Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with H.E. Ernst Noorman, the Dutch Ambassador-at-large for cybersecurity. They exchanged views on the potential cooperation activities to advance mutual priorities on cybersecurity within the framework of the ASEAN-Netherlands Development Partnership.
The post Secretary-General of ASEAN holds discussions with the Dutch Ambassador-at-large for cybersecurity appeared first on ASEAN Main Portal.
Source: Bank for International Settlements
Distinguished panellists – Prof. Randall S. Kroszner, Professor, University of Chicago and Former Governor, Federal Reserve Board; Ms. Emmanuelle Assouan, Director General, Financial Stability and Operations, Banque de France; Ms. Sarah Breeden, Deputy Governor for Financial Stability, Bank of England; Dr. Sajjid Chinoy, Managing Director and Chief Economist India, JP Morgan; esteemed delegates and colleagues from the Reserve Bank. A very good afternoon to all of you.
It is an honour to open this discussion on this very important and pertinent topic in today’s financial world – “Central Banks and Financial Stability: Assessing Risks and Building Resilience.”
The financial sector is the backbone of the economy, enabling efficient allocation of resources, managing risks through various instruments, and ensuring smooth payments and settlements. It performs crucial functions that support investments and drives economic growth. Therefore, the financial sector becomes the cornerstone of a well-functioning economy.
The financial sector is vulnerable to risks-especially systemic ones that, which if left unchecked, can have far-reaching consequences. As you are aware these systemic risks manifest across two dimensions: time and interconnectedness. On the one hand, financial risks can build up over time, especially in periods of economic euphoria. On the other, the growing interconnections between financial institutions, markets, and the broader economy make the system more open to shocks.
In today’s world, challenges are more complex and unpredictable than ever. Traditional risks, like credit and liquidity risks, now have new and faster drivers. For example, bank runs that once unfolded over days, giving regulators time to respond, can now occur within hours due to the speed of internet and mobile banking. The increasing reliance on technology also introduces vulnerabilities, such as dependence on third-party service providers and heightened cybersecurity threats, all while customers expect uninterrupted services. Additionally, we face emerging risks, such as climate risk.
In this increasingly volatile environment, building resilience is crucial to maintaining financial stability. However, resilience is a balancing act-too much emphasis on safeguarding can stifle innovation and growth, while too little can expose the system to significant vulnerabilities. Finding that right balance so that we can have a robust financial system that can weather crises without constraining economic progress is one of the key challenges that we face today.
Indeed, central banks are much like wicketkeepers in cricket or goalkeepers in football-often unnoticed in success but always in the spotlight during failure. When everything works seamlessly, their efforts remain behind the scenes, often taken for granted. However, when a crisis occurs, they are asked as to how they could allow the ball to slip through their fingers! In addition, Central Bankers are also tasked with preventing further damage and restoring stability quickly.
Let me offer an analogy: imagine a person teetering on the edge of a cliff, seemingly about to fall, only to be pulled back just in time by a watchful observer. When central banks intervene in such a manner to prevent a potential crisis, those they protect may claim they didn’t need saving at all. This highlights a common paradox-while regulators work tirelessly to maintain stability and avert disasters, their successes often go unnoticed, and their actions are sometimes viewed as unnecessary, intrusive or excessive by those unaware of the risks. Yet it is precisely this proactive oversight that ensures the safety and soundness of the financial system, allowing it to function smoothly even in times of uncertainty.
Over the years, the role of central banks has significantly evolved. Initially seen as the lender of last resort, today, central banks are equipped with a broad range of tools-regulatory, supervisory, and monetary-to ensure the stability of the financial system. In some countries, central banks do not have supervisory roles, with the supervision being carried out by a separate agency, but a coordinated approach is essential. Governments, central banks, financial regulators, and the industry must all work together to ensure appropriate and timely action is taken to safeguard financial stability.
In India, the Financial Stability and Development Council (FSDC), chaired by the Union Finance Minister, along with its sub-committee led by the Governor of the Reserve Bank, has been effectively facilitating discussions and enhanced understanding of risks across the financial sector. Biannually, Reserve Bank publishes Financial Stability Reports that deliver a thorough risk assessment of India’s financial landscape. These reports utilise macro stress tests, sensitivity analyses, network and contagion assessments, and systemic risk surveys to provide valuable insights into potential vulnerabilities that affect the financial sector. Apart from inter-regulatory coordination, RBI also actively engages with the industry through regular engagements/ interactions including conferences with the Boards of supervised entities, periodic meetings with the MDs & CEOs, Heads of Assurance functions as well as interactions with auditors.
Having discussed the importance of domestic coordination, I would also like to emphasise the significance of global supervisory cooperation. Historically, crises have acted as catalysts for bringing supervisors together to address shared challenges. For instance, the Basel Committee on Banking Supervision was formed in the aftermath of the Herstatt Bank failure, highlighting the necessity for a coordinated response to systemic risks. However, we should not wait for crises to play out before strengthening international collaboration. Greater engagement for proactive horizon scanning of potential risks and vulnerabilities, along with discussions on strategies to mitigate and address these challenges, can enhance our collective resilience and crisis preparedness.
Indeed, as a part of our agenda for the next decade, RBI@100, the Reserve Bank intends to engage more with the central banks of the global south. The Reserve Bank also aims to establish a global model of risk-focused supervision by fostering a strong risk discovery and compliance culture, building a “through-the-cycle” risk assessment framework. Reserve Bank is working to create a comprehensive data analytics ecosystem to support its supervisory functions.
With these thoughts in mind, I look forward to a rich and insightful panel discussion on how central banks can continue to enhance financial stability and build a resilient global financial system. Thank you!
Source: Bank for International Settlements
Over the past three and a half decades since the formal adoption of inflation targeting (IT), it has proliferated across continents, regardless of the position of host jurisdictions in the developmental ladder. By the turn of this century, it has been increasingly embraced by emerging market economies (EMEs) so much so that they now outnumber advanced economies (AEs) as practitioners. A unique feature of IT is its operationalisation even before the development of a formal theory. The journey of IT has been tumultuous, navigating as it has the Great Moderation and ‘once in a century’ shocks such as the global financial crisis (GFC), the COVID-19 pandemic, and persisting geopolitical conflicts that have had a direct bearing on both inflation’s evolution and on financial conditions. Yet, there is no evidence of any major country abandoning it. On the other hand, central banks have drawn lessons from these humungous challenges and innovated and refined their policy frameworks. The endogenous evolution of IT has rendered it the longest surviving monetary policy framework in modern times.
Three pillars of the framework – flexibility; transparency and, therefore, accountability; and credibility – have enabled IT to stand the test of time. Empirical evidence suggests that the post-pandemic price shocks have actually had relatively short-lived effects in comparison with the persistence of the price shocks of the 1970s on the wider acceptance that monetary policy will do whatever it takes. The effectiveness of inflation targeting is also found to be underpinned by its institutional quality, reinforcing pre-pandemic evidence pointing to IT being a better absorber of shocks than other regimes. The taming of the post-pandemic surge in inflation down to its last lap provides further validation of the framework. Everywhere, long-term inflation expectations remain broadly anchored in spite of heightened uncertainty.
Source: African Development Bank Group
The African Development Bank Group is pleased to announce the appointment of Dr. Kennedy K. Mbekeani as Director General for the East Africa Regional Development, Integration and Business Delivery Office, effective from 16th October 2024.
Dr. Kennedy K. Mbekeani, a citizen of Malawi brings over 25 years of senior level experience in development finance, project management, policy advisory services, and knowledge generation across country and regional levels. Prior to this appointment, he served as Deputy Director General for the Bank’s Southern Africa Regional Development, Integration and Business Delivery Office.
He holds a Bachelor of Social Science (Economics and Statistics) degree from the University of Malawi, an MPhil in Monetary Economics from the University of Glasgow, and both an MA and PhD in International Economics from the University of California. He has authored numerous publications focusing on trade, regional integration, and infrastructure development in Africa.
In his previous role as Deputy Director General for the Southern Africa Regional Development, Integration and Business Delivery Office, Dr. Mbekeani led the Bank’s business development and delivery for sovereign, non-sovereign investments and provided advisory services to South Africa, Lesotho, Botswana, Eswatini, Namibia and Mauritius. His efforts contributed to the Bank’s reputation as a trusted partner for high impact development projects in the region. He also managed relationships with key government and private sector, positioning the Bank for success.
Dr. Mbekeani joined the Bank in 2009 as Chief Trade and Regional Integration Officer. He has held various senior roles including Lead Regional Economist at the South African Resource Centre, Officer in Charge and Acting Regional Director of the Bank’s South African Resource Centre in South Africa, and Officer in Charge of the Bank’s Ghana Country Office. When he served Country Manager for Uganda, he successfully expanded the Bank’s portfolio to over $2 billion.
Before joining the Bank, Dr. Mbekeani worked for the United Nations Development Programme as a Trade, Debt and Globalisation Advisor for East and Southern Africa. He also served as Senior Research Fellow at the Botswana Institute for Development Policy Analysis, and Senior Economist at the National Institute for Economic Policy in South Africa.
Commenting his appointment, Dr. Mbekeani said: “I am grateful and feel honoured by the confidence President Adesina placed in me through this appointment, as Director General for the East Africa Regional Development, Integration and Business Delivery Office. I look forward to working with the President, the Board of Directors, Senior Management, our teams and stakeholders to enhance the Bank’s operational efficiency, effectiveness and drive impactful developmental outcomes across the region”.
Commenting the appointment, the President of the African Development Bank Group, Dr. Akinwumi Adesina said: “I am delighted to appoint Dr. Kennedy Mbekeani as Director General for the East Africa Regional Development, Integration and Business Delivery Office. Kennedy brings extensive experience in managing operations, policy dialogue, coupled with astute diplomacy and well-tested ability to work effectively with countries and development partners. He had previously worked in East Africa as the Country Manager for Uganda, before being promoted to the position of Deputy Director General of the Southern Africa Regional Development, Integration and Business Delivery Office. His knowledge of the Eastern Africa region and well-proven experience in delivering robust operations for the public and private sectors will strongly benefit the work and operations of the African Development Bank Group in East Africa and all countries in the region”.
Source: Google
Today, Android 15 starts rolling out to Pixel devices. These updates include security features that help keep your sensitive health, financial and personal information protected from theft and fraud. Plus, we’re introducing improvements for large-screen devices that help you get more done, and updates across apps including camera, messaging and passkeys.
Source: Google
We’re always working to make your Pixel phones even better with regular software updates that are packed with new features and improvements. We’re now calling these updates “Pixel Drops,” and they’ll include updates across your Pixel devices on an ongoing basis. Today’s Pixel Drop brings AI-powered helpfulness expansions, camera improvements, new safety features and more to Pixel phones, tablets and watches. In addition to the features below, Android 15
Source: World Trade Organization
Ladies and Gentlemen,
It is an honour to be here with you today.
Thank you to Edwin for the invitation and for our ongoing partnership.
The topic that you have chosen today, that of aligning CO2 measurement, represent one of the most important keys to the future of globalisation and the world trading system. You may think that I am grossly exaggerating my point but I am not. Let me tell you why.
Ladies and Gentleman, about 30% of steel products are traded internationally so you would know it first hand: globalisation and the World Trading System, as proxied by World Trade dynamics, have proved impressively resilient over recent years.
We went through two major global macro-economic crises: the 2008 financial crisis and the 2020 pandemic. With very different root causes, both had a major recessive impact on world trade and stirred some protectionist tensions. Yet trade bounced back each time and globalisation has continued its expansion. While there is a debate about the dynamic of trade in goods, which has seemed to slow down during the last decade, there is no such debate about trade in services, including of course services to industry, which has been continuously expanding, growing about 15-fold between 1990 and 2019. For the foreseeable future we anticipate a steady growth of world trade, “Steady not Stellar”, as the Chief Economist of the Allianz Group nicely sums it up, around 2.7% in 2024 and 3% in 2025.
Yet globalisation also faces some significant pitfalls, which have a potential to rock the world trading system: geopolitical tensions, strategic industrial autonomy, and climate and sustainability policies are the names of these challenges.
We see that geopolitical tensions, and the rise of national security concerns in international trade, represent a growing threat and a source of increased trade costs, especially for transport and logistics. Related to that, but also responding to more classical competitiveness concerns, we see that industrial policies and policies of strategic autonomy are generating other types of tensions: for instance, the discussions around supply chain resilience, overcapacity, and subsidies and trade defence that the steel sector is historically very familiar with. Please do not get me wrong here: I am not being judgmental or discussing the political legitimacy of these trends, I am just stating facts which have an influence on trade flows.
The third challenge to globalisation comes from sustainability and climate policies that countries are implementing in the framework of implementation of the Paris Agreement and other environmental agreements. In the fight against climate change, some countries mobilize carbon pricing strategies, others resort to subsidies or regulations, and several of them combine a mix of all these instruments.
These policies are not only needed and welcome but must be intensified and accelerated. Yet, countries could do globally a better job in trying to coordinate them and minimize negative trade spill-overs to others. Some developing and LDC Members have raised concerns about the rise of unilateral environmental measures, which can exclude their exporters from value chains, and called for technology transfers to meet these increasing stringent climate measures.
The Members of the WTO have started to recognize these challenges and several of them are calling for renewed discussions about climate-related trade policies. The key concept that some of them put forward is “interoperability”. How to make different policies interoperable so as to minimize their adverse impact on trade flows and foster the investments in decarbonization of the value chains.
This is where the challenge on carbon emission measurement emerges as a central task.
Because to meet the objectives of the Paris Agreement, whatever the mix of instrument countries choose, they will need to measure their impact in terms of emissions reduction. And of course, this brings to the fore a very thorny issue of equivalence among the different regimes. At the WTO Secretariat we have been advocating for a Global Carbon Pricing approach. On these grounds we convened an interagency task force, along with UNCTAD, UNFCCC, OECDE, IMF and World Bank on this topic and we are coming this week with a first report which aims at reviewing the interactions between all these policies.
Also, because even if they choose the same policy instruments, say, for instance, a carbon tax, they will need to compare the tax bases used to establish equivalence and avoid double taxation. This will involve alignment of carbon measurement standards and emissions calculation methodologies.
Of course, the same is true for businesses themselves, which are confronted to multiple reporting and regulatory requirements. This is true especially in heavy industry sectors like steel, which are facing mounting pressures from governments, shareholders, and consumers. According to McKinsey, “global demand for low-CO2 steel is expected to grow tenfold over the next decade from approximately 15 million metric tons in 2021 to more than 200 million metric tons by 2030”. The LEADIT Green Steel Tracker is following more than 60 active green steel projects around the world.
Here is the heart of the challenge that we face: if we can align carbon measurements, we will be able to reasonably guarantee the integrity of the world trading system; if we can’t we are entering dire straits. Not only for trade, but also for climate and sustainability. Because a fragmentation of world trade would immediately lead to inefficiencies and losses of specialisation benefits and economies of scale which would in their turn weaken the struggle against climate change.
As our economies become greener, and market access increasingly depends on sustainability criteria, the measurement of environmental performance will become the gateway to globalisation.
So where do we start? One problem is that there is not really one single place where this question is being globally discussed. Another one is that businesses, not governments, are the one who finally can and must do the measurement and the investments needed for decarbonization.
This is the reason why we, WTO Secretariat, have embarked in a dialogue with you, in businesses, as well as international standards organisations, professional associations, customers and NGOs.
The WTO is uniquely positioned to help address these coordination and cooperation challenges. We are not a standards-setting body, but we are a forum where nations can come together to discuss how to make their policies fit for purpose and avoid trade frictions. By ensuring transparency, facilitating dialogue, and fostering cooperation on issues like carbon pricing, green subsidies, or emissions measurement standards, we can help create a global trading environment that supports decarbonization
The WTO Secretariat dialogue with the steel sector and Worldsteel on CO2 measurement is driven by the will to demonstrate in concrete terms that global trade can be an enabler of the green transition.
The work on “Steel Standards Principles,” which was launched at last year’s COP in Dubai, is the best example of collaboration in this direction. These principles aim to align the way emissions are measured in the steel sector. From our dialogue and the impressive work that World Steel has achieved over this year, I believe there is a path to deliver meaningful outcomes for COP29 in Baku.
If we can get this right, it will show that steel industry decarbonization and trade can work hand in hand for a greener and more prosperous future. By working together — governments, industries, associations, and international organizations — we can ensure that trade accelerates decarbonization.
This is absolutely pioneering work. This is absolutely central to the future of globalisation. Other sectors are watching. WTO Members are watching. Do give them some surprises in Baku!
Thank you for your kind attention.
Source: WTO
Headline: WTO 2024 SPS Transparency Champions Course concludes in Geneva
Participants were trained on the importance of transparency in the SPS Agreement, with particular attention to notifications of health and safety regulations. They also gained hands-on experience of the ePing SPS&TBT Platform designed to facilitate this process.
The course’s programme included sessions dedicated to supporting participants in developing action plans to improve SPS transparency frameworks in their respective governments. Participants further benefited from the expert guidance and contributions of SPS practitioners from Brazil and Uganda, and from various organizations, including Codex Alimentarius, the World Organisation for Animal Health (WOAH), the International Plant Protection Convention (IPPC), and the Advisory Centre on WTO Law (ACWL).
In his remarks at the opening session of the course, Edwini Kessie, Director of the WTO Agriculture and Commodities Division, underscored the critical role of transparency in international trade.
“Non-tariff measures like SPS regulations are a double-edged sword. While they play a vital role in safeguarding public health and safety, they can sometimes be misused as disguised restrictions to trade. Therefore, being ‘transparent’ about these measures is critical to facilitating trade, and ensuring a stable, predictable business environment, which, in turn, encourages investment,” said Edwini Kessie. He further emphasised the significance of tools like ePing in streamlining notifications and fostering coordination on SPS regulations.
Upon completion of the course, Sakshee Pipliyal, from India’s Food Safety and Standards Authority, highlighted the engaging format of the course, which combined theoretical insights with real-world examples: “The course offered an in-depth exploration of the SPS Agreement and its transparency provisions, significantly enhancing my understanding of both the legal framework and practical implementation.”
For Sonam Dorji N, from Bhutan’s Ministry of Health, the training was an eye-opener: “The course expanded my capability to understand how to manage SPS related issues and communicate effectively with the traders and private industries, which is important for exporting agricultural products.”
Jabulani Njabulo Mkhonta, from Eswatini’s Ministry of Agriculture, stressed the broader economic benefits of SPS transparency among his key takeaways: “Being transparent on SPS measures benefits the country by boosting participation in global trade.” He also noted that the interactive and practical aspects of the programme were particularly enriching, allowing participants to network and share experiences across diverse sectors.
After the training programme, participants are expected to implement the action plans developed during the course to strengthen transparency in their SPS frameworks. A follow-up session, scheduled for 2025, will provide them with the opportunity to report on their progress and share lessons learned.
The WTO members and observers represented at the training course included: Angola, Bangladesh, Barbados, Bhutan, Cabo Verde, Cambodia, Eswatini, Honduras, India, Indonesia, Kyrgyz Republic, Madagascar, Malaysia, Maldives, Morocco, Myanmar, Namibia, Nepal, Nicaragua, Paraguay, Russian Federation, Chinese Taipei, Thailand, Türkiye, and Zambia.
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Source: Thales Group
Headline: Thales Alenia Space signs a contract with OHB to develop two radar instruments for ESA’s 10th exciting new Earth Explorer Harmony mission
Milan, October 15th, 2024 – Thales Alenia Space, a Joint Venture between Thales (67%) and Leonardo (33%), has signed a contract with OHB to develop the two Earth observation Synthetic Aperture Radar (SAR) instruments to be embarked on the two-satellite Harmony constellation – ESA’s 10th Earth Explorer mission expected to be launched aboard a Vega-C launch vehicle by 2029.
Harmony ©ESA
Thales Alenia Space will lead a diverse European industrial consortium to design, develop and validate the C-Band SAR instruments and will also be responsible of the C-Band digital electronic and antenna tiles to be embarked on both Harmony satellites.
“This contract confirms Thales Alenia Space’s longstanding and recognized experience in manufacturing Earth observation satellites based on radar technology,” said Giampiero Di Paolo, Senior Vice President Observation, Exploration, and Navigation at Thales Alenia Space. “The development of the two radar instruments will allow Thales Alenia Space to make a significant technological and architectural step forward improving the competitiveness of SAR products both in the institutional and commercial Earth observation markets”.
Thales Alenia Space has played a key role as industry during the Harmony preparatory phase, supporting ESA in the definition of a high-performing solution capable of fully meeting the mission scientific objectives, developing in parallel all the relevant SAR enabling technologies.
About the 10th Earth Explorer Harmony mission
Earth Explorer missions form the science and research element of ESA’s Earth Observation FutureEO Programme. By returning critical data to understand the planet and predict what lies in store, the Earth Explorers are fundamental to advance science and, subsequently, to restore environmental balance for a sustainable future. Each of these extraordinary missions carries innovative space technology, demonstrating how new techniques can return an astonishing wealth of scientific findings about our planet.
Together with Sentinel-1, Harmony promises to provide a wealth of unique data on ocean–ice–atmosphere interactions at unprecedented resolution for more insight into upper-ocean heat exchanges, drivers of extreme weather and the long-term impacts of climate change.
The mission will also shed new light on deformation and flow dynamics at the rapidly changing edges of ice sheets for a better understanding of sea-level rise. In addition, Harmony will measure small shifts in the shape of the land caused by earthquakes and volcanic activity, thereby contributing to risk monitoring.
The Harmony mission consists of two bistatic passive Synthetic Aperture Radar (SAR) receive-only satellites, enhanced by a Thermal Infrared (TIR) optical payload, flying in a loose formation with Sentinel-1. Using Sentinel-1 as an illuminator of opportunity and augmenting its observations with a multi-static configuration for direct measurements of surface velocities will make a highly innovative contribution to Earth Observation capabilities.
ABOUT THALES ALENIA SPACE
Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023. Thales Alenia Space has around 8,600 employees in 9 countries, with 16 sites in Europe and a plant in the US.
http://www.thalesaleniaspace.com
THALES ALENIA SPACE – PRESS CONTACTS
Tarik Lahlou
Tel: +33 (0)6 87 95 89 56
tarik.lahlou@thalesaleniaspace.com
Catherine des Arcis
Tel: +33 (0)6 78 64 63 97
catherine.des-arcis@thalesaleniaspace.com
Cinzia Marcanio
Tel.: +39 (0)6 415 126 85
cinzia.marcanio@thalesaleniaspace.com
Source: World Trade Organization
“We need to continue to be constructive and to keep in our sights that we are here to achieve outcomes,” DG Okonjo-Iweala told members, citing positive discussions on several issues under negotiation.
On agriculture, the DG said she was grateful for the positive discussion that took place at the Trade Negotiations Committee meeting on 10 October, which focused on advancing the agriculture negotiations.
The DG said she, the General Council chair — Ambassador Petter Ølberg (Norway) — and the chair of the agriculture negotiations — Ambassador Alparslan Acarsoy (Türkiye) — would be meeting with members shortly in order to respond to some of the questions posed during the meeting and find an agreement on a process for moving the negotiations forward.
“We can’t accept this important negotiation to be stalemated,” the DG said. “It’s been so for two and a half decades … let’s try and take it very seriously and find a way through.”
On fisheries subsidies, the DG welcomed progress on acceptances of the Agreement on Fisheries Subsidies concluded in 2022 and noted that only 25 more acceptances are needed to ensure entry into force of the Agreement, with a number of additional acceptances expected in the days and weeks ahead.
She also underlined that members were “almost there” with regards to a deal on the second part of the Agreement, which aims to address subsidies contributing to overcapacity and overfishing. “There are some issues, not many, and some members who need more work to be done so that we can push towards a conclusion,” she said.
On development, the DG said she was happy that the work has resumed on special and differential treatment proposals at an 11 October meeting of the Committee on Trade and Development. To keep up the momentum and to work towards more concrete results, members should achieve as many results as possible in Geneva rather than waiting for the next Ministerial Conference, she told members.
On dispute settlement reform, the DG noted that reform of the system was a “collective desire of every member in this room,” the importance of which was underlined at recent meetings of the Group of 20 foreign ministers and the UN General Assembly meeting in New York.
She thanked the facilitator and co-coordinators of the reform talks for their efforts. “I hope we can continue to push along the work,” she said. “I know it’s not easy, and it requires a lot of listening, but slow and steady is what we need until we can get to where we want.”
On investment facilitation for development (IFD), DG Okonjo-Iweala noted the continued discussions on the proponents’ request to incorporate the IFD Agreement into the WTO framework. The DG said she welcomed the tone of the exchanges at the General Council meeting and said she detected a “willingness to dialogue” and continue to find a solution among the membership.
Source: Verizon
Headline: Verizon Business State of Small Business Survey finds a surge in SMBs using AI
NEW YORK – Verizon Business today announced the findings of its fifth annual State of Small Business Survey, conducted by Morning Consult. Despite soaring concerns about their business’ financial security and personal job security, the survey found that small to midsize businesses (SMBs) across the country are investing in technology more now than the past three years, both foundational and emerging. The survey data is based on responses from 621 SMBs.
“Small business owners are getting the hang of AI, discovering how it can automate time-consuming tasks and enabling them to focus more on their core business operations,” said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, Verizon Business. “Despite economic and financial concerns, they’re still investing in faster internet, AI tools and social commerce because they understand how these technologies are crucial for their success. That is where Verizon Business plays a large role, as we are invested in the SMB community and are the partner of choice as they navigate the ever-changing business and consumer landscape.”
Click here to view the complete survey findings on our website.
Small Business Days are returning from October 14-20, offering nationwide support to business customers with technology tips, tools and offers for their mobile communications, connectivity and security needs. During this time, Verizon Business will provide special in-store deals on the latest technology solutions to help SMBs thrive. The promotions for Small Business Days will include:
A full list of special Small Business Days offers and resources for small business owners can be found here.
Verizon has a goal to support one million small businesses by 2030 with free digital skills training to help them succeed. Verizon Small Business Digital Ready is a free online platform tailored for small business owners. The Digital Ready website includes over 50 courses BY small business owners FOR small business owners, such as AI, marketing, financial planning, and social media management – and some courses are offered in Spanish. The platform also offers coaching and access to incentives, such as grants. Over 360,000 small businesses across the US are using Small Business Digital Ready to help their businesses thrive.
Click here for more information on Verizon’s Small Business solutions.
Source: African Development Bank Group
In the heart of the Rift Valley, near Nakuru, northwest of Nairobi, work on the 105-megawatt Menengai geothermal project is advancing rapidly. The project, which consists of three modular power plants, each with a capacity of 35 megawatts, is set to provide clean, affordable, and sustainable energy to half a million Kenyan households by 2025.
The first plant, built by Nairobi-based Sosian Energy, is already operational. The second, currently under construction by Globeleq, one of Africa’s top independent power producers, is expected to come on stream by the end of 2025. Once the third plant Is added, the Menengai geothermal facility will boast a total installed capacity of 105 megawatts, generating 1,000 gigawatt hours of electricity annually. Beneficiaries of the power will include 70,000 in rural areas, as well as 300,000 small businesses and industries.
Geothermal power harnesses heat from the earth’s crust to convert groundwater into steam, which then drives turbines to generate electricity. The project, which taps into Kenya’s vast geothermal reserves, will help reduce the country’s dependence on fossil fuels and combat climate change.
African Development Bank Group spearheading collaborative support
The Menengai project is backed by a $198.4 million investment from international partners, including the African Development Bank Group, which provided $120 million in financing through its concessional lending window. The Bank Group also mobilized additional funding from partners such as the Strategic Climate Fund, the Eastern and Southern African Trade & Development Bank, and the Finnish Fund for Industrial Cooperation.
Kenya’s state-owned Geothermal Development Company is responsible for exploring and developing geothermal steam resources. Globeleq will develop and operate one of the plants at the Menengai fields. “Globeleq will begin receiving steam as soon as construction is completed,” explains Geothermal Development Company engineer Stephen Onyango.
The electricity generated by the Menengai power plants will be fed into the national grid via the Kenya Electricity Transmission Company and distributed to consumers by the Kenya Power and Lighting Company.
Gobeleq Managing Director Edouard Wenseleers is optimistic about the project’s future. “We are right at the heart of the Menengai Caldera. Once completed, the project will provide reliable and affordable baseload power to Kenya’s national grid,” he said.
The Menengai geothermal project aligns with Kenya’s Vision 2030 development plan and aims to reduce greenhouse gas emissions by 1.95 million tonnes of CO2 annually. It’s also part of Kenya’s broader commitment to renewable energy, with geothermal sources already accounting for 45 percent of the national energy supply.
“The beauty of geothermal energy is that it is abundant in Kenya,” says Mr Wenseleers. “This abundant, clean resource is supporting the economic and social development of one of East Africa’s leading economies.”
The project also brings significant social benefits. Caroline Mpaima, Head of Environment, Social and Governance at Globeleq, shared that the project employs 175 people from the local community. “The power plant not only generates electricity but also creates jobs and develops local skills,” she stated, noting that many local workers are learning skills like welding, which can provide them with new career opportunities.
Additionally, the food consumed by the workforce comes directly from local farms, helping to boost the local economy. “We are providing jobs, boosting the local economy and creating business opportunities for local inhabitants,” Mpaima added.
Source: African Development Bank Group
The African Development Bank Group has appointed Dr Anthony Simpasa, a Zambian economist, as Director of Macroeconomics Policy, Forecasting and Research, effective 1 September 2024.
Simpasa is a thought leader with over two decades of experience in academia, central banking, and international development. He has deep knowledge of Africa’s development and policy landscape, leading teams on complex flagship projects, country operations, and research initiatives.
He joined the African Development Bank Group in 2011 as Principal Research Economist and has held several positions. Most recently, he served as Division Manager of Macroeconomics Policy, Debt Sustainability, and Forecasting since March 2023. From February 2022 through March 2023, he doubled as acting division manager, Macroeconomics Policy, Debt Sustainability and Forecasting, and lead economist for the Nigeria Country Department.
Simpasa has played a pivotal role in producing the annual African Economic Outlook, the Bank’s flagship publication; he was also the founding Manager of Africa’s Macroeconomic Performance and Outlook report, which debuted in 2023.
Before joining the African Development Bank Group, he was Manager of Market Studies in the Financial Markets Department at the Bank of Zambia, where he led efforts to enhance monetary policy implementation. He also served as a lecturer in the Economics Department at the University of Zambia and was a visiting scholar at the International Monetary Fund.
Throughout his career, Simpasa has contributed significantly to policy development. He produced the African Development Bank’s inaugural Country Diagnostic Note and co-led Nigeria’s COVID-19 Crisis Response Budget Support. He currently leads a team of Bank staff and external experts for the flagship “Measuring the Green Wealth of Nations Natural Capital and Economic Productivity in Africa” project.
Simpasa holds a PhD in Economics from the University of Cape Town, South Africa (2010), a Master of Arts in Economics from the University of Botswana (1998), and a Bachelor of Arts degree from the University of Zambia (1996).
Upon his appointment, Simpasa said: “I am greatly honored by President Adesina’s mark of confidence in entrusting me with the responsibility of leading the Bank’s analytical work and policy dialogue, as well as generating knowledge to support its operations. This role will accord me an opportunity to work with colleagues to reposition the Department as the center of intellectual excellence in delivering on the Bank’s knowledge strategy and building its franchise value as an institution and partner of choice for advisory services and policy dialogue in Africa.”
Commenting on the appointment, the President of the African Development Bank Group and chairman of its board of directors, Dr. Akinwumi A. Adesina, said: “I am pleased to appoint Dr Anthony Simpasa as Director, Macroeconomics Policy, Forecasting and Research Department. He is a versatile and passionate applied economist with sound knowledge of Africa’s socio-economic landscape, which he has gained through a career spanning more than 20 years in academia, central banking, international development, and policy research. He will play a critical role in helping to provide strategic vision, delivery and leadership on economic policy and research at the Bank Group, and to inform and shape its work with sound analysis and direction. His vast experience in leading country policy dialogue coupled with the ability to build strong partnerships and networks will be a key asset in enhancing and developing the Bank Group’s knowledge profile, influence and impact.”
Source: African Development Bank Group
Burundi has joined other African countries in commemorating the 60th anniversary of the African Development Bank (AfDB), marking six decades of partnership and unveiling plans for future collaboration with the premier development finance institution.
The celebration, held under the patronage of Burundi’s Minister of Finance, Budget and Economic Planning Audace Niyonzima, brought together representatives of government and civil society, development partners, and academics in the capital, Bujumbura.
The occasion also marked the presentation of the Bank’s 2024-2029 Country Strategy Paper for Burundi, which aims to support the country’s efforts towards a more inclusive and sustainable future, aligning with its National Development Plan 2018-2027.
Six decades of fruitful cooperation
Since joining the AfDB in 1968, Burundi has benefited from 173 projects financed by the Bank, totaling $1.52 billion in critical sectors such as energy, transport infrastructure and agriculture.
Pascal Yembiline, head of the Bank’s country office in Burundi, reaffirmed the AfDB’s ongoing commitment to Burundi’s development. “The successes achieved, particularly in infrastructure and access to energy, testify to our commitment to Burundi,” Yembiline stated during the launch ceremony.
Damas Bakuranimana, Permanent Secretary at Burundi’s Ministry of Finance, commended the Bank’s ongoing support, highlighting the progress made in strategic sectors such as energy and agriculture. “We hope that this cooperation will continue and will help to accomplish our vision for Burundi as an emerging country by 2040 and a developed country by 2060,” he said.
The two-day celebration included a conference debate at the University of Burundi, featuring representatives of the Bank, UNDP, IMF and the World Bank, as well as academics and students from the Faculty of Economics and Management. Discussions focused on the role of international financial institutions in Africa’s development, particularly in Burundi.
An open-day event for Burundian civil society organizations (CSOs) showcased the Bank’s policies and partnership opportunities. Bernard Ndiho, representing Burundi’s Youth Association for Peace through Development, praised the Bank’s efforts to engage with local CSOs.
Participants visited the East African Nutrition Sciences Institute – an important project that illustrates the Bank’s commitment to health and nutrition in Burundi
Source: Samsung
Samsung Electronics Latin America (SELA) has today announced the expansion of its regional Newsroom to include news and updates from Paraguay and Uruguay, extending its reach to an even wider audience across Latin America. Starting this month, these two strategic markets join a regional network that already serves Central America, the Caribbean, Ecuador and Venezuela.
The inclusion of Paraguay and Uruguay expands the global Samsung Newsroom network to cover a total of 60 regions around the world.
Samsung Newsroom has established itself as a leading source of information on Samsung for media outlets, business partners, tech enthusiasts and product users across Latin America. The online platform offers in-depth access to product launches, technological innovations and key events shaping Samsung’s agenda in Paraguay, Uruguay and other Latin American markets. In addition to the latest updates on mobile devices, smart appliances and business solutions, Samsung Newsroom highlights the company’s sustainability efforts and social responsibility initiatives throughout the region.
“We are thrilled to welcome Paraguay and Uruguay to our news platform,” said Larissa Espinal, Head of Corporate Marketing Group at Samsung Electronics Latin America. “This expansion will allow us to further strengthen our connection with local audiences and share information on how Samsung transforms lives through innovation and technology.”
Visit the Samsung Electronics Latin America Newsroom to discover the latest in Samsung technology from Paraguay, Uruguay and the broader Latin American region.
Source: Google
AI is quickly transforming our world, introducing new opportunities and challenges across almost every industry. To ensure a future where everyone benefits from this powerful technology, we must work collectively to equip the next generation with the knowledge and skills needed to navigate it.
Europe Code Week has been promoting digital literacy and sparking interest in technology among young people since 2014. In 2021 alone, over 4 million people from 80+ countries participated and nearly half of them were young women, highlighting the importance of fostering an inclusive environment within the tech industry.
2024’s upcoming Europe Code Week will continue this very important work, encouraging creativity and problem-solving through coding and computer science. Taking place from 14th to 27th October, this fun and engaging introduction to the digital world aims to help young people make sense of the rapidly changing world and explore new ideas.
Google has proudly participated in Europe Code Week since 2015, actively supporting initiatives that cultivate digital literacy and promote diversity in tech. This year is no different and we are delighted to collaborate with Women Techmakers, a program championing female talent in the tech sector.
In alignment with our broader commitment to supporting organizations that empower future generations, Google.org recently supported the Raspberry Pi Foundation with $10 million in funding to expand access to Experience AI to educators and young people across Europe, Middle East and Africa. This innovative program, co-developed with Google DeepMind, provides teachers with the training and resources needed to both educate and inspire young people aged 11-14 about AI and the role it could play in their lives.
Women Techmakers, through its dedicated network of volunteer ambassadors, aims to significantly amplify program awareness and expand reach across Europe, Middle East and Africa. These passionate advocates for diversity and inclusion will spearhead Experience AI workshops and training sessions, inspiring young girls and fostering a love for technology.
Through collaborations like Europe Code Week and Women Techmakers, we can inspire future generations of tech leaders and build a more inclusive industry for all.
We invite you to explore upcoming Experience AI Events organized by our Women Techmakers ambassadors for Europe Code Week 2024.
Source: African Development Bank Group
The African Development Bank and Absa Group, one of Africa’s leading financial services providers, today celebrated a landmark agreement to mark the execution of a transformative financial package aimed at increasing funding for underserved segments, across South Africa and the continent.
Source: Huawei
Headline: Huawei Launches Intelligent Stadium Solution to Facilitate Intelligent Upgrade
[Dubai, UAE, October 15, 2024] During GITEX Global 2024, Huawei unveiled its Intelligent Stadium Solution at a forum themed AI Enables Smart Building Upgrade. The solution is intended for facilitating digital and intelligent transformation of stadium campuses. At the forum, Huawei discussed with business elites, industry experts, and leading partners how to seize tremendous opportunities that AI brings and use digital and intelligent technologies to lead industry development.
Liu Chao, CEO of Huawei’s Manufacturing and Large Enterprises BU, delivered a speech at the forum. He said that Huawei aims to become the preferred partner for digital and intelligent transformation in the Middle East’s real estate industry by advancing technologies, leveraging experience, and developing the industry ecosystem. “Looking toward the future, Huawei will continue to integrate smart technology into industries by acting as a bridge and an amplifier. We are committed to expanding our industry knowledge and delivering better services to global customers and partners. Eventually, we will bring intelligence to the Middle East and the world,” said Mr. Liu.
Liu Chao, CEO of Huawei’s Manufacturing and Large Enterprises BU
Eric Li, President of Huawei’s Product Portfolio Marketing Solution Sales Dept, mentioned in his speech that the building industry’s digital journey has just begun, but it holds enormous potential for the future. He also emphasized that AI will bring buildings and campuses into an era of intelligence, transforming the management and operational models of an intelligent campus. “Huawei advocates using ICTs to redefine the campus. We have been leveraging the advantages of our product portfolios to redefine campus connectivity, platform, and business, helping global customers build digital and intelligent campuses,” said Eric Li.
Eric Li, President of Huawei’s Product Portfolio Marketing Solution Sales Dept
Viga Liu, Director of Huawei’s Intelligent Campus Marketing & Solution Sales Dept, delivered a keynote speech at the forum. He believes that AI is enabling buildings and campuses to go digital, intelligent, green, and low-carbon at a faster pace. According to Viga Liu, Huawei has developed pioneering solutions such as Campus Service Network and Campus Digital Platform. “We have collaborated with our partners to assist over 1000 customers worldwide in building 10 Gbps, digital, and green intelligent campuses, including office campuses, stadium campuses, and commercial complexes.”
Ahmad Bana, the Center of Excellence Manager at Waseef, an asset management company from Qatar, shared Waseef’s experience with digital and intelligent transformation of networks in employee apartments. Huawei’s Intelligent Campus Solution adopts a flat optical fiber architecture, which allows Waseef to save 80% of IT equipment room footprint and cabling space, as well as achieve more intelligent network O&M and more flexible bandwidth upgrades. Moreover, this architecture contributes to a green network that is future-proof for 30 years, provision of additional services, asset appreciation, and project success.
OODA World, a global software vendor headquartered in France, specializes in delivering innovative software solutions for different industries. Méliné EOLMEZIAN-SOULIE, Vice President of Public Safety and Strategic Partner Ecosystem, highlighted that OODA’s Physical Security Information Management (PSIM) platform utilizes distinctive 3D native and real-time data visualization and command & control technologies to implement real-time situation awareness, automatic workflows, and centralized incident management. She said OODA will collaborate with Huawei to build campuses that are more intelligent.
Techno Q, a system integrator from Qatar, participated in the forum. Saad Afzal, the Head of Solutions Architecture at Techno Q, stated in his speech that smart building solutions, based on data convergence and system integration, can unlock the value of data and provide targeted use cases for areas such as energy efficiency management, predictive maintenance, asset management, operational efficiency, and subscription-based value-added services. This can provide customers with enhanced user experience, reduce security risks, and improve management efficiency.
Neuxnet, headquartered in Singapore, is dedicated to helping customers go digital and intelligent. According to Eric Yang, the Vice President of Product and Marketing at Neuxnet, stadiums are evolving toward being diversified, integrated, and intelligent, providing spectators with a spectacular experience before, during, and after sports events through various new technologies and applications. “By offering functions such as smart parking, navigation, ticketing services, and one-stop customer services, Neuxnet provides efficient management tools for stadium operators, and helps them create dynamic, technologically advanced, and sustainable sports stadiums,” said Eric Yang.
Official release of the Intelligent Stadium Solution
At the end of the forum, Huawei officially released its Intelligent Stadium Solution. Looking ahead, Huawei will continue to work with partners to help customers implement top-notch security assurance, operations management, communications assurance, spectating experience, and service experience, as well as innovate in management and service models, delivering brand-new sports stadium experiences in the digital and intelligent era.
Source: Huawei
Headline: Huawei Launches Intelligent Stadium Solution to Facilitate Intelligent Upgrade
Oct 15, 2024
[Dubai, UAE, October 15, 2024] During GITEX Global 2024, Huawei unveiled its Intelligent Stadium Solution at a forum themed AI Enables Smart Building Upgrade. The solution is intended for facilitating digital and intelligent transformation of stadium campuses. At the forum, Huawei discussed with business elites, industry experts, and leading partners how to seize tremendous opportunities that AI brings and use digital and intelligent technologies to lead industry development.
Liu Chao, CEO of Huawei’s Manufacturing and Large Enterprises BU, delivered a speech at the forum. He said that Huawei aims to become the preferred partner for digital and intelligent transformation in the Middle East’s real estate industry by advancing technologies, leveraging experience, and developing the industry ecosystem. “Looking toward the future, Huawei will continue to integrate smart technology into industries by acting as a bridge and an amplifier. We are committed to expanding our industry knowledge and delivering better services to global customers and partners. Eventually, we will bring intelligence to the Middle East and the world,” said Mr. Liu.
Liu Chao, CEO of Huawei’s Manufacturing and Large Enterprises BU
Eric Li, President of Huawei’s Product Portfolio Marketing Solution Sales Dept, mentioned in his speech that the building industry’s digital journey has just begun, but it holds enormous potential for the future. He also emphasized that AI will bring buildings and campuses into an era of intelligence, transforming the management and operational models of an intelligent campus. “Huawei advocates using ICTs to redefine the campus. We have been leveraging the advantages of our product portfolios to redefine campus connectivity, platform, and business, helping global customers build digital and intelligent campuses,” said Eric Li.
Eric Li, President of Huawei’s Product Portfolio Marketing Solution Sales Dept
Viga Liu, Director of Huawei’s Intelligent Campus Marketing & Solution Sales Dept, delivered a keynote speech at the forum. He believes that AI is enabling buildings and campuses to go digital, intelligent, green, and low-carbon at a faster pace. According to Viga Liu, Huawei has developed pioneering solutions such as Campus Service Network and Campus Digital Platform. “We have collaborated with our partners to assist over 1000 customers worldwide in building 10 Gbps, digital, and green intelligent campuses, including office campuses, stadium campuses, and commercial complexes.”
Ahmad Bana, the Center of Excellence Manager at Waseef, an asset management company from Qatar, shared Waseef’s experience with digital and intelligent transformation of networks in employee apartments. Huawei’s Intelligent Campus Solution adopts a flat optical fiber architecture, which allows Waseef to save 80% of IT equipment room footprint and cabling space, as well as achieve more intelligent network O&M and more flexible bandwidth upgrades. Moreover, this architecture contributes to a green network that is future-proof for 30 years, provision of additional services, asset appreciation, and project success.
OODA World, a global software vendor headquartered in France, specializes in delivering innovative software solutions for different industries. Méliné EOLMEZIAN-SOULIE, Vice President of Public Safety and Strategic Partner Ecosystem, highlighted that OODA’s Physical Security Information Management (PSIM) platform utilizes distinctive 3D native and real-time data visualization and command & control technologies to implement real-time situation awareness, automatic workflows, and centralized incident management. She said OODA will collaborate with Huawei to build campuses that are more intelligent.
Techno Q, a system integrator from Qatar, participated in the forum. Saad Afzal, the Head of Solutions Architecture at Techno Q, stated in his speech that smart building solutions, based on data convergence and system integration, can unlock the value of data and provide targeted use cases for areas such as energy efficiency management, predictive maintenance, asset management, operational efficiency, and subscription-based value-added services. This can provide customers with enhanced user experience, reduce security risks, and improve management efficiency.
Neuxnet, headquartered in Singapore, is dedicated to helping customers go digital and intelligent. According to Eric Yang, the Vice President of Product and Marketing at Neuxnet, stadiums are evolving toward being diversified, integrated, and intelligent, providing spectators with a spectacular experience before, during, and after sports events through various new technologies and applications. “By offering functions such as smart parking, navigation, ticketing services, and one-stop customer services, Neuxnet provides efficient management tools for stadium operators, and helps them create dynamic, technologically advanced, and sustainable sports stadiums,” said Eric Yang.
Official release of the Intelligent Stadium Solution
At the end of the forum, Huawei officially released its Intelligent Stadium Solution. Looking ahead, Huawei will continue to work with partners to help customers implement top-notch security assurance, operations management, communications assurance, spectating experience, and service experience, as well as innovate in management and service models, delivering brand-new sports stadium experiences in the digital and intelligent era.
Source: Reserve Bank of India
|
The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to National Urban Co-operative Bank Ltd., Pratapgarh vide Directive CO.DOS.SED.No.S369/45-11-001/2024-25 dated April 15, 2024, for a period of six months up to the close of business on October 15, 2024.The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond the close of business on October 15, 2024. 2. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on October 15, 2024 to the close of business on January 15, 2025, subject to review. 3. All other terms and conditions of the Directive under reference shall remain unchanged. (Puneet Pancholy) Press Release: 2024-2025/1300 |
Source: Bank for International Settlements
This year is particularly momentous as we commemorate four decades of takaful since the enactment of the Takaful Act 1984. From a modest beginning, the size of takaful contribution has expanded nearly three times compared to a decade ago. Players have become more diverse and products have expanded to address different needs of households and businesses. The industry has also demonstrated resilience against challenging economic and financial conditions, while continuing to scale up and improving efficiency in delivering financial protection. This progress is imperative to respond to the higher expectations that stakeholders have on the industry to better serve the protection needs of society. Ahead of us, challenges remain significant – climate risk, ageing nation, cost of living pressures, advancement of technologies – all of which requires the industry to continue to innovate and be responsive to these needs. The adoption of VBIT principles is crucial to better align and guide the industry’s efforts to catalyse growth while contributing meaningfully to society.
Distinguished guests, ladies and gentlemen,
I am certainly pleased to be here, to see progress in the Value-Based Intermediation Takaful (VBIT) journey that began five years ago in 2019. I am delighted to be part of this important occasion and witness the collective commitment by industry players to foster a more ethical and impactful approach to takaful.
As today’s conference is focused on Shariah values and measurements, I would like to highlight three imperatives that should guide industry’s efforts to implement the VBIT framework:
Ladies and gentlemen,
We acknowledge the ongoing exemplary efforts by takaful operators to improve financial well-being and inclusion. For example, expansion in the range of microtakaful products catering to the underprivileged segments, has been flourishing in the recent years. In 2023, these affordable and accessible protections have provided coverage to almost 970,000 individuals.
We are also pleased to observe developments within the industry that support Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026 vision to mainstream social finance, which now has use cases in the takaful sector. Before this, it is predominantly use cases in the banking sector. The innovative offerings of social blended takaful products enables a confluence of private and social funds where participants have the option to use their takaful benefits to contribute towards creation of a sustainable community.1
We hope to see more synergistic collaborations where philanthropic capital blends with commercial funding to develop impactful protection solutions. These efforts would ensure continuous protection for vulnerable segments, including micro-entrepreneurs, gig workers, and the ageing population.
Limited access to insurance and takaful for climate adaptation and resilience poses a significant challenge for Malaysian businesses, particularly SMEs. This limitation hinders their ability to effectively manage flood risks-Malaysia’s most frequent natural disaster- and slows recovery efforts, as insurance payouts are a crucial source of funding. Furthermore, common obstacles such as lengthy payout processes, inadequate product offerings, and insufficient coverage exacerbate the problem.2
At our end, Bank Negara Malaysia remains committed to providing an enabling environment for the industry to test and introduce innovations. Industry players are urged to embrace the aspirations of the recently issued Exposure Draft on Broader Application of Ta`awun in Takaful. This provides a facilitative framework for industry players to explore new takaful models in promoting social cohesion and wealth distribution. For areas that may require regulatory flexibility, we welcome interest in tapping the Financial Technology Regulatory Sandbox. This allows innovations to be piloted and refined, thus accelerating the integration of VBIT in product solutioning. You may be interested to note that the Sandbox now incorporates a Green Lane. This accelerated track offers a simpler and quicker path for financial institutions with a strong track record in risk management to test innovative solutions that are facing regulatory impediments.
For industry players aspiring to drive greater market competition via digitalisation, the formal application window to carry digital takaful business will be open on 2 January 2025 until 31 December 2026. We welcome prior consultation for those interested.
Efforts to diversify products and solutions must be paired with improvements in service quality and responsible conduct by market players and their intermediaries. The Customer Satisfaction Survey 2022 for the takaful and insurance industry revealed that while 74% of customers provided positive feedback on their experience, 23% expressed concerns, particularly on inefficiencies in claims processes and poor response from industry players and agents when reached for assistance.3 In Malaysia, the motor, medical and health segments have seen progress on this front through the roll out of digital roadside assistance solutions and the work to establish a central medical claims data platform, respectively. Malaysia’s experience in these two sectors illustrates that there is much to benefit from leveraging on technology.
With technology, not only will the end-to-end experience of consumers – from securing access to takaful cover to the claims and settlement process – be elevated, but digital takaful solutions can go a long way towards increasing consumer trust on the value of takaful protection, enhancing product affordability through better risk pricing and expediting purchasing and claims experiences.
The VBIT value proposition through exemplary industry practice, is best showcased through meaningful disclosure, and this brings me to my next point, our aspirations for the Maqasid Shariah Scorecard (MSS), that will be launched today.
I am encouraged to witness the industry’s efforts in developing the MSS, which I believe supports the Bank’s call for better impact creation through meaningful disclosures. While the scorecard is a measurement tool to demonstrate and validate VBIT based on Maqasid al-Shariah, it ultimately seeks to drive positive change in behaviour and measure broader outcomes to the community served by the takaful industry.
Globally, impact-based reporting has grown in importance as more stakeholders demand for greater transparency in assessing performance beyond financial reporting. Impact reporting is most commonly demonstrated in the climate and sustainability space, where such reporting serves to demonstrate how companies and financial institutions support the broader ESG goals and SDG agenda.
So given its pivotal role in the operationalisation of VBIT, it is crucial for the MSS to be well executed with clear alignment to operators’ business plans and operations. The successful implementation of MSS will facilitate ambitions for it to play a larger and deeper role, with the goal of elevating MSS as the benchmark reference for impact reporting, domestically and globally. As the next step, we urge the industry to consider what needs to be done for the MSS to be effectively implemented, commencing with strategies to ensure firm understanding of its objectives and measurement methodology by each industry player.
Ladies and gentlemen,
Before I conclude, may I remind ourselves that in implementing VBIT and MSS, the issues of skills and professionalism must be addressed. It is, therefore, critical for the industry to diligently build up expertise, thereby unlocking the full potential of its contribution towards amplifying social and economic impact. We commend efforts such as the VBIT Training Module launched today and hope that MTA and members continue to exert energy to address talent gaps towards building a highly capable and adaptable workforce.
I trust the industry will maintain the momentum to continue accelerating the development of the takaful and retakaful industry through VBIT. May we all be guided by Surah An- Najm, verses 39 and 40, which mean: “And that man shall have nothing but what he strives for, and that his effort will soon be seen.”
With that, I wish you a successful conference ahead. Thank you.
Source: Bank for International Settlements
The BIS Committee on Payments and Market Infrastructures (CPMI) today published two reports to the G20 that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border payments.
Linking fast payment systems across borders: governance and oversight
Currently, fast payment systems (FPS) are designed and used mainly for domestic retail payments. Interlinking them across different jurisdictions could expand the end user experience of low-cost, fast, easy to access and transparent payments to the cross-border dimension.
Opportunities to foster cross-border FPS interlinking have grown with the proliferation of FPS globally and with trends towards greater interoperability at the technical level. The growing use of application programming interfaces (APIs) and the adoption of the ISO 20022 financial messaging standard have opened up new possibilities to facilitate payment system interlinking.
However, agreeing on workable governance and oversight arrangements is challenging due to the multi-jurisdictional, cross-border and/or cross-currency nature of these arrangements.
Building on an earlier CPMI report that lays out the benefits and challenges of FPS interlinking and the role of APIs,1Linking fast payment systems across borders: governance and oversight discusses design choices and the risk implications of these arrangements, sets out the key decisions for governance and outlines recommendations for their oversight.
Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit
APIs are increasingly used throughout the global financial system for various payment functions, enhancing the efficiency of payment data exchange. However, API technical standards are currently fragmented, hindering the potential of APIs in cross-border payments and leading to increased time and expenses, as well as higher risks of errors.
Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit presents 10 recommendations directed at a broad array of stakeholders. The recommendations were formulated in collaboration with industry through a CPMI-led panel of experts to promote greater harmonisation of APIs in cross-border payments.
The recommendations do not propose a single universal API standard for cross-border payments, nor do they prescribe specific technologies or standards. Rather, they aim to steer API standards in a more harmonised direction by promoting facilitative processes, adoption of best practice design and international data standards, enhancements to the developer experience, and a focus on pre-validation APIs.
The CPMI will continue its engagement with stakeholders to disseminate the findings of the two reports, facilitate their practical implementation and promote the interlinking of FPS for cross-border payments and harmonisation of APIs.
1 CPMI, Interlinking payment systems and the role of application programming interfaces: a framework for cross-border payments, report to the G20, July 2022.
Source: Apple
Headline: Apple introduces powerful new iPad mini built for Apple Intelligence
October 15, 2024
PRESS RELEASE
Apple introduces powerful new iPad mini built for Apple Intelligence
The ultraportable iPad mini is more capable and versatile than ever with the powerful A17 Pro chip and support for Apple Pencil Pro
CUPERTINO, CALIFORNIA Apple today introduced the new iPad mini, supercharged by the A17 Pro chip and Apple Intelligence, the easy-to-use personal intelligence system that understands personal context to deliver intelligence that is helpful and relevant while protecting user privacy. With a beloved ultraportable design, the new iPad mini is available in four gorgeous finishes, including a new blue and purple, and features the brilliant 8.3-inch Liquid Retina display. A17 Pro delivers a huge performance boost for even the most demanding tasks, with a faster CPU and GPU, a 2x faster Neural Engine than the previous-generation iPad mini,1 and support for Apple Intelligence. The versatility and advanced capabilities of the new iPad mini are taken to a whole new level with support for Apple Pencil Pro, opening up entirely new ways to be even more productive and creative. The 12MP wide back camera supports Smart HDR 4 for natural-looking photos with increased dynamic range, and uses machine learning to detect and scan documents right in the Camera app.
The new iPad mini features all-day battery life and brand-new experiences with iPadOS 18. Starting at just $499 with 128GB — double the storage of the previous generation — the new iPad mini delivers incredible value and the full iPad experience in an ultraportable design. Customers can pre-order the new iPad mini today, with availability beginning Wednesday, October 23.
“There is no other device in the world like iPad mini, beloved for its combination of powerful performance and versatility in our most ultraportable design. iPad mini appeals to a wide range of users and has been built for Apple Intelligence, delivering intelligent new features that are powerful, personal, and private,” said Bob Borchers, Apple’s vice president of Worldwide Product Marketing. “With the powerful A17 Pro chip, faster connectivity, and support for Apple Pencil Pro, the new iPad mini delivers the full iPad experience in our most portable design at an incredible value.”
A17 Pro Unlocks Powerful Performance
The new iPad mini gets a major update with A17 Pro, delivering incredible performance and power efficiency in an ultraportable design. A17 Pro is a powerful chip that unlocks a number of improvements over A15 Bionic in the previous-generation iPad mini. With a 6-core CPU — two performance cores and four efficiency cores — A17 Pro delivers a 30 percent boost in CPU performance.1 A17 Pro also brings a boost in graphics performance with a 5-core GPU, delivering a 25 percent jump over the previous generation.1 A17 Pro brings entirely new experiences — including pro apps used by designers, pilots, doctors, and others — and makes it faster than ever for users to edit photos, dive into more immersive AR applications, and more. The new iPad mini brings true-to-life gaming with hardware-accelerated ray tracing — which is 4x faster than software-based ray tracing — as well as support for Dynamic Caching and hardware-accelerated mesh shading. From creating engaging content faster than ever in Affinity Designer, to playing demanding, graphics-intensive AAA games like Zenless Zone Zero, users can take the powerful performance and ultraportable iPad mini anywhere.
Built for Apple Intelligence
With the power of the A17 Pro chip, the new iPad mini delivers support for Apple Intelligence. Deeply integrated into iPadOS 18, Apple Intelligence harnesses the power of Apple silicon and Apple-built generative models to understand and create language and images, take action across apps, and draw from personal context to simplify and accelerate everyday tasks. Many of the models that power Apple Intelligence run entirely on device, and Private Cloud Compute offers the ability to flex and scale computational capacity between on-device processing and larger, server-based models that run on dedicated Apple silicon servers.
The first set of Apple Intelligence features will be available in U.S. English this month through a free software update with iPadOS 18.1, and available for iPad with A17 Pro or M1 and later. Apple Intelligence delivers experiences that are delightful, intuitive, easy to use, and specially designed to help users do the things that matter most to them:2
Additional Apple Intelligence features will be rolling out over the next several months:
Even Faster Connectivity
With faster wireless and wired connectivity, users can do even more on iPad mini while on the go. The new iPad mini supports Wi-Fi 6E, which delivers up to twice the performance than the previous generation,3 so users can download files, play games online, and stream movies even faster. Wi-Fi + Cellular models with 5G allow users to access their files, communicate with peers, and back up their data in a snap while on the go. Cellular models of the new iPad mini are activated with eSIM, a more secure alternative to a physical SIM card, allowing users to quickly connect and transfer their existing plans digitally, and store multiple cellular plans on a single device. Customers can easily get connected to wireless data plans on the new iPad mini in over 190 countries and regions around the world without needing to get a physical SIM card from a local carrier. The USB-C port is now up to 2x faster than the previous generation, with data transfers up to 10Gbps, so importing large photos and videos is even quicker.
Incredible Camera Experience
Great cameras, along with the incredibly portable form factor of iPad mini, enable powerful mobile workflows. The 12MP wide back camera delivers gorgeous photos, and with Smart HDR 4, they will be even more detailed and vivid. Utilizing the powerful 16-core Neural Engine, the new iPad mini uses artificial intelligence (AI) to automatically identify documents right in the Camera app and can use the new True Tone flash to remove shadows from the document. The 12MP Ultra Wide front-facing camera in portrait orientation, with support for Center Stage, is great for all the ways customers use iPad mini.
Magical Capabilities with Apple Pencil Pro
Apple Pencil Pro unlocks magical capabilities and powerful interactions, turning iPad mini into a sketchbook users can take anywhere. Apple Pencil Pro can sense a user’s squeeze, bringing up a tool palette to quickly switch tools, line weights, and colors, all without interrupting the creative process. A custom haptic engine delivers a light tap that provides confirmation when users squeeze, double-tap, or snap to a Smart Shape for a remarkably intuitive experience. Users can roll Apple Pencil Pro for precise control of the tool they’re using. Rotating the barrel changes the orientation of shaped pen and brush tools, just like pen and paper, and with Apple Pencil hover, users can visualize the exact orientation of a tool before making a mark. Apple Pencil Pro features support for Find My, and pairs, charges, and is stored through a new magnetic interface on the new iPad mini. iPad mini also supports Apple Pencil (USB-C), ideal for note taking, sketching, annotating, journaling, and more, at a great value.
iPadOS 18 Brings Powerful and Intelligent New Features
In addition to the groundbreaking capabilities of Apple Intelligence, iPadOS 18 brings powerful features that enhance the iPad experience, making it more versatile and intelligent than ever. iPadOS also has advanced frameworks like Core ML that make it easy for developers to tap into the Neural Engine to deliver powerful AI features right on device.
Better for the Environment
The new iPad mini is designed with the environment in mind, including 100 percent recycled aluminum in the enclosure, 100 percent recycled rare earth elements in all magnets, and 100 percent recycled gold plating and tin soldering in multiple printed circuit boards. The new iPad mini meets Apple’s high standards for energy efficiency, and is free of mercury, brominated flame retardants, and PVC. The packaging is 100 percent fiber-based, bringing Apple closer to its goal to remove plastic from all packaging by 2025.
Today, Apple is carbon neutral for global corporate operations and, as part of its ambitious Apple 2030 goal, plans to be carbon neutral across its entire carbon footprint by the end of this decade.
Pricing and Availability
About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
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Source: GlobalData
Advancements in robotics continue to transform oil and gas operations, says GlobalData
Posted in Oil & Gas
With the applications of robotics continuously evolving, the oil and gas industry has emerged as a significant adopter of the technology to improve safety and efficiency of operations. Robots equipped with advanced technologies are yielding increasingly positive results, bringing a continued transformation in the operations of oil and gas companies, says GlobalData, a leading data and analytics company,
GlobalData’s thematic report, “Robotics in Oil and Gas,” provides an overview of robotics technology and its applications in the oil and gas industry. It also highlights the role of major oil and gas companies, such as ADNOC, BP, Eni, Equinor, ExxonMobil, Repsol, Rosneft, Shell, and TotalEnergies in the development and adoption of robotics to enhance safety and productivity on the field.
Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Robots are proving invaluable to execute complex tasks at production facilities, thereby protecting workers from hazardous environments and reducing the likelihood of costly shutdowns. As a result, companies such as Equinor, TotalEnergies, and Shell are deploying them to work alongside humans on offshore sites. For instance, robotic automation can manage remote operations, such as those conducted on Equinor’s Oseberg H platform in the North Sea. Their ability to perform repetitive and mundane tasks with minimal errors is saving time and internal resources for companies. Furthermore, it allows them to deploy field technicians on more critical issues.”
Oil and gas operations are labor-intensive and involve numerous repetitive tasks, many of which occur in hazardous environments and face various obstacles. Robotics presents an excellent solution to many challenges within the industry, as they can handle more strenuous tasks and complex procedures more effectively than humans.
Puranik continues: “Robots provide greater reliability and efficiency in completing assigned tasks while also enhancing operational safety. The integration of terrestrial, aerial, and underwater robots is already playing a crucial role in several high-stakes oil and gas projects throughout the value chain. French oil major TotalEnergies, in collaboration with Oceaneering, recently conducted a pilot inspection of subsea pipelines in the North Sea using autonomous underwater vehicles (AUVs).”
Robots can access hard-to-reach areas, carry out tasks beyond human capabilities, and operate continuously without needing breaks. Hence, they are being utilized as effective solutions for conducting inspections in difficult or hazardous environments, thereby avoiding preventing human exposure to such sites. Recently, cleaning of storage tanks is emerging as another prominent use case for robotics with companies, such as Saudi Aramco, Woodside, SK Innovation, and Indian Oil Corp, exploring the potential of robotic crawlers in this application.
Puranik concludes: “Advancements in technology have equipped robots to effectively replace field personnel on oil rigs. Additionally, there is an increase in collaboration between oil and gas companies and technology vendors, enabling the diversification of robotic use cases with the integration of AI, IoT, cloud, and edge computing. These developments are anticipated to drive future growth in robotics within the oil and gas sector, reducing risks to human workers who operate alongside heavy machinery in often remote and challenging environments.”
Source: GlobalData
Goldman Sachs and Houlihan Lokey top M&A financial advisers by value and volume during Q1-Q3 2024, finds GlobalData
Posted in Business Fundamentals
Goldman Sachs and Houlihan Lokey have emerged as the top mergers and acquisitions (M&A) financial advisers by value and volume globally during Q1-Q3 2024, according to the latest Financial Advisers League Table, which ranks financial advisers by the value and volume of M&A deals on which they advised, by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database has revealed that Goldman Sachs achieved its leading position in the deal value rankings by advising on $308.8 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 198 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Goldman Sachs was the top adviser by value during Q1-Q3 2023 and managed to retain its leadership position by this metric during Q1-Q3 2024 as well. It registered 14.2% growth in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023.
“In fact, Goldman Sachs was the only adviser to surpass $300 billion in total deal value during the review period. It is also worth noting that about half of the deals advised by it during Q1-Q3 2024 were billion-dollar deals*. The company advised on 67 billion-dollar deals during Q1-Q3 2024 that also included six mega deals valued more than $10 billion.
“Meanwhile, Houlihan Lokey registered improvement in the total number of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023 and was just shy of hitting the 200 deals volume mark. It went ahead from occupying the second position by volume during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.”
JP Morgan occupied the second position in terms of value by advising on $293.3 billion worth of deals, followed by Morgan Stanley with $243.1 billion, Citi with $191.7 billion, and Evercore with $187.8 billion.
Meanwhile, Rothschild & Co occupied the second position in terms of volume by advising on 163 deals, followed by Goldman Sachs with 139 deals, JP Morgan with 121 deals, and UBS with 119 deals.
*Deals valued more than or equal to $1 billion
Source: GlobalData
Kirkland & Ellis top M&A legal adviser during Q1-Q3 2024, finds GlobalData
Posted in Business Fundamentals
Kirkland & Ellis emerged as the top mergers and acquisitions (M&A) legal adviser by both value and volume globally during Q1-Q3 2024, according to the latest Legal Advisers League Table, which ranks legal advisers by the value and volume of mergers and acquisition (M&A) deals on which they advised, by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database has revealed that Kirkland & Ellis achieved the leading position by advising on 423 deals worth $ 310.5 billion.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Interestingly, Kirkland & Ellis was the top adviser by both volume and value during Q1-Q3 2023 and also managed to retain its leadership position during Q1-Q3 2024 as well. It was the only firm to advise on more than 400 deals during Q1-Q3 2024. Of these, 63 were billion-dollar deals* that also included seven mega deals valued more than $10 billion. Involvement in such big-ticket deals helped it occupy the top position by value as well.
“However, although Kirkland & Ellis outpaced its peers by a significant margin in terms of deal volume, it faced close competition from Skadden, Arps, Slate, Meagher & Flom for the top position by value.”
Skadden, Arps, Slate, Meagher & Flom occupied the second position in terms of value by advising on $301.9 billion worth of deals, followed by Paul, Weiss, Rifkind, Wharton & Garrison with $232.1 billion, Cravath Swaine & Moore with $197.4 billion, and Latham & Watkins with $193.8 billion.
Meanwhile, in terms of volume ranking, Kirkland & Ellis was distantly followed by CMS with 204 deals. White & Case occupied the third position in terms of volume by advising on 182, followed by Latham & Watkins with 176 deals, and Allen & Overy with 135 deals.
*Deals valued more than or equal to $1 billion
Source: Fannie Mae
October 15, 2024 – Single-family home prices increased 5.9 percent from Q3 2023 to Q3 2024, a deceleration compared to the previous quarter’s downwardly revised annual growth rate of 6.4 percent, according to the latest reading of the Fannie Mae (FNMA/OTCQB) Home Price Index (FNM-HPI). The FNM-HPI is a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.3 percent in Q3 2024, down from the revised 1.4 percent growth in Q2 2024. On a non-seasonally adjusted basis, home prices increased by 0.9 percent in Q3 2024.
“Despite decelerating slightly, home price growth remained robust in the third quarter, as the supply of homes for sale, particularly on the existing side, remained weak relative to historical levels,” said Mark Palim, Fannie Mae Senior Vice President and Chief Economist. “Even though mortgage rates fell precipitously in the third quarter, and we saw some improvements to the months’ supply of homes for sale, home purchase activity barely budged – at least on a national basis – which we view as evidence that the market remains significantly constrained by both the ‘lock-in effect’ and affordability generally, but especially elevated home prices. In fact, consumers have told us as much: In September, high home prices supplanted high mortgage rates as the top reason for our survey respondents’ overwhelming pessimism toward homebuying conditions. Overall, the strength of this latest home price reading confirms the ongoing challenges with tight supply; however, the index’s continued deceleration shows that we’re slowly moving toward a better balance between supply and demand.”
The FNM-HPI is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends. The FNM-HPI is publicly available at the national level as a quarterly series with a start date of Q1 1975 and extending to the most recent quarter, Q3 2024. Fannie Mae publishes the FNM-HPI approximately mid-month during the first month of each new quarter.
For more information on the FNM-HPI, including a description of the methodology and the Q3 2024 data file, please visit our Research & Insights page on fanniemae.com.
To receive e-mail updates regarding future FNM-HPI updates and other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.
Fannie Mae’s home price estimates are based on preliminary data available as of the date of index estimation and are subject to change as additional data become available. Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic & Strategic Research (ESR) group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
About the ESR Group
Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets.
Source: GlobalData
Vietnam debit card payments market to surpass $65 billion in 2028, forecasts GlobalData
Posted in Banking
The Vietnamese debit card payments market is forecast to register a compound annual growth rate (CAGR) of 13.7% between 2024 and 2028 to reach VND1,559.6 trillion ($65.6 billion) in 2028, supported by rise in banked and card penetration as well as constant consumer shift towards electronic payments, according to GlobalData, a leading data and analytics company.
GlobalData’s Payment Cards Analytics reveals that card payment value in Vietnam registered a growth of 46.2% in 2022, driven by a rise in consumer spending. The value grew further to register a growth of 18.4% to reach VND804.2 trillion ($33.8 billion) in 2023.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Cash continues to dominate the payment market in Vietnam, but the tide is slowly turning as the government and regulatory authorities introduce initiatives to boost non-cash payments and enhance access to banking services thereby benefiting card payments.”
To drive debit card adoption, the government and commercial banks have taken steps such as launching financial literacy programs and the introduction of remote banking options. Although debit cards are traditionally used for cash withdrawals, they are gradually being embraced for payments—especially low-value transactions. This has been driven by rising consumer awareness, the introduction of contactless debit cards, and the expansion of the country’s POS network.
The availability of basic bank accounts and a focus on financial inclusion have contributed to the strong penetration of debit cards in the country. This is supported by the country’s growing banked population, which rose from 34.9% in 2019 to 58.8% in 2024. Debit cards are generally offered as a complementary product when consumers open a bank account. In line with the government’s financial inclusion initiatives, banks are expanding their services to remote locations.
Debit cards are the preferred card type for payments market in Vietnam, accounting for 66.3% of total card payments value in 2023. Despite high share, their usage remains mostly limited to cash withdrawals with debit cards’ frequency for payments standing at just 4.2 transactions per card as of 2024, with more needs to be done to encourage debit card usage for payments both at merchant and consumer level.
Vietnam and the central bank took steps to promote digital payments in the country. In October 2021, the government approved the Project for the Development of Non-Cash Payments for 2021-25. The project is aimed at achieving various goals by 2025, including boosting the value of non-cash payments, expanding the number of establishments that accept non-cash payments, and raising the proportion of individuals aged 15 and above who hold transaction accounts at banks to 80%.
Sharma concludes: “Vietnam’s payment market is slowly transitioning from a cash-dominated society to one that embraces electronic payments. With the increasing number of digital-only banks, the emergence of payment card technologies, and the development of payment infrastructure, the debit card payment market in Vietnam is set to expand significantly in the coming years. The market is forecast to grow by 16.1% to reach VND934 trillion ($39.3 billion) in 2024.”
Source: Bank of Botswana
The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 23 October 2024. For the 1-month BoBC paper maturing on 13 November 2024, the stop-out yield increased from 2.27 percent to 2.31 percent. The summarised results of the auction held on 15 October 2024, are attached below:
BOBC Results 15 October 2024.pdf
Source: Reserve Bank of India
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The Reserve Bank of India (RBI) has, by an order dated October 04, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Sri Kalahasti Co-operative Town Bank Limited, Andhra Pradesh (the bank) for non-compliance with provisions of Section 31 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act. Based on supervisory findings of non-compliance with statutory provision and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said statutory provision. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty: The bank had failed to submit its accounts and balance-sheet together with the auditor’s report for the financial year 2022-23 to RBI within stipulated period of three months. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank. (Puneet Pancholy) Press Release: 2024-2025/1285 |