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Delphos Advises on a Landmark $150M Deal for Mongolian Mortgage Corporation – Bolstering Housing Access


WASHINGTON, DC and ULAANBAATAR, MONGOLIA – Media OutReach Newswire – 24 January 2025 – The U.S. International Development Finance Corporation (DFC) has received approval from its Board of Directors on a $150 million landmark financing to the Mongolian Mortgage Corporation (MIK), advised by Delphos, the global financial advisory firm.

This transformative deal will see the DFC acquire $150 million of mortgage-backed securities, managed by MIK, enabling local commercial banks to create new and affordable mortgages. The ultimate goal is to increase homeownership opportunities for thousands of low—and middle-income families in Mongolia. The approval represents the largest Mongolian financing in the history of the DFC, and its predecessor agency OPIC.

Additionally, the transaction marks a significant leap forward in MIK’s promotion of housing affordability and improving living standards for Mongolians, many of whom reside in informal housing settlements. The financing aligns with broader efforts to address Mongolia’s urban challenges. Ulaanbaatar, the country’s capital, is home to close to 50% of Mongolia’s rapidly growing population, 60% of which still reside in informal settlements lacking basic infrastructure and access to social services.

Mongolia’s urban transformation is the perfect time to invest in housing development. Delphos is committed to creating a meaningful impact at this crucial juncture, aligning with UN Sustainable Development Goal 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable. Affordable mortgages will help transition many families into formal housing, accelerating urban development and fostering economic stability.

Delphos served as the exclusive advisor on this transaction. Delphos will continue to support MIK through to the transaction’s financial close.

Delphos’ Chairman and CEO, Bart Turtelboom, noted that
“MIK is a systemically important financial institution within Mongolia. We are proud to support our client and appreciate their trust. We are excited to support Mongolia’s robust financial services industry and urban development, helping to create a meaningful impact through this deal.

Gantulga Badamkhatan, CEO of MIK added:
We are excited to partner with US DFC on this transformative financing. This landmark transaction with its innovative structure will pave the way to catalyzing private sector capital into Mongolian mortgage market. We appreciate Delphos’ market-leading advisory work in structuring and arranging the transaction on our behalf. This financing will be pivotal for our continued growth and impact, and we look forward to reaching financial close soon.”

The partnership reaffirms DFC’s commitment to fostering inclusive economic development and highlights Mongolia’s potential as an emerging market for impactful investments. For Delphos, the transaction reinforces its position as a trusted advisor in mobilizing capital for frontier markets.

This deal underscores Delphos’ expertise in private emerging markets, especially for financial institutions. This is also Delphos’ latest successful transaction in Mongolia. Since 2022, Delphos has advised Bogd Bank on nearly USD 40M in multiple international financings.

NOTES To Editors:
Delphos has served as the exclusive financial advisor on the deal, leading all aspects, from initial market distribution to financial structuring and negotiations.

This is Delphos’ second financial services deal in Mongolia. Since 2022,, Delphos has arranged nearly USD 40M in international financings for Bogd Bank. Delphos will continue to support the Mongolian Mortgage Corporation until its financial close this quarter.

  • Capital raising: USD 150 Million
  • Sectors: Mortgages, Affordable Housing
  • Impact:
    • More affordable mortgages for housing
    • Ulaanbaatar’s population goes from informal housing to formal housing
    • Higher living standards

Hashtag: #Delphos

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

About Mongolian Mortgage Corporation (MIK)

MIK is dedicated to enhancing access to affordable housing in Mongolia through innovative financial solutions that promote homeownership and economic development.

About DFC

U.S. International Development Finance Corporation (DFC) is a modern, consolidated agency that combines the capabilities of OPIC and USAID’s Development Credit Authority while introducing new and innovative financial products to better attract private capital to the developing world. The U.S. will have more flexibility to support investments in developing countries to drive economic growth, create stability, and improve livelihoods.

About Delphos

Delphos is the financial advisor in frontier markets for NBFI and development companies and projects. They specialize in raising long-term, competitively priced capital for corporates, fund managers, developers, SMEs, sovereigns, and entrepreneurs worldwide. Since 1987, Delphos has been responsible for more than $20 billion in development finance to support the efforts of over 1,200 companies. Delphos provides market-leading transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries. Today, they advise AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, leading private equity firms, infrastructure developers and strategic investors, and foreign governments and utilities. Delphos is a global financial advisory firm specializing in frontier and emerging markets. It has a 38-year track record of delivering impactful capital-raising solutions for non-bank financial institutions.

Shanghai Electric Awarded with Numerous Safety and Environmental Protection Certifications for Its International Power Plant Projects

The operational safety and environmental protection of clean energy projects are of vital importance for accelerating the development of green technology applications.

SHANGHAI, Jan. 24, 2025 /PRNewswire/ — Shanghai Electric (SEHK:2727, SSE:601727) recently received multiple certifications for projects in photovoltaics, sustainable thermal power, safety, and environmental protection, recognizing its energy technology capabilities in Dubai, Oman, Bangladesh, and Malaysia. The Company also led community-building initiatives in Pakistan.

Regarding safety, Shanghai Electric received a certificate of appreciation for exemplary HSE performance at Noor Energy 1 Solar Project, a 950MW hybrid CSP and PV solar power station in Dubai’s Mohammed Bin Rashid Al Maktoum Solar Park. The team achieved 15 million safe human hours by identifying safety risks, planning major operations meticulously, and implementing robust risk control measures. Strict safety protocols for subcontractors ensured comprehensive oversight. The department pledged ongoing vigilance and system optimization to support the project’s stable operation and long-term sustainability. The Company also earned certification for 3 million safe labor hours at Oman’s Manah-1 Solar Independent Power Plant. Despite new challenges and a tight schedule, the team ensured safety with strict protocols, emergency drills, and a zero-accident record.

Shanghai Electric’s Rupsha 800MW Combined Cycle Power Plant project in Bangladesh achieved certification for five million safe labor hours. Prioritizing safety, the team followed strict procedures, conducted regular inspections, and provided targeted training to ensure steady progress and effective risk management.

Environmental protection

Shanghai Electric’s waste-to-energy plant in Selangor, Malaysia, won the Annual Environmental Management Excellence Award from the Selangor Environmental Protection Bureau. This recognition, along with eight previous environmental management awards, highlights the project’s commitment to sustainability. As Selangor’s first garbage incineration power station, the project drew significant local attention. Shanghai Electric adhered to strict environmental regulations, implemented effective measures, and earned praise from stakeholders. Project employees also participated in a beach cleanup event organized by the Environmental Protection Bureau, promoting environmental awareness, reducing coastal pollution, and protecting marine biodiversity, further strengthening the Company’s international reputation for environmental responsibility.

Community building

In Pakistan’s Thar region, where educational resources are scarce, Shanghai Electric’s project team donated 1,221 sets of textbooks, school supplies, and drinking water buckets to local schools, addressing critical shortages. The donation also included classroom national anthem boards and school entrance nameplates to support cultural and infrastructure development. This initiative enhances local education and fosters sustainable community development. By strengthening ties with the community, the project team reaffirmed its commitment to public welfare, pledging ongoing support in education, healthcare, environmental protection, and infrastructure.

Shanghai Electric advances environmentally sustainable technologies through research and industrialized management. Its 2024 ESG excellent practice cases, chosen from within the Company, highlight green intelligent manufacturing, digital twin applications, wind turbine reuse, and resource recycling, emphasizing environmental, social, and regulatory impact and effectiveness.

Shanghai Electric’s A shares have been included in the Hang Seng A-Share Sustainable Enterprise Index, Hang Seng Mainland and Hong Kong Sustainable Enterprise Index, and Hang Seng A-Share Sustainable Enterprise Benchmark Index for two consecutive years. Its H shares are part of the Hang Seng (Mainland and Hong Kong) Enterprise Sustainable Development Index and the Hang Seng Sustainable Enterprise Benchmark Index. Additionally, Shanghai Electric was named in China’s ESG Listed Companies Yangtze River Delta Pioneer 50 (2024), and its Leading the Green Future-ESG Comprehensive Practice and Innovation Case was featured in the 2024 ESG Excellence Practice Report by the China Enterprise Reform and Development Research Association and China Central Radio and Television Station.

For more information, please visit https://www.shanghai-electric.com/group_en/.

 

Pine Wind Power to Acquire 26% Interest in Formosa 2 Offshore Wind Farm

TAIPEI, Jan. 24, 2025 /PRNewswire/ — Pine Wind Power Co., Ltd (Pine Wind) has entered into an agreement to acquire from Macquarie Asset Management (Macquarie) its 26% equity and debt interest in Formosa 2 International Investment Co., Ltd, a 376MW operational offshore wind farm located off the coast of Miaoli County (Formosa 2 Offshore Wind Farm).

The proposed investment will be acquired through J&V Energy’s wholly owned subsidiary, Pine Wind, and will be supported by capital commitments from its partners, Taiwan Life Insurance Co Ltd and He Jun Energy Co Ltd. As part of the transaction, JV Asset Management Co Ltd (JVAM), a J&V Energy affiliate, will provide long-term asset management services to its partners.

The Formosa 2 Offshore Wind Farm is comprised of 47 Siemens Gamesa 8.0MW wind turbine generators which have been connected to the grid since March 2023, supplying power to approximately 380,000 Taiwanese households per year. Macquarie developed the Formosa 2 Offshore Wind Farm, one of Taiwan’s first large scale offshore windfarms in partnership with JERA and Synera Renewable Energy.

Kai Tan, Deputy CEO of J&V Energy, said: “Formosa 2 Offshore Wind Farm represents a compelling scale opportunity for J&V Energy to secure long-term contracted cashflows with Taipower and demonstrates our continuing commitment to Taiwan’s energy transition ambitions. We look forward to joining JERA and Synera Renewable Energy in delivering lasting operational success for the asset.”

This transaction marks J&V Energy’s first operational wind farm investment in Taiwan and comes on the back of its previous experience developing and investing into wind farms in Taiwan including Formosa 4 and 5, and Huan Yang Offshore Wind Farm.

Jerome Tan, Chief Investment Officer of J&V Energy and CEO of JV Asset Management, said: “We are delighted to partner with Taiwan Life and He Jun Energy on this landmark transaction matching long-term Taiwanese capital with world-class income producing assets. JVAM is poised to be one of Taiwan’s largest specialist renewable asset managers, with this transaction bringing JVAM’s assets under management half of the way to our target of US$1 billion AUM by 2026.”

Edward Northam, Head of Renewable Energy and Head of Asia Pacific for MAM Green Investments, said: “Macquarie was an early participant in the Taiwan’s offshore wind industry, combining local knowledge with extensive offshore wind expertise from Europe. We proudly supported the early development and construction of offshore wind projects, creating investment opportunities before bringing in long-term partners. We are delighted to welcome J&V Energy, Taiwan Life, and He Jun, three Taiwanese investors committed to supporting the Formosa 2 project during its operational life and Taiwan’s energy transition.”

About J&V Energy

Headquartered in Taipei, J&V Energy (6869.TW) is a publicly-listed leading circular economy and renewable energy developer. J&V Energy employs a team of over 350 renewable energy professionals with expertise in solar, wind, energy storage and water infrastructure. Its regional footprint spans across Taiwan, Japan, Philippines and Vietnam. In 2023, J&V Energy secured the #1 spot amongst the Top 100 Fastest Growing Companies by CommonWealth Magazine and is a constituent of the MSCI Global Small Cap Index.

About JV Asset Management

JV Asset Management is a specialist renewables asset manager headquartered in Taipei with ~US$500m of assets under management. JVAM delivers advisory, operations and asset management services through a turnkey end-to-end approach. Supported by our team of investment and technical professionals, JVAM is focused on delivering sustainable returns with a strong risk management approach. 

About Taiwan Life

Founded in 1947, Taiwan Life is the country’s oldest life insurance company. In 2015, Taiwan Life became a subsidiary of CTBC Holding. CTBC Financial Holding Co., Ltd is listed on the Taiwan Stock Exchange (2891.TW) with a market capitalization of c. US$25 billion. Taiwan Life is committed to building a sustainable financial ecosystem in support of the Government’s Green Finance Action Plan 3.0, and has been recognized at The Asset’s Triple A Sustainable Infrastructure Awards for three consecutive years.

About He Jun Energy

He Jun Energy was established in February 2022 with funding support from Hotai Finance (6592.TW) and Hotai Motor (2207.TW), both listed companies on the Taiwan Stock Exchange. He Jun Energy is dedicated to advancing ESG (Environmental Sustainability, Social Participation, Corporate Governance) principles. The company focuses on investing in and operating solar power plants, while also expanding into electric vehicle charging stations and energy storage solutions, aiming to create green energy and foster a sustainable financial ecosystem.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations and individuals to manage approximately US$633.7 billion in assets, Macquarie Asset Management provides a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 20,600 people in 34 markets and is listed on the Australian Securities Exchange. All figures as at 30 September 2024.

(1) Formosa 2 Offshore Wind Farm is one of the largest operating utility scale offshore wind power generation facilities in APAC.
(1) Formosa 2 Offshore Wind Farm is one of the largest operating utility scale offshore wind power generation facilities in APAC.

(2) Macquarie, JV Asset Management, J&V Energy, Taiwan Life and He Jun Energy at the Signing Ceremony in Taipei.
(2) Macquarie, JV Asset Management, J&V Energy, Taiwan Life and He Jun Energy at the Signing Ceremony in Taipei.

OSL Group Achieves Historic Milestone with Positive Profit for 2024

HONG KONG, Jan. 24, 2025 /PRNewswire/ — OSL Group Limited (863.HK), a Hong Kong publicly listed company fully dedicated to digital assets (together with its subsidiaries, “the Group”), has announced a positive profit alert for the year ended December 31, 2024 (the “Year”). This marks a historic milestone for the Group, achieving profitability for the first time since its strategic transition to digital assets in 2018. The significant improvement in its financial performance highlights the successful execution of the Group’s business strategy and the effective leadership of its strengthened management team.

Financial Highlights for 2024

Based on a preliminary review of the Group’s unaudited consolidated management accounts for the Year and other information currently available to the board of directors, the Group expects:

  • Revenue for the Year is expected to be in the range of approximately HK$337 million to HK$375 million in 2024, an increase of approximately 60% to 79%, as compared to revenue of approximately HK$210 million for the corresponding period in 2023.
  • Profit from continuing operations for the Year is expected to be in the range of approximately HK$47 million to HK$52 million, compared to a loss of approximately HK$250 million for the corresponding period in 2023, marking a turnaround from loss to profit.
  • A total comprehensive income for the Year is expected to be in the range of approximately HK$148 million to HK$165 million, as compared to a total comprehensive loss of approximately HK$266 million for the corresponding period in 2023. 

Key Growth Drivers

The expected growth in revenue and turnaround from loss to profit for the Year are mainly attributable to a number of factors, including:

  • Market Growth: The surge in digital asset prices and launch of digital asset Exchange Traded Funds (ETFs) in 2024 have significantly increased institutional investor participation, resulting in increased demand for the Group’s digital asset trading and institutional services.
  • Expanded Leadership Team: The continued expansion of the Group’s management team has driven strategic business development and accelerated business plan execution.
  • Operational Efficiency: The implementation of initiatives to enhance and optimise operational efficiency.
  • Appreciation of Digital Assets: The appreciation in value of digital assets held by the Group to facilitate its trading business.

Moreover, the expected turnaround of total comprehensive income is mainly attributed to the expected increase in the fair value of digital assets held by the Group as long-term investments.

Kevin Cui, Executive Director and CEO of OSL Group, said: “This is an important milestone for OSL Group. Achieving profitability positions us strongly to expand into new business lines. We are already working on exciting updates to our regulated digital asset trading platform, expanding into new markets, and launching new initiatives to better serve our clients. This is just the beginning, and we remain committed to working hard and pursuing continued success in the future.”

The Group is still in the process of finalising its annual results for the Year. The Shareholders and potential investors of the Group are advised to read the annual results announcement of the Group for the Year, which is expected to be published in March 2025.

About OSL Group

OSL Group (formerly BC Technology Group) is at the forefront of the digital asset industry, striving for excellence in providing innovative solutions for institutions, professional, and retail investors. As a leading player in the digital asset space, OSL Group is committed to a long-term strategy.

With a rich history and experience in the sector, OSL Group is backed by a track record of regulatory compliance and excellence. OSL offers a comprehensive suite of services, including brokerage, custody, exchange, and SaaS, setting the standard for the digital asset industry.

Proudly the world’s first insured and SFC-licensed digital asset platform, OSL Group places paramount importance on regulatory compliance and security, upholding the highest industry standards. Our platform is designed to cater to institutional client, professional & retail investors, providing a user-friendly interface that seamlessly integrates cutting-edge technology.

At OSL Group, we envision the future of finance in digital assets and are dedicated to guiding our clients through this dynamic landscape. Our team of experts brings together extensive experience in traditional finance, technology, and digital assets, ensuring that our clients receive top-tier support and guidance.

Burns Night 2025 Brings Scottish Culture to Vientiane

Burns Night 2025 Brings Scottish Culture to Vientiane
A snapshot from Burns Night 2023 (photo credit: British Business Group Laos)

Burns Night 2025, an annual event organized by the British Business Group in Laos (BBGL) to celebrate the life and work of the famous Scottish poet Robert Burns, will take place on 1 February at the Holiday Inn and Suites in Vientiane Capital.

NUS researchers pioneer DNA-tagged gold nanoparticles for targeted cancer treatment

Using DNA barcoding, the novel technique tracks and optimises gold nanoparticles for precise drug delivery to tumours, advancing cancer therapies that are safer and more effective

SINGAPORE, Jan. 24, 2025 /PRNewswire/ — A team of researchers from the National University of Singapore (NUS) has developed a novel method to enhance the precision of cancer treatment using gold nanoparticles tagged with DNA barcodes.

Led by Assistant Professor Andy Tay from the Department of Biomedical Engineering in the College of Design and Engineering and Institute of Health Innovation & Technology at NUS, the study demonstrates how gold nanoparticles of specific shapes, such as triangles, excel in delivering therapeutic nucleic acids and heating tumour cells during photothermal therapy. These findings uncover the distinct preferences of tumour cells for certain nanoparticle configurations, which could enable the development of personalised cancer treatments that are safer and more effective.

The team’s novel technique, detailed in a paper published in Advanced Functional Materials on 24 November 2024, enables high-throughput screening of nanoparticle shapes, sizes and modifications, reducing associated screening costs. Beyond cancer treatment, the method has broader therapeutic applications, including RNA delivery and targeting diseases at the organ-specific level.

Size and shape matter

Gold is more than just bling. When reduced to about one-thousandth the width of human hair, gold nanoparticles shine as therapeutic agents for cancer therapy. For instance, specks of the precious metal are used in photothermal therapy, where particles delivered to the tumour site convert specific wavelengths of light to heat, killing surrounding cancer cells. Gold nanoparticles can also serve as messengers to deliver drugs directly to specific locations within a tumour.

“But for these gold nanoparticles to work, they first need to get into the targeted sites successfully,” said Asst Prof Tay. “Think of it as a delivery person with a special key — if the key doesn’t fit the lock, the package won’t get through.”

Achieving this level of precision requires finding the right nanoparticle design — its shape, size and surface properties must align with the preferences of target cells. However, existing screening methods to pinpoint optimal designs are akin to searching for needles in a haystack. Moreover, these methods often overlook the preferences of different cell types within a tumour, from immune to endothelial to cancer cells.

To tackle these challenges, the NUS researchers turned to DNA barcoding. Each nanoparticle is tagged with a unique DNA sequence, with which the researchers could tag and track individual designs, much like registering a parcel to be shipped by post in a delivery system. Importantly, these barcodes enabled the team to monitor multiple nanoparticle designs simultaneously in vivo, as their sequences could be easily extracted and analysed to locate the nanoparticles’ whereabouts within the body.

“We used thiol-functionalisation to securely anchor the DNA barcodes to the surface of the gold nanoparticles. This ensures the barcodes remain stable, resistant to enzymatic degradation and do not interfere with cellular uptake,” said Asst Prof Tay, highlighting an important novelty of the team’s work.

To demonstrate this, the researchers prepared nanoparticles in six different shapes and sizes, where their distribution and uptake across various cell types were monitored. They found that round nanoparticles, despite showing poor uptake in cell culture studies, were excellent in targeting tumours in preclinical models as they were less likely to be eliminated by the immune system. On the other hand, triangular nanoparticles excelled in both in vitro and in vivo tests, resulting in high cellular uptake and strong photothermal properties.

Making cancer treatments safer

The team’s work shines a light on nanoparticle interactions in biological systems and the need to bridge discrepancies between in vitro and in vivo findings, as evidenced by those revealed by the round gold nanoparticles. These insights could guide the development of shape-morphing nanoparticles or intermediate designs tailored to optimise different stages of drug delivery.

Additionally, the research also illuminates the untapped potential of exploring nanoparticle shapes beyond spheres, which dominate those approved by the U.S. Food and Drug Administration. The researchers’ DNA barcoding method could also extend to screen other inorganic nanoparticles such as iron and silica in vivo, broadening the scope for drug delivery and precision medicine.

Looking ahead, the researchers are expanding their nanoparticle library to include 30 designs to identify candidates capable of targeting subcellular organelles. Suitable ones will then be tested for their efficacy in gene silencing and photothermal therapy for breast cancer. Asst Prof Tay also shared that the findings could significantly improve our understanding of RNA biology and advance RNA delivery techniques, which are increasingly being applied in therapeutics for treatment of various diseases.

“We have addressed a key challenge in cancer treatment — delivering drugs specifically to cancer tissues with greater efficiency,” said Asst Prof Tay. “The Achilles’ heel of existing nanoparticle-based drugs is their assumption of uniform delivery across all organs, but the reality is that different organs respond differently. Designing optimally-shaped nanoparticles for organ-specific targeting enhances the safety and efficacy of nanotherapeutics for cancer treatment — and beyond.”

Read more at: https://news.nus.edu.sg/dna-tagged-gold-nanoparticles-for-targeted-cancer-treatment/

Tropical Hainan Island, China: Tourist’s Paradise Filled with Sunshine, Hospitality


HAIKOU, CHINA – Media OutReach Newswire – 24 January 2025 – Recently, the Hainan Free Trade Port in southern China has launched various events featuring intangible cultural heritage to celebrate the Spring Festival. Visitors can look forward to abundant sunshine, a rich cultural legacy, verdant rainforests, and warm hospitality over the holiday season.

Hainan has planned 300 programs to highlight its intangible cultural heritage.
Hainan has planned 300 programs to highlight its intangible cultural heritage.

Festival, the social practices of the Chinese people in celebration of traditional New Year, was inscribed on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity last December. This upcoming Spring Festival, Hainan has planned 300 programs to highlight its intangible cultural heritage. In addition to traditional activities such as Hainan Opera spear tricks, Lantern Festival flower exchange, carp lantern spring festival celebration, Qionghai Nanzhong dragon dance, Sanya Phoenix Island Carnival, and display of Li brocade craftsmanship, visitors can taste delicacies such as zhegu tea, coconut rice, and brown sugar rice cakes. With a feast for the eyes and a delight for the palate, a journey to the island promises to be truly unforgettable.

image-1.jpeg

In addition, to make tourists’ winter experience delightful and tailored to their specific needs, Hainan has designed eight routes (e.g., unwinding at romantic beaches, driving around the island) and 72 packages (e.g., ethnic culture, cuisine plus culture).

Since the end of last year, China’s 144-hour visa-free transit policy has been extended to 240 hours, and two ports of entry have been added in Hainan, allowing international guests to enter and exit the island via any of its three international airports (Haikou Meilan, Sanya Phoenix, and Qionghai Boao).

“Qilou (arcaded buildings), food, surfing… I saw a Hainan that is both traditional and modern. Now that there is a 240-hour visa-free policy, I would love to visit Hainan again to explore further!” said Liu Wenxin, a Singaporean tourist who recently returned from a trip to Hainan.

According to the Hainan Department of Tourism, Culture, Radio, TV, and Sports, the three major airports in the province have resumed operations after COVID-19, with 70 international and regional passenger routes connecting Southeast Asia, Northeast Asia, the Middle East, Australia, New Zealand, Europe, Hong Kong, Macao, and beyond. In particular, new routes from Hainan to the United States, the UAE, and New Zealand provide added convenience for overseas visitors.

Moreover, Hainan authorities have introduced multiple payment options to enhance the experience for international sightseers. “When I buy anything, I can scan to pay or tap to pay,” said American tourist David, who used Alipay to make a quick purchase of a souvenir on Haikou’s Qilou Old Street. “From getting off the plane to visiting scenic spots, a mobile phone is all I need. This is incredibly easy!”
Hashtag: #Hainan

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

Independent judgment and meritocracy: Driving growth from the boardroom

PASAY CITY, Philippines, Jan. 24, 2025 /PRNewswire/ — Meritocracy is advancing as an indicator of effective governance, with a focus on qualifications, expertise, and independent judgment to propel organizations forward and drive growth from the boardroom.

Frameworks focused on merit and excellence exemplify the growing emphasis on ensuring that board members bring meaningful contributions to their roles.

SM Investments Corporation recently highlighted this principle from the lens of its independent directors. Tomasa “Tammy” Lipana, Independent Director and Chairperson of SM Investments’ Audit Committee, emphasized the importance of qualifications: “You need to look at qualifications. A board member should add to the company’s reputation which is crucial for investors and other stakeholders.”

This sentiment is echoed by Atty. Lily Gruba, Independent Director of SM Investments, who pointed to the natural diversity within the board as a product and clear indication of a healthy meritocracy. “Ideally, the perfect meritocracy is blind to and independent of issues of gender, background, and race, at least where it is not relevant. This is the next level to aspire for in any organization—that it is composed of persons of merit, not just a collection of diverse personalities,” she said.

SM’s governance framework exemplifies its commitment to professionalization, accountability, integrity, fairness, sustainability, and transparency. The company has been raising the bar on corporate governance by promoting independent judgment and fostering leadership that aligns with the highest standards.

A landmark decision in 2023 saw the appointment of Amando M. Tetangco, Jr., former Governor of the Bangko Sentral ng Pilipinas, as Chairman of the Board—the first independent director to hold this position in SM’s history. This underscores the company’s prioritization of expertise, professionalism and the value of independent leadership in shaping its future.

Over 50% of SM’s board seats are held by independent directors, exceeding regulatory standards and setting an industry benchmark. Two of these directors are women known for their expertise in taxation and corporate law, mergers and acquisitions, audit and accounting, to name a few, highlighting a balance between diversity and merit. Independent directors also lead key committees, including Audit, Corporate Governance and Sustainability, Related Party Transactions, and Risk Management, further ensuring objective independent judgment on corporate affairs.

Completing SM’s distinguished roster of independent board directors are Ramon M. Lopez, former Secretary of the Philippine Department of Trade and Industry (DTI) and Robert G. Vergara who previously served as the President and General Manager and Vice-Chairman of the Board of Trustees of the Government Service Insurance System (GSIS).   

These initiatives reflect a commitment to fostering performance and competence, while upholding high governance standards, meeting investor expectations and societal demands and helping drive inclusive growth.