by Ferry Bayu | Sep 6, 2023 | Business
Managing the tempo of technology change
Innovation is vital for businesses to thrive. Whether the goal is operational efficiency gains, improving consumer access, or creating entirely new products and services, innovation and better businesses go hand in hand.
At BDO Unibank, innovation is driven by the Bank’s focus on customer needs, understanding available technology in developing solutions, while remaining cognizant of the local business landscape.
We believe that the future of financial services will see a coming together of technological efficiency and analytical capabilities with human insight, judgment, and relationships. Technology will work in tandem with, not replace, people, bringing the best of both to businesses and consumers.
The rapidly emerging network economy
Today, technology is the cornerstone of the rapidly emerging network economy. As of early this year, internet users in the Philippines grew by 13.4 per cent to 85.1 million. This equates to an additional 10 million plus users. The 6.6 per cent year-on-year growth of mobile cellular connections, to 168.3 million, is equally impressive. With the increased adoption of mobile phones in the Philippines, a corresponding uplift in digital payment acceptance using Mobile Wallets has been seen. Accepting digital payments reduces many businesses’ security and operational concerns when customers pay with cash. With similar benefits to consumers, it is not surprising to see digital payments to merchants increase from a 13 per cent share of volume in 2018 to 24 per cent in 2020.
Economic growth has resulted from technology growth in the Philippines. By 2025 the Philippine Internet Economy will be worth USD28 billion, up from USD7.5 billion in 2020.
Cultural and technological barriers to adoption remain
Despite technology being embraced by many in the Philippines, there are still barriers to even more widespread access and adoption. Geographic challenges include digital logistics and delivery difficulties and a need for more stable, affordable, and speedy internet availability.
Despite the impressive growth rate of digital payments, the fact remains that the Philippine economy remains mainly cash-based, despite handling and safekeeping costs. Currently, only five per cent of Filipinos pay utility bills digitally through bank accounts or mobile money accounts, compared to 22 per cent in Indonesia and 80 per cent in Malaysia. Even for online shopping, cash remains core, with 77 per cent of online purchases from sellers such as Lazada and Shopee settling with cash.
Cash dominance is one reason banks in the Philippines continue to invest in their branch and ATM network. As of the third quarter of 2019, there were over 12,500 bank branches and over 21,400 ATMs across the country, growing at 4.4 per cent and 1.6 per cent, respectively.
In addition, Filipino businesses still rely on long-term, trusted relationships and person-to-person engagement. In our world of financial services, Relationship Managers remain a critical sounding board and advisor to businesses on everything from managing financial processes to the latest cash management techniques.
Developing technology and people in parallel
The modern-day Relationship Manager brings to the table human-led service and support supplemented by the data insights, security and efficiency technology provides. Technology must therefore work alongside and facilitate human interaction.
This is why banks must continue to invest in branch networks and upskill their Relationship Managers. BDO Unibank, for example, has developed the only team of cash management and industry-specific Relationship Managers in the Philippines.
Our Relationship Managers work with our clients on their industry-specific current and long-term cash management issues and opportunities. From providing facilities for cover before revenue is received, to determining the best structure for payments and accounts, at BDO, we find ways for our clients to optimise their cash flow and working capital. Furthermore, BDO Unibank continues to operate and invest in a network of more than 1,600 branches – the largest in the Philippines. Meaning human help is never far away when needed.
Aligned with our co-development approach, in branches, the Bank connects the physical with the digital with online appointment booking, fully digital account opening, paperless in-branch cash and check transactions and cardless ATMs using biometric authentication. These blended digital, in-branch solutions supplement over-the-counter services offered by BDO’s experienced tellers. Digital branch services are one example of the new era of blended financial financials services – physical services with digital overlays.
To ensure we continue to advance and provide our customers with the most secure and convenient services, we also invest in digital services that make it easy for businesses to receive customer payments and settle accounts with suppliers. These include Auto Debit Arrangements, which seamlessly debit one account and credit the receiving organisation’s collection account. And our online business banking service provides easy and secure access to digital payments and account information through a range of devices.
An additional example is Virtual Accounts, which essentially provide separate ledger records or alias bank accounts, primarily used to categorise incoming cashflows and transactions. Virtual Accounts are accessible for corporations to manage and inexpensive to maintain and operate. They provide a unique identifier number, or Virtual Account number, for customers to use when making payments to a business. Virtual Accounts assist with liquidity management, reconciliation, and reporting as payments are sent to a single bank account. In addition, as there are fewer bank accounts to manage, security is enhanced, and fraud prevention is boosted. BDO Unibank Relationship Managers work with clients to understand their incoming flows, payment segregation needs, and reconciliation requirements, to develop an optimised Virtual Account solution for their business.
Managing the tempo of technology change
The fundamental issues hindering technology adoption will take time to address. It is also essential to ensure innovation improves the lives of people and communities and does not create new inequalities. Moreover, because technology creates a risk of leaving people behind and a digital divide, the pace of change and transformation to fully digital interactions for buying consumer goods, business-to-business transactions, and access to government services must happen concurrently with the continued provision of traditional cash and human-based financial services. Innovation, therefore, needs to be human-centric and considered, moving at a pace that balances embracing change while respecting today’s preferences and technology limitations.
by Ferry Bayu | Sep 6, 2023 | Business
1cloudstar Recognized as Official AWS Direct Connect Delivery Partner
[Singapore, 6 September 2023] 1cloudstar proudly announces its recent recognition as an official AWS Direct Connect Delivery Partner, marking a significant milestone in its journey as a leading cloud solutions provider.
“We are beyond excited about this achievement,” said [Mike Li, Managing Director], “This is a testament to our unwavering commitment to providing top-tier cloud connectivity solutions. Being an AWS Direct Connect Delivery Partner not only underscores our expertise but also our dedication to offering seamless, high-performance, and secure connections to the cloud.
“This partnership with Amazon Web Services (AWS) empowers 1cloudstar to provide enhanced connectivity options. Businesses can now benefit from optimized cloud experiences, characterized by reduced latency and bolstered reliability.
Achieving this partnership status required 1cloudstar to meet AWS’s rigorous standards, a challenge the team embraced and conquered with dedication and expertise. “Our team has always been at the forefront of cloud innovation. This recognition further solidifies our position as industry leaders,” added [Rachel Beh, Director Of Sales And Business Development, ASEAN].
1cloudstar extends its heartfelt gratitude to its clients, partners, and dedicated team members. Their collective efforts and trust have been instrumental in reaching this pivotal moment.
As 1cloudstar embarks on this new chapter, clients can anticipate even more cutting-edge solutions, especially for those aiming to enhance their hybrid cloud architecture or the performance of mission-critical applications.
For more updates on 1cloudstar’s journey and offerings, stay connected. The future looks bright as 1cloudstar continues its mission of delivering excellence in cloud connectivity.
1CLOUDSTAR is one of the most innovative Cloud Consulting and Managed Service providers in Asia. Since the explosion and adoption around Cloud Computing, 1CLOUDSTAR has delivered migration and consulting services to a range of Multi National and Enterprise organisations across Asia that are moving into the Cloud based environment whether it be public, hybrid or private.
We’re dedicated to helping businesses and society evolve with cloud technology to realize digital transformation and unleash their full potential. To that end, we’ve built a professional technical team with 100+ cloud certifications and experience in serving 2,000+ businesses and counting. Our core competencies include Cloud Migration, Cloud Connectivity Managed Services Provider, Data Solution, DB Freedom, Cloud Training, DevOps, Serverless Computing, and Containers.
For more information, please visit https://www.1cloudstar.com
Li Leng
+65 9812 8284
li*********@********ar.com
by Ferry Bayu | Sep 6, 2023 | Business
The House of the Dead: Remake is now available in physical format on PlayStation 5!
The iconic game arrives in its Limidead and standard editions!
Ripples Asia and Excelgames Interactive are delighted to announce that The House of the Dead: Remake is now available in its limited edition, the Limidead Edition, on PlayStation 5! Developed by MegaPixel Studio, The House of the Dead: Remake allows players worldwide to (re)discover the legendary zombies from The House of the Dead, an iconic game released in the mid-1990s. Created by Microids, this limited edition, as well as the standard version, are now available.
This edition will include:
• The House of the Dead: Remake game
• An exclusive lenticular box
• Two creature silhouettes
• A sticker sheet
About The House of the Dead: Remake
Relive the arcade spirit of the 90s with this remake of the renowned shooting game!
A scientist and expert in biochemist and geneticist, Dr. Roy Curien, descends into madness as he seeks a power that can resurrect the dead. After his success, one of the researchers, Sophie Richards, manages to contact her friends from the AMS, Thomas Rogan and Agent G, asking for their help. Their mission is to stop the mad scientist and save all the laboratory personnel by making their way through the mansion, while fending off hordes of undeads. Whether alone or in two-player mode, confront undeads and nightmare creatures in this gory and action-packed shooter!
• A complete remake (visual, audio, and new modes) of the iconic shooting game originally released in arcades in 1997.
• Playable alone or in two-player mode using controllers or a mouse.
• Non-stop frenetic action that keeps you on the edge.
• Unlock a full bestiary of creatures to learn about their weaknesses.
The Limidead Edition of The House of the Dead: Remake and its standard version are now available.
Ripples Asia Venture Pte Ltd was incorporated in Singapore in 2016. We are an international solution provider for the Asian gaming industry.
Our experienced team offers a wide range of services including International Sales and Marketing Strategies, Co-Publishing and Localisation QA services. We tailor business solutions that enable the growth of our partners’ gaming businesses across Asia.
Amonranut K.
am*******@*****es.asia
+66873961999
by Ferry Bayu | Sep 6, 2023 | Business
VYNN CAPITAL ANNOUNCES PARTNERSHIP WITH MARUBENI MALAYSIA TO DRIVE INNOVATION & GROWTH
Malaysia-headquartered venture capital firm Vynn Capital announced on Tuesday a strategic partnership with Marubeni Malaysia, a subsidiary of Marubeni Corporation, a renowned Japanese trading and investment conglomerate.
The partnership aimed at fostering innovation, accelerating growth, and unlocking new opportunities in the Malaysian market, Vynn Capital said in statement.
The partnership brings together Vynn Capital’s local network in the Southeast Asia region and expertise in identifying and nurturing promising startups and Marubeni Malaysia’s extensive network and deep industry knowledge.
This collaboration will create a robust ecosystem to support and empower innovative entrepreneurs, startups, and businesses in Malaysia and beyond, the VC firm added.
Key highlights of the partnership include:
- Business Synergy: Vynn Capital’s strong portfolio of investments in various sectors, coupled with Marubeni Malaysia’s vast resources and access to global markets, will enable both companies to strategically invest and collaborate with high-potential businesses and collaborate with local corporations. This synergy will contribute to fostering innovation across multiple industries and facilitate the growth of disruptive technologies.
- Market Access and Expansion: Vynn Capital will support Marubeni Malaysia in accessing local opportunities and exploring potential to scale new business opportunities and operations locally and regionally.
- Collaborative Innovation: By joining forces, Vynn Capital and Marubeni Malaysia will actively explore and invest in cutting-edge technologies and business models. This collaboration will drive the development and implementation of innovative solutions, promoting sustainable economic growth in Malaysia. Some of the areas identified are mobility, electrification and sustainability themed opportunities.
Victor Chua, Founder and Managing Partner of Vynn Capital, expressed his excitement about the partnership, stating, “We are thrilled to collaborate with Marubeni Malaysia to drive innovation and contribute to the growth of Malaysia’s business ecosystem. Our combined strengths and expertise will create a positive impact on the economic landscape, allowing better integration between Japanese and Malaysian business communities and solve real-world challenges.”
Takeshi Fujiwara, Representative of Marubeni Malaysia, shared his thoughts on the partnership, saying, “We are thrilled to collaborate with Vynn Capital, with their strong portfolio of investments in various sectors, in exploring new business opportunities and operations locally and regionally to contribute to the growth to Marubeni’s business ecosystem. We believe that the collaboration will commence our contributions through National Energy Transition Roadmap (NETR) in Malaysia and accelerate Marubeni Corporation’s businesses.”
Marubeni Malaysia conducts business in Malaysia in a wide range of areas including forest products, chemicals, machinery products, energy, metals , infrastructure projects and mobility, healthcare.
Vynn Capital is an early-stage venture capital firm founded with the objective of bridging the gap between traditional industries and the new economies through the development of technology. The team is made up of professionals with experience across early stage invest to late stage financing, with experience in business operations.
The investment philosophy revolves around the creation of synergistic value between partners and companies supported by Vynn. Beyond investing, Vynn Capital assists its investors or Limited Partners in understanding new industries and markets with its localised team and network across the major cities of Southeast Asia.
Vynn Capital is a Southeast Asia focused early stage venture capital firm investing in early stage tech startups.
As a sector focused investor, Vynn Capital is eyeing on the Supply Chain and Mobility industries including but not limited to Logistics, Travel, FMCG.
We believe in the Vynn-ing Formula – investing into companies could form an ecosystem within our portfolio. We look for entrepreneurs with the right mindset and willingness to work with us to achieve greater heights.
In addition to investing, we see ourselves as partners to the entrepreneurs to support them in challenging the norms and building world changing businesses.
**@*********al.com
by Ferry Bayu | Sep 6, 2023 | Business
Schneider Electric to expand logistics hub in PH
MANILA -France-based multinational corporation Schneider Electric is planning to scale up its logistics hub in the Philippines, with the company investing 1.4 million euros (P86.5M) for its expansion.
The Board of Investments (BOI) met with Schneider Electric executives on July 20, during which expansion plan for its facility in Cavite was discussed.
The government agency said this move reaffirmed the French firm’s confidence in continuing its manufacturing, logistics and other high value services in the country.
A company executive said their business was constantly evolving to ensure growth and resilience.
“An integral part of our growth strategy includes continued strengthening of the organization’s global services that is based in the Philippines,” said Ejie-Tauto-An, logistics director of APC, Schneider Electric’s flagship brand.
“This expansion underpins the company’s goal of further boosting our global presence and capabilities to support advancement across different markets around the globe,” he added.
Schneider Electric’s local unit has been operating in the Philippines for 26 years and currently has 3,375 employees. The group caters to nine countries with annual products and services valued at 1 billion euros or P4.87 trillion.
The Philippines is one of four countries where the French firm operates global hubs, all of which provide technical, analytics, finance planning and accounting and sales support to 154 countries in 23 different languages.
Aside from this planned expansion in Cavite, the group has also expanded its analytics section for the Schneider Electric Global Hub in Taguig. The company is looking to hire 80 local data analysts for this expansion.
The group also discussed with BOI executives their road map to achieve net zero emission in its local operations within the current decade.
“Part of the company’s sustainability journey in the Philippines is to reach 50 percent conversion of inter-site trucks to electric vehicles (EV) and 20 percent of last mile to utilize EV trucks as part of their net-zero road map, which it plans to achieve by 2030,” said the BOI.
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