Sogou Announces Formation of Independent Special Committee to Review Tencent’s Preliminary Non-Binding Proposal to Acquire Sogou

BEIJING, July 31, 2020 /PRNewswire/ — Sogou Inc. (NYSE: SOGO) (“Sogou” or the “Company”), an innovator in search and a leader in China’s internet industry, announced that today its board of directors (the “Board”) has formed a special committee (the “Special Committee”) consisting of Mr. Bin Gao, Ms. Jinmei He, and Ms. Janice Lee, each an independent director, to review and evaluate a previously-announced non-binding proposal (the “Proposal”) included in a letter that the Board received on July 27, 2020 from Tencent Holdings Limited (“Tencent“) for Tencent to acquire all of the outstanding ordinary shares, including ordinary shares represented American depositary shares (“ADSs”), of Sogou that are not already owned by Tencent or its affiliates for US$9.00 in cash per ordinary share or ADS (the “Proposed Transaction”). The Special Committee has retained Goulston & Storrs PC as its United States legal counsel in connection with its review and evaluation of the Proposal.

The Company cautions its shareholders and others considering trading the Company’s securities that that neither the Board nor the Special Committee has made any decision with respect to the Company’s response to the Proposal. There can be no assurance that Tencent will make any definitive offer to the Company, that any definitive agreement relating to the Proposal will be entered into between the Company and Tencent, or that the Proposed Transaction or any other similar transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

Safe Harbor Statement

This announcement may contain forward-looking statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. The Company cautions you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. There can be no assurance that Tencent will make any definitive offer to the Company, that any definitive agreement relating to the Proposal will be entered into between the Company and Tencent, or that the Proposed Transaction or any other similar transaction will be approved or consummated.

About Sogou

Sogou Inc. (NYSE: SOGO) is an innovator in search and a leader in China’s internet industry. With a mission to make it easy to communicate and get information, Sogou has grown to become the second-largest search engine by mobile queries and the fourth largest internet company by MAU in China. Sogou has a wide range of innovative products and services, including the Sogou Input Method, which is the largest Chinese language input software for both mobile and PC. Sogou is also at the forefront of AI development and has made significant breakthroughs in voice and image technologies, machine translation, and Q&A, which have been successfully integrated into our products and services.

Related Links :

http://www.sogou.com

MGM China Reports 2020 First Half Results

Maintains Healthy Financial Position Excited about Reopening of Macau

HONG KONG, July 31, 2020 /PRNewswire/ — MGM China Holdings Limited (“MGM China” or the “Company”; SEHK Stock Code: 2282) today announced selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the second quarter and the first half of 2020.

  • During the first half of the year, MGM China recorded total revenue of approximately HK$2.4 billion. The Group saw a negative adjusted EBITDA of approximately HK$1 billion. Overall occupancy rate was 19.8%.
  • The results were severely impacted by the COVID-19 pandemic and we continue to be impacted today. China has implemented temporary suspension of tour groups and Individual Visit Scheme in late January, followed by a 15-day shutdown of all casinos in February by the Macau Government.
  • The Macau market continues to experience low visitation levels primarily driven by various travel restrictions and quarantine measures in mainland China and Hong Kong.
  • Macau’s gross gaming revenue in first half declined by 77% year-on-year. Macau visitation was down over 80% as well.
  • For the Period, MGM MACAU recorded revenue of approximately HK$1.3 billion and negative adjusted EBITDA of approximately HK$356.9 million. MGM COTAI recorded revenue of approximately HK$1.1 billion and negative adjusted EBITDA of approximately HK$651.5 million.
  • The Group maintained a healthy financial position. As of June 30, 2020, the Group had total liquidity of approximately HK$11.4 billion, comprised of cash and cash equivalent and undrawn revolver.
  • With no new local COVID-19 cases for nearly three months and situation stabilizing in China, the Guangdong government announced that visitors entering Guangdong from Macau will no longer have to undergo 14-day quarantine from July 15, under certain conditions. The re-opening of Macau border is seen as a meaningful first-step towards normalization.
  • As part of business relaunch, we have introduced MGM Mixy-Go-Matchy offerings, including bespoke hospitality packages, enhanced food and beverages options and cultural entertainment. MGM COTAI has launched a series of family, cultural activities from kids’ interactive art tours to fun creative workshops for all ages. Meanwhile MGM MACAU has introduced a Sino-Portuguese Cultural Experience exploring the artistry of Sino-Portuguese culture through various forms of architecture, food, music and art.

Hubert Wang, President & Chief Operating Officer of MGM China said: “We are encouraged to see the lifting of quarantine measures for visitors from Macau into Guangdong Province, as an important first step of business normalization.

“While we focus to contain our costs, we are rolling out programs to drive traffic and prepare for gradual recovery. The trend-setting holistic non-gaming offerings at both MGM MACAU and MGM COTAI have been well received. We are confident about the prospects of Macau gaming and hospitality market in a longer term.”

– END –

About MGM China Holdings Limited

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

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

Picture: OCB Life team at Singapore Fintech Festival 2019

OCB Life Helping People to “Change My Life” Through Technology and Community Activities

SINGAPORE, July 30, 2020 /PRNewswire/ — OCB Life, a Singapore-based technology company powered by 3.0 blockchain technology, has launched the OCB Wallet on the Android platform, while the IOS version will be launched soon in August.

Picture: OCB Life team at Singapore Fintech Festival 2019
Picture: OCB Life team at Singapore Fintech Festival 2019

OCB Life will soon add a debit card feature so that users can withdraw cash at an ATM, or pay a bill, or buy a meal, or cover for an emergency, everywhere that a debit card is accepted — making it the ideal travel companion. All the user has to do is to scan the QR code to top up the debit card. This convenient and user-friendly debit card feature is expected to be available in Asian markets by Quarter 3 next year, and will be rolled out to other regions later on.

OCB Life wants to help change the life of its investors, members, users, as well as the society in the true spirit of the slogan “Change My Life”.

 

That is why OCB Life focuses on developing innovative applications across multiple industries to help users “Change My Life” through the power of new technology.

At the same time, OCB Life organizes networking events and participate in CSR activities — to help people “Change My Life”. In particular, OCB Life has supported VND 900 million (equivalent to USD 38,800) to the “Trans-Vietnam Charity Run” organized by Operations Smile Vietnam and Vietnam Ekiden. The amount contributed by OCB Life will be utilized to fund 100 surgeries for children born with cleft lip or cleft palate.

 

About OCB Life Pte Ltd.

OCB Life Pte Ltd is a Singapore-based technology company powered by blockchain 3.0 technology. The company has developed a new-generation OCB Wallet that is integrated with a debit card. OCB Life is also developing a number of innovative applications across multiple sectors, in electronic payments, services, healthcare and wellness, real estate, finance and investments, media, and technology – to help users “Change My Life”.

Photo – https://photos.prnasia.com/prnh/20200730/2871875-1?lang=0
Video – https://cdn5.prnasia.com/video/20200730_OCBLife1.mp4
Video – https://cdn5.prnasia.com/video/20200730_OCBLife2.mp4

Li Auto IPO: Blazing a Different Trail

NEW YORK, July 31, 2020 /PRNewswire/ — On July 30, 2020, Future Capital celebrates our angel investment, Li Auto (Ticker: LI)’s successful public listing on Nasdaq. This is an incredible milestone amidst the current global economic environment.


As Li Auto’s first investor, what I saw was the practicality of Li Auto’s product strategy. From Day 0, Li Auto made a bold decision to focus on extended-range electric vehicles (EREVs) rather than pure electric models, which was the common strategy adopted by peers. Pure battery electric vehicles face structural challenges currently with limited battery capacity such as charging infrastructure, consumer habits etc. Li Auto dared to blaze a different trail and became the first in China to successfully commercialize EREVs, solving for these challenges.

I would like to thank product managers who, like Li Auto’s team, are bold enough to be different. It is through their unwavering dedication to their products that our lives are made better

As a venture capitalist, I tell my team that we must also think like entrepreneurs; we must have resolve in our independent analysis and be daring to back those that are different.

Today is not only a celebration of a capital markets milestone but also a mark of progress. I believe that Li Auto’s range extension solution will accelerate the adoption of electric vehicles in China. To me, accelerated adoption in the world’s most populous country has ramifications beyond just the financial; it is also an important step towards a greener world, a reinvention of how we think about mobility and perhaps an altogether different future cityscape.

When Henry Ford began producing automobiles that were within the economic reach of the average consumer, he changed the course of human mobility as well as how our cities were laid out – streets around the world were re-purposed for driving vehicles. By accelerating adoption of smart electric vehicles, what will future cities look like?

Apple’s release of the first smartphone extended a mobile device’s role beyond a mere calling machine and shaped the course of human communication. Progress in smart vehicles will extend a car’s role beyond mere transportation. Li Auto’s top priority is to lead in autonomous driving technologies and to contribute to building an ecosystem for EVs that would propel the future of e-mobility. Advancements in smart EV will alter the course of human mobility. Some of the most innovative, trillion-dollar-companies of the future will be technology companies in this field – which is why I made my bet early with Li Auto.

The best way to predict the future is to create it; and we are proud to see Li Auto doing just that.

Finally, I would like to thank entrepreneurs and scientists around the world who possess the creativity, vision and the drive to tackle problems which are deemed to be “impossible” at the time. As a venture capitalist, my responsibility is to relentlessly seek out these people and ideas and empower their vision with the necessary tools and capital. If there is one thing I can do to leave my mark on our world, this is it.

Sincerely,

Mingming HUANG

Founding Partner
Future Capital Discovery Fund

July 30, 2020

Li Auto

Li Auto is a Chinese electric car maker that designs, develops, manufactures, and sells premium smart electric SUVs.

Future Capital Discovery Fund (also known as “Future Capital”)

Founded in 2014, Future Capital Discovery Fund is a specialized early-stage investor targeting enterprise focused technologies and selective game-changing consumer tech businesses in Greater China.

Photo – https://photos.prnasia.com/prnh/20200730/2872058-1?lang=0 

eBaoCloud InsureMO Accelerates Insurance Customer Growth on AWS

Over the last year, Aegon Life has strengthened its position as a digital insurer by leveraging eBaoCloud’s InsureMO on AWS to gain speed and agility

NEW YORK, July 30, 2020 /PRNewswire/ — eBaoTech Corporation (eBaoTech), a global leader in digital insurance solutions, announced that Aegon Life has joined more than 10 new clients across the US, Brazil, India, Botswana, Philippines, Indonesia, and Singapore – ranging from insurance carriers, insurtech startups, and digital channel partners – that have turned to InsureMO™ on Amazon Web Services (AWS) for increased agility and innovation, including faster product launches and new channel integrations.

Aegon Life India chose InsureMO on AWS, to help extend investments in core systems without wholesale replacement of those systems. Core systems are often a barrier to digital innovation, new products across new channels delivering a better user experience, and replacing them is often too costly and time consuming. eBaoCloud InsureMO provides an API-based modernization layer around core systems that enables configuration of new insurance policy types, integration to new channels and partners, and rapid development and deployment of new products with low launch costs that drive new policy volumes at scale. For example, Aegon Life was able to launch its group platform with an eCommerce company within six weeks, which otherwise would have taken months.

Additional benefits for Aegon Life include:

  • Multiple lines of businesses running off a single platform enabled by InsureMO
  • API support for distribution partners willing to do servicing beyond just sales (making Aegon Life one of a few carriers capable of providing this type of support)
  • Shortening new product launches from months to 2-3 weeks
  • Launching new insurance plans for affinity partners in less than a day
  • Reducing the partner onboarding process from weeks to 1-3 days

All of these benefits are enabled by the scale, resiliency, and agility AWS offers.

eBaoCloud® InsureMO™ platform is based on a microservices architecture and contains common APIs needed to manage the whole lifecycle of General (P&C), Life, and Health insurance policies. This includes quotation, illustration, underwriting, payment, and claims. The platform can seamlessly integrate with external applications and services such as Optical Character Recognition (OCR), voice recognition, payment, and location by API calls. InsureMO also supports third parties to develop APIs and register on InsureMO. The availability of templates enables product configuration and speed. Currently, over 3,000 products templates from over 120 insurance companies across more than 10 countries have been configured on eBaoCloud InsureMO.

“The term ‘Digital Transformation’ in insurance is no longer about just replacing your legacy core with a modern core system. The need is to package and launch products in matter of days and connect to multiple channels. eBaoCloud’s  InsureMO platform solves the same problem with the 3V proposition (massive Volume, Velocity and Variation) without waiting for legacy core replacements and driving API-led connectivity to enable any insurance scenarios from Life, General, Group, and Health,”  Rajat Sharma, Corporate VP and Head of Sales and Strategy commented, “We are very excited to work with AWS and rely on them, with the broadest global presence, to quickly roll out InsureMO during this critical industry revolution era.”

InsureMO’s first client in India, Douglas Kennedy, Chief Technology Officer, Aegon Life Insurance said, “We are delighted to be included in the first wave of partnerships for eBaoCloud InsureMO on AWS in India. This association will help us continue to be the differentiators in the industry and achieve greater speed to market and speed to value. The first launch of our group platform with an eCommerce player was achieved within six weeks of signing our partnership with eBaoTech demonstrating by having the right teams, right architecture, right vision you can run at great speed.”

Ralph Severini, Global Strategy Lead, AWS Insurance Independent Software Vendors, Amazon Web Services, Inc. said, “AWS is delighted to support eBaoTech as they leverage the agility and scale of the cloud to bring new and innovative products to market faster with the goal of providing richer experiences for their customers. AWS’s collaboration with eBao provides Aegon Life with the foundation to achieve accelerated growth at scale and support expedited policy delivery, which their customers have come to expect.”

eBaoTech holds AWS Financial Services Competency status and is an Advanced Technology Partner in the AWS Partner Network (APN). Achieving the AWS Financial Services Competency differentiates eBaoTech as an APN member that possesses deep industry expertise, solutions designed with AWS architectural best practices, and staff with AWS certifications. APN Partners are vetted, validated, and verified against a high bar to achieve the AWS Competency designation.

Watch an online video about Aegon Life Insurance Company CTO sharing the success story at https://vimeo.com/442616376

About eBaoTech
eBaoTech is a digital solution provider to the global insurance industry and our mission is to “make insurance easy”. We do business in more than 30 countries globally, serving over 200 carriers and numerous agents, brokers, insurTech’s and others in the insurance ecosystem. Digital insurance is the coming wave and the insurance industry is moving into the API economy. eBaoTech provides solutions and services that enable digital insurance.

eBaoTech has been dedicated to insurtech innovation since its founding in 2000. In 2001, eBaoTech developed the world’s first browser/server-based insurance core system suite, leading the advent and adoption of Java-based 3G insurance IT. In 2015 eBaoTech launched the world’s first distributed, cloud-native and microservices based 4G insurance platform that provides a complete set of insurance APIs across an insurance policy’s full lifecycle. eBaoTech offers a cloud based solution that enables digital insurance and enterprise level core system insurance software. We make insurance easy.

eBaoTech Digital Solutions

eBao Cloud is a family of products based on open API insurance platform that provides real time connectivity and transactional capabilities to insurers, traditional channel partners, affinity partners, and insurTech startups. eBao Software includes core system suites for Life, P&C, and Health Insurers as well Re-Insurers. More information, please visit www.ebaotech.com.

Related Links :

http://www.ebaotech.com

Xinhua Silk Road: CCB boasts more than 100 million credit card users by May this year

BEIJING, July 30, 2020 /PRNewswire/ — China Construction Bank (CCB), one of the country’s largest state-owned commercial banks, saw its total number of credit card users exceed 100 million by May this year since the lender formally launched the Dragon card dual-currency credit card in August 2003, the bank said recently.

Up to now, social consumption via credit cards issued by CCB reached 20 trillion yuan, according to the bank.

The outstanding loans through the bank’s credit cards surpassed 770 billion yuan, and the non-performing loan (NPL) ratio has consistently remained at a low level in the banking sector, CCB said.

Besides, key indicators such as the total number of customers, outstanding lending and asset quality still maintained leading position in the sector for many years.

The number of customers exceeding 100 million is a critical milestone and meanwhile a brand-new starting point for the development of CCB’s credit card business, said Li Jun, general manager of CCB credit card center, adding that with a focus on improving market competitiveness, customer management capabilities, refined management capabilities, sound governance capabilities, and value creation capabilities, CCB will go to great lengths to push forward the high-quality development of credit card business in an effort to accommodate the needs of customers for a better life.

CCB credit card center will continue being committed to establish a consumer financial service system that covers all customer scenarios. At the same time, the lender launched a series of competitive products such as ETC cards, auto cards, and global payment cards, which embraces significant market advantages and could better target the niche market.

Furthermore, the lender has ramped up efforts to continuously optimize their credit services, and quicken the pace of digital construction to further empower financial services.

In addition, the bank has rolled out a string of measures to guard against risks and establish an all-round risk management system.

Since the outbreak of the COVID-19 epidemic, CCB has actively practiced corporate social responsibility and gathered social forces to push forward public welfare undertakings.

Original link: https://en.imsilkroad.com/p/315199.html

Changes in consumption patterns in ASEAN accelerated by trends brought about by COVID-19

Bain & Company and WEF research shows that the middle-class is set to grow to 70 percent of the population and consumption will increase by 2.2 times to nearly $4 trillion by 2030

SINGAPORE, July 30, 2020 /PRNewswire/ — ASEAN represents a dramatic consumption opportunity in the coming years, driven by four mega-forces: strong demographic trends; rising income levels; geopolitical shifts that are increasing foreign investment; and digital advancements opening new consumer markets. By 2030 there will be eight major consumption themes in ASEAN, including the doubling of consumption and the blurring of the boundaries between premium and value shopping. Some of these themes will be accelerated by COVID-19, including digital adoption and shifting retail channels. These are the findings of Bain & Company and World Economic Forum’s report, Future of Consumption in Fast-Growth Consumer Markets: ASEAN 2030.

“As ASEAN continues its path as one of the world’s most dynamic consumption environments, private and public-sector leaders will have to take shared accountability to ensure such consumption is inclusive and responsible. Even as we look to addressing the immediate challenges due to COVID-19, I am confident that strategic foresight from this report will contribute to inspiring action and realizing a prosperous long-term future for ASEAN with sustainable benefits for both business and society,” said Zara Ingilizian, Head of Consumer Industries and Future of Consumption Platform, World Economic Forum.

ASEAN is the world’s third most populous economy and is expected to grow over the next decade to become the world’s fourth largest economy overall. Income levels are rising and regional gross domestic product (GDP) per capita is expected to grow by an annual 4 percent to USD 6,600 in 2030, causing many product categories to reach inflection points where consumption takes off. Domestic consumption, which powers roughly 60 percent of GDP today, is expected to double to USD 4 trillion.

“Over the next decade, ASEAN will see 140 million new consumers, representing 16 percent of the world’s consumers, many of whom will make their first online purchase and buy their first luxury product,” said Praneeth Yendamuri, Bain & Company partner and report co-author. “Yet, as this growth story plays out, public and private-sector organizations will need to address the immediate COVID-led health and humanitarian crisis and its implications.”

Rapid digital adoption in ASEAN will continue, spurred by digital native consumers, investor funding in technological innovations and government programs to support digital transformation. By 2030, there will be nearly 575 million internet users in the region, and digital will be ubiquitous in the daily consumption journey. As digital reaches the rural and low-income communities, it will remove barriers that inhibit small business growth and enable delivery of basic services such as healthcare, education and financial services. The COVID-19 pandemic has highlighted the urgency in providing under-served communities with digital access for obtaining health-related information and ordering essentials.

As the consumption landscape evolves over the next decade, public and private-sector leaders will face numerous opportunities and challenges. To unlock the region’s full potential, stakeholders need to get five things right:

  1. Ensure efficient and effective recovery from COVID-19 on both the health and economic fronts.
  2. Focus on talent development and socio-economic inclusion: Over the next decade, 40 million people in ASEAN will reach working age, with digitalization disrupting the nature and number of jobs. An estimated 65 percent of children entering primary school this year will end up doing a job that does not currently exist.
  3. The COVID-19 pandemic will expedite the switch to automated services. It will be critical to create new jobs, reduce the skills gap, and provide access to education, healthcare and nutrition to ensure a competitive and healthy future workforce.
  4. Upgrade infrastructure to support urbanization and resource management as rapidly growing demand pressures ASEAN resources.
  5. Push for open and integrated regulation, with a hyper-local approach as the region stands to gain from a more interconnected ASEAN with improved intraregional flows of goods and services, investments, knowledge and human capital.

“Consumer behaviors are fast evolving, with the young, urban, middle-class consumer of 2030 seeking personalized, value-for-money, social and integrative experiences across online and offline channels,” said Mr. Yendamuri. “We will see each ASEAN market evolve differently and a ‘multi-local’ approach will remain key for companies hoping to win in this highly diverse region.”

“2020 has been as a challenging year with uncertainties looming due to COVID-19. On the positive side, ASEAN is at a tipping point, both in terms of economic growth and in the human-centric development of its citizens. As the ASEAN growth story plays out over the long-term, accelerating public-private collaborations can unlock the full potential of the region to establish it as a hub of global trade and socio-economic development,” said Mayuri Ghosh, Strategy & Public-Private Partnerships, Future of Consumption Platform, World Economic Forum.

Business, government and policy-makers will have increasing influence in the marketplace to guide the region towards a sustainable consumption future. Achieving this vision requires dedicated collaboration across stakeholders, through innovative and inclusive business models supported by a favorable policy environment. COVID-19 is the first of many trials that will add uncertainty — and expose the weaknesses that need to be addressed. Public-private partnerships are critical to unlock the full potential of ASEAN and to safeguard its growth story as one of the three fastest-growing consumer markets in the world.

About Bain & Company

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future. Across 58 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster and more enduring outcomes. Since our founding in 1973, we have measured our success by the success of our clients. We proudly maintain the highest level of client advocacy in the industry, and our clients have outperformed the stock market 4-to-1.  Learn more at www.bain.com and follow us on Twitter @BainAlerts.

About the World Economic Forum

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial and not tied to any special interests. 

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Global Cord Blood Corporation Files Its Annual Report on Form 20-F

HONG KONG, July 30, 2020 /PRNewswire/ — Global Cord Blood Corporation (NYSE: CO) (“GCBC” or the “Company”), China’s leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced that the Company filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission. The filed Form 20-F includes audited financial statements for the fiscal year ended March 31, 2020. The Form 20-F can be accessed by visiting the U.S. Securities and Exchange Commission’s website at http://www.sec.gov and also be found at the Investor Relations section of GCBC’s website at http://ir.globalcordbloodcorp.com.

About Global Cord Blood Corporation

Global Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit the Company’s website at:
http://www.globalcordbloodcorp.com.

For more information, please contact:

Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com

ICR, Inc.
Mr. William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com

Related Links :

http://www.globalcordbloodcorp.com

MYPINPAD Receives World’s First Certification for Contactless Card Payments on Mobile Devices

Certification strengthens credit card acceptance security on smartphones and tablets and helps build trust in new technology that allows merchants to forego traditional payment terminals.

NORTHBROOK, Illinois, July 30, 2020 /PRNewswire/ — UL, a leading global safety science company, today announced that MYPINPAD, a provider of secure personal authentication for payment solutions on smartphones and tablets, is the first company globally to be certified to the Payment Card Industry (PCI) Security Standards Council’s Contactless Payments on COTS (CPoC™) Security and Testing Requirements for its MYPINPAD SoftPOS solution.

A set of principles and requirements for a mobile payment-contactless acceptance solution, CPoC Security and Test Requirements provide a security framework to protect the confidentiality and integrity of sensitive payment information captured and processed in CPoC solutions. MYPINPAD SoftPOS facilitates contactless chip-based payments using the near-field communication (NFC) interface of common commercial off-the-shelf (COTS) devices, such as a smartphones or tablets. Designed to allow merchants payment acceptance flexibility, MYPINPAD SoftPOS addresses online based contactless chip-based transactions that further enables merchant acceptance.

CPoC certification means that MYPINPAD SoftPOS meets key security requirements that help ensure the security of the payment data obtained through the NFC interface and contactless kernel on the COTS device. These security mechanisms, controls and mitigations protect the consumer’s account data and other assets, such as cryptographic keys, helping to ensure the payment process is protected even when performed on consumer grade devices such as mobile phones.

According to Colin Greene, CEO, MYPINPAD, the CPoC certification provides marketplace confidence in MYPINPAD’s technology. “We are extremely excited about our collaboration with UL. With its extensive experience in the payments industry, UL has helped MYPINPAD drive trust with both partners and customers and paved the way for significant adoption of a disruptive technology that has the potential to change forever card payment transaction schemes,” said Greene.

Currently, merchants can accept card payment via a dedicated credit card terminal, or process payment through hardware readers that can transfer magnetic stripe data to a payment application running on a PC or mobile device. MYPINPAD SoftPOS allows the merchant to completely bypass both options and conduct a contactless transaction on a smartphone or tablet without any external hardware.

Isabelle Noblanc, vice president and general manager, UL’s Identity Management and Security division, said, “Companies developing smart and secure payment systems that power successful businesses and brands must innovate with security guiding the way.  This is why, as the leading safety and security authority, UL applauds MYPINPAD for achieving the first-ever certification for PCI’s CPoC requirements. This milestone helps ensure MYPINPAD compliance and further demonstrates how UL is enhancing payment ecosystem safety.”

About UL
UL helps create a better world by applying science to solve safety, security and sustainability challenges. We empower trust by enabling the safe adoption of innovative new products and technologies. Everyone at UL shares a passion to make the world a safer place. All of our work, from independent research and standards development, to testing and certification, to providing analytical and digital solutions, helps improve global well-being. Businesses, industries, governments, regulatory authorities and the public put their trust in us so they can make smarter decisions. To learn more, visit UL.com. To learn more about our nonprofit activities, visit UL.org

Press Contact:
Steven Brewster
UL
steven.brewster@ul.com

Logo – https://mma.prnasia.com/media2/325015/ul_enterprise_logo.jpg?p=medium600

Related Links :

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iiPay Opens Asia Pac Hub in Singapore

Client Growth and Technological Innovation Accelerate Geographical Expansion

DALLAS and SINGAPORE, July 29, 2020 /PRNewswire/ — iiPay, a market-leader in providing global payroll solutions to multi-national corporations, released details of the new office opening earlier this year in Singapore.  Singapore serves as the hub for the Asia Pacific operations and represents an exciting juncture of continued growth and investment in supporting global clients through service excellence and market leading technical innovation. iiPay continues to grow and partner with its existing clients while adding new clients at a rapid pace.  This focus on client service excellence and innovation has resulted in an average revenue growth rate exceeding fifty percent for the last three years. The Singapore office launch follows the previously announced launch of its Budapest Hungary hub earlier this year.

According to Absolute Reports, a research report company, the global Payroll and HR Software market is anticipated to rise at a considerable rate, during the forecast period, between 2020 and 2026. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon. Clients in the fast-growing Asia Pacific region need increased payroll visibility and global reporting combined with compliance and accurate payroll delivery.

“iiPay’s investment in the Asia Pac region represents a commitment to serve clients in an exciting growth market with tremendous opportunities to reduce complexities, ensure compliance, and provide a standardized approach to global payroll,” stated Curtis Holmes, Chief Operating Officer, iiPay. “Our clients expect operational excellence in their currencies, local language, and time zone while respecting cultural norms.  We expect to be our clients trusted payroll partner around the globe as they expand their business.”

iiPay provides a truly global payroll solution, with a single technology platform to underpin day-to-day service delivery and enable effective compliance management, payment disbursements, data analytics and a single, standardized, Employee Self-Service experience across the globe.

About iiPay: iiPay is a service-focused global payroll provider, driven by their innovative cloud-based technology. iiPay’s  technology solution empowers Payroll, HR and Finance professionals through advanced data management, analytics and business intelligence functionality, enabling the user to access and report on any global data at any time. Focused on outcomes, iiPay reduces complexity, centralizes and simplifies multi-country payroll processes, and ensures compliance in every country for their clients. iiPay are focused on being more than a payroll vendor; instead, they strive to be a true partner and an  extension of their client’s payroll team, rather than an external provider. iiPay currently provide fully managed global payroll services in more than 170 countries.  iiPay’s relentless focus on service and software enhancements and the continued expansion of their footprint reflects the vision of the company to simplify global payroll and the ambition to ‘Pay the Planet’.

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