality measures and guidelines to prevent over-treatment on numerous occasions. We ask that SMA respond promptly and positively on this.
Clinical quality measures will enable insurers to make better, evidence-based decisions on admitting doctors into panels. Policyholders will ultimately benefit because they will receive better care.
Expanding panels to include all private specialists may result in the need for further premium increases
IP panels have been implemented for several years now and are not completely new to the IP market. Panels have expanded over time, and LIA Singapore’s guidance to IP insurers is that panels should be sufficient to offer a wide range of medical services to policyholders. IP insurers have an interest in ensuring that their panels are comprehensive as this increases panel usage, which helps insurers better manage costs.
SMA is strongly advocating for panels to be expanded to include all private specialists in Singapore, and for all panel doctors to be compensated up to the upper bounds of the MOH fee benchmark range. This needs to be carefully considered as tradeoffs are involved.
The average ratio of upper bound to lower bound for surgeon fee benchmarks is 1.8[4]. As such, proceeding per SMA’s suggestion without calibration may lead to cost increases and further premium increases for policyholders.
Striking this balance is critical, and we invite SMA for a discussion on how this can be done in a way that will not disproportionately burden policyholders with higher premiums.
Misleading analysis should be avoided
It is important that organisations put out objective analyses which avoid biased conclusions.
In this regard, we find SMA’s analysis of insurers’ costs and claims costs to be misleading. Claim increases are the main driver of premium increases. LIA Singapore will fully address this in due course, along with more detailed comments on the rest of SMA’s position statement.
Importance of collaboration to achieve our shared goal of affordable, quality healthcare for Singaporeans
Our collective priority must be to focus on finding the best ways to achieve a common goal for the benefit of Singaporeans.
LIA Singapore has always pursued an open, discussive and constructive dialogue to receive feedback and resolve potential issues. Updating of the abovementioned LIA guidelines on panel doctor and, previously, the standard LIA Pre-Authorisation Form[5] based on SMA’s inputs were also actioned on swiftly.
Accordingly, we look forward to greater collaboration amongst all parties with the formation of a trilateral committee, comprising LIA Singapore, SMA and the Academy of Medicine, Singapore already set up by the Ministry of Health (MOH) to discuss and resolve IP-related issues, and to refine the implementation of HITF recommendations together in a constructive manner.
Appendix 1: Summary of HITF recommendations
|
Recommendations |
Impact on Stakeholders |
|
Introducing Medical Fee Benchmarks or Guidelines – To have a set of medical fee benchmarks or guidelines to provide a range of professional fees. Benchmarks or guidelines should be calibrated to ensure the appropriate involvement and adoption by stakeholders – To address the issue of information asymmetry by providing stakeholders access to information on appropriate charges – To mitigate cases of over-charging by providers |
Consumers (or Patients) · Provides an approximation of charges and allows consumers to manage their personal healthcare financing Healthcare Providers · Enhances the financial counselling process conducted by healthcare providers as consumers are aware of the possible charges · Provides greater transparency on charges to promote trust and to improve the patient-doctor relationship
Payers (IP insurers) · Provides a reference for insurers to review size of claims and develop appropriate product features (e.g. charges are within claim limits) · Addresses cases of inflated claims
|
|
Clarification on Existing Process to Surface Inappropriate Medical Treatment – To clarify the existing escalation process which allows insurers to raise cases of inappropriate and excessive medical intervention to the relevant authorities – To clarify on the practices amongst insurers when dealing with such claims so as to minimise the impact on policyholders whose cases are subject to investigation – To increase awareness of the existing avenue for insurers to raise cases of inappropriate and excessive medical intervention noted in their review of claims |
Consumers (or Patients) · Ensures impact on policyholders’ claims is managed by insurers · Provides assurance of a robust and accountable process when claims are denied on the basis that treatments were not medically necessary
Healthcare Providers · Emphasises the importance of providing medically necessary treatment and discourages medical professionals from malpractices
Payers (IP insurers) · Provides greater clarity and awareness of the escalation process · Allows insurers to play a more active role in supporting medically necessary treatments |
|
Enhancing Insurance Procedures and Product Features · Panel of Preferred Healthcare Providers – To suggest that insurers consider the use of preferred healthcare provider panels, where appropriate, to manage medical costs through fee agreements. IP insurers should make clear to their customers that their choice of healthcare providers is not restricted by the existence of the panels, although the coverage may be affected – To enhance and ensure transparency of the arrangement (e.g. disclosures on the healthcare provider selection process) – To suggest that insurers consider, during the appointment of preferred healthcare providers, TPAs, and intermediaries, whether their fee arrangements are in line with SMC’s ECEG |
Consumers (or Patients) · Provides assurance that charges by panel healthcare providers are appropriate and correspondingly, out-of-pocket costs in the form of deductible and co-insurance are appropriate · Provides clarity on the potential implications of using a non-panel healthcare provider in terms of making insurance claims
Healthcare Providers · Emphasises the importance of providing required standard of care to patients and discourages medical professionals from fee arrangements that may influence the objectivity of their clinical judgement in their management of patients
Payers (IP insurers) · Encourages insurers to influence their preferred healthcare providers, TPAs, and intermediaries to have fee arrangements with medical professionals that are in line with SMC’s ECEG · Ensures leakage of claims costs is minimised as claims are based on agreed medical fee charges and treatment |
|
Enhancing Insurance Procedures and Product Features · Co-insurance & Deductibles – To encourage insurers to include co-insurance and/or deductible features in product design to ensure consumers’ interest are aligned with managing healthcare costs – To address the risks of overconsumption due to poor product features |
Consumers (or Patients) · Encourages consumers to play a more active role in managing their medical care costs · Encourages consumers to be more responsible for their lifestyle habits
Healthcare Providers · Increases pressure to provide medically effective and cost efficient treatment · Encourages communication between consumer and healthcare provider on type and cost of medical care recommended and, improves the patient-doctor relationship Payers (IP insurers) · Aligns product features with consumers’ interest for long term sustainability of IP premiums · Ensures better claims cost management
|
|
Enhancing Insurance Procedures and Product Features · Pre-approval of Medical Treatment – To encourage insurers to approve claims for medical treatment and estimated bill size prior to the actual procedure, which provides certainty to patients on what can be claimed from their insurance policy – To address the risks of inappropriate treatment and high medical charges |
Consumers (or Patients) · Provides a peace of mind as policyholders know their procedure is within insurance coverage when actual treatment is sought · Protects consumers as insurers would not endorse and providers are unlikely to recommend procedures that are not medically necessary
Healthcare Providers · Decreases disputes with payers and consumers over medical treatment and bills · Encourages greater communication between payer and provider
Payers (IP insurers) · Provides greater control over cost of medical bills
|
|
Educating Consumers – To educate the public on the available options, such as the types of hospitals and wards, and the corresponding costs of their medical treatments – To address the issue of information asymmetry by ensuring information on medical charges is readily accessible and easily comprehensible by consumers |
Consumers (or Patients) · Educates consumers to assess the available information and make informed healthcare choices
|
Appendix 2: Health Insurance Task Force composition
|
Name |
Designation |
|
Ms Mimi Ho (Chairman) |
Principal, Regulatory Professionals Pte Ltd |
|
Dr Khoo Kah Siang |
President, Life Insurance Association, Singapore |
|
Mr Richard Wyber |
Deputy Convenor, Health Insurance Subcommittee, Life Insurance Association, Singapore |
|
Mr Lim Biow Chuan |
President, Consumers Association of Singapore |
|
Mr Seah Seng Choon |
Executive Director, Consumers Association of Singapore |
|
Dr Wong Tien Hua |
President, Singapore Medical Association |
|
Dr Wong Chiang Yin |
Council Member, Singapore Medical Association |
|
Mr Chin Chee Kiat |
Director (Finance Policy), Ministry of Health, Singapore |
|
Ms Jasmin Lau |
Deputy Director (Finance Policy), Ministry of Health, Singapore |
|
Ms Lee Keng Yi |
Director & Department Head (Insurance), Monetary Authority of Singapore |
|
Ms Tan Siew Yen |
Director & Division Head (Insurance), Monetary Authority of Singapore |
Industry experts:
|
Name |
Designation |
|
Dr Leow Yung Khee |
Head of Group Insurance and Claims, The Great Eastern Life Assurance Company Limited and The Overseas Assurance Corporation Limited |
|
Mr Martin Ho |
Chief Administrator, Singapore Medical Association |
Appendix 3: HITF Terms of reference
To recommend measures to bring about moderation in the escalation of health insurance premiums in Singapore, including, but not limited to:
* Measures that increase the transparency of health services charging;
* Measures conducive to the provision of appropriate care at appropriate cost by healthcare professionals; and
* Educational measures to help consumers make prudent choices of health services, and to raise the awareness of healthcare providers of measures conducive to the provision of appropriate care at appropriate cost.
[1] Managing the Cost of Health Insurance in Singapore (Oct 13, 2016) Health Insurance Task Force, Singapore. Available at https://www.lia.org.sg/media/1521/managingsingaporehealthinsurancecost_hitf_20161013.pdf
[2] Refer to Appendices for a summary of the HITF recommendations and members of the Task Force, Task Force composition, and HITF Terms of Reference. Information extracted from the Report
[3] Integrated Shield Plans (IP): Updated good practices on panel of preferred healthcare providers (Mar 29, 2021) LIA Singapore. Available at: https://www.lia.org.sg/industry-guidelines/health-insurance/2021/ip-good-practices-on-preferred-healthcare-providers-panel/
[4] Fee Benchmarks for Private Sector Charges (2020) Ministry of Health Singapore. Available at: https://www.moh.gov.sg/cost-financing/fee-benchmarks-and-bill-amount-information
[5] Clarifications to the standard LIA Pre-Authorisation Form regarding information on co-morbidities and specific usage of customer data collected (Jan 13, 2020) LIA Singapore. Available at: https://www.lia.org.sg/media/2392/lia-statement_standard-pre-authorisation-form-and-takeaways-from-dialogue-with-sma_20200113.pdf
Life Insurance Association, Singapore (LIA Singapore)
Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS).
Vision and Mission
The vision of member companies is to provide individuals with peace of mind and to promote a society where every person is prepared for life’s changing cycles and for those situations unforeseen.
They are committed to being a progressive life insurance industry by collectively enhancing consumer understanding, promoting industry best practices, and through the association fostering a spirit of collaboration and mutual respect with government and business leaders.
Values underpinning the association and its members
- Unified in our resolve to deliver innovative solutions where every individual’s needs are best met.
- Professional in the way we conduct ourselves and in the counsel we give.
- Ethical in ensuring our policyholders’ interests are managed with utmost integrity.
- Fair in how we strive to provide favourable outcomes to both our policyholders and shareholders.
- Open & honest in all that we do to build an environment of trust and transparency.
- Proactive in the steps we take to give our people the skills and knowledge to provide sound solutions at all times.
TUMI unveils premium capsule luggage and travel collection inspired by McLaren
HONG KONG SAR – Media OutReach – 31 March 2021 – TUMI, the leading international travel and lifestyle brand, today unveils its new collection designed and developed in partnership with luxury supercar maker and Formula 1 team, McLaren.
McLaren’s designers, engineers, and racers travel thousands of miles around the world each year in pursuit of perfection. Just as each driver relies on their car to get them across the finish line, the team depends on their luggage and travel necessities to get them to their destination. That inspiration manifests in the superior made-to-last quality of the collection.
For over 45 years, TUMI has built a reputation for innovation, functionality and durable design, with a focus on optimising the journeys of Global Citizens.
Since announcing in 2019 that the two companies would work together, TUMI’s Creative Director Victor Sanz and Rob Melville, McLaren’s supercar Design Director have created a premium capsule collection of elegant business, travel and everyday essentials. Each piece is designed to uncomplicate, while elevating performance in all aspects of life on the move.
From automotive to sports, TUMI is inspired by the world’s most innovative industries. For McLaren—a renowned global leader in embedding cutting-edge technology into products with a clear design aesthetic—travel and lifestyle are integral. The two brands share the common vision of continually pursuing higher levels of excellence, which is reflected in the considered details and choice of materials in the McLaren inspired TUMI range.
Embodying TUMI and McLaren’s mutual ethos of performance luxury, the capsule collection is comprised of nine pieces. Each encompasses elements of McLaren’s sleek, bold supercars and race cars. All are highlighted with McLaren’s signature Papaya colourway and feature CX6® carbon fibre accents.
Key travel pieces include the Aero International Expandable 4 Wheel Carry-On and the Quantum Duffel. The carry-on is crafted in a hybrid of materials, including Tegris®, an extremely hard-wearing thermoplastic composite found in race cars. The hard shell is contrasted by a moulded-fabric front panel with a supercar-influenced design that is echoed throughout the collaboration.
This solid build allows the collection to protect the contents it carries, incorporating further elements of McLaren’s supercar designs. The interior features a compression strap that takes its cues from the six-point racing harnesses found in its race cars and track-only models such as the limited-edition McLaren Senna GTR.
The Velocity Backpack was created to keep wearers connected all day long thanks to the inclusion of a USB port and padded laptop compartment. TUMI’s hallmark “Add-a-Bag” sleeve makes it a fitting companion to the collection’s carry-on.
The Torque Sling and Lumin Utility Pouch are additional contemporary styles for light-carry and hands-free days. The Orbit Small Packing Cube, Trace Expandable Organizer, and split compartment Teron Travel Kit are all ultra-portable accessories to keep your belongings protected, organised, and readily available through every leg of your journey.
The collection will be available 31 March 2021 via TUMI.com, TUMI’s Global retail stores, McLarenstore.com, and select McLaren retailers Globally.
Victor Sanz, Creative Director, TUMI said:
“For me, this is the ultimate collaboration as TUMI and McLaren have an innate synergy.
We’re two like-minded brands who share the same values—unparalleled quality, technical innovation and design excellence. The value of this partnership, however, extends beyond the product. With a keen focus on lifestyle, we design for the betterment of the customer experience. With McLaren’s advanced technology and our top-of-the-line materials, our gear can tackle the most arduous excursions and still effortlessly translate into daily life.”
Rob Melville, Design Director for McLaren Automotive, said: “When I first met with Victor to define the collection we quickly realised that we each brought a shared creative vision for what we wanted to achieve.
“At McLaren we focus on articulating a clear design language and materials selection which combines and leads into our car’s performance. We wanted to capture those aspects with TUMI so we’ve spent a great deal of time working to analyse and refine every aspect of this collection. The result is something that I am incredibly proud of and that I believe will elevate the owner’s experience while serving as a reminder that, like our cars, it’s about enjoying the journey and not simply the destination.”
Mark Waller, Chief Commercial Officer for McLaren Racing, said: “McLaren strives to push the boundaries of design, performance and perfection in everything it does, whether on the road or on the track. This collaboration exemplifies that spirit. We are delighted to be collaborating with TUMI on this collection. We look forward to seeing our race team use it around the world as we commence the 2021 Formula 1 season.”
CPA Australia: Taiwanese small businesses resilient and digital breakthrough expected
- Taiwanese small businesses were less impacted by COVID-19 than other Asia-Pacific markets.
- Fifty-six per cent of Taiwan’s small businesses expect to grow in 2021, survey finds.
- Small businesses are neglecting opportunities to adopt digital payment technologies.
TAIPEI, TAIWAN – Media OutReach – 31 March 2021 – Small businesses in Taiwan remain moderately resilient in the face of COVID-19-related uncertainties. In a recent survey by CPA Australia, 46 per cent of small businesses reported growing in 2020, while 56 per cent expect to grow in 2021.
The survey canvassed the views of 4,227 small businesses in 11 markets across the Asia-Pacific region, including Mainland China, Malaysia, Vietnam and Australia, to understand their business strategies and outlook. Three hundred and three Taiwanese small businesses took part.
“Taiwan’s small businesses demonstrated resilience and adaptability in their operations last year. They are cautiously optimistic about their growth prospects in 2021 due to Taiwan’s effective COVID-19 response and improvements in the global economy,” said Honorary Taiwan Adviser to CPA Australia, Mr Elic Lam FCPA.
Among surveyed markets, small businesses in Taiwan were the least likely to be negatively impacted by COVID-19. Only 45 per cent of respondents reported that COVID-19 had a major negative impact on their businesses in 2020, compared to the survey average of 57 per cent. In fact, Taiwanese respondents were the most likely to report that COVID-19 had a positive influence on their business in 2020.
“COVID-19 positively impacted some industries and adversely affected others. For example, the social distancing measures enforced around the world led to a surge in demand for IT and electronic products which may have benefited some of Taiwan’ small businesses,” Lam explained.
Among the advanced economies surveyed (Australia, Hong Kong, New Zealand, Singapore and Taiwan), small businesses in Taiwan are the most likely to use social media to communicate with existing customers and promote their business to potential customers (42 per cent).
However, there is room for improvement when it comes to using new payment technologies. Only 38 per cent reported generating more than 10 per cent of their sales through digital or online payment technologies in 2020. This is much lower than the survey average of 64 per cent.
“Over the past three years, the use of digital payment technologies among small businesses in Taiwan has not shown any significant growth, and the percentage offering such payment options to customers is noticeably lower than other Asia-Pacific markets. Nevertheless, some local developments point to the possibility of a breakthrough in digital payment usage this year.
“COVID-19 has accelerated digitalisation in the region, with more markets adopting digital or online payment options. As an export-driven economy, where over one-third (34 per cent) of respondents expect their revenue from overseas sales to grow in 2021, I predict more Taiwanese small businesses will start to or accelerate their digitalisation strategy.
“This will enable them to take advantage of growing domestic and overseas digital transactions. In addition, the development of the FinTech sector in Taiwan such as virtual banks is likely to lead to the promotion of financial innovation among small businesses.
“Our survey indicates that small businesses that grew strongly in 2020 were much more likely to have invested in technology, and there is a strong link between innovation and business growth. To maintain their competitiveness, small businesses in Taiwan must keep up with the latest technology trends so they are ready to grasp the opportunities presented by new innovations,” said Lam.
CPA Australia recommends the following key measures for small businesses in Taiwan:
- Consult a trusted professional adviser to improve recovery prospects.
- Implement technologies to help business grow and evaluate its effectiveness in phases.
- Enhance cybersecurity protections and review IT systems regularly.
- Explore opportunities to expand online and diversify into new markets in the region.
- Keep abreast of the latest technology developments and changes in consumer behaviour.
Download CPA Australia Asia-Pacific Small Business Survey 2020-21
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 168,000 members in over 100 countries and regions, including more than 20,000 members in Greater China. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
Fintech in Africa will Boom in 2022: Fintech News Network Launches Its 8th Publication
ADDIS ABABA/SINGAPORE/ZURICH – Media OutReach – 31 March 2021 – The Fintech News Network is pleased to announce the launch of our eighth publication: Fintech News Africa.
Screenshot of Fintech News Africa website
The Fintech News Network is an industry publication covering fintech and digital news across the globe. Our readers are from established financial institutions as well as budding fintech startups.
Eight publications are currently present in four continents, covering fintech news across 44 different countries.
The list of publications include; Fintech News Switzerland (soft launched end of 2014), Fintech News Singapore (2015), Fintech News Hong Kong (launched in 2016), Fintech News Middle East (launched in 2017), Fintech News Malaysia (launched in 2018), Fintech News Baltic (launched in 2018), Fintech News Philippines (launched in 2020) and now Fintech News Africa (launched in 2021).
The Fintech News Network spans 4 continents, 44 countries and 8 publications
While Fintech News has consistently provided fintech updates from the African continent on our Middle East site, we believe that the tremendous growth that the region has seen warrants its very own publication.
Africa has been touted as the next up-and-coming fintech hub after China as it is currently home to about 600 fintech startups according to Disrupt Africa.
The region’s growth is evidenced by fintech attracting the lion’s share of Africa’s tech funding in 2020. Fintech funding in Africa increased by a whopping 49.3% in 2020 to US$160 million. Fintech deal sizes also grew last year, rising from an average of US$1.3 million in 2019 to US$1.6 million in 2020.
These positive developments are a strong indicator of the region’s maturing and fast developing fintech ecosystem.
While South Africa, Nigeria and Kenya have historically been the fintech hubs of the vast continent, Ethiopia, Ghana and Rwanda are now quickly catching up to their predecessors.
Fintech News is excited to provide our readers with updates on these bustling hubs with the launch of Fintech News Africa (www.fintechnews.africa).
Christian Koenig, Founder of Fintech News Network said,
“Fintech will be essential to the economic recovery of many African countries as the pandemic has inadvertently accelerated the digital transformation of the financial sector.
Most of these institutions, incumbents and fintechs alike, have leveraged this opportunity to revolutionise their digital offerings to keep up with the market’s needs.”
Christian will be based in Addis Ababa, Ethiopia for the next few months to work on the new page and hire local staff.
About Fintech News Network
The Fintech News Network is an industry publication covering fintech and digital news across the globe. Our readers are from established financial institutions as well as budding fintech startups.
Launched in 2014, the Fintech News Network team works very hard to deliver fintech-centric content in various forms to an audience looking for updates on fintech events and webinars, stunning opinions from highly-reputable digital finance innovators, analysis on fintech applications from active insiders, breaking news on fintech topics and fintech market alerts. Today those publications have in total more than 500k relevant readers.
More information see: https://fintechnews.ch/fintechnews-media-kit/
For additional information, please visit www.fintechnews.africa
More Information about the Fintech News Network:
https://fintechnews.ch/fintech/fintech-news-network-celebrates-6th-birthday/40139/
Close to 6 million people across Asia Pacific acquire digital skills during COVID-19
Microsoft and LinkedIn launch next stage to help job seekers and employers move to a skills-based economy
SINGAPORE – Media OutReach – 31 March 2021 – Microsoft Corp. on Tuesday announced it has helped over 30 million people in 249 countries and territories gain access to digital skills, of which close to 6 million of them are from Asia Pacific. This tops its initial goal of 25 million last June. Microsoft Corp. is also extending its commitment to help 250,000 companies globally make a skills-based hire in 2021.
From laid-off factory workers to retail associates and truck drivers, millions of people turned to online learning courses from GitHub, LinkedIn and Microsoft during the pandemic to help prepare for and secure the most in-demand roles, including customer service, project management and data analysis. The announcement, detailed on the Official Microsoft Blog, builds on the company’s efforts to help people by extending through 2021 free LinkedIn Learning and Microsoft Learn courses and low-cost certifications that align to 10 of the most in-demand jobs. The next stage of the initiative sets a new foundation for a skills-based economy through a suite of new tools and platforms designed to connect skilled job seekers with employers .
“Skills will be the new currency in the post-pandemic world. Over the past year, we’ve seen the pandemic affect people all across the world, including those who could bear it the least,” said Microsoft Asia President Ahmed Mazhari. “For us to emerge stronger from the pandemic, reskilling needs to be at the center of our economic reset. Together with LinkedIn, we are doubling down our efforts to re-design work in the region by supporting the development of a more inclusive skills-based labor market, creating more alternatives, greater flexibility, and accessible learning paths that connect people more readily with new job opportunities.”
LinkedIn plans to help 250,000 companies globally make skills-based hires this year through new and existing hiring products. The company will provide both new ways for job seekers to demonstrate their skills and new tools for employers to connect to candidates based on their skill proficiencies including:
- The pilot of LinkedIn Skills Path, a new way to help companies hire for skills. Skills Path brings together LinkedIn Learning courses with Skill Assessments to help recruiters source candidates in a more equitable way — based on their proven skills. LinkedIn is piloting Skills Path with various companies, including BlackRock, Gap Inc. and TaskRabbit, committed to broadening their hiring practices to better include candidates with diverse experiences.
- New expressive and personalized LinkedIn profile features will help people share more about themselves, their career and goals in a more authentic and engaging way. This includes a video Cover Story that allows job seekers to demonstrate their soft skills to recruiters and hiring managers. Seventy-five percent of hiring managers believe a standard resume is insufficient in evaluating a candidate’s soft skills, and almost 80% believe video has become more important when evaluating candidates.*
- Expanded access to LinkedIn’s Skills Graph will help create a common skills language for individuals, employers, educational institutions and government agencies to help improve workforce planning, hiring and development programs.
Microsoft is bringing together every part of the company to supplement LinkedIn’s work to promote far-reaching digital skills opportunities, including Career Coach, a Microsoft Teams for Education app powered by LinkedIn that provides personalized guidance for higher education students to navigate their career journey. Career Coach offers educational institutions a unified career solution for students to help them discover their goals, interests and skills using an AI-based skills identifier and LinkedIn integration that aligns a student’s comprehensive profile with job market trends and helps them grow real-world skills and connect with mentors and peers all in one place.
Olivier Legrand, Managing Director & Vice-President, Asia Pacific & China, LinkedIn said, “More and more, we are seeing skills-based hiring becoming critical in our world of work. We’ve seen people across the globe express a desire to learn and build their skills, and organizations too, are hiring based on skills instead of traditional qualifications. LinkedIn, together with Microsoft, are committed to helping everyone shift towards a skills-based economy. In 2021, we will continue our efforts to equip jobseekers with the right resources to pick up new skills, and connect them to opportunities, as well as aim to help 250,000 organizations make a skills-based hire.”
As part of the initiative, Microsoft has worked closely with its nonprofit partners to help provide wrap-around support with coaching, mentoring and networking to nearly 6 million learners worldwide. Microsoft will apply these lessons more broadly and is announcing a new online service, Career Connector, that will provide 50,000 job seekers worldwide with the opportunity to secure a tech-enabled job over the next three years. It will focus on learners who have built skills via Microsoft’s nonprofit and learning partners, with an emphasis on women and underrepresented minorities in technology.
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
* Survey methodology: Censuswide conducted online research on behalf of LinkedIn, between Feb. 25 and March 2, 2021, among 1,009 hiring managers and 2,101 job seekers, ages 18 to 69, in the U.S.
Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://news.microsoft.com. Web links, telephone numbers and titles were correct at time of publication, but may have changed. For additional assistance, journalists and analysts may contact Microsoft’s Rapid Response Team or other appropriate contacts listed at https://news.microsoft.com/microsoft-public-relations-contacts.
