News

SINGAPORE:  According to the report, mobile fintech penetration in six countries of  Southeast Asia has more than tripled since 2019, reaching 49% in May 2024. The Philippines leads with 63%, followed by Malaysia (55%), Indonesia (49%), Thailand (45%), Singapore (45%) and Vietnam (32%). Analysts at UnaFinancial explain: “The leadership of the Philippines is due to several factors, including the large share of the unbanked population, regulatory efforts to develop digital financial technologies, a large proportion of young and tech-savvy population and a growing level of mobile and Internet penetration.” They add: “Indonesia also stands out with the highest growth rate of fintech users over the past 5 years. The level of mobile fintech app adoption increased from 9% in 2019 to 49% in 2024. Similar to the Philippines, Indonesia is actively developing fintech, supported by government efforts and a large share of the unbanked population.” The leading segments of fintech apps are digital wallets & payments (35%) and mobile banking (18%). The fastest-growing segment is lending apps, which showed an increase from 1% in 2019 to 5% in 2024. The lowest penetration levels are seen in investing and cryptocurrency trading apps (2% each), likely due to decreased investment activity amid the unstable global economic situation. UnaFinancial expects the share of fintech app users in Southeast Asia to grow to 60% by the end of 2030. The Philippines will continue to lead with 72%. Indonesia will take second place with 64%, followed by Malaysia (61%), Thailand (50%), Singapore (48%) and Vietnam (41%). The analysts considered data from data.ai on the number of active users of fintech applications starting from May 2019. In total, the sample included 8,740 apps (IOS + Android) across six countries in Southeast Asia (Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam).

KUALA TERENGGANU: Popular Korean convenience store emart24 plans to open 17 more outlets on the East Coast this year due to strong customer demand for its affordable Korean street food and drinks made from halal ingredients. Chief executive officer of emart24 Holdings Sdn Bhd Vuitton Pang said this after a visit to emart24 at KTCC Mall here by Menteri Besar Dato’ Seri Dr Ahmad Samsuri Mokhtar and Ambassador of South Korea Yeo Seung-Bae recently.   “We are encouraged by the extremely strong response from Malaysian consumers especially those in Kelantan, Terengganu and Pahang. Being grateful for the tremendous support for emart24, we want to serve our customers wherever they are, even in the smallest towns,” Pang said.   emart24’s plans to increase its East Coast outlets from the current 28 to 45 by the end of this year will also create hundreds of jobs for locals. Its stores in East Coast now serves almost 300,000 customers each month.   “We plan to more than double our store count in Terengganu from seven to 15 by year-end while in Kelantan, we are already firm on opening six more to add to the current 14 stores there.    “For Pahang, we have earmarked three store locations already to make it 10 by year-end from seven currently,” he said, adding that the company was always open to proposals from property owners who felt there was a need for the store in their neighbourhood.   emart24 now has 65 stores in Malaysia and plans to expand its network to 300 within five years. “With our consistent quality and affordable Korean street food and drinks served in a modern sleek ambience, we are confident of meeting the tastes and preferences of Malaysian consumers,” Pang added.   Owned by Shinsegae Group, the largest retailer in South Korea, emart24 is the fastest-growing convenience store brand in South Korea with more than 7,000 outlets in various formats and store sizes. It entered Malaysia, its first overseas market, in 2021 and has adopted a tagline of Rasa Korea, Hari Ceria, to fit its brand position of being the “destination for tasty Korean Street Food to brighten up your day”. The outlet at KTCC Mall was a hive of activity during the recent K-Culture Festival held there and both the Menteri Besar and the Korean Ambassador tried the newly-launched Jjajajang Tteokbokki. Its other popular menu items are Cupbap, Corn Sausage, Korean Fried Chicken, pouch drinks and Ramyun which customers could prepare themselves at the store.

SEOUL: South Korean prosecutors have indicted Kakao Corp. founder Brian Kim on charges of stock manipulation, kicking off a watershed case that’s transfixed South Korea’s young internet industry. Prosecutors formally charged the entrepreneur with market violations during his company’s takeover battle for SM Entertainment Co., Yonhap News reported Thursday (Aug 8). Kim was allegedly involved with an attempt to buy and push SM stock above a rival offer of 120,000 won (US$87) from BTS-agency Hybe Co. Executives carried out that alleged maneuver over a total of four days, in mid-February 2023 as well as later that month, Yonhap said, citing prosecutors. The billionaire who created Korea’s dominant social media platform is at the center of one of the country’s most sensational corporate cases in years. Kim was arrested in July for his suspected involvement in that alleged scheme – making him the highest-profile tech executive behind bars since prosecutors went after Samsung Electronics Co.’s Jay Y. Lee. Thursday’s indictment paves the way for an eventual trial, a date for which will be set later. Kim will remain in detention till then. Kakao’s shares gained as much as 2.1 per cent after the company reported an 81 per cent surge in June-quarter net income. But longer term, the outcome of the case could have serious implications for a US$25 billion business empire spanning several listed firms and a plethora of internet spheres. Kakao had pursued the deal to secure the content it needed to extend its dominance in markets from music and shopping to ride-hailing. Instead, it triggered legal scrutiny, and raised questions about the future of up-and-coming innovators as they challenge the country’s conglomerates. A representative for the prosecutors’ office confirmed in a message that Yonhap’s report was accurate. Kim and Kakao spokespeople have repeatedly denied the allegations and said no illegal activities transpired during the acquisition of SM. On Thursday, a company representative said it will explain the truth about what happened during the impending trial, and work to minimize any management disruption with Chief Executive Officer Chung Shina at the helm. It’s a stunning turn for the 58-year-old Kim who amassed a fortune of US$14.4 billion at its peak, earning his place as Korea’s richest person. As of this week, that had dropped to about US$3.4 billion, according to the Bloomberg Billionaires Index. His arrest also reflects a shift in attitude in South Korea. Kim and fellow entrepreneurs like Coupang Inc.’s Bom Kim were once hailed as pioneers who prevailed against Silicon Valley titans to create a Korean-centric internet – a high-growth, splashier alternative to the steel firms, chipmakers and shipbuilders that power Korea’s economy. But as their influence grew, government officials grew concerned about the way internet services were displacing smaller merchants and incumbents in banking, retail and entertainment. In 2022, a widespread outage after a datacenter fire exposed how much of the population relied on Kakao for basic needs such as news and commerce. Kim has since 2021 dealt with a host of investigations into everything from whether he was paying his taxes to alleged monopolistic behavior. Then came the bidding war against Hybe, the agency that represents the hit boy band BTS. Financial regulators have accused executives at Kakao and unit Kakao Entertainment Corp. of buying 240 billion won (US$173 million) of stock in SM at the time, to disrupt Hybe’s offer. The courts decided to detain Kim while investigators worked out the details. Meanwhile, critics pointed out Kakao’s extraordinary number of affiliates with cross-shareholdings – more than 120 according to official data. That was reminiscent of the way in which the nation’s biggest conglomerates, or chaebol, expanded their dominance in past decades – a practice that’s spurred government crackdowns because of its potential for abuse. – Bloomberg

BANGALORE: Global omnichannel media agency Assembly appointed Shivaprasad Nair as the Managing Director of Global Delivery. Assembly Global Delivery connects data, digital, and e-commerce talents worldwide within centres of excellence – bringing to life the agency’s proposition to ‘Find the Change That Fuels Growth’ and underscoring a commitment to driving innovation and scale for clients. The decision to create Assembly Global Delivery brings a consistent and world-class digital talent platform globally and already consists of over 1,000 experts spanning India, Egypt, and the Philippines. As Managing Director, Shiva will lead the Global Delivery teams across the world and continue to bring the best talents within the centre of excellence to Assembly’s clients. He will be tasked with cultivating a high-performance culture of innovation and excellence – prioritising growth and ensuring alignment with the agency’s global strategic objectives. Nair brings a wealth of experience to Assembly, having led similar initiatives in former positions where he demonstrated exceptional leadership skills and a profound understanding of international business dynamics. In this new role, Nair will be responsible for developing the global delivery strategy, managing relationships with partners, ensuring compliance with international standards, and leading the seamless integration of cross-cultural teams to achieve strategic objectives and operational excellence. Assembly Europe CEO, Matt Adams said, “There is no one better to have on the team than Shiva – he is a world-class leader. We’re proud to have him on board and excited to see how he will accelerate our Global Delivery offering and help us achieve new levels of success.” Nair added, “I am thrilled to be part of Assembly at this transformative time. I look at the agency’s global centres as more than just assets; instead, they are hubs of creativity and expertise poised to move us forward. “I’m looking forward to further enhancing the agency’s delivery systems, ensuring that we consistently go beyond what our clients envision, turning complex global challenges into opportunities for change and strategic success,” he continued.

HONG KONG: CLPS Incorporation announced the organisational restructuring with the appointment of the Chief Operating Officer, Henry Li Li, as the President of the company, since 2 July 2024. Li will transition from his COO role to exclusively assume the responsibilities of the President, and he will report directly to the Board of Directors. Since joining CLPS in 2019, Li has been instrumental in driving the company’s continued growth and innovation. As COO, he has implemented advanced technologies and optimised processes to significantly enhance operational efficiency and productivity. He has also established a comprehensive internal management system, enabling precise resource allocation and collaboration, resulting in improved operational effectiveness. Additionally, Li has actively expanded the market scope and cultivated strong relationships with key clients, contributing to the company’s sustained organic growth. Li has 20 years of professional experience in the financial and IT industries. He previously served as Vice President of Technology and Operations at Mastercard and as Executive Manager, Head of Business Solution and Quality Assurance at Commonwealth Bank of Australia in China. Li graduated from Tianjin University, Tianjin, China, with a bachelor’s degree in Computer Science. He holds an MSE degree from Fudan University, Shanghai, China. “I am honoured to step into the role of President at CLPS. In the dynamic IT services industry, I will focus on leveraging our competitive advantage, fostering innovation, and achieving operational excellence. “By investing in cutting-edge technology, streamlining processes, and expanding our international reach, we are positioned to deliver exceptional value to our stakeholders,” Li said. CLPS Chairman, Paul Xiao Feng Yang commented, “The board is impressed by Li’s strategic vision and execution capabilities, and we look forward to his leadership as the President of CLPS. This initiative is part of our long-term strategic plan to strengthen our corporate leadership and enhance management competence, enabling us to better respond to market changes and client needs. “We will keep pushing the boundaries of innovation and development, delivering high-quality IT products and services to our clients.”