ASIA'S MAIDEN WORLD OF COFFEE HEADING TO BUSAN THIS MAY

KUALA LUMPUR, April 26 (Bernama) -- Global coffee figures and baristas will gather at BEXCO, Busan, for the inaugural World of Coffee in Asia, from May 1 to 4, which also feature the 2024 World Barista Championship.

The Specialty Coffee Association (SCA) is working with host Busan Metropolitan City and organiser EXPORUM, with support of the 2024 Portrait Country, Indonesia, to debut World of Coffee in Busan, marking a significant milestone for the Asian coffee community.

According to a statement, over 20,000 global attendees, including 12,000 industry professionals from more than 70 countries, are expected to visit BEXCO, anticipating contributions not only to the event but also to local economic activation.

At the ‘World of Coffee 2024’, more than 280 domestic and international coffee companies will participate, showcasing coffee-related products, technologies, and services, including the Roaster Village exhibition to introduce domestic and international roastery cafes and brands.

Additionally, activities such as networking with global coffee enthusiasts; experiencing and evaluating various domestic and international coffees; as well as engaging in seminars to experience and promote new coffee cultures will be conducted, creating a platform for diverse experiences and trends representing the global coffee event.

Furthermore, the World Barista Championship will return to Korea after seven years where it was last held at Cafe Show Seoul.

Competitors will demonstrate their expertise in crafting innovative espresso-based drinks across the espresso, milk, and signature beverage courses, with the cutting-edge approaches and tools used on stage having extensive and enduring impacts on the industry.

-- BERNAMA

TELEDYNE FLIR IIS EXPANDS ITS FORGE CAMERA SERIES WITH IP67 RATING TARGETING SMART AGRICULTURE, FOOD, AND BEVERAGE INDUSTRIES

The Forge 1GigE IP67 camera series is designed for reliability in demanding industrial factory automation environments 


RICHMOND, British Columbia, April 26 (Bernama-GLOBE NEWSWIRE) -- Teledyne FLIR IIS is pleased to announce the Forge® 1GigE IP67, the latest in its industrial camera series designed to perform in harsh industrial environments while ensuring highly efficient production capabilities. Forge 1GigE IP67 is the latest in our commitment to deliver advanced imaging systems for factory automation.

“We are proud to announce the launch of our latest machine vision product, exclusively designed for smart agriculture, food, and beverage industries,” said Sadiq Panjwani, General Manager at Teledyne FLIR IIS. “Unlike general-purpose cameras in a crowded machine vision market, our solution is tailored to address the complexities of a specific industry. We focus on key markets, and develop solutions from the ground up, armed with a clear understanding of the market, customer partnerships, and technology innovation.”

The Forge 1GigE IP67 camera series has an IP67 cylindrical enclosure for optimal and easy system integration, simplified post operation washing, and the prevention of dirt accumulation. A wide selection of IP67 rated components are available with partners such as Smart Vision Lights® and Components Express, LLC. (CEI) to create an entire IP67 vision ecosystem for our customers.

With advanced on-camera features such as auto-brightness functions (AGC and Auto-Exposure), the new cameras dynamically adjust in variable and outdoor lighting conditions. The IEEE1588 protocol enables multi-camera image capture synchronization, and Lossless Compression (LLC) provides higher frame rates and lower bandwidth requirements, maximizing camera output without compromising image quality for high-speed applications.

Key Features

• IP67 ingress protection minimizes dust and debris accumulation for simplified maintenance
• Onboard processing for no-drop image capture and delivery
• Highly robust and reliable Teledyne GigE framework within the Spinnaker® 4 acquisition SDK
• Support for Sapera® Image Processing Library with AI capability
• Newest Sony® CMOS image sensors, and 1.2 MP to 12 MP resolution options
• Includes a three-year warranty, access to rich online resources, and world-class technical support

The Teledyne FLIR IIS team is grateful for our customers’ ongoing support of our commitment to GigE innovation. Future advancements of Forge 1GigE IP67 will include higher resolution models.

For more information about Forge 1GigE IP67, visit the website.

Visit us at AUTOMATE 2024, Booth #636, from May 6-9, 2024, for the first live demonstration of Forge 1GigE IP67.

About Teledyne FLIR IIS
Teledyne FLIR IIS (Integrated Imaging Solutions), a Teledyne Technologies company, designs, develops, manufactures, markets, and distributes industrial-grade technologies that enhance productivity and development. The company provides innovative sensing solutions through machine vision, spherical imaging, and stereo-imaging technologies. Teledyne FLIR IIS offers a diversified portfolio that serves a wide variety of applications in industrial, medical, geospatial, and advanced robotics markets. For more information, visit www.teledyneflir.com/mv.

Media Contact
Farhad Kazi, Marketing Communications Specialist
farhad.kazi@teledyne.com

A photo accompanying this announcement is available at 
https://www.globenewswire.com/NewsRoom/AttachmentNg/aee985f6-1ed7-409f-9eec-22799857f283 


SOURCE : Teledyne FLIR

SMART's Compute Express Link Add-in Cards Expand Memory Capacity

 

SMART Modular’s new high-density DIMM Add-in Cards (AICs) are the first in their class to adopt the Compute Express Link/CXL protocol, enabling server and data center architects to add up to 4TB of memory in an easy-to-deploy form factor, available in 8-DIMM and 4-DIMM configurations. (Photo: Business Wire) 

KUALA LUMPUR, April 24 (Bernama) -- SMART Modular Technologies Inc (SMART), a division of SGH, has announced its new family of Add-In Cards (AICs) which implements the Compute Express Link (CXL) standard and also supports industry standard DDR5 DIMMs.

According to a statement, these are the first in their class, high-density DIMM AICs to adopt the CXL protocol, enabling server and data centre architects to add up to four terabyte (TB) of memory in a familiar, easy-to-deploy form factor.

“The CXL protocol is an important step toward achieving industry standard memory disaggregation and sharing which will significantly improve the way memory is deployed in the coming years,” said SMART Modular senior director of advanced product development, Andy Mills.

SMART’s 4-DIMM and 8-DIMM AICs are built using advanced CXL controllers which eliminate memory bandwidth bottlenecks and capacity constraints for compute-intensive workloads encountered in artificial intelligence, high performance computing, and machine learning.

These emerging applications require larger amounts of high-speed memory that exceed what current servers can accommodate.

Attempts to add more memory via the traditional DIMM-based parallel bus interface is becoming problematic due to pin limitations on CPUs, hence the industry is turning to CXL-based solutions which are more pin efficient.

CXL also enables lower cost scaling of memory capacity, in which using Smart’s AICs enables servers to reach up to 1TB of memory per CPU with cost effective 64 gigabyte (GB) RDIMMs.

They also offer an opportunity for supply chain optionality, whereby replacing high density RDIMMs with a greater number of lower density modules can enable lower system memory costs depending on market conditions.

-- BERNAMA

ANAQUA TRANSFORMS FOREIGN PATENT FILING INTO A STRATEGIC ADVANTAGE FOR INTELLECTUAL PROPERTY PROFESSIONALS

BOSTON, April 19 (Bernama-GLOBE NEWSWIRE) -- Anaqua, the leading provider of innovation and intellectual property (IP) management technology for corporations, law firms and governments, announces advancements in its Foreign Filing offering, enhancing the capabilities of its IP management platform, AQX^®. Anaqua has shifted the paradigm of foreign filing for IP professionals from a burdensome set of manual administrative tasks to a strategic and automated differentiator, powering rapid decision-making for global IP protection.

In today’s competitive landscape, global IP practitioners understand the critical importance of protecting their innovation and inventions across borders. Anaqua’s advanced Foreign Filing within AQX offers a centralized ecosystem that addresses every aspect of the foreign filing lifecycle. On the AQX platform, customers can now utilize a decision workspace supported by competitive dashboards, foreign filing-specific reports, and online quoting to develop, execute, track, and manage their foreign filings. IP professionals can access a network of expert jurisdictional associates and translation providers to further improve the filing processes with transparent pricing and visibility into the process.

“Global businesses face increasing challenges in safeguarding their intellectual assets amidst rising innovation costs and intensifying competition,” said Bob Romeo, CEO of Anaqua. “At Anaqua, we have taken foreign filing far beyond any traditional provider. Our fully integrated solution drives clients’ efficiency and effectiveness, empowering IP professionals to navigate the complexities of global IP protection with confidence. Our clients are sharing our vision and our filing volume from the first quarter of 2024 has already surpassed our full-year filing volume for 2023.”

Through Anaqua’s enhanced Foreign Filing, IP professionals now have access to an end-to-end solution that not only streamlines the filing process, but also ensures transparency, cost-effectiveness, and peace of mind.
 

For more information about Anaqua’s Foreign Filing offering, please visit: 
anaqua.com/services/foreign-patent-filing/. 

http://mrem.bernama.com/viewsm.php?idm=48419

ACAMS ASSEMBLY APAC TO HIGHLIGHT THE EVOLUTION OF ANTI-FINANCIAL CRIME MEASURES IN THE ASIA-PACIFIC REGION

The two-day gathering will address efforts to meet FATF’s standards, emerging technologies, fraud challenges, cryptoasset complexities and sanctions conflict 

HONG KONG, April 17 (Bernama-GLOBE NEWSWIRE) -- ACAMS, a leading international membership organization dedicated to the fight against illicit finance, will hold a two-day anti-financial crime (AFC) training and networking event beginning on April 22 at the Kerry Hotel, Hong Kong. The Assembly APAC 2024 will offer attendees expert guidance and practical insights, addressing how the region’s AFC professionals can prepare for the latest regulations and meet compliance expectations. 

The event will cover timely topics, from complex sanctions that can leave financial institutions grappling with conflicts of law, to technological developments including AI that yield new opportunities and challenges.

There will be a deep dive into APAC's evolving compliance landscape, addressing ways to prepare for the Financial Action Task Force's (FATF) fifth round of mutual evaluations, mitigate export control evasion risks, understand recent regulatory developments pertaining to virtual asset service providers (VASPs), and learn about domestic and global efforts to investigate and deter fraud.

The Assembly APAC 2024 will feature a session wherein regulators will share their views on current developments in the region. More than 50 speakers will also address timely topics such as ‘pig butchering’ and other scams, conflicts linked to sanctions and emerging geopolitical risk, and a thorough examination of Korea's Travel Rule implementation.

Keynote speakers will include Carmen Chu, JP, Executive Director (Enforcement and AML), Hong Kong Monetary Authority, and Jesse Baker, Deputy Assistant Secretary for Asia and the Middle East, Office of Terrorist Financing and Financial Crimes, U.S. Department of the Treasury. 

http://mrem.bernama.com/viewsm.php?idm=48392

LANTRONIX ANNOUNCES NEW FOX4 AND BOLERO 43 EDGE COMPUTE TRACKERS, EXPANDING ITS AWARD-WINNING TELEMATIC GATEWAYS FAMILY

New Lantronix solutions target the high-growth telematics market estimated to reach $3.7 Billion by 2027


IRVINE, Calif., April 17 (Bernama-GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX), a global provider of compute and connectivity IoT solutions, today launched its new FOX4 and Bolero 43 edge compute tracker telematic gateways. Designed for assets and fleet management, both products come pre-configured with Lantronix’s Percepxion™ IoT edge software platform, which provides secure, comprehensive IoT device provisioning and management. The two new products were showcased in the Lantronix booths at Embedded World 2024 (Hall 3, booth 356) held April 9–11, 2024, in Nuremberg, Germany, and ISC West 2024 (booth 7117) held April 10–12, 2024, in Las Vegas.

Ursula Hess, CEO of Quantum Aviation, a customer of Lantronix telematic products, said, “Utilizing Lantronix’s FOX Series Telematic Gateways, we are able to feed reliable, real-time data to our cloud-based software solution, which gives our aviation customers access to critical information for real-time visibility and actions as well as long-term analytics.”

According to Berg Insight, the global shipments of aftermarket telematic devices will grow at a CAGR of 10.5 percent in the next five years to reach 77.6 million units in 2027 for a total market value estimated to reach $3.7 billion by 2027. Lantronix’s innovative hardware and software effectively target this market, supporting these growth trends.

"Our new telematic devices provide a complete package that merges connectivity and cloud device management with award-winning hardware,” said Jacques Issa, VP of Marketing for Lantronix. “Lantronix is committed to innovation by introducing integrated hardware and software products where ease of use in customizing, on-boarding and provisioning remotely is paramount.”

The FOX4 Edge Compute Tracker

The latest upgrade in Lantronix’s FOX series, the FOX4 Edge Compute Tracker offers seamless integration of cellular and GNSS technologies, now enriched with BLE and Wi-Fi® connectivity, alongside advanced security features. FOX4 is engineered for versatility, and its design is optimal for a wide range of applications, from industrial complexes to urban landscapes. FOX 4 also offers the capability to support both internal and external antennas.

With robust support for PFAL scripting, LUA, MQTT, Azure and REST API, the FOX4 Series Trackers ensure that the user’s product can seamlessly communicate with virtually any telematics platform, reducing development time and accelerating the path to market.

The Bolero 43 Edge Compute Tracker

The Bolero 43 Edge Compute Tracker excels in asset and fleet management and Industrial IoT applications, such as manufacturing and automation. A derivative of the FOX4 series, the Bolero 43 integrates into the same ecosystem and uses the same programming languages. Designed for harsh environments, the Bolero 43 features an IP68 rating and a rugged design for durability. It is now globally available.

Both the FOX4 and Bolero 43 Edge Compute Trackers feature customization capabilities that are facilitated by the intuitive Workbench tool, enabling easy customizations from performance optimization to unique functionality integration.

Uninterrupted Uptime With Lantronix Connectivity Services SIM Card

FOX4 and Bolero 43 Series Telematic Gateways come preinstalled with Lantronix’s Connectivity Services SIM card that empowers users with a wide range of carrier options, allowing them to select the most suitable network provider, including industry leaders such as Verizon, AT&T and T-Mobile in North America as well as multiple carriers in the Europe and Asia Pacific regions.

Percepxion Service for Lantronix IoT Device Lifecycle Management

Delivered as a service, the Percepxion IoT edge software platform provides comprehensive device management through an intuitive single-pane-of-glass dashboard. Percepxion efficiently scales IoT edge deployments, including telematic gateways, from regional to global installations. This service will position Lantronix to target Annual Recurring Revenue (ARR) growth in the coming year.

Learn more about Percepxion and review its 60-day free trial offer here.

About Lantronix

Lantronix Inc. is a global provider of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to achieve success in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

For more information, visit the Lantronix website.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Any statements set forth in this news release that are not entirely historical and factual in nature, including without limitation statements related to our solutions, technologies and products, as well as the FOX4, Bolero 43 and Percepxion, and expectations regarding our management and our future growth and profitability. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 12, 2023, including in the section entitled “Risk Factors” in Item 1A of Part I of such report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended Dec. 31, 2023, filed with the SEC on Feb. 8, 2024, including in the section entitled “Risk Factors” in Item 1A of Part II of such report; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

© 2024 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

Lantronix Media Contact:        
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com
949-212-0960

Lantronix Analyst and Investor Contact:        
Jeremy Whitaker
Chief Financial Officer
investors@lantronix.com
949-450-7241 


SOURCE : Lantronix, Inc.

MoneyHero Wraps Up Annual Festival With Impressive Attendance, App Launch

KUALA LUMPUR, April 15 (Bernama) -- MoneyHero Limited (MoneyHero), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, has completed its seventh annual Seedly Personal Finance Festival (PFF).

According to MoneyHero in a statement, the 2024 PFF was once again a rousing success, demonstrating the continued growth and influence of the largest event of its kind in Singapore.

MoneyHero Chief Executive Officer, Rohith Murthy said the festival was a cornerstone of the company’s commitment to educating and empowering individuals in Greater Southeast Asia through financial literacy.

The annual festival, which held its first event in 2018, is produced by Seedly, MoneyHero’s market-leading platform that builds the largest personal finance community in Singapore.

Impressively, the 2024 PFF gathered more than 5,000 attendees, with 70 business, financial, and government leaders speaking, and 35-plus prestigious finance and insurance organisations serving as sponsors.

During the event, Seedly also launched a new app, ShopHero by Seedly, the Ultimate Shopping Companion, where users can get instant alerts for discounts, personalise deals and maximise rewards with best-fit credit cards.

Key topics covered during this year’s festival included investment themes and trends to watch; the latest insights in financial planning, wealth management, and insurance decision-making; and how to approach to property investing.

Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Dr Tan See Leng was the keynote speaker with notable speakers from CIMB Bank, Citibank Singapore, and Manulife Singapore, among others.

-- BERNAMA

RESEARCH: MORE THAN HALF OF SINGAPORE'S ORGANISATIONS EXPERIENCED 1-2 HOURS OF WEEKLY DOWNTIME DUE TO FIXED LINE/ FIBRE NETWORK FAILURE OVER THE LAST 12 MONTHS

Eighty-two percent of Singapore’s organisation have had to remove/ block applications like Zoom, WhatsApp and others considered vulnerability risks from work devices for security reasons


MELBOURNE, Australia, April 15 (Bernama-GLOBE NEWSWIRE) -- Cradlepoint, part of Ericsson, the global leader in cloud-delivered LTE and 5G wireless network and security solutions, today announced findings from its 2024 State of Connectivity survey. Findings reveal that despite 62% of Singaporean organisations using cellular connectivity, fixed line/ fibre network failure has caused 57% of organisations to experience 1-2 hours of downtime per week. Alarmingly, 25% experienced 3-4 hours of downtime per week, due to fixed line/ fibre network failure over the last 12 months. These figures suggest that cellular connectivity is only being used in some organisational areas.

Fifty percent of organisations are also already using network edge solutions to enable in-vehicle connectivity, with another 47% looking to extend their network edge solution to include in-vehicle connectivity in the next 12-24 months.

The survey also found that more than two-thirds of Singapore’s organisations experienced a network security attack in the last 12 months. Of those that were the target of a network security attack, nearly one-quarter suffered a major security breach which resulted in loss of data and over 14% resulted in significant company fines. As a result, 82% of organisations surveyed in Singapore have removed or blocked applications like Zoom, WhatsApp, and others considered vulnerability risks from work devices.

Conducted by Censuswide, the survey revealed that sustainability plays a significant role in Singapore’s business and public sectors, with 60% of organisations agreeing that it plays a key role in their organisations short-term and long-term goals. In fact, the same portion of organisations agreed that increasing sustainability efforts could help improve business revenue. Fifty-nine percent of organisations agreed that they need smarter facilities – incorporating IoT and connected devices – to operate more efficiently and sustainably. With that, nearly one-quarter of organisations surveyed are planning to invest in cellular networks, more than 36% in Artificial Intelligence (AI)/ Machine Learning (ML), and more than one-quarter in equipment sensors, to reduce waste and make facilities more efficient in the next 12 months.

“Singapore is at the forefront when it comes to solving problems with innovative technology, and this is evident in the country’s widespread use of technologies like IoT, AI, and ML. Singapore has long been using connected robotics and other sensor dependent technologies to support the country’s goals, whether it was social distancing during the pandemic or now, waste reduction to meet Singapore’s national Green Plan,” said Nathan McGregor, Senior Vice President Asia Pacific, Cradlepoint.

Despite a positive approach to new technologies and over 94% of organisations surveyed considering 5G wireless connectivity to drive innovation and digital transformation, some organisations still have questions about investing in 5G. More than 35% of organisations reported a shortage of skills required to deploy and maintain a fixed and wireless network as a deterrent to 5G investment, while one-third of organisations reported concerns over the ability to secure connectivity across the enterprise, perception of costs, and a lack of clear ROI as barriers to 5G investment.

“Organisations that measure cost to business not just on initial investment but also on uptime, response time, customer satisfaction, reach and diverse solution offerings will quickly realise how 5G business value impacts their bottom line,” McGregor said.

Survey methodology 

‘The State of Connectivity in Singapore’ is based on the findings of Censuswide research of over 500 respondents across Singapore. Respondents were business owners, C-level executives or senior managers at businesses with over 250 employees; all were technology decision-makers.

Vertical sectors polled in this report included: Building, Arts & Culture, Education, Finance, Healthcare, HR, IT & Telecoms, Legal, Manufacturing & Utilities, Retail, Catering & Leisure, Travel and Transport, Government, First Responders, Public Transportation, Automotive, Building Management, Supply Chain & Logistics, Maritime, and Agriculture.

The full Cradlepoint 2024 Connectivity Report Singapore can be found here.

About Cradlepoint
Cradlepoint enables the freedom to connect people, places, and things that drive more experiences, more ways to work, and better business results — anywhere. The company is a pioneer in Wireless WAN, offering advanced 4G and 5G routers and adapters — controlled through Cradlepoint NetCloud™. Enterprise businesses and public sector agencies rely on Cradlepoint and its Cellular Intelligence to build a reliable, secure network wherever they need it, connecting fixed and temporary sites, vehicles, IoT devices, and remote employees. Headquartered in Boise, Idaho, Cradlepoint is a wholly owned subsidiary of Ericsson (NASDAQ: ERIC) and part of their Business Area Enterprise Wireless Solutions. It has international offices in Asia Pacific, Canada, Europe, India, and Latin America. www.cradlepoint.com.

Contact
Biana Chamlet
Cradlepoint APAC PR
Biana.chamlet@cradlepoint.com 


SOURCE : Cradlepoint

Expereo Promotes Ben Elms To CEO, Irwin Fouwels To Executive Chairman

Ben Elms (Photo: Business Wire)

KUALA LUMPUR, April 12 (Bernama) -- Expereo, the global intelligent internet company, has appointed Ben Elms as Chief Executive Officer (CEO) and Irwin Fouwels as Executive Chairman, effective May 1.

This strategic move is part of Expereo's commitment to driving sustained growth and building on its legacy of innovation and global customer success, according to a statement.

As CEO, Elms will be responsible for driving the company's strategic vision, enhancing operational efficiency, and fostering innovation to meet the evolving needs of Expereo's global customer base, while Fouwels, assuming the role of Executive Chairman, brings a strategic mindset and a passion for innovation which has contributed to the company’s success.

“I am thrilled to lead the company with Irwin’s support as Executive Chairman. With the entire team we will capitalise on new opportunities, further expand our market presence, and drive continued innovation including driven by increased adoption of AI and the opportunities that creates for Expereo – “faster to the future”," said Elms.

Meanwhile, Fouwels said it is a privilege working with the global Expereo team and its investment partners over the last decade delivering unique value to its customers in a dynamic technology and telecoms market.

With their combined experience in the telecommunications and technology sectors, Elms and Fouwels bring a wealth of expertise and leadership to their new roles within the business.

Elms brings over 25 years of relevant experience having held key executive roles at prominent firms and since joining in 2022 as Chief Revenue Officer, Elms has successfully led transformative initiatives such as expereoOne, Expereo’s digital customer experience platform and driven its direct enterprise go-to-market strategy.

For Fouwels, he has transformed and scaled Expereo to the world leading intelligent internet company delivering unparalleled internet performance, led the company through multiple investor rounds and a series of acquisitions whilst delivering strong financial performance and investor returns, as Expereo CEO over the last decade.

With their combined leadership, industry knowledge and track record of success they are confident in accelerating Expereo’s growth trajectory, and in delivering exceptional value to their customers and partners.

-- BERNAMA

AM BEST AFFIRMS HONG KONG’S TUGU INSURANCE CREDIT RATINGS

KUALA LUMPUR, April 12 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Hong Kong’s Tugu Insurance Company Limited (TIC).

In a statement, AM Best said these credit ratings (ratings) which have a stable outlook reflected TIC’s balance sheet strength, which was assessed as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).

TIC’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, is assessed at the strongest level and expected to remain so over the short to intermediate term.

Offsetting balance sheet strength factors include the volatility in the absolute capital and surplus size due to underwriting volatility, concentration risk in investment properties, and fair value movements of these properties.

The company’s marginal operating performance is demonstrated by its volatile bottom line, contributed both from underwriting and investment experience; nonetheless, its operating expense ratio remains high with a limited premium base.

Despite stable rental income from its investment properties and interest and dividend income arising from its liquid assets, TIC experienced investment losses in 2022 and 2023 due to a decline in the fair value of investment properties. The company’s overall profitability is expected to remain modest over the intermediate term.

TIC’s ultimate parent company is PT Pertamina (Persero), a state-owned integrated oil and gas company in Indonesia. While TIC obtains a substantial portion of its top line from its parent, it also has expanded other revenue sources actively for more diversification, including overseas business and domestic business in Hong Kong, over the past few years.

The rating agency also assesses TIC’s ERM as marginal with key areas of concern include underwriting, investment concentration, strategic planning and reserving capability.

To address these concerns, the company has taken remediation actions including developing its risk management framework with refined risk appetite and risk policies, and performing relevant stress and scenario testing to ensure compliance with the latest regulatory requirements and internal concerns.

-- BERNAMA

HONG KONG’S CMB WING LUNG INSURANCE RATED EXCELLENT - AM BEST

KUALA LUMPUR, April 8 (Bernama) -- Global credit rating agency, AM Best has affirmed the Hong Kong’s CMB Wing Lung Insurance Company Limited (CMBWLI) financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent).

In a statement, AM Best said these credit ratings (ratings) which have a stable outlook reflected CMBWLI’s balance sheet strength, which was assessed as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

CMBWLI’s very strong balance sheet strength assessment is underpinned by its robust risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR).

The company’s capital base continued to grow organically in 2022, supported by its positive operating results and profit retention, partially offset by a one-off dividend in specie to CMB Wing Lung Bank in 2022. During 2022 and 2023, cash and cash equivalents remained as CMBWLI’s largest asset type.

Additionally, the insurer continues to enhance the credit quality of its bond investments, which remains as its largest investment asset type other than cash, as well as the de-risking of its equity portfolio during 2023.

The company’s overall operating performance has been consistently strong and better than average, as evidenced by annualised returns on equity of eight per cent and nine per cent respectively, in 2022 and 2023.

Net earnings continued to be supported by decent growth in premium volume and profitable underwriting results. CMBWLI’s investment performance continues to be supported by a stream of interest and dividend incomes during 2022 and 2023.

A medium-size, non-life insurer in Hong Kong, and one of the major market players in its domestic market’s employees’ compensation (EC) segment, CMBWLI ’s product mix remained diversified in 2023, with EC, motor and property damage making up the bulk of its business.

CMBWLI has continued to strengthen its risk management over the last few years, including investment risk controls, risk identification and monitoring tools, as well as risk governance.

-- BERNAMA