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Mastercard Launches Anti-Money Laundering Service “TRACE” to Combat Financial Crime in Asia Pacific

The groundbreaking crime-fighting solution has been implemented in the Philippines’ Real-Time Payment network, making it the second market in the world to offer the service after the United Kingdom

SINGAPORE, Feb. 13, 2025 /PRNewswire/ — Mastercard today officially announced the launch of TRACE (Trace Financial Crime) in Asia Pacific, a sophisticated network-level solution that harnesses artificial intelligence to identify and prevent money laundering and financial crime. Powered by timely and large-scale payments data from multiple financial institutions, TRACE provides holistic intelligence beyond an individual financial institution’s siloed view, enabling tracing of financial crime across a payments network. 

In recent years, Real-Time Payments (RTP) have seen a rapid rise in use among individuals and businesses across Asia Pacific, allowing transactions to be settled between accounts at different financial institutions within seconds—something which in the past often took a matter of days. However, this speed has also made it a target for money launderers and “mules”, who try to evade detection by moving funds rapidly between multiple accounts. Oftentimes, criminals also involve the accounts of unwitting civilians through methods such as romance and investment scams. 

Financial institutions have largely relied on semi-manual methods or in-house AI solutions to detect these illicit patterns, but these typically rely on their own data and lack the holistic, network-level perspective needed to trace such far-reaching criminal activity. Oftentimes, investigations take weeks to complete. To address this, Mastercard developed TRACE, which uses cutting-edge data science techniques to trace potentially fraudulent transaction patterns across a payments network, as well as providing proactive alerts to banks about suspicious accounts.  TRACE incorporates critical data points across an entire domestic network to identify money mules involved in financial crime (such as frauds, scams, etc.), giving financial institutions a network-level perspective they wouldn’t otherwise have.  

Mastercard’s first Asia Pacific rollout of TRACE was in the Philippines in collaboration with local interbank network BancNet (the switch operator of local RTP service InstaPay), with BancNet having already onboarded 36 domestic banks. The solution allows participating financial institutions to quickly and extensively trace dispersed illicit funds across the RTP system, identify money mule activity throughout the network, and proactively highlight suspected money laundering accounts—all of which will allow them to better adhere to the country’s new Anti-Financial Account Scamming Act (AFASA).

“The launch of TRACE in Asia Pacific marks a transformative step toward safeguarding the integrity of Real-Time Payments while combatting the corrosive effects of financial crime,” said Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard.  “By ensuring that transactions remain secure and compliant, TRACE helps to protect consumers and financial institutions, while also fostering trust in the digital economy—which will be critical for the region’s economic growth. Mastercard is proud to have collaborated with BancNet on its pilot rollout in the Philippines and is ready to collaborate with other stakeholders across the region to implement TRACE to create a stronger, more resilient global financial system.” 

“As scams grow more sophisticated, advanced tech-powered prevention and monitoring capabilities are critical. Our partnership with Mastercard and leveraging TRACE gives us and the network participants the intelligence to help detect fraud faster, making scam prevention sharper and more effective,” said Emmie Reyes, Chief Executive Officer, BancNet. 

TRACE is the first network-level solution for RTP systems developed to proactively identify money mules and trace the dispersion of funds. TRACE is network-agnostic and can be quickly and effectively implemented within the payment networks across the region, helping to protect customers from fraud and scams as well as supporting regulatory obligations. 

The United Kingdom is the only other market in the world to have implemented TRACE. Launched by Mastercard in 2018, the solution is now being used by 21 financial institutions and tier-one banks, covering 90 percent of the United Kingdom’s Faster Payments Service network. Since its launch, TRACE has helped identified thousands of mule accounts and is continuing to aid uncover hundreds of new money mule accounts every month. 

About Mastercard 

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. 

www.mastercard.com   

 

DreamSmart launched new product event in the Philippines, deepening its development in the Southeast Asian market

MANILA, Philippines, Feb. 13, 2025 /PRNewswire/ — On February 12, DreamSmart joined hands with Geely Auto to hold a grand new product release conference in Manila, the capital of the Philippines. At the conference, DreamSmart displayed MEIZU Note 21 and Mblu 21 smartphones, as well as smart glasses, tablets, rings, watches and other full-scenario smart products.


Gu Binbin, the person in charge of DreamSmart’s overseas business, said: “We are continuously accelerating the expansion of overseas markets, deepening the development of the Southeast Asian market, and working with Geely to build a global smart mobility technology ecosystem to keep enhancing our competitiveness in the world.”

This is the third release conference held overseas by DreamSmart in the past month, where DreamSmart officially announced its entry into the Philippine market after entering the Indonesian and Sri Lankan markets. The Philippines is a dynamic emerging market in Asia Pacific, with a huge consumer market and huge development potential. This release conference marks the further expansion of DreamSmart’s market footprint in Southeast Asia and South Asia and also the accelerated implementation of DreamSmart’s globalization strategy.


In order to provide overseas users with a better smart experience, DreamSmart has launched many innovative products. MEIZU Note 21 demonstrates the perfect combination of flagship performance and long battery life. Relying on a 6.74-inch HD+ display with a 90Hz high refresh rate, MEIZU Note 21 offers an exceptional visual experience. With a 6,000mAh battery offering ultra-large capacity and 18W fast charging, it keeps users away from battery anxiety. In terms of its image system, the smartphone also combines a 50-megapixel triple rear camera system and an 8-megapixel front camera for users to capture brilliant moments in their lives.

MBLU 21 achieves a balance between affordable price and quality. Most featured by cost performance, Mblu 21 is equipped with a 6.79-inch display, a 13-megapixel dual-camera system, and a 4,900mAh battery with long battery life, meeting daily usage experience through great appearance and durability.


At present, MEIZU Note 21 and Mblu 21 have been launched in the Philippine market, and they will be followed by other products.

In addition, DreamSmart has also demonstrated a full-scenario ecosystem built under the All-in-AI strategy. The ecosystem realizes the interconnection and complementary functions of different devices by connecting smartphones, smart glasses, smart cars, and other smart products on the Flyme AIOS. For example, smartphones and In-Vehicle Infotainment can be seamlessly interconnected to realize the connection of accounts, data and computing power, and smart watches and rings can be used to remotely unlock vehicles. These functions were recognized by the media and the audience at the scene.

DreamSmart implements the core strategy of globalization. At present, DreamSmart sells smartphones in Asia Pacific, Latin America, the Middle East, Europe and other regions, and XR smart glasses in North America, Europe and other regions, as well as exports cars equipped with Flyme Auto to the Middle East, Eastern Europe, Asia Pacific and other regions.

In the future, DreamSmart will continue to increase investment in developing overseas markets and launch more products and services that meet the needs of local consumers. Meanwhile, DreamSmart will also leverage Geely Auto’s global network and resource advantages to accelerate the expansion of overseas markets and enhance competitiveness in the world.

LG Chem Accelerates Commercial Production of 100% Plant-Based Acrylic Acid

  • LG Chem has launched prototype production of 100% bio-acrylic acid, which has received USDA Certified Biobased Product (BIOPREFERRED®) label.
  • The product is derived from 3HP made through a microbial fermentation process, offering the same properties as conventional acrylic acid and providing a sustainable solution for cosmetics and diaper raw materials
  • With an initial production capacity of 100 metric tons per year, LG Chem plans to scale up production if demand for eco-friendly raw materials increases

SEOUL, South Korea, Feb. 13, 2025 /PRNewswire/ — LG Chem is entering the global market with eco-friendly raw materials derived from vegetable oils. The company announced that it will commence the production of bio-acrylic acid in the second quarter of this year. Production capacity shall ramp up to 100 metric tons (MT) of prototype annually.

Bio-acrylic acid can be applied to various materials, including cosmetic ingredients that directly contact the skin, super absorbent polymers (SAP) for diapers, adhesives for electronics and vehicles, coating materials, and eco-friendly paints. Although attempts to develop bio-acrylic acid technology have been made worldwide, none have reached commercialization until now.

LG Chem’s bio-acrylic acid is made from 3-Hydroxypropionic acid (3HP), produced by microbial fermentation of plant-based raw materials. The product retains the same molecular structure and properties as conventional acrylic acid while being entirely plant-based.

LG Chem developed its 3HP strain and fermentation technology in-house, earning the United States Department of Agriculture (USDA) Certified Biobased Product label, confirming it as 100% bio-based last year.

Starting with prototype production, the company plans to actively promote the product to sustainability-driven companies in North America and Europe. The cosmetics industry, which increasingly demands plant-based and naturally derived ingredients without compromising functionality, is expected to be a key market for bio-acrylic acid.

LG Chem plans to operate a customized bio-acrylic acid production system that can respond immediately to customer needs and is considering expanding production facilities if market demand increases.

“We expect bio-acrylic acid to be an innovative product that meets the sustainability needs of our customers and the market. We will continue leading the development of eco-friendly technologies,” said Song Byung-Keun, Senior Vice President and Head of Acrylates/SAP Business Unit at LG Chem.

About LG Chem
LG Chem is a leading global chemical company with a diversified business portfolio in the key areas of petrochemicals, advanced materials, and life sciences. The company manufactures a wide range of products from high-value added petrochemicals to renewable plastics, specializing in cutting-edge electronic and battery materials, as well as drugs and vaccines to deliver differentiated solutions for its customers. LG Chem is committed to reaching carbon-neutral growth by 2030 and net-zero emissions by 2050 by managing the impacts of climate change and making positive contributions to society through renewable energy and responsible supply chains. Headquartered in Seoul, Korea, LG Chem has multiple operation sites worldwide and generated consolidated revenue of KRW 48.9 trillion (USD 33.6 billion) in 2024. For more information, please visit www.lgchem.com.

For media enquiries, please contact: 

Son Junil
lgchempr@lgchem.com 

Liz Choi
lgchempr@webershandwick.com 

Hong Kong Airlines Launches New Direct Service to Sydney, Australia

HONG KONG, Feb. 12, 2025 /PRNewswire/ — Hong Kong Airlines is pleased to announce the latest development of its network expansion, with the introduction of a new direct service to Sydney, Australia, set to commence on 20 June 2025. This will make Hong Kong Airlines the second Hong Kong-based airline to operate this popular route, enhancing convenience for passengers and promoting market competition. The new service will be operated with daily scheduled flights and is Hong Kong Airlines’ second Australian destination in this year, following the successful resumption of seasonal flights to the Gold Coast on 17 January.

Mr Jeff Sun, President of Hong Kong Airlines, presented a souvenir to Mr Scott Charlton, CEO of Sydney Airport.
Mr Jeff Sun, President of Hong Kong Airlines, presented a souvenir to Mr Scott Charlton, CEO of Sydney Airport.

To mark this occasion, a signing ceremony was held at Sydney Airport, attended by representatives from Hong Kong Airlines, Sydney Airport, Chinese Consulate General in Sydney, local officials and the Tourism Board.

Hong Kong Airlines Chairman Mr Yan Bo stated, “This is an important milestone for Hong Kong Airlines. In the past, we only operated flights to the Gold Coast and Cairns in Australia, offering passengers access to popular tourist hotspots in Queensland. Now, we are honoured to extend our reach to Sydney, the country’s most iconic city. This new route will enable us to serve a broader range of international travellers and is also a testament to the efforts of the two governments to actively support more biliteral air traffic rights. We are committed to providing passengers with high-quality services and competitive prices, ensuring they have more diverse and convenient options for their travel plans.”  

During the event, Hong Kong Airlines President Mr Jeff Sun stated: “The three-runway system at Hong Kong International Airport has increased the capacity for additional flights, and with the support of the two governments and related organisations, we are delighted to become the second Hong Kong-based airline to operate in Sydney. This new service will promote tourism, economic and cultural ties between Hong Kong and Australia. Sydney and Hong Kong have a rich shared history in aviation, and we are proud to be a part of this new chapter. Not only will it bring convenience to travellers, but it will also serve as a bridge connecting with our extensive mainland Chinese network.”

Sydney Airport CEO Mr Scott Charlton said: “The arrival of Hong Kong Airlines marks an important new chapter for Sydney Airport and strengthens the long-standing connection between Sydney and Hong Kong. This new daily service not only increases capacity but also provides passengers with more choice to explore one of Asia’s most vibrant cities.

“I would also like to thank and recognise the Albanese Government for their recent work in delivering the expansion of bilateral air traffic rights between Hong Kong and Australia. The new services announced today are a direct consequence of these efforts and will boost trade, economic growth, and job creation.”

The Hon Catherine King MP, Minister for Infrastructure, Transport, Regional Development and Local Government, said: “We’re so pleased to see Sydney Airport leveraging Australia’s new bilateral air agreements – with Turkiye since November and now with Hong Kong.

“The Australian Government is working to expand our international aviation network, because more flights means more competition, more choice, and a better experience for Australian travellers.”


The new Sydney service will be operated by A330-300 aircraft, featuring both Business and Economy Class cabins, with a focus on comfort and high-quality service that Hong Kong Airlines is renowned for, ensuring a seamless and enjoyable journey for all passengers.  

As a full-service carrier, Hong Kong Airlines has been actively expanding its network and improving its service quality in recent years. Currently, it serves more than 30 destinations worldwide. Since the beginning of the year, the carrier has successfully resumed flights to the Gold Coast and Vancouver, officially returning to the long-haul market and actively transforming into a fully-fledged international airline.

Looking ahead, Hong Kong Airlines will continue to optimise its network and expand its fleet for increased capacity to meet the growing demand. At that time, the diversified fleet and robust network will let passengers enjoy greater flexibility and more convenient options for their travel plans, whether they are heading to China, Japan, South Korea, or other popular destinations in the region, or further afield to the Americas, Europe, and other global hotspots.  

Hong Kong Airlines flight schedule* between Hong Kong and Sydney is as follows (All times local): 

Route

Flight Number

Departure

Arrival

Frequency

HKG – SYD

HX017

22:25

09:50+1

Daily

SYD – HKG

HX018

11:30

19:15

* Flight number and schedule may change without prior notice

Ticket reservation is now available on the Hong Kong Airlines website.

For more details and sales, please visit www.hongkongairlines.com, or contact us via the Hong Kong Airlines Call Centre hotline (852) 3916 3666 (Hong Kong).

About Hong Kong Airlines

Established in 2006, Hong Kong Airlines is a full-service airline firmly rooted in Hong Kong. The airline flies to over 30 destinations across the Asia Pacific and North America, and currently maintains interline and codeshares with multiple airline partners and ferry service providers. Hong Kong Airlines operates an all-Airbus fleet. It has been awarded the internationally acclaimed four-star rating from Skytrax since 2011. For more information, please visit hongkongairlines.com or our social media channels on LinkedIn, Twitter, Instagram and Facebook.

Hankyung.com introduces: CODIT Launches AI-Powered English Policy Dashboard to Help Global Companies Track Korean Regulatory Changes

New platform provides real-time updates on Korean legislation and policy shifts for government affairs and legal teams

SEOUL, South Korea, Feb. 13, 2025 /PRNewswire/ — A news report from Hankyung.com:

CODIT, an AI-driven regulatory intelligence platform, has launched an English-language policy dashboard designed to help multinational corporations track legislative and regulatory changes in South Korea in real time. The platform aims to support government affairs professionals, legal teams, and compliance officers by providing instant updates on policy shifts, enforcement trends, and legislative developments affecting foreign businesses.

CODIT Launches AI-Powered English Policy Dashboard to Help Global Companies Track Korean Regulatory Changes
CODIT Launches AI-Powered English Policy Dashboard to Help Global Companies Track Korean Regulatory Changes

The English Policy Dashboard is the first AI-powered platform of its kind to offer automated translation, legislative tracking, and policy risk assessment for global companies operating in Korea. With increasing regulatory scrutiny in areas such as artificial intelligence, ESG disclosure, and foreign investment, CODIT’s solution is designed to help companies proactively manage compliance risks and align corporate strategy with evolving regulations.

Korea’s regulatory environment is shifting rapidly, and global companies need more than delayed translations or fragmented updates,” said Ji Eun Chung, CEO of CODIT and a former OECD policy expert. “Our AI-powered dashboard delivers real-time intelligence, giving legal and government affairs teams the ability to anticipate changes, mitigate risks, and make strategic decisions with confidence.

AI-Powered Monitoring for Legislative and Compliance Teams

CODIT’s English Policy Dashboard includes several key features designed to streamline regulatory monitoring for multinational businesses:

  • Legislative Tracking: Real-time updates on proposed, pending, and enacted laws impacting corporate governance, AI regulation, ESG compliance, and digital policy.
  • AI-Powered Policy Insights: Automated translation and expert analysis of government regulations, policy trends, and enforcement actions.
  • Regulatory Risk Monitoring: A ranked list of Fair Trade Commission penalties, tracking top regulatory fines with live currency adjustments.
  • Government Press Releases & Statements: Translations of official announcements, policy updates, and legislative briefings for global accessibility.

CODIT’s launch comes as global businesses increasingly seek more efficient tools to navigate Korea’s policy landscape, particularly in highly regulated industries such as finance, technology, and pharmaceuticals.

Regulatory uncertainty is one of the biggest challenges for companies entering or expanding in Korea,” said Chung. “By leveraging AI, we’re making it easier for multinational corporations to stay ahead of policy changes and regulatory trends that could impact their operations.

Global Business Leaders Join CODIT’s Policy Webinar

Ahead of the launch, nearly 200 business leaders from Korea, Japan, the United States, Germany, and Singapore participated in CODIT’s policy webinar, “Navigating Korea’s 2025 Policy & Regulatory Landscape.” The event featured Hong Ihk-pyo, a three-term National Assembly member and former Floor Leader of Korea’s largest political party, discussing key regulatory shifts in 2025. CODIT CEO Ji Eun Chung provided a comparative analysis of Korea’s regulatory direction against key markets, including the U.S. and Asia, offering insights for multinational corporations navigating compliance and market risks.

Expansion to U.S. and International Markets

The launch of the English Policy Dashboard is part of CODIT’s broader global expansion strategy, with plans to enter the United States, Japan, and the European Union in 2025. CODIT, already trusted by Fortune 500 companies, is building out its AI-powered regulatory intelligence platform to offer policy tracking solutions across multiple jurisdictions.

As regulatory complexity increases worldwide, companies must take a more proactive approach to compliance and policy monitoring,” Chung said. “We are scaling our AI-driven intelligence platform to provide businesses with real-time, cross-border policy insights.

Availability

The English Policy Dashboard is now live and available to global enterprises. Companies seeking AI-powered policy tracking and compliance solutions can learn more at www.thecodit.com.

Ricoh Releases “The Business Guide to Print Technologies” – A Data-Driven Analysis of Print’s Role in the Modern Workplace

New whitepaper presents independent research on print performance, sustainability, and security, helping businesses optimise their workplace technology

TOKYO, Feb. 13, 2025 /PRNewswire/ — Ricoh Asia Pacific today announced the release of The Business Guide to Print Technologies, a comprehensive whitepaper based on independent, real-world testing of laser and inkjet print technologies.

Developed in collaboration with DataMaster Labs, a leading independent print technology research firm specialising in laboratory-based performance evaluation, the study provides evidence-backed insights into how print impacts productivity, operational costs, and sustainability.

As organisations continue to digitise workflows and embrace hybrid work models, print remains a critical component of information management, security, and operational efficiency. This whitepaper helps businesses make informed decisions about the technologies that best support their evolving needs.

“With hybrid work and digital transformation accelerating, businesses need print solutions that integrate seamlessly with their workflows rather than disrupt them,” said Steven Burger, Vice President APAC Technology Centre at Ricoh Asia Pacific. “This whitepaper cuts through marketing claims to provide businesses with the objective data they need to optimise their print strategies.”

Key Findings from the Whitepaper:

  • Laser vs. Inkjet: The Performance Gap – In high-demand environments, laser printers maintained 97% of their rated speed, while inkjet speeds dropped by up to 141% when handling complex print jobs.
  • Print Quality and Business Impact – Independent testing rated laser print output 91/100, compared to 76/100 for inkjet, particularly for sharp text reproduction and colour consistency.
  • Sustainability and Cost Efficiency – A Ricoh laser printer in standby mode consumes just 0.32W—one-third the energy of comparable inkjet models. Additionally, toner-based prints are easier to recycle, reducing environmental impact.
  • Security and Integration – Laser print technology integrates more effectively with enterprise security frameworks and digital workflows, minimising bottlenecks and data security risks in high-volume environments.

The findings in The Business Guide to Print Technologies whitepaper reinforce Ricoh’s vision of print as a key enabler of workplace transformation. These themes will also be explored at SPARK, Ricoh’s new annual leadership event in Thailand, where industry experts will examine how hybrid workplace solutions, workflow automation, cloud and IT, cybersecurity, and managed print intersect to create smarter, more secure, and more efficient business environments—shaping the future of work.

“Organisations that recognise print as a crucial part of their information ecosystem—rather than just a standalone function—are better positioned for efficiency, security, and long-term success,” added Steven Burger. “By enabling the seamless transfer of data between physical and digital workflows, Ricoh is helping businesses create smarter, more connected workplaces where information flows effortlessly and securely.”

Download the Whitepaper

“The Business Guide to Print Technologies” is available for download now at  The Business Guide to Print Technologies

-Ends-

About Ricoh

Ricoh is a leading provider of integrated digital services and print and imaging solutions designed to support the digital transformation of workplaces, workspaces and optimise business performance.

Headquartered in Tokyo, Ricoh’s global operation reaches customers in approximately 200 countries and regions, supported by cultivated knowledge, technologies, and organisational capabilities nurtured over its 85-year history. In the financial year ended March 2024, Ricoh Group had worldwide sales of 2,348 billion yen (approx. 15.5 billion USD).

It is Ricoh’s mission and vision to empower individuals to find ‘Fulfillment through Work’ by understanding and transforming how people work so we can unleash their potential and creativity to realise a sustainable future.

For further information, please visit www.ricoh.com

© 2025 RICOH ASIA PACIFIC PTE LTD. All rights reserved. All referenced product names are the trademarks of their respective companies.

Finmo Secures US$18.5 Million To Revolutionize Treasury Management

  • Oversubscribed Series A Funding Round Was Co-Led By Quona Capital and PayPal Ventures with Participation from Citi Ventures
  • Finmo Will Use Funds to Accelerate Product Development and AI Capabilities and Expand Global Reach

SINGAPORE, Feb. 13, 2025 /PRNewswire/ — Finmo, the pioneering all-in-one Treasury Operating System (TOS), today announced its successful oversubscribed $18.5 Million Series A funding round, bringing its total funding to US$27 million. This investment underscores the growing demand for an innovative approach to modern treasury management. With the new funding, Finmo plans to accelerate its product development, invest in AI capabilities, and expand its global reach. The company aims to continue delivering cutting-edge solutions that not only improve operational efficiency but also empower organizations to make informed financial decisions by better harnessing the power of its treasury operating system.

Finmo founders (from left to right): Thomas Kang, Chief Revenue Officer; Akhil Nigam, Chief Product Officer; David Hanna, Chief Executive Officer; Raj Vimal Chopra, Chief Technology Officer; Richard Oh, Chief Strategy Officer.
Finmo founders (from left to right): Thomas Kang, Chief Revenue Officer; Akhil Nigam, Chief Product Officer; David Hanna, Chief Executive Officer; Raj Vimal Chopra, Chief Technology Officer; Richard Oh, Chief Strategy Officer.

The funding round was co-led by prominent investors Quona Capital and PayPal Ventures with participation from Citi Ventures. Known for their investment focus on cutting-edge fintech companies, these investors’ support is a strong validation of Finmo’s value proposition. Finmo offers a unified platform that addresses the complexities of modern treasury operations.

The Finmo TOS is uniquely designed to address the need for effective treasury management in a global context. It streamlines payment processes, enhances cash flow visibility, manages FX risks, ensures compliance, automates manual tasks, and optimizes financial decision-making, including excess liquidity management. With features such as real-time payment capabilities, modular design for scalability, and a strong emphasis on regulatory compliance, Finmo empowers organizations to optimize their cash management, enhance liquidity, and mitigate financial risks—all within a single platform.

Today’s organizations are global players that demand integrated solutions to streamline their treasury functions. Finmo was developed with a first-hand understanding of what treasurers and CFOs need, ensuring that the platform addresses real-world challenges faced by finance professionals today.

“We are thrilled to have the support of esteemed investors such as PayPal Ventures, Quona, and Citi Ventures,” said David Hanna, CEO and Co-Founder of Finmo. “This funding validates our vision of transforming how global businesses manage their treasury function and enables us to scale our platform, enhance our technology further, and expand into new markets. Underpinning all these developments will be our continued commitment to focus on our customers’ evolving needs to enhance operational efficiency, risk mitigation, and strategic financial decision-making.”

Ashish Aggarwal, Partner at PayPal Ventures, said, “Finmo is redefining treasury operations. Their innovative approach addresses critical pain points faced by businesses in today’s dynamic financial landscape. We are proud to support their journey as they continue to deliver transformative solutions that empower organizations globally.”

“Finmo’s innovative Treasury Operating System addresses critical pain points for businesses operating in multiple geographies, empowering them with seamless cash and FX management capabilities,” said Ganesh Rengaswamy, Co-Founder and Managing Partner at Quona, which co-led the Series A. “With their exceptional founding team and strong financial discipline, we believe Finmo is well-positioned to redefine how businesses manage payments, liquidity and risk, and we are excited to support their vision to revolutionize treasury management and cross-border payments for businesses across APAC and beyond.”

About Finmo

Finmo is a global treasury operating system that empowers businesses to manage cross-border payments, optimize liquidity, and navigate financial complexities with ease. Founded in 2021, Finmo is committed to simplifying treasury operations for businesses of all sizes.

For more information about Finmo and its mission to redefine global treasury operations, visit www.finmo.net.

MGM China Reports 2024 Annual Results

Record-High Revenue and EBITDA

Market Share Continued to Grow

HONG KONG, Feb. 13, 2025 /PRNewswire/ — MGM China Holdings Limited (“MGM China” or the “Company”; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the three and 12 months ended December 31, 2024.

The Group is pleased to see Macau continuing to grow in 2024. The city welcomed 34.9 million visitors in 2024, up by 24% from a year ago. Daily visitation reached 95,433, represents a recovery of 88% of 2019 pre-COVID levels.

Gross gaming revenue (GGR) also grew in 2024. Industry GGR was up 24% year-on-year to MOP620 million per day in 2024, recovered to 77% of 2019.

  • MGM China continued to outperform industry recovery in 2024. Property visitation grew 54% year-on-year, reached 163% of 2019. Daily GGR was up 29% to 129% of 2019. Mass GGR (including slot) was up 33% to reach 179% of pre-COVID levels.
  • Net revenue of the Group grew by 27% to HK$31.4 billion in 2024, or 138% of 2019.
  • Adjusted EBITDA also reached historical high of HK$9.1 billion in 2024, up by 25% from a year ago, represented 147% of 2019.
  • MGM China saw market share at all-time high of 15.8% in 2024, up from 15.2% in 2023 and compared to 9.5% in 2019. MGM COTAI market share was 9.3% and MGM MACAU was 6.5%.
  • Adjusted EBITDA margin was 28.9% in 2024, 170 basis points higher than 2019, with a mass-focused business and continuous improvement in operational efficiency.
  • Hotel occupancy reached 94% in 2024, up from 92.5% in 2023.
  • The Group maintained a healthy financial position. As of December 31, 2024, the Group had a total liquidity of approximately HK$17.2 billion, comprised of cash, cash equivalents and undrawn revolver.

With a guest-centric focus, MGM is awarded during the Period seven Five-Star awards by Forbes Travel Guide 2024. It demonstrates our leading position in the hospitality industry and its commitment to providing the finest service and resort amenities.

During 2024, MGM China has proudly delivered a series of non-gaming events and excitements to Macau. We have hosted in January an outdoor concert with Bruno Mars, the 15-time Grammy Awards-winner. We had also presented with world-renowned musician Tan Dun his symphonic masterpiece Buddha Passion at the MGM Theater at MGM COTAI. In October to December, we celebrated the German beer festival with our annual mega event Oktoberfest Macau at MGM 2024; we also hosted MGM Chef Nic Gastronomusic Fest for the third year at MGM COTAI. The multi-sensorial cultural IP extravaganzas fully leverage on Macau as an interactive platform for diverse cultural exchange, which brings international gastronomy and musical culture to the city. These events also reinforce Macau’s golden calling cards as a “Creative City of Gastronomy” and “City of Performing Arts”.

As an advocate of cultural tourism, Poly MGM Museum opened at MGM MACAU in November 2024 in a collaboration with the Poly Culture Group. Spanning across nearly 2,000 square meters, the museum has been meticulously designed to meet national standards for exhibiting Grade-One cultural relics, blending traditional craftsmanship with cutting-edge technology to create an immersive experience for visitors. The inaugural exhibition, entitled The Maritime Silk Road – Discover the Mystical Seas and Encounter the Treasures of the Ancient Trade Route, features an array of 228 artifacts and artworks tracing the route’s rich history.

In the seemingly exciting December, MGM has joined hands with the renowned Chinese filmmaker Zhang Yimou to present a groundbreaking residency show – Macau 2049 at the MGM Theater. The unparallel show transcends time and space while bridging culture of the east and the west, through the celebration of Chinese performance arts.

Kenneth Feng, President and Executive Director of MGM China said: “We are exhilarated to have nearly 500,000 visitors to date to our Poly MGM Museum, and a ticket sale of over 42,000 for Macau 2049. Through the offering of these one-of-the-kind IP experiences, we are dedicated to drive non-gaming revenues and visitation to Macau, promoting cultural tourism and economic diversification.”

Outside our properties, MGM China goes beyond leveraging our cultural tourism strengths and joins effort to revitalize local district in Macau. The Group has introduced a series of art exhibitions, workshops, retails and leisure activities in the world heritage A-Ma Temple area to enhance community engagement efforts in the Barra district, driving the area’s future development.

Kenneth Feng said: “We are delighted to see the recovery in Macau, along with the diversification development of the city. We are committed to developing Macau into a global and diversified tourist destination through our concession commitments.”

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in 2018 and more than doubles our presence in Macau. 

MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.