BSP tipped to keep rate at 6.25%

BSP tipped to keep rate at 6.25%

BSP tipped to keep rate at 6.25%

MANILA  -The benchmark interest rate of the Bangko Sentral ng Pilipinas (BSP) is expected to remain at 6.25 percent for the fourth policy meeting in a row when the Monetary Board convenes on Sept. 21.

ING Bank, based in The Netherlands, said in a commentary that the BSP will “likely stand pat as inflation pressures flare up.”

The latest monthly readout for headline inflation showed an uptick to 5.3 percent after six months of easing from 8.7 percent in January to 4.7 percent in July.

Goldman Sachs also expects the same, noting that despite the faster growth of prices last month, the BSP continues to expect inflation to ease back into its target band of 2 percent to 4 percent by October.

The American group also noted the BSP’s own caveat that this expectation is based on the premise that there will be no further supply shocks.

“While inflation risks remain skewed to the upside due to higher global food and energy prices, recent comments by the governor suggest another hike is not necessary at this time, although easing is not yet justified either,” Goldman Sachs said.

According to Robert Dan Roces, chief economist at Security Bank Corp., the BSP will consider inflation, economic growth, and external factors in making its decision.

“(T)he recent uptick in the August inflation alone is unlikely to prompt the BSP to resume tightening, recognizing the supply-side nature of the uptick and the fact that there would only be so much that monetary policy can do in such a situation, which requires fiscal complement,” Roces said.

“Looking ahead, inflation should still moderate in the coming months, but the BSP is unlikely to start easing policy until the middle of 2024, after the US Federal Reserve does so, he added.

Meanwhile, Pantheon Macroeconomics in the United Kingdom expects the BSP to start reducing the policy rate by 0.25 percentage point to 6 percent as early as November.

Pantheon Macroeconomics also expects another such rate cut in December to end the year at 5.75 percent.

During the Marcos administration’s economic team’s visit to Qatar on Sept. 10, BSP Deputy Governor Francisco Dakila Jr. said the central bank remained ready to secure the inflation target.

Dakila said the average inflation for 2023 is projected to settle at 5.6 percent, 3.3 percent in 2024 and 3.4 percent in 2025.

Dragon Court Reopens in Celebration of Manila Prince Hotel’s Anniversary Month

Dragon Court Reopens in Celebration of Manila Prince Hotel’s Anniversary Month

Manila Prince Hotel is excited to announce the reopening of its esteemed Chinese restaurant, Dragon Court. Located at the lobby level, Dragon Court’s reopening is part of the hotel’s month-long anniversary celebration. It is set to welcome guests to an unforgettable dining experience starting September 27, 2023.

Abundance of Flavors

Dragon Court’s food and beverage team underwent extensive preparation to ensure the restaurant maintains its signature taste while introducing new items to cater to the most discerning palates. Guests can expect a wide array of dishes that showcase Chinese cuisine. From delicate dim sum to flavorful specialties, every plate at Dragon Court is crafted with precision and passion.

The menu includes timeless favorites such as Shrimp Dumpling, Roasted Pork Barbecue, White Chicken with Ginger and Leeks, Eight Treasure Diced Winter Melon Soup, Honey Beef in Pepper Sauce, Lapu-Lapu Fillet in Soy Sauce, and baked Mango Tapioca Pudding.

Mid-Autumn Festival Set Menu Packages

In addition to the a la carte offerings, Dragon Court introduces Mid-Autumn Festival Set Menu packages, which include dice game paraphernalia and special prizes. These packages add fun and excitement to one’s group dining experience while celebrating the Mid-Autumn Festival.

Manila Prince Hotel’s director of sales and marketing, Marvin Kim Tan, expressed his enthusiasm about the reopening of Dragon Court. “We are delighted to reintroduce Dragon Court to our guests to celebrate Manila Prince Hotel’s anniversary. We are confident that Dragon Court will be another reason our loyal guests will keep returning to our hotel and attract new clientele.”

Starting September 27, 2023, Dragon Court will be open daily for lunch from 11 a.m. to 3 p.m. and dinner from 6 p.m. to 10 p.m. Call (+632) 5328 2222 or email fn*@**********ce.com for inquiries and reservations.

About Manila Prince

Manila Prince Hotel, a subsidiary of The Manila Hotel, is situated in the heart of Manila’s business district. It is close to the city’s top tourist spots and main transportation hubs. With its 300 well-appointed rooms, ten function rooms and ballrooms, an elegant lobby with 24-hour reception, a business center, a swimming pool, and gym access,

Manila Prince Hotel offers value for money and stylish comfort. Along with excellent service and luxurious hospitality, the hotel has two (2) exciting dining outlets: Marcelino Street Café, the all-day dining restaurant, and Dragon Court, the Chinese restaurant. The hotel is attached to UN Square Mall for convenient shopping and dining. These and more make Manila Prince Hotel a top choice for leisure and business travelers.

Trambellir, the go-to for Wellness Holidays is now Listed on ChatGPT Plugin Store

Trambellir, the go-to for Wellness Holidays is now Listed on ChatGPT Plugin Store

Trambellir, the go-to for Wellness Holidays is now Listed on ChatGPT Plugin Store

On 6th September 2023, Trambellir achieved a significant milestone by being listed on the ChatGPT Plugin Store. Trambellir, a Malaysian based medical/wellness tourism booking platform, led by a Japanese CEO, Mr So Iizuka, has now proved that this integration opens up a world of possibilities for users, making it easier than ever to access Trambellir’s expertise and embark on transformative wellness journeys.

Here’s how so:

1. Seamless Access: 

With Trambellir available on the ChatGPT Plugin Store, you can easily access wellness holiday suggestions and information while using the Plugin Store. It streamlines the process of planning your next wellness getaway.

2. Personalised Recommendations: 

ChatGPT, with the assistance of Trambellir’s expertise, can provide personalised recommendations based on your preferences and requirements. This ensures that you receive tailored suggestions for your ideal wellness holiday.

3. Instant Information: 

ChatGPT can instantly provide information about various wellness destinations, retreats, and experiences, helping you make informed decisions.

4. Booking Assistance: 

With the integration, you can also receive assistance with booking your wellness holiday directly through ChatGPT, making the planning process even more convenient.CEO Mr.SO IIZUKA

Trambellir isn’t just another online travel marketplace; it’s a dedicated platform that places wellness at the forefront of travel experiences. The platform offers an extensive selection of wellness holidays, retreats, and programs across picturesque destinations worldwide. Whether you’re looking for relaxation, rejuvenation, or a profound transformation, Trambellir offers meticulously curated options tailored to their specific needs. Here are some of the key attributes that set Trambellir apart:

1. Wellness-Centric Approach: 

Trambellir places wellness at the heart of its offerings. It collaborates with carefully selected partners to provide wellness programs that include spa treatments, yoga retreats, detox programs, and more.

2. Personalised Experiences: 

Trambellir understands that every traveller is unique. They offer personalised consultation services to help you find the perfect wellness holiday tailored to your specific needs and goals.

3. Global Reach: 

With an extensive network of partners and destinations worldwide, Trambellir enables you to explore wellness opportunities in exotic locations, from tropical islands to serene mountain retreats.

4. Expertise: 

The platform is backed by a team of experts in the field of wellness, ensuring that the holidays and experiences listed are of the highest quality and aligned with your wellness objectives.

Conclusion

In a world that often moves at a relentless pace, prioritising wellness and self-care has never been more crucial. Trambellir’s dedication to offering transformative wellness holidays aligns perfectly with this ethos. Together, Trambellir and ChatGPT are making wellness travel more accessible, personalised, and fulfilling than ever before. Whether you’re a wellness enthusiast or simply looking for a way to escape and unwind, Trambellir and ChatGPT have you covered. Your wellness journey begins here!

Official Digital Partner of MHTC

Trambellir is official digital partner of Malaysia Healthcare Travel Council, MHTC under Ministry of Health Malaysia since 2022.

Now OpenAI’s ChatGPT plus members can search and compare beauty and wellness treatments overseas on ChatGPT plugin store.

Trambellir Sdn Bhd is established in 2018.
An online marketplace for wellness holidays.
We are enriching your itinerary with medical & wellness treatments for your health, wellness and beauty at travel destinations. Currently in 35 cities among 22 countries.

For inquiries, please contact:

Afrina Ghazali
Trambellir Sdn. Bhd.
**@********ir.com
+601151303160

OPPO Enco Air3 Pro Now in the Philippines with Php 5.5k Price

OPPO Enco Air3 Pro Now in the Philippines with Php 5.5k Price

OPPO Enco Air3 Pro Now in the Philippines with Php 5.5k Price

OPPO makes the Enco Air3 Pro its latest TWS offering in the Philippines with a Php 5.5k price. As a premium offering that has support for LDAC codecs, the Enco Air3 Pro can transmit up to 990kbps of audio wirelessly–which is 3x more than conventional SBC Bluetooth codecs. It also gets OPPO’s Alive Audio feature for a spatial audio effect. Audio options include Original Sound, Bass Boost, and Natural Inspiration to make good use of the Enco Air3 Pro’s bamboo fiber diaphragm. Its unique diaphragm is lighter and more rigid than conventional titanium-plated diapraghms.

Aside from quality audio, the Enco Air3 Pro can filter up to 49db of noise. It can automatically adapt to the environment’s noise level and give the appropriate noise reduction level. Aside from adaptive noise cancelation, you also get transparency mode and dual-mic AI noise reduction–with the latter letting you enjoy clearer calls with less background noise.

Other features of the Enco Air3 Pro include dual device Bluetooth connectivity and up to 30 hours of battery life–with a 10-minute top-up giving you 2 hours of listening time.Image

  The Enco Air3 Pro is priced at Php 5,499 and is available at all authorized OPPO stores in the Philippines, as well as in ShopeeLazada, and TikTok Shop.  

Jollibee Group, Cargill work together towards a more sustainable future

Jollibee Group, Cargill work together towards a more sustainable future

Jollibee Group, Cargill work together towards a more sustainable future

  The country’s leading restaurant company, Jollibee Foods Corporation (JFC) this year celebrates 45 years of spreading the joy of eating to everyone.  Throughout the decades, JFC has upheld its commitment to sustainable practices as embodied in its ‘Joy for Tomorrow’ global sustainability agenda and has partnered with reputable suppliers who share its principles on serving food people trust, helping make people’s lives better and treating the planet responsibly. 

One such partnership is with global food and agriculture company, Cargill, that paves way towards a steady path to a sustainable future. The collaboration was strengthened in 2017 when it established C-Joy Poultry Meats Production Incorporated as a joint venture between the two companies. C-Joy is one of the largest poultry processing plants in the Philippines and has developed and supplied numerous poultry products including whole chicken and marinated choice cuts to JFC.  

Cargill has been a major supplier of Jollibee Group with a proven track record in agricultural food development and production and brings in its 158 years of expertise into the joint venture. 

Environmental Sustainability

Cargill’s purpose is to nourish the world in a safe, responsible, and sustainable way. From small family farms to global shipping lanes, Cargill works every day to implement new sustainable practices to reduce its impact on the planet and protect people. Similarly, JFC aims for environmental stewardship and uplifting people’s lives on top of serving safe quality food as part of its sustainability agenda.Image

In line with these sustainable practices and both companies’ commitment towards the environment, the C-Joy processing plant conducts regular audits and inspections to ensure that effluent and air emission results are within the government prescribed standards. “C-Joy is committed to help the communities we operate in thrive, and part of this commitment is making sure we take care of our environment through responsible practices and complying with regulations,” said C-Joy President and CEO Mija Darlene Cachapero.

C-Joy has also implemented activities such as Adopt-A-River and Tree Planting among many others as part of its corporate responsibility program. Moreover, C-Joy invests in state-of-the-art technology in constant search for efficiency and improvement in operations such as water management, energy use, and the use of plastics among others. 

Animal care

Cargill cares for animals in a manner that embraces proven animal science, husbandry, and standards. It is committed to continuous improvement in its animal welfare efforts, with its philosophy based on meeting or exceeding the Five Freedoms adopted by the UK Farm Animal Welfare Council and supported by the Paris-based Organization for Animal Health that are held as the global standard for the fair and ethical treatment of animals. 

Operating with these standards in the plant, C-Joy was awarded an NSF Animal Welfare Certification by the National Chicken Council (NCC) of the United States of America for exemplary compliance with the standards and guidelines provided by the NCC Animal Welfare Guidelines. 

In 2020, the C-Joy poultry processing plant has likewise been accredited by the National Meat Inspection Service of the Department of Agriculture as a triple A (AAA) production facility, which is the highest accreditation tier of its kind. 

Sustainability Agenda

Image

In March 2023, the Jollibee Group further asserted its strong commitment to sustainable business practices with the launch of its global sustainability agenda – Joy for Tomorrow. It centers on three pillars—Food, People, and Planet. Across these pillars are 10 sustainability focus areas, namely Food Safety, Food Quality, Nutrition & Transparency, Employee Welfare, Farmers Livelihood, Community Support, Good Governance, Packaging & Recycling, Waste Reduction, and Energy & Water Efficiency. Each area will showcase initiatives and goals that are aligned with the United Nations Sustainable Development Goals (UN SDGs).

Poised for growth

With Jollibee Group’s aspiration of becoming one of the Top 5 restaurant companies in the world and with Cargill’s global footprint, C-Joy President and CEO Mija Darlene Cachapero shared her confidence for a greater partnership:

“Poised for greater growth, Cargill remains committed to nourishing the people and the communities in which we operate. With a strong partner in Jollibee Foods Corporation, we are able to fulfill our goal and continue to grow alongside them as we meet the demands and needs of our stakeholders and consumers in a safe, innovative, and sustainable way amid ever-evolving trends. We share our heartfelt congratulations to JFC for reaching 45 years of creating high quality products and providing millions of people with delightful and joyous moments through the delicious food it serves.”  

Jollibee Group Chief Executive Officer Ernesto Tanmantiong expressed: “As we celebrate 45 years of helping spread the joy of eating to everyone, we are grateful to have found a long-term partner in Cargill, a global industry leader. This partnership is truly special because of our shared commitment towards high quality standards for all our products, food safety and a strong thrust in developing and implementing sustainable practices—all of which will further propel us in the next 45 years.”

How KAMI Japanese Body Therapy’s SEITAI Techniques Offer Holistic Wellness in Malaysia

How KAMI Japanese Body Therapy’s SEITAI Techniques Offer Holistic Wellness in Malaysia

How KAMI Japanese Body Therapy’s SEITAI Techniques Offer Holistic Wellness in Malaysia

Malaysia’s first Japanese-style body massage, “KAMI Japanese Body Therapy,” opened in May. SEITAI is a traditional Japanese body therapy technique that aims to improve physical discomfort and pain by restoring balance and harmony to the body. It combines chiropractic, physiotherapy, and massage benefits, with a focus on postural problems and their effects on the nervous system. SEITAI is customized to individual needs, allowing for the identification of root causes and a treatment plan.

KAMI’s proprietary technique, “NP Adjustment,” involves adjusting the neck and pelvis to correct body balance, allowing bodily fluids and nervous systems to flow smoothly again. The therapy also uses the thumb to stimulate induration, a common cause of poor health.

KAMI has two stores in Malaysia, offering a unique Japanese-style relaxing space based on greenery. They treat customers sincerity, care about their physical problems, and keep them informed about their bodies.

In May, we opened Malaysia’s first Japanese-style body massage, “KAMI Japanese Body Therapy.”

“KAMI” is a traditional Japanese body therapy salon, serving traditional Japanese “seitai” techniques.

Seitai is a Japanese body therapy technique. It seeks the fundamental improvement (“KAIZEN”) of the body and the maintenance of core health. SEITAI awakens the natural healing power of your body by conditioning your autonomic nervous system. SEITAI is a method that uniquely combines all the benefits of chiropractic, physiotherapy, and massage. 

What is the difference between SEITAI and massage? SEITAI aims to improve physical discomfort and pain at a fundamental level, restoring balance and harmony to the body. Particular emphasis is placed on postural problems and their effects on the nervous system.The main objectives of massage are relaxation, relieving muscle tension, reducing stress, and promoting blood circulation. Massage generally focuses on relaxation and stress reduction. One advantage to receiving SEITAI is that it is generally customised to the individual needs of the patient. The root cause of the problem can be identified, and a treatment plan can be developed accordingly. Furthermore, SEITAI may promote improvement over multiple sessions rather than just a single treatment. Where physical problems have accumulated over a long period of time, ongoing treatment may be beneficial. Furthermore, for SEITAI, the neck is the most significant section of the body.Because nerves in the head transmit signals from the brain to the rest of the body via the spine, adjusting the neck can improve self-healing.

There are some characteristics of KAMI’s therapy.

KAMI’s style of therapy is “NP Adjustment, ” is KAMI’s proprietary technique. The neck is a very important part of your body, where venis, lymph glands, and nerves link the brain and the rest of your body. The pelvis is also very important for your body’s core, as it serves as a foundation. 

When your neck and pelvis are not in their right places, the entire body’s balance is impaired, resulting in poor flow of the venis, lymph glands, nerves, and all types of symptoms.

NP adjustment is the technique of adjusting your neck and pelvis to correct the body’s balance, allowing your bodily fluids and nervous systems to flow smoothly again.

Moreover, we persist in using the thumb. A common cause of poor health is induration, which is when your body parts become hard and stiff. Induaration blocks the smooth flow of venis, lymph glands, and nerves, and it usually happens deep in your muscle tissue. It is impossible to reach induration deep inside your muscle with normal massage, as the wrist can only press the surface of your body. Our method uses the thumb to stimulate induration, which makes it impossible to reach deep areas of your muscle. 

We take care and believe it is important to provide thorough consulting to our clients. We do this through careful interviews, assessments, and body movement checks. We do not require any special instructions or extra fees for such consulting.

By the end of the therapy, you will receive advice on lifestyle as well as information that will help you improve your health.

Furthermore, SEITAI has an impact on diet. Malaysia is an Asian country with a particularly serious obesity problem. Some people want to lose weight. SEITAI is an effective way for such people to lose weight. Pelvic adjustment increases blood flow and metabolism. This allows them to burn more calories while performing the same exercise. This is why SEITAI will be so important in Malaysia.Image

KAMI Japanese Body Therapy has two stores in Malaysia. The first store is in KLCC. The second store is in Bangsar. Our shop’s concept is a one-of-a-kind Japanese-style relaxing space based on greenery, which you won’t find anywhere else in Malaysia. We treat our customers with sincerity, care about their physical problems, and keep them informed about their bodies.If there is something wrong with your body, it is advisable to go to KAMI.

About Credi Malaysia
Founded in February 2023, Credi Malaysia is a body care consulting and advisory company that aims to help everyone lead a culturally healthy life.
With services in Malaysia, Japan and the United States, we have accepted more than 500,000 customers for more than 10 years.
The company operates KAMI, which aims to solve the root cause of symptoms by adjusting the skeleton and muscles with its unique technology,
and enables people to adjust their natural healing power and autonomic nerves. In addition, we are always offering new information and new solutions for health.

Toshinori Murakami
Mail: tm*******@***********co.jp
Tel: +60 11 1205 8754

Honda PH launches hybrid variant of CR-V

Honda PH launches hybrid variant of CR-V

Honda PH launches hybrid variant of CR-V

Honda Cars Philippines said Wednesday it expects to sell 300 units of the 6th generation CRV each month, with the first CR-V 2.0 RS e:HEV E-CVT full hybrid variant representing 30 percent of the projected sales.

The all-new CR-V debuted Wednesday at the Grand Hyatt Manila in Bonifacio Global City, Taguig. “We are looking at growing the brand faster than the market. And with the launch of the All-New CR-V and the best-selling BR-V, we are optimistic we will see improved sales by the end of the year,” said company general manager for sales Louie Soriano.

Honda said pre-selling numbers showed more than 200 units were pre-ordered for both the new CR-V petrol and hybrid variants.

Honda’s venture into the electrified cars platform stems from the goal of realizing carbon neutrality for all products and corporate activities by 2050.

“We want our hybrid line-up to be distinguished as full hybrid as it built to perform three driving modes –electric, petrol and engine,” Soriano said.

Ahn Hyo Seop, Kim Sejeong, Kim Seon Ho among stars at AAA 2023 in the Philippines

Ahn Hyo Seop, Kim Sejeong, Kim Seon Ho among stars at AAA 2023 in the Philippines

Ahn Hyo Seop, Kim Sejeong, Kim Seon Ho among stars attending AAA 2023 in the Philippines

MANILA, Philippines — “Business Proposal” leads Ahn Hyo-seop and Kim Sejeong and “Welcome to Waikiki 2” actors Kim Seon-ho and Moon Ga-young are among the K-drama stars confirmed to be attending the Asia Artist Awards 2023 (AAA) to be held for the first time in the Philippines on December 14. 

After the announcement last month, StarNews reported earlier today that the four actors will be gracing the December event at the Philippine Arena in Bulacan. 

Local events organizer Pulp Live World reposted on X, formerly Twitter, the article on the said announcement. Image

Earlier this week, it was announced that Jang Won-young of the Korean girl group IVE is set to return as hosts of AAA alongside new hosts Sung Hang-bin of boy group ZEROBASEONE and Kang Daniel.

The AAA is organized by South Korean business newspaper Money Today and its global media brands MTN and StarNews. It has been recognizing Asian artists from the fields of film, television and music since 2016. 

50 Gig Workers Receive Free CPR and AED Training to Empower Frontline Workers

50 Gig Workers Receive Free CPR and AED Training to Empower Frontline Workers

Empowering Frontline Workers with Essential Life-Saving Skills: 50 Gig Workers Receive Complimentary Life-Saving CPR and AED Training

  • TROOPERS Academy has provided 50 users with complimentary CPR and AED training conducted by IHH Healthcare Malaysia.
  • This initiative is part of TROOPERS Academy’s commitment to upskilling its talent and creating more first responders within the frontline workforce and the gig industry.

  • The welfare and safety of TROOPERS’ talent are top priorities, as evidenced by their “TROOPERS Protect” insurance coverage for workers.

  • TROOPERS Academy offers a diverse range of courses, including essential ones like Food Safety Awareness, catering to talents in various industries.

  • The platform’s partnership with IHH Healthcare Malaysia highlights its dedication to empowering users with life-saving capabilities.

  • TROOPERS Academy continues to set industry standards for workforce safety and competence.

To enhance the capabilities of their workforce, TROOPERS recently facilitated comprehensive Cardiopulmonary Resuscitation (CPR) and Automated External Defibrillator (AED) training for 50 of their dedicated users. The renowned IHH Healthcare Malaysia (“IHH”) spearheaded this invaluable training, equipping these individuals with the essential skills to potentially save lives during critical moments.

TROOPERS Gig Worker undergoing Accident & Emergency Training guided by certified trainer.

Under the umbrella of the TROOPERS Academy, this initiative reflects the company’s unwavering commitment to providing relevant upskilling opportunities that empower their talents to remain competitive in an ever-evolving landscape. Beyond a mere commitment, this is a pivotal stride towards cultivating a multitude of first responders within both frontline industries and the dynamic gig economy.

With an unrelenting focus on the welfare and safety of its talented workforce, TROOPERS stands as a trailblazer in championing their employees’ protection. As a pioneer, TROOPERS introduced “TROOPERS Protect”; an innovative insurance coverage that ensures their workforce’s security within the workspace. Building on this foundation, the company’s upskilling module has expanded to encompass crucial courses such as Food & Safety Awareness, especially pivotal for talents deployed within the F&B industry.

TROOPERS Gig Worker doing a CPR training on a stimulator doll. 

Reflecting on this stride towards bolstering workforce capabilities, Co-founder and CEO, Joshua Tan remarks, “At TROOPERS, we believe that investing in our workforce’s skillset goes hand in hand with ensuring their safety and well-being. The CPR and AED training, in collaboration with IHH Healthcare Malaysia, is just one of the many steps we’re taking to equip our talents with life-saving skills that can make a difference. We’re dedicated to fostering an environment where proactive preparedness meets opportunity.”

As TROOPERS continues to lead by example, the company urges individuals interested in exploring the transformative potential of this initiative to visit their official website, www.troopers.com.my, for further information and in

Image

Founded by co-founders Joshua Tan and Kelvin Lee, TROOPERS is a digital HR Tech platform for flexible work that aims to grant equitable access to flexible work for all Malaysians to work and earn in a legitimate, transparent, and accountable ecosystem. Since inception in 2017, TROOPERS has grown to become
Malaysia’s flexible job-matching platform. TROOPERS works with a range of esteemed brands across Malaysia to meet all their flexible manpower needs in terms of on-ground activations, offline marketing, merchandising, in-store promotion, logistics, warehousing, concerts and shared services.

As part of its ongoing commitment in building a flexible ecosystem, TROOPERS launched the TROOPERS App in 2021 which has since garnered over 180,000 verified users, generating over RM 20 million in income for gig workers with more than 200,000 shifts transacted on the app.

For more information, please visit https://www.troopers.com.my/

For media inquiries and additional details, please contact:
Kelvin Lee
+6 010 2444 563
ke****@**********om.my

Malaysia’s unicorn CARSOME is open to new funding and a dual listing

Malaysia’s unicorn CARSOME is open to new funding and a dual listing

Malaysia’s Unicorn CARSOME Open To New Funding, Open To Dual-Listing

Southeast Asia’s largest car e-commerce platform Carsome is open to new funding from potential strategic investors, its co-founder and group CEO Eric Cheng told Reuters.

Cheng said the company is looking for strategic investors whose “businesses are able to add value to what we are doing, be it on car trading, financing or insurance.”

He told Reuters on the sidelines of the Forbes Global CEO Conference in Singapore. Last year, Carsome has won one of Malaysia’s first batch of digital bank licenses, as part of the consortium led by KAF Investment Bank. Cheng earlier told TNGlobal that the consortium plans to launch its digital bank as early as year-end or early next year.

Carsome is ready for an initial public offering (IPO) but is in no rush to list, Cheng told Reuters.

“We haven’t really set a right timeline or window,” he said, adding the company was also open to a dual-listing.

“We need exchanges that appreciate the business that we’re building,” he was quoted as saying. “We need that exchange to be able to also provide enough liquidity.”

Carsome was valued at $1.7 billion in its fund-raising round early last year, when it completed its $290 million Series E round. The financing round then was jointly led by Qatar Investment Authority (QIA), 65 Equity Partners (65EP) and Seatown Private Capital Master Fund (Seatown). The round also saw participation from investors such as Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile.

The Malaysia-headquartered unicorn has hit operational profitability in the first quarter of this year and is expected to achieve its first group-wide profit or break-even before year-end, Cheng reportedly said.

Carsome has become Malaysia’s first tech unicorn as part of a share-swap deal that take a stake in iCar Asia in July 2021.

Founded in 2015, Carsome has expanded into Indonesia, Thailand, Singapore and recently in the Philippines. It works with 20,000 dealers and has an average of 15 million monthly visitors across its platforms, according to its website.

In Southeast Asia, Carsome competes with Singapore-based Carro, Indonesia’s OLX Auto and Carousell Auto Group.

Carsome is said to be delaying its dual listing plans in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation, Bloomberg reported in June last year. The tech unicorn was expected to raise about $300-400 million at a valuation of about $2 billion for the IPO on NASDAQ, according to earlier reports then.

CARSOME is Southeast Asia’s largest integrated car e-commerce platform, with presence in Malaysia, Indonesia, Thailand and Singapore.

+603-2771-7048
pa*********@*****me.my

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