The Philippine Insurance Commission (IC) has introduced a comprehensive set of investment guidelines for insurers, reinsurers, and mutual benefit associations (MBAs), aiming to broaden their investment horizons while safeguarding policyholder interests.
Circular Letter No. 2025-09 consolidates and updates 15 previously issued circulars, introducing a wider array of permissible investment instruments for regulated entities.
Under the new omnibus guidelines, insurers will now be able to invest in structured products, debt securities issued by supranational organizations, and various investment vehicles, subject to specific criteria.
A significant shift from previous regulations is the removal of the requirement for prior IC approval for these newly allowed investments.
However, the circular mandates stringent conditions to ensure the prudence and security of these investments.
Specifically, the guidelines stipulate that these new investment options must meet minimum credit rating benchmarks established by recognized international rating agencies or be listed on reputable exchanges.
Insurance Commissioner Reynaldo Regalado emphasized that the updated rules are designed to provide regulated entities with greater flexibility in managing their financial assets, enabling them to make informed investment decisions that support their stability and growth.
Regalado further stated that the IC remains committed to its mandate of protecting policyholders.
The new guidelines, while offering enhanced investment opportunities, are underpinned by robust risk management principles and reporting requirements.
The regulator believes that these changes will ultimately contribute to a more dynamic and resilient insurance sector in the Philippines, better equipped to meet the evolving needs of the insuring public.
The circular took effect immediately upon its issuance.
The banking, financial services, and insurance (BFSI) sector in the Philippines are undergoing a profound transformation, fueled by a surge in mobile penetration, the proliferation of Fintech solutions, and accelerated technology adoption. Notably, the Bangko Sentral ng Pilipinas (BSP) forecasts a substantial uptick in the banking system’s total assets, soaring from PHP 23.7 trillion in 2021 to PHP 26.5 trillion by the conclusion of 2023. As the BSP actively champions digitalization initiatives within the banking industry, including advancements in digital payments and the establishment of the Digital Banking Transformation Office, the landscape of BFSI in the Philippines is primed for innovation and growth.
In light of these dynamic shifts, the stage is set for the 23rd Edition of the BFSI IT Summit. This invitation-only, in-person event is exclusively designed for technology and innovation leaders within the BFSI community in the Philippines. Bringing together over 150 distinguished attendees, including CIOs, CTOs, CISOs, Heads of Digital Transformation, Heads of IT and Innovation, IT Infrastructure experts, and other luminaries in this domain, the summit promises to be a transformative experience.
About the 23rd Edition of BFSI Summit:
The 23rd Edition of the BFSI Summit which will be held on May 24, 2024 at Sofitel, Manila, Philippines, stands as a pivotal moment in the advancement of the banking, financial services, and insurance sector in the Philippines. This prestigious event serves as a gathering point for esteemed technology and innovation leaders within the BFSI community, offering an exclusive opportunity to explore the current trends, confront challenges, and seize emerging opportunities that define the industry’s trajectory. By prioritising the imperative of digital transformation and leveraging cutting-edge technology, the summit is poised to empower attendees with indispensable resources and perspectives essential for navigating the dynamic landscape of BFSI in the Philippines.
VIP Keynote speakers:
1. Benjamin E. Diokno, Monetary Board Member,Bangko Sentral ng Pilipinas,Republic of the Philippines
2. Joselito R Basilio, Principal Economist,Department of Budget & Management,Republic of the Philippines
Other Distinguished Speakers:
Aubin Arn Nieva: Director of the Data Security and Compliance Office at the National Privacy Commission, Republic of the Philippines.Albert Tinio: Co-Chief Executive Officer at GoTyme Bank, contributing insights on digital banking and fintech innovations.Melvin M. Ramis: Chief Technology Officer at Tonik, offering expertise in technology-driven banking solutions.JC Principe: Chief Information and Transformation Officer at FWD Insurance, providing strategic perspectives on digital transformation in insurance.Samir Khare: Chief Information Officer at UNO Digital Bank, sharing insights on digital banking strategies and technological advancements.Dan Villaroman Ramirez: Senior Vice President – Head of Transformation Office at ING, offering valuable insights into organizational transformation and innovation.Amaneci Grace De Silva: SVP, ETO Change The Bank – Shared Services Technology Head at Security Bank, contributing expertise in technological advancements and shared services.Paolo Salcedo: Head of Virtual Banking, Maybank.
About Exito
Exito, meaning success in Spanish, is committed to the success of its customers. Hosting over 240 virtual and in-person conferences globally each year, Exito brings together audiences with world-class thought leaders and C-level executives across industries. Crafted with meticulous attention to detail and based on extensive research and industry insights, Exito’s conferences facilitate business, knowledge transfer, deal flow, and impactful messaging for brands.
For more information on the BFSI Summit, Philippines, visit here.
In Southeast Asia, the Philippines stands as one of the most rapidly advancing economies. With a population of 106 million, the country boasts 50 million internet users and 34 million smartphone owners. Despite this, formal financial services remain accessible to only 20 million individuals, highlighting a significant gap in financial inclusion within the country.
Even with a population exceeding 100 million, the Philippines has rapidly emerged as a growing economy. However, a significant hurdle remains in the form of approximately 70 million unbanked individuals, severely constraining their access to both domestic and global financial networks.
Leveraging its digital payment achievements, the Philippine government has initiated multiple programs aimed at substantially boosting the uptake of digital transactions within the next two years. These endeavours are in line with its aspiration to cultivate a cash-lite economy and bolster financial inclusion rates. Officials anticipate that the integration of digital payment solutions will reduce transaction expenses and eliminate prevalent obstacles related to owning transaction accounts.
About the 20th Edition of BFSI IT Summit:
Dedicated to addressing challenges within the dynamic landscape of the Philippines, the summit aims to focus on key issues such as transitioning to a cashless economy and advancement of financial accessbility. Through insightful discussions, interactive workshops, and in-depth presentations, attendees will gain practical strategies and innovative solutions to navigate complexities and seize opportunities within the industry. The event fosters a collaborative learning environment, facilitating knowledge exchange among participants.
Exhibitors and sponsors will actively participate, showcasing tailored innovative solutions for the industry’s pressing challenges. Their cutting-edge technologies, robust financial platforms, and strategic methodologies aim to bolster cybersecurity, enhance financial accessibility, and drive seamless digital integration. Anticipated contributions from stakeholders will provide comprehensive insights and actionable strategies, effectively addressing challenges and fostering sustainable industry growth.
The Banking, Finance, and IT Summit is scheduled to take place on 26th October at Hilton Manila in the vibrant city of Manila, Philippines. This summit is set to become the nucleus for the exploration of pioneering technological advancements and strategic initiatives within the BFSI sectors, with the support of National Privacy Commission, Digital Philipinas, Fintech Philippines Association, Cyber Security Philippines CERT, The London Institute of Banking & Finance and National Association of Data Protection Officers of the Philippines. Together with these esteemed partners, the summit aims to foster collaborative innovation and pave the way for a transformative future in the financial technology landscape of the Philippines.
The event will cover topics like:
The Road Ahead: The Future of BFSI in the Philippines.
Ushering financial inclusion opportunities with open banking.
Fintech in the Philippines: Counting on Growth and opportunities.
Leveraging new era for customer experience through digital platforms.
Trends, Challenges, and Best Practises for Cloud Computing in the BFSI.
Advancing the Digital Economy and Finance.
Enhancing BFSI with AI, Automation and Machine Learning.
Neo-Banks: Delivering A New Era of Banking for Advanced and Modern Customers.
Infusing AI to power CX and the BFSI Industry.
Defending the digital gates with Cyber security.
Who will attend?
The BFSI IT Summit will be attended by top executives and leaders like CIO, CTO, CDO, CISO, CDO, Head of IT Infrastructure, Heads of Information security, Head of IT Operation and Digital Advisors- Government from a variety of industries including Public Banks, Foreign banks, Fintechs & Neo Banks, Health Insurance Companies, NBFCs, Mutual Funds, Regional Rural Banks, Asset Management Companies, Private Banks, Commercial Banks & General Insurance Firms.
Exito, which means success in Spanish, embodies our commitment to the success of our customers. Each year, we host over 240 virtual and in-person conferences globally, bringing together audiences with world-class thought leaders and C-level executives across industries. Our meticulously crafted agendas, based on extensive research and valuable industry insights, facilitate business, knowledge transfer, deal flow, and impactful messaging for brands.
MANILA, Philippines — Homegrown insurance technology (insurtech) startup Kwik.insure launched what it claims as the country’s largest online insurance marketplace with, over 100 life and non-life insurance products from 15 of the Philippines’ top insurance and healthcare providers.
Through the digital platform, Filipinos gain democratized access to insurance products that are tailored for their needs. Similar to popular e-commerce platforms, consumers are able to select, search, and compare different insurance offerings.
Kwik.insure partnered with 15 insurance providers to offer a wide range of insurance products to Filipinos. Its partners include Sun Life and Malayan, the largest life and non-life insurers in the country respectively.
All transactions are done online and users will receive their e-policies directly from the insurance companies, cutting down processing time from days to just five minutes.
“Filipinos are now used to shopping online so we patterned our platform after what they are already accustomed to. Through Kwik.insure, Filipinos can easily compare, choose, and buy insurance products that fit their needs. They can be covered in as fast as five minutes,” Kwik.insure Founder and CEO Hamilton Angluben said.
By creating a transparent and easy-to-understand platform, Kwik.insure is helping remove the negative perception around insurance.
“There is plenty of stigma around insurance. A lot of people perceive it to be complicated, unaffordable, and difficult to purchase. So, we made sure that our platform makes insurance easy to understand and quick to purchase. The end-to-end process is 100 percent digital, and people are instantly protected the moment payment is confirmed. We are one of the first insurtech companies in Southeast Asia to be able to offer real-time coverage,” Angluben said.
For instance, a user may purchase a Vital Cover (Covid-19 Cash Assistance Benefit) from Malayan Insurance via Kwik.insure for only P130 by simply signing in, clicking on the insurance product, and checking out.
The Insurance Commission (IC) welcomed this development, as Kwik.insure shares its mission of scaling the insurance density and penetration in the country. The IC recently approved Kwik.insure’s brokerage license.
IC Deputy Commissioner Randy Escolango said the commission is excited by this technological advancement in insurance, as the country continues to transition to the new normal.
“The Insurance Commission looks forward to the innovations of this brokerage as they cater to the needs of millions of digital native Filipinos. The insurance industry is undergoing plenty of technological advances as it evolves to adapt to the new normal. We hope that Kwik.insure will contribute to the advancement of the industry and help get more Filipinos adequately insured,” Escolango said.
Angluben explained that Kwik.insure applied for a brokerage so that it could partner with as many insurance companies as possible.
“By doing so, we are able to offer our clients the widest array of products that match their budget and needs. We are grateful to the Insurance Commission for the support and guidance they have given us right from the start. We are excited to collaborate and work closely with them,” Angluben said.
Kwik.insure is continuously partnering with more insurance and healthcare companies to add more products to its platform. Life, travel, and property insurance categories will also be made available soon. Payment options include VISA and Mastercard credit and debit cards, over-the-counter channels, banking apps, and e-wallets. – BusinessNews.ph
Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next-generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announced a strategic payments partnership with 2C2P, a global full-suite payments platform headquartered in Singapore, to drive e-commerce shopping in SEA. Through this partnership, Society Pass’s loyalty application would be able to offer 2C2P’s wide array of alternative payment options to customers based in the Philippines and Indonesia.
2C2P operates payment services in eight markets across Asia and supports over 250 payment options, from cards to cash to e-wallets. Over the years, 2C2P has established and nurtured an extensive network of partners globally, adhering to local and international regulatory compliance standards. The current network includes all major local and international credit cards, over 17 major digital wallets and QR payment platforms, and various alternative payment methods. 2C2P’s customers can use their preferred payment method via cards, digital wallets, or over-the-counter at over 400,000 locations in Asia. The extensive payment solutions meet the needs of businesses from diverse sectors, including airlines, insurance, marketplaces, retail, F&B, and hospitality.
Amidst the pandemic and its recovery, the adoption of digital payments in the region has accelerated while cash usage has continued to decline. Propelled by a surge in digital commerce and government incentives/initiatives, providers of domestic payments, mobile wallets, and buy-now-pay-later (BNPL) operators, are all witnessing increased adoption by businesses. Forecasts suggest SEA’s digital economy is experiencing impressive growth rates from 2021 to 2026E and will outpace China, Europe, and the US. According to an IDC InfoBrief commissioned by 2C2P, SEA’s digital economy spending will rise by 121% by 2026, and digital payments will reach 92% of total digital economy payments by 2026, up from 80% in 2020.
Rokas Sidlauskas, Chief Marketing Officer of SoPa, commented, “We are excited to announce this strategic payments partnership with 2C2P as it enables Society Pass to offer more flexible and convenient methods to pay for goods and services within our ecosystem to our customers. By integrating leading Southeast Asia digital e-wallets such as AliPay (regional), Touch n’ Go (Malaysia), Momo (Vietnam) or GCash (Philippines) just to name a few into our ecosystem, Society Pass enables millions of customers to access our platforms, ranging from travel (NusaTrip), to e-commerce (Leflair.com), to telecoms (Gorilla Networks), and to digital advertising (Thoughtful Media Group). This is especially important considering that we operate in Southeast Asian markets, where unfortunately, over 75% of people are unbanked and do not possess debit or credit cards”.
Mr. Sidlauskas added, “In partnering with 2C2P, we automatically increase the potential customer-base within Southeast Asia by millions of potential users. We are excited by the prospect of adding value by offering our services to them”.
Rachelle Alexis Lim, Executive Director of 2C2P, said, “As we embark on this strategic partnership with Society Pass, we look forward to enhancing the payments experience of SOPA’s consumers across SEA. This collaboration with SoPa aligns perfectly with our mission to drive e-commerce growth in the region and globally, revolutionising how people transact and unlocking the potential of the digital economy for all”.
About 2C2P
2C2P is a full-suite payments platform helping the world’s leading enterprises securely accept and make payments through one point of integration. Its far-reaching network extends across online, mobile and offline channels including over 400,000 alternative payment locations, enabling enterprises to reach their customers or recipients anywhere. 2C2P also provides value-added services such as issuing, 3D Secure, bill payments and digital goods to meet every business need.
The company is headquartered in Singapore and operates globally. It is the preferred payments platform of tech giants, online marketplaces, retailers and other global enterprises.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.
Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.
SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.
Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; andPushkart.ph, a popular grocery delivery company in Philippines.
For more information on Society Pass, please visit:
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Over 2,600 exhibitors from 19 countries and regions join HKTDC’s Three Major Technology Exhibitions
Innovation and technology (I&T) play an important role in Hong Kong’s development blueprint, especially in the growing demand for smart city technologies and applications, bringing more opportunities for technology companies and start-ups. Leveraging Hong Kong’s role as an innovation and technology hub, the first-ever InnoEX, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), will bring together international exhibitors and buyers, officials from Mainland China and ASEAN tech experts, research centres and thought leaders to promote cross-regional, cross-industry and cross-sector cooperation through I&T exchange. Taking place at the Hong Kong Convention and Exhibition Centre (HKCEC) from 12 to 15 April, alongside the HKTDC-organised Hong Kong Electronics Fair (Spring Edition) and Hong Kong International Lighting Fair (Spring Edition), under the theme of “Connecting the World with Innovations for Better Living”, the three major technology exhibitions are set to attract over 2,600 exhibitors from 19 countries and regions, highlighting Hong Kong’s growing strength as a centre for technology and innovation, while also reflecting further normalisation of international trade after Hong Kong’s re-opening.
Joining today’s press conference to introduce highlights and details of the three technology fairs, including the newly launched InnoEX, are Acting Government Chief Information Officer Mr. Tony Wong (L), HKTDC Deputy Executive Director Ms. Sophia Chong (centre), and Chairman, Electronics/Electrical Appliances Industries Advisory Committee of the HKTDC, Mr. Steve Chuang (R)By utilising patented technology, Invisible & Innovative Technology (Asia) Limited is transforming wood waste into high-quality audio products, promoting sustainable development.Scan the World Limited showcases at the press conference its metaverse solution, which combines real-world and online shopping experiences, and showcases tourist attractions in the digital world.
At a press conference held today to introduce this year’s technology exhibitions, Ms. Sophia Chong, Deputy Executive Director of the HKTDC, said: “HKTDC is committed to promoting innovation and technology, fostering start-ups and promoting Hong Kong’s development in the digital economy and smart city through a series of events themed on I&T, and promoting the strength of local I&T to the Mainland and overseas markets. The inaugural InnoEX is the flagship event of Business of Innovation and Technology Week (BITWeek), driven by the Government of HKSAR and HKTDC. BITWeek also features the HKTDC’s Hong Kong Electronics Fair (Spring Edition) and the Digital Economy Summit co-organised by the HKSAR Government and Cyberport. Alongside the 2023 Hong Kong Web3 Carnival that will be held concurrently, the series of events reflect Hong Kong’s determination to develop into an international centre for innovation and technology, confirming Hong Kong’s leading position as an international trade exhibition centre.
Cross-industry cooperation facilitates commercialisation of innovation achievements
The Central Government has pledged to support Hong Kong’s development as an international I&T centre under its 14th Five-Year Plan, with the aim of promoting the development of I&T. As a key highlight of the forthcoming three technology fairs, the inaugural InnoEX will build on the success of the HKTDC’s International ICT Expo by showcasing exceptional innovations and a range of cutting-edge I&T solutions on smart living, inviting reputable international experts and opinion leaders to discuss some of the most important issues in the area of technological development. InnoEX will promote multifaceted cooperation, including business-to-business (B2B), government-to-government (G2G), and government-to-business (G2B), and will help to build bridges between technology institutions and markets with an aim to promote the commercialisation of innovations, as well as support global market expansion. On the first day of the event, Professor Sun Dong, Secretary for Innovation, Technology and Industry, will officiate at the opening ceremony, and Professor Zhang Guangjun, Vice Minister of Science and Technology, will deliver the keynote address.
“Smart Hong Kong Pavilion” and AIR@InnoHK showcase cutting-edge tech solutions
The first-ever InnoEX focuses on several themes, including the Smart City, Smart Economy, Smart Environment, Smart Government, Smart Living and Smart Mobility. The Office of the Government Chief Information Officer (OGCIO) of the HKSAR will set up the “Smart Hong Kong Pavilion”, featuring more than 100 innovative solutions for driving the smart city development in Hong Kong, including technology solutions adopted by government departments and winning exhibits from local innovators. The Innovation and Technology Commission, meanwhile, will present AI & robotics projects undertaken by 14 research laboratories in collaboration with world-renowned universities under InnoHK.
Close cooperation already exists between Hong Kong and Mainland China in relation to I&T development. Twelve pavilions from 10 Mainland China provinces and cities will join the exhibition to promote technological exchange and cooperation. The pavilions include Zhongguancun Beijing, Hong Kong Alumni Association of Beijing Universities, pavilions from Zhejiang and Hangzhou, pavilions from Jiangsu and Nanjing, Qingdao Qilu Software Park, G60 Shanghai Songjiang Science and Technology Innovation Corridor, the Hong Kong / Shanghai Data Cooperation Pavilion, Shenzhen Pavilion, and pavilions from Xiamen and Chengdu respectively.
Other exhibitors include local universities and research institutions, leading technology companies such as Huawei and Hikvision, and multiple local and overseas pavilions, including B4B Challenge, Cyberport, Hong Kong Science and Technology Parks, Smart City Consortium, the French “So French So Innovative” pavilion and a Canadian pavilion.
At the same time, representatives from government, relevant industry sectors, academia and research sectors from around the world, including industry giants such as Tencent, Samsung Electronics and Alibaba, will also be present to learn about exhibitors’ solutions and/or place purchase orders.
ASEAN officials attend Roundtable to discuss experiences in smart city development
Various countries in the ASEAN bloc are actively developing smart cities, and the InnoEX event will serve as an ideal platform to promote cooperation among them. Over 60 government officials from ASEAN countries such as Indonesia, Malaysia, The Philippines, Singapore, Thailand and Vietnam as well as from Mainland China, who are responsible for promoting smart city development will visit InnoEX, Some of them will participate in the ASEAN Roundtable, where they will share their experiences with representatives from the HKSAR Government and exhibitors from different countries and regions. This will also provide an opportunity for exhibitors and officials to establish connections and promote cooperation.
Distinguished international experts share latest technological trends
Another highlight event is the InnoEX Forum, with internationally renowned technology experts invited as keynote speakers. Named by Forbes as a ground-breaking female entrepreneur in Southeast Asia, Dr. Ayesha Khanna, CEO of Addo AI and a strategic advisor on artificial intelligence, smart cities, and the metaverse to leading corporations and governments worldwide including SMRT (Singapore’s prominent public transport company), Pfizer, SOMPO (Japan’s largest insurance firm), Habib Bank and Smart Dubai etc. Ayesha will share her insights on how companies can utilise artificial intelligence (AI) and automation to stay ahead of the competition. Mr. Matthew Griffin, a futurist and foresight expert with clients including world leaders, G7 and G20 governments, and the most recognised brands such as Accenture, BCG, Microsoft and Samsung, will discuss how technology is expected to impact different industries in the future. Also joining the forum to discuss a range of crucial technological issues will be government officials from different provinces and cities in Mainland China, representatives from organisations promoting smart city development worldwide, top executives from leading technology enterprises, and leaders from unicorn companies.
InnoEX offers a range of thought-provoking events for participants. Among them are start-up introduction and sharing sessions, mentoring sessions and investment matchmaking meetings, providing a unique platform through which start-ups can showcase their products and ideas and pitch to potential buyers and investors. By opening new avenues for business development, the various events will help to pave the way to commercial success for startup entrepreneurs.
Spring Electronics Fair showcases latest innovative products
Another highlight of BITWeek is the HKTDC Hong Kong Electronics Fair (Spring Edition), with special theme zones including the Hall of Fame, the Startup Zone and Tech Hall, showcasing an abundance of cutting-edge electronic products. A series of activities will be held as part of the fair including the “Under 30 – Tech Trends Symposium for the Next Generation”. Respected industry leaders such as Ms. Maria Tang, Corporate Vice President, AMD; Mr. Bruce Huang, Vice President of Research and Development, CloudMinds; and Mr. Billy Siu, Business Development Director-HK and Taiwan, Geek Plus International, will share their insights on the impact of robotics and automation in technological development, smart manufacturing, and people’s daily lives.
Spring Lighting Fair illuminates path towards intelligent lighting solutions
This year’s HKTDC International Lighting Fair (Spring Edition) will feature the Hall of Aurora, where leading brands and innovative lighting designs are on display, while the Connected and Smart Lighting zone will present an array of innovative solutions that promote energy conservation and unlock the potential for smart homes and offices, and the Innobuild zone will bring exhibitors of building technologies, safety, security and electrical systems for buildings, building materials and hardware all under one roof. The exhibition will also cover other areas such as commercial lighting, decorative lighting, residential lighting and technical lighting.
The Asian Lighting Forum, co-organised by the Hong Kong Electronics & Technologies Association and the Hong Kong Institution of Engineers, under the theme “Illuminating a Connected World”, is a must-attend event for those looking to stay ahead of the curve in the lighting industry. Distinguished speakers will delve deep into the latest industry issues ranging from human-centric and smart lighting solutions to sustainability developments and world-class lighting designs that transform ambience.
EXHIBITION+ service helps SMEs expand business opportunities
The three tech fairs will continue to adopt the HKTDC’s EXHIBITION+ model that integrates online and offline elements. It includes physical exhibitions, the Click2Match smart business matching platform, online-and-offline seminars and forums (Intelligence Hub), and the hktdc.com Sourcing platform. This integrated approach aims to extend face-to-face interactions and promotional activities from in-person events to online platforms. The Click2Match intelligent business matching platform will be open to participants from 12 to 22 April.
*The three tech fairs include the first-ever InnoEX, jointly organised by the HKSAR Government and the HKTDC, the HKTDC Hong Kong Electronics Fair (Spring Edition) and the HKTDC Hong Kong International Lighting Fair (Spring Edition).
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Media enquiries
For more information, please contact Raconteur:
Molisa Lau, Tel: +852 6187 7786, Email: molisalau@raconteur.hk
Betsy Tse, Tel: +852 9742 7338, Email: betsytse@raconteur.hk
NextPlay Technologies, Inc. (Nasdaq: NXTP), a technology solutions company building a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, has completed its previously announced acquisition of gaming assets and IP from goGame, a Singapore-based mobile casual video game publisher and technology company.
The acquired assets include goPlay, a new-gen game publishing platform featuring a tournament system, chat, payment, and 37 casual games ranging from arcade to strategy. NextPlay plans to complete the integration of its HotPlay in-game advertising (IGA) technology into the 37 goPlay games by year-end.
NextPlay also acquired from goGame a perpetual license to goPay, a payment aggregator that offers game developers multiple ways to more easily collect and process user payments. This includes carrier billing, over the counter, e-voucher, bank transfer and e-wallet. The goPay technology further extends NextPlay’s existing payment services, offering access to a wider array of global payment providers.
“The key value for us in this acquisition is how the goPlay platform enables gamers to form a community within its ecosystem,” noted NextPlay co-chief executive Nithinan (Jessie) Boonyawattanapisut. “We see this providing a ready-made platform to launch our HotPlay IGA technology, with this leading to new revenue streams and expansion of our reach to users in many additional countries around the world.”
As a fully owned brand, goPlay brings Nextplay:
– Web destination for players to gather and engage in social play across a catalogue of well-crafted, hyper casual games.
– Set of new technologies and APIs, such as social graph, chat, and game tournament backend services, for integration into the company’s advertising and game services offering and delivered via its core game software development kit across web, set-top box, and mobile platforms.
– New revenue stream through goPay payments and ability to harness exciting new partnerships in key areas of NextPlay’s broader market focus, such as NFT gaming and cryptocurrency.
goPlay and goPay offer a core set of compelling features that are perfect for a wide variety of platform partners who will be able to sign up under an Open Beta this summer. The goGame offerings will become part of the NextPlay suite of customizable products that can be tailored to fit the individual needs and capabilities of B2B and B2C operators across the globe.
NextPlay also plans to introduce goPlay game users to its NextFinancial fintech-oriented products, including crypto banking, micro-lending, and potential insurance services. Across each of these offerings, NextPlay would also have full access to goGame’s payment processing gateway goPay.
For further details about the NextPlay’s asset and IP purchase from goGame, please see the NextPlay Form 8-K filing with the U.S. Securities and Exchange Commission at www.sec.gov, and also available in the nextplaytechnologies.com investor relations section.
About goGame
Go Game Pte Ltd is a game company headquartered in Singapore, with offices in Malaysia, Philippines, Taiwan, Thailand, and Vietnam. Founded in July 2015 by industry veteran David Ng, the company first made headlines for securing major investments from gaming giant SEGA and venture capitalist Incubate Fund Japan. The 200-strong team has collaborated on projects with SEGA, Disney, Colopl and Viacom. For more information, visit gogame.net
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay’s engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of our existing and acquired technologies. For more information about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance. A statement identified by the use of forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties related to our need for additional capital which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue as a going concern; the fact that the COVID-19 pandemic has had, and is expected to continue to have, a significant material adverse impact on the travel industry and our business, operating results and liquidity; amounts owed to us by third parties which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness which are secured by substantially all of our assets and penalties we may incur in connection therewith; the fact that we have significant indebtedness, which could adversely affect our business and financial condition; uncertainty and illiquidity in credit and capital markets which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence and voting control over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could be harmed; our travel business depends substantially on property owners and managers renewing their listings; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our long-term success depends, in part, on our ability to expand our property owner, manager and traveler bases outside of the United States and, as a result, our business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving ALR, Internet and e-commerce industries which could harm our operating results; risks associated with the operations of, the business of, and the regulation of our recent acquisitions of Longroot Holding (Thailand) Company Limited (Longroot), HotPlay Enterprise Limited (HotPlay) and NextBank International (formerly IFEB); the market in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm our business; the volatility of our stock price; risks associated with the integration of the operations of HotPlay, Longroot and IFEB, which acquisitions we recently competed; the fact that we may be subject to liability for the activities of our property owners and managers, which could harm our reputation and increase our operating costs; and that we have incurred significant losses to date and require additional capital which may not be available on commercially acceptable terms, if at all. More information about the risks and uncertainties faced by NextPlay are detailed from time to time in NextPlay’s periodic reports filed with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the headings “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Source: NextPlay Technologies, Inc.
Company Contact:
NextPlay Technologies
Richard Marshall
Director of Corporate Development
Tel (954) 888-9779 rmarshall@monakergroup.com
More than 170 global business leaders and policymakers explore a sustainable future for world’s economy
Organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), the 15th Asian Financial Forum (AFF) opened today as an online-only event. AFF 2022 is a highlight event celebrating the 25th anniversary of the HKSAR. The two-day forum features 60 sessions including keynote speeches and in-depth discussions along with an array of activities such as exhibitions and the AFF Deal Flow Matchmaking Session. All activities at AFF 2022 will be streamed live on the event’s virtual platform.
Carrie Lam, Chief Executive of the HKSAR, delivered remarks at the opening ceremony of the 15th Asian Financial ForumMark Carney (R), United Nations Special Envoy on Climate Action and Finance, shared his insights on how to build a sustainable financial system. Mr Carney was introduced by Ronnie Chan, Chair, Hang Lung Properties Limited (L)Jean-Claude Trichet, Former President of the European Central Bank
Under the theme “Navigating the Next Normal towards a Sustainable Future”, more than 170 global business leaders, policymakers, financial and wealth management experts, entrepreneurs, tech giants and economists from 16 countries and regions speak at the AFF, and examine the key issues reshaping the economic landscape, including how industries can realise sustainable and inclusive development through impactful venture capital and business strategies.
Carrie Lam, Chief Executive of the HKSAR, officiated at the forum’s opening ceremony. In her opening remarks she noted that: “With ‘One Country, Two Systems’ back on the right track, international investors and observers have shown confidence in Hong Kong. The latest Global Financial Centres Index, in September last year, ranked Hong Kong third globally among the more than 100 financial centres assessed, behind only New York and London. Looking ahead, beyond the pandemic and the continuing cloud it raises over global economic growth, particularly associated with the Omicron variant, we see boundless possibilities.”
In his welcome remarks, Dr Peter K N Lam, Chairman of the HKTDC, said: “This year is especially meaningful because the AFF is also the first of many events to celebrate the 25th anniversary of the Hong Kong Special Administrative Region. While we are still tackling the pandemic, we are also looking beyond the pandemic to recovery, which is the main direction of the AFF theme this year. We have brought together policymakers and business leaders from around the world to discuss important global issues from an Asian perspective. This year, our event will again be held virtually, and I hope we can reach more people from around the world to share ideas and inspire each other.”
Three heavyweight financial ministers from Mainland China delivered special remarks during the opening session. They included Dr Shang Fulin, Director of the CPPCC Economic Affairs Committee, Former Chairman of the China Banking and Insurance Regulatory Commission, and Former Chairman of the China Securities Regulatory Commission; Dr Fang Xinghai, Vice Chairman, China Securities Regulatory Commission; and Xiao Yuanqi, Vice Chairman, China Banking and Insurance Regulatory Commission.
Dr Shang noted: “Global openness requires cooperation, and a rules-based multilateral trading system is the cornerstone of economic globalisation and free trade. The international community must double-down on consensus-building and actions. We must also stand firm on maintaining openness, inclusiveness, dialogue and collaboration to jointly address global issues and challenges. This will enable us to promote stronger and greener global development and champion a community with a shared future.”
Mark Carney and Jean-Claude Trichet deliver keynote speeches on first day
Mark Carney, United Nations Special Envoy on Climate Action and Finance, delivered a keynote address on the first day of AFF 2022. He shared his insights on how to build a sustainable financial system as a way of mitigating the liability and transitional threats posed by climate change. “From a general perspective, the risks of future pandemics have gone up because of climate change. And what is disappointing is that we have known of these risks of pandemics for a long period of time. The upfront investment against them in terms of healthcare capacity, testing, et cetera, is extremely modest relative to the cost, and we still haven’t made those investments on the scale that we need. We have to take this seriously. It is compounded by climate change,” Mr Carney said.
Another distinguished speaker was Jean-Claude Trichet, Former President of the European Central Bank. He noted that the financial industry, regulators and policymakers should step up their concerted efforts in times of uncertainty.
Global financial policymakers and experts discuss green finance and sustainable growth
A plenary session chaired by Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, was held following the opening session. Mr Hui joined together with an international panel of financial ministers, bank governors and policymakers to examine the characteristics of the post-COVID global economic new normal and discuss how the public and private sectors can collaborate to orient the global economy towards a green future with sustainable growth. The panellists included Vincent Van Peteghem, Deputy Prime Minister and Minister of Finance, Belgium; Mihaly Varga, Deputy Prime Minister and Minister of Finance, Hungary; Arkhom Termpittayapaisith, Minister of Finance, Thailand; Wimboh Santoso, Chairman of the Board of Commissioners, Financial Services Authority, Indonesia; Verena Ross, Chair, European Securities and Markets Authority; Jin Liqun, President and Chair, Asian Infrastructure Investment Bank; Muhammad Sulaiman Al Jasser, President, Islamic Development Bank; and Marcos Troyjo, President, New Development Bank.
At a policy dialogue in the afternoon, Eddie Yue, Chief Executive, Hong Kong Monetary Authority, chaired a panel featuring Ashley Alder, Chief Executive Officer, Securities and Futures Commission; Benjamin E. Diokno, Central Bank Governor, Philippines; Klaas Knot, Chair, Financial Stability Board and President, De Nederlandsche Bank; Teresa Ko, Co-vice chair, IFRS Foundation; and Dr Ma Jun, Co-Chair of G20 Sustainable Finance Working Group, Co-Chair of IPSF Taxonomy Working Group; Chairman and President of Hong Kong Green Finance Association. The panel exchanged views on how the financial system can better support a sustainable global recovery while keeping climate-related financial risks at bay.
Echoing the theme of AFF 2022, a panel discussion on “ESG & Sustainability” was also staged. Stewart James, Chief of Staff, Sustainability Policy & Regulation, HSBC, spoke with panellists including Andrew Erickson, Chief Productivity Officer, Head of International Business, State Street; Shinta Widjaja Kamdani, CEO, Sintesa Group; Amy Lo, Co-Head Wealth Management Asia Pacific, UBS Global Wealth Management; and Saker Nusseibeh, CEO, Federated Hermes International. The speakers shared their perspectives on how governments around the world, industry giants, financial institutions and philanthropists can work together towards the wider implementation of environmental, social and governance (ESG) to build a sustainable future.
Financial and business leaders examine global economic outlook
Other esteemed financial ministers and business leaders who spoke at AFF 2022 included Ju Weimin, Vice Chairman, President & CIO, China Investment Corporation, a sovereign wealth fund; Paul M Achleitner, Chairman of the Supervisory Board, Deutsche Bank AG; Tony O Elumelu, Group Chairman, United Bank for Africa (UBA) and Founder, Tony Elumelu Foundation; Bill Winters, Group Chief Executive, Standard Chartered plc; Tian Guoli, Chairman, Executive Director, China Construction Bank Corporation; Liu Jin, President, Bank of China Limited; Shriti Vadera, Group Chair, Prudential plc; and Douglas Flint, Chairman, abrdn plc.
AFF Deal Flow Matchmaking Session and fintech exhibition held online
From 10 to 12 January, the AFF Deal Flow Matchmaking Session is arranging a series of one -on-one matchmaking meetings on the virtual AFF platform to facilitate collaboration between project owners, potential business partners and investors. More than 600 investment projects, including over 200 ESG-related projects, are being showcased, covering sectors such as deep tech, digital technology and media, healthtech, education, infrastructure and real estate services.
Online exhibitions are also being held during AFF 2022. At the Fintech Showcase, InnoVenture Salon, FintechHK Startup Salon and Global Investment Zone, more than 130 local and international financial institutions, tech companies, start-ups and investment agencies are showcasing an array of advanced technologies and unmissable investment opportunities in various countries and regions. Meanwhile, the HKTDC, Mizuho Bank and Eureka Nova, a start-up incubation and open innovation platform established by New World Development, come together for the first time for AFF Accelerate. It provides a platform for entrepreneurs and innovators to bring their next-generation technology solutions from concept to fruition and adoption in the business sector.
Cryptonaire and eminent philanthropist speak on second day
Tomorrow morning will see another keynote speaker Brett King, Founder and Executive Chairman of Moven, sharing perspectives on how the emergence of new fintech developments presents both opportunities and challenges for the banking and financial industries. Sam Bankman-Fried, Founder and CEO of cryptocurrency exchange FTX.com and the richest person in crypto, who is also a Forbes 30 Under 30 honouree, will talk about his entrepreneurial journey and the outlook for blockchain and cryptocurrency. In addition, philanthropist Michael Milken, widely known as one of the most influential thinkers in US finance, will share some of the positive changes that his philanthropic work has created for communities, while Miao Jianmin, Chairman, China Merchants Group, will share his views on Mainland China’s carbon neutrality goals and green finance development.
Other highlight sessions tomorrow include “Decentralised Future – Accelerating Blockchain Innovation for Digital Assets & Transaction” and “Innovation Investment in NFT – Trends and Opportunities”, which will feature speakers such as Jason Bailey, Co-Founder & CEO, ClubNFT, and Francis Belin, President, Asia Pacific at Christie’s.
At the Family Office Symposium, co-organised by the HKTDC and the Private Wealth Management Association, Ronnie Chan, Chair, Hang Lung Properties; Adrian Cheng, Chief Executive Officer, New World Development; and Seri Cheah Cheng Hye, Co-Chairman and Co-Chief Investment Officer, Value Partners Group, will explore wealth management trends relating to family offices and discuss their development among Asian families.
Furthermore, a series of thematic workshops, “Dialogues for Tomorrow” and fireside chats will examine the future of such sectors as energy, food and agriculture, digital wealth management, cloud computing, paytech and healthcare. The speakers will also explore opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, venture capital trends and the net zero economy.
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
In his welcome remarks, Dr Peter K N Lam, Chairman of the HKTDC, said the summit will continue to provide a quality online platform to network and share insights.
The sixth Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the HKTDC, opened today under the themeDuring the summit, a memorandum of understanding was signed between the HKSAR Government and the Ministry of Commerce on enhancing co-operation in promoting the development of the mainland’s overseas Economic and Trade Co-operation Zones.
This morning’s opening session was joined by Carrie Lam, Chief Executive of the HKSAR; Gao Yunlong, Vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference, and Chairman of the All-China Federation of Industry and Commerce; Dr Peter K N Lam, Chairman of the HKTDC; Wang Wentao, Minister, Ministry of Commerce, the People’s Republic of China; Hao Peng, Chairman, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), the People’s Republic of China; Ning Jizhe, Vice Chairman, National Development and Reform Commission, the People’s Republic of China; Liu Guangyuan, Commissioner, Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the HKSAR; and Klaus Schwab, Founder and Executive Chairman, World Economic Forum.
Values of multilateralism have never been more vital – Carrie Lam
Delivering the opening address, Carrie Lam said: “Today, amid the continuing spread of protectionism, the values of multilateralism have never been more vital. It’s why this year’s Belt and Road Summit is focused on regional and international trade, with particular attention given to the Guangdong-Hong Kong-Macao Greater Bay Area and the Regional Comprehensive Economic Partnership, or RCEP. These two immensely promising developments are destined to work hand-in-hand with the Belt and Road Initiative to boost the manifold benefits of multilateralism.”
Addressing the opening session in his keynote speech, Gao Yunlong said: “Hong Kong is an important platform for the development of the Belt and Road. Over the years, Hong Kong has made full use of its advantages in international finance, trade and professional services to play an important role as a super-connector for developing the Belt and Road. The 14th Five-Year Plan and the Long-Range Objectives through the Year 2035 support Hong Kong to build a functional platform for developing the Belt and Road. This fully reflects the Central Government’s trust and support for Hong Kong. We believe that as an important facilitator of the ‘dual circulation’, Hong Kong, the Pearl of the Orient, will become even more brilliant in the future.”
Leveraging Hong Kong’s advantages to maximise potential – Dr Peter K N Lam
In his welcome remarks, Dr Peter K N Lam said: “The theme of this year’s summit is ‘Driving Growth through Fostering Regional and International Trade’. Leading experts and leaders are sharing insights on how businesses can leverage developments such as the RCEP and Greater Bay Area to capture new opportunities along the Belt and Road and beyond. Participants can also catch up on the latest developments in Hong Kong which can help them to maximise this potential. The summit continues to provide a powerful online platform to make connections and share ideas.”
Giving the perspective of the World Economic Forum, Klaus Schwab mentioned that as the world faces the pandemic and its economic fallout, and we experience the transformative impact of the Fourth Industrial Revolution, there is a greater need for more regional and global cooperation, mainly in four areas: digital trade and governance, tackling the COVID pandemic, investment in green infrastructure and global supply chains.
Policy Dialogue session explores impact of economic policies
Following the opening session, the Policy Dialogue session helped businesses to understand the policies of different countries and regions to give them a head start in capturing Belt and Road opportunities. Moderated by Edward Yau, Secretary for Commerce and Economic Development of the HKSAR, the session explored the development trends resulting from various economic policies, featuring officials from countries and regions along the Belt and Road. Speakers included Dato Lim Jock Hoi, Secretary-General of ASEAN; Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Brunei Darussalam; Pan Sorasak, Minister of Commerce, the Kingdom of Cambodia; Jerry Sambuaga, Vice Minister of Trade, Indonesia; Ramon Lopez, Secretary, Department of Trade and Industry, the Philippines; Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, Republic of Singapore; Sansern Samalapa, Vice Minister of Commerce, Thailand; and Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, United Arab Emirates.
Plenary session examines how Belt and Road and RCEP can foster global growth
One of the plenary sessions held this morning ran under the title “Belt and Road and RCEP: Enhancing Regional Business Connectivity”. Paul Chan, Financial Secretary of the HKSAR, delivered the welcome remarks. The session featured industry leaders from Hong Kong, Mainland China and the RCEP market, including Victor Chu, Chairman & CEO, First Eastern Investment Group; Sean Chiao, Asia Chairman and Global Business Line Chief Executive, Buildings and Places, AECOM; Huang Zhaohui, CEO and Chairman of Management Committee, China International Capital Corporation Limited; Wang Cuijun, Director, China Merchants Group Limited; Suroj Lamsam, CEO & President, LOXLEY Public Company Limited in Thailand; and Michael Tan, President & Chief Operating Officer, LT Group in the Philippines. The speakers provided insights and analysis on how the RCEP, signed last November, and the Belt and Road Initiative can contribute to growth, cooperation and development as the global economy begins to show signs of recovery following the pandemic.
Breakout sessions explore hot-button issues on first day of summit
Five thematic breakout sessions were held this afternoon covering topics including “RCEP: Fostering Post-pandemic International Infrastructure Cooperation along the Belt and Road”, “Fostering Trade and Resolving Disputes in the Post-COVID Era – Hong Kong’s Legal and Dispute Resolution Services”, “‘Greener’ Bay Area: through the Sustainable Finance Lens”, “Belt and Road Opportunities for SMEs”, and “Supporting the National Strategy of Dual Circulation through Captives and Reinsurance”. Project owners are also invited to attend project pitching sessions to explore potential investment projects in the areas of energy, natural resources and public utilities. More thematic breakout sessions and project pitching sessions will be held tomorrow – details of the programme, speakers and partner organisations can be found at https://www.beltandroadsummit.hk/tc/programme/programme.
GBA Track series focuses on opportunities in Greater Bay Area
The 14th Five-Year Plan highlighted how the development of the Greater Bay Area will lead to boundless opportunities. This year’s summit features the new GBA Track thematic series that features plenary and panel discussion sessions, thematic breakout sessions and a virtual exhibition. One of the highlights will be a plenary session held tomorrow under the theme “Connecting the Belt and Road & Greater Bay Area through Hong Kong”. Moderated by Victor Fung, Group Chairman, Fung Group, the session will feature speakers including Dato’ Seri Cheah Cheng Hye, Co-Chairman and Co-Chief Investment Officer, Value Partners Group Limited; Jack So, Chairman, Airport Authority Hong Kong; Sun Yu, Vice Chairman and Chief Executive, Bank of China (Hong Kong) Limited; and Wang Shi, Honorary Chairman & Founder, Vanke Co., Ltd and Chairman, Shenzhen Foundation for International Exchange and Cooperation. Panel discussion sessions and thematic breakout sessions being held under GBA Track will cover a wide range of topics, including capital raising, green finance, digital technology applications and start-ups, all of which are of interest to enterprises interested in exploring the Greater Bay Area market.
One-to-one project matching and project pitching sessions
In addition to the plenary sessions, the HKTDC continues to arrange one-to-one project matching sessions and project pitching sessions as part of the summit to promote concrete cooperation and exchange. Continuing the success at previous summits, this year’s one-to-one project matching sessions will promote direct dialogue between project owners, investors and service providers to discuss cooperation plans according to their specific business and investment needs. The project pitching sessions are focusing on four key areas: (1) energy, natural resources and public utilities, (2) innovation and technology, (3) urban development, and (4) transport and logistics infrastructure.
Another key feature of the summit is the virtual exhibition, which has doubled in scale from the previous event to showcase more than 60 exhibitors. The Global Investment Zone and Hong Kong Zone will once again feature Hong Kong’s world-class professional services that are valuable for success along the Belt and Road, as well as numerous investment projects and other opportunities worldwide. The new GBA Tech Zone will showcase the latest technology and related opportunities in the Greater Bay Area.
MOUs promote multilateral cooperation
Two important memoranda of cooperation are being signed at the summit, both of which will help to promote development related to the Belt and Road. During the summit today, a memorandum of understanding (MOU) was signed between the HKSAR Government and the Ministry of Commerce on enhancing co-operation in promoting the development of the mainland’s overseas Economic and Trade Co-operation Zones. A Hong Kong enterprise signed another MOU related to cooperation on advanced medical equipment and research with its Kazakhstani counterpart. The MOU was signed online by Edmond Yau, Founder and CEO of Hong Kong firm Koln 3D Technology (Medical) Limited, and Dilyara Kaidarova, Board Chairperson of the Kazakh Institute of Oncology and Radiology (KazIOR).
China International Capital Corporation Ltd serves as the Strategic Partner of the sixth Belt and Road Summit; Bank of China (Hong Kong) Ltd as the Regional Banking Partner; China Merchants Group as the Sapphire Sponsor; China Taiping Insurance Group as the Affiliated Insurance Partner; and China Mobile International Limited as the Platinum Sponsor.
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.
The Department of Budget and Management has submitted the Duterte administration’s last full-year budget on August 23, 2021 to Congress for scrutiny and approval.
With the theme, “Sustaining the Legacy of Real Change for Future Generations”, the FY 2022 National Expenditure Program (NEP) amounts to P5.024 trillion, which is equivalent to 22.8 percent of GDP and is higher by 11.5 percent than this year’s national budget.
By Expense Class
Bulk of the budget, in the amount of P1.456 trillion or 29.0 percent of the FY 2022 NEP, will go to Personnel Services expenditures to cover the hiring of healthcare workers and teaching personnel, the implementation of the third tranche of the Salary Standardization Law V, and the requirements of the 2018 Military and Uniformed Personnel pension arrears, among others.
Capital Outlays are pegged at P939.8 billion while Maintenance and Other Operating Expenditures will reach P777.9 billion next year. Debt burden amounts to P541.3 billion, which corners 10.8 percent of the FY 2022 NEP and is lower by 3.4 percent year-on-year. The support to Government-Owned and -Controlled Corporations, composed of National Government subsidies and equity, sums up to P178.0 billion while Tax Expenditures remain the same with this year’s level at P14.5 billion.
Finally, the allocation to Local Government Units (LGUs) will amount to P1.116 trillion. This includes the P959.0 billion National Tax Allotment share of LGUs, consistent with the Supreme Court ruling on the Mandanas-Garciacase.
By Sector
The Social Services sector will continue to receive the biggest chunk of the FY 2022 NEP with P1.922 trillion, which is higher by 15.2 percent compared to this year’s national budget. This will fund health-related services such as the continued implementation of the Universal Health Care Act, purchase of COVID-19 vaccines, procurement of personal protective equipment, and others. Education-related programs, including the implementation of the Universal Access to Quality Tertiary Education, will also be prioritized.
This is followed by the Economic Services sector, which will receive P1.474 trillion or 29.3 percent of the proposed budget. This inched up by 11.4 percent compared to the FY 2021 budget and will largely support flagship programs under the Build Build Build Program.
The General Public Services sector is allocated with P862.7 billion (17.2%), the Debt Burden with P541.3 billion (10.8%), and the Defense sector with P224.4 billion (4.5%).
By Top Ten Departments
The education sector covering the Department of Education (DepEd), State Universities and Colleges and the Commission on Higher Education (CHED), shall receive the highest allocation with P773.6 billion, higher by P21.9 billion or 2.9 percent compared to its share from the FY 2021 budget.
This is followed by the Department of Public Works and Highways (DPWH) with P686.1 billion, Department of the Interior and Local Government with P250.4 billion, Department of Health and the Philippine Health Insurance Corporation with P242.0 billion, Department of National Defense with P222.0 billion, Department of Social Welfare and Development (DSWD) with P191.4 billion, Department of Transportation (DOTr) with P151.3 billion, Department of Agriculture (DA) and National Irrigation Authority (NIA) with P103.5 billion, The Judiciary with P45.0 billion, and the Department of Labor and Employment (DOLE) with P44.9 billion.
In total, the budget of the top ten departments amounts to P2.71 trillion and comprises 53.9 percent of the FY 2022 NEP.
Spending Priorities
The FY 2022 NEP was carefully crafted to provide the necessary funding requirements to support the country’s resilience against the COVID-19 pandemic, to sustain the trajectory of economic growth, and to continue the legacy of infrastructure development.
Building Resilience Amidst the Pandemic
The government will continuously support the implementation of the National Health Insurance Program, with a budgetary support of P80.0 billion, to subsidize the health insurance premium of 13.2 million indigent families and 7.3 million Senior Citizens.
To combat the spread of the COVID-19 virus, the intensified roll out of the Prevention, Detection, Isolation, Treatment and Reintegration (PDITR) strategy will be prioritized through the procurement of 758,700 complete sets of personal protective equipment (P819 million) and 11 million GeneXpert cartridges (P5.1 billion). Meanwhile, P17.0 billion will also be allotted for the continuous hiring and deployment of health service professionals through the Human Resources for Health Program.
