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KAWASAKI: Fujitsu Limited has unveiled a newly systematised business strategy aimed at accelerating the digital transformation of financial institutions. This strategic pivot, underpinned by a move towards service-based offerings, positions Fujitsu to address pressing societal challenges and align more closely with the rapidly evolving financial services landscape. The financial sector is undergoing unprecedented transformation. As digitalisation reshapes operations—from the rise of cashless transactions to automation of back-end processes—non-financial businesses are increasingly embedding financial services into their platforms. This cross-sector integration presents fresh opportunities for innovation, particularly through strategic collaboration between traditional financial institutions and other industries. Fujitsu intends to drive this evolution through the deployment of advanced accounting systems and digital channel solutions that harness the full potential of data. Central to this approach is Fujitsu Uvance, a service framework that brings together the company’s deep operational expertise with cutting-edge technologies, including artificial intelligence and open architecture. The firm’s revamped financial services offering includes two core solutions that will be expanded incrementally: Fujitsu’s core banking solution is a cloud-native platform designed to overcome the sector’s need for greater flexibility and scalability. With open API integration, it offers seamless connectivity to external services and is expected to support future automation of system development via generative AI. In tandem, Fujitsu’s digital channel services present a holistic store solution that integrates both in-person and remote customer interactions. This service redefines the financial front office, transforming traditional bank branches into agile decision-making hubs powered by AI. By managing digital operations and cash-based functions within a unified system, it enables significant operational efficiencies. As part of its long-term strategic realignment, Fujitsu has also confirmed it will discontinue the production and provision of its proprietary ATMs and branch-specific hardware in Japan by the end of March 2028. The company has reached a basic agreement with OKI Electric Industry Co., Ltd. for hardware procurement, ensuring continuity in this area. Fujitsu will continue to offer tailored hardware solutions for convenience store ATMs nationwide. This transition underscores Fujitsu’s commitment to redefining financial infrastructure through innovation while contributing to the broader social agenda. The initiative is closely aligned with the company’s pledge to support the United Nations’ Sustainable Development Goals (SDGs), reinforcing its corporate purpose: to make the world more sustainable by building trust in society through innovation. -Fujitsu Limited

HANOI: Vietnamese enterprises are poised to sign memoranda of understanding (MoUs) with U.S. partners to purchase American agricultural products valued at $2 billion, the Ministry of Agriculture and Rural Development confirmed on Tuesday. The agreements form part of broader efforts to finalise a new trade arrangement between Vietnam and the United States. The MoUs are expected to be formalised during an official visit to the United States by a delegation of 50 Vietnamese companies, led by Agriculture Minister Do Duc Duy. Among the deals are five MoUs covering the purchase of $800 million worth of agricultural goods from the state of Iowa over a three-year period. These products include corn, wheat, dried distillers grains and soybean meal, the ministry stated. The negotiations come at a critical juncture as bilateral trade relations face potential strain. The Trump administration previously imposed 46% “reciprocal” tariffs on Vietnamese exports. Although implementation has been deferred until July, the threat of enforcement looms and could significantly disrupt Vietnam’s export-led growth model, particularly given the United States is its largest export market. Vietnam is seeking to address the growing trade imbalance with the U.S., which posted a trade deficit of $123 billion with the Southeast Asian nation in 2024. As part of its commitment to narrow the gap, Vietnam has agreed to expand imports of American goods and services. In 2024, Vietnam imported $3.4 billion worth of U.S. agricultural products, while exporting $13.68 billion in agricultural goods to the American market, according to Vietnam News Agency. The country has also pledged to increase purchases of other U.S. goods, including Boeing aircraft and liquefied natural gas, and to enhance its enforcement efforts against counterfeit goods and digital piracy following concerns raised by the U.S. government. -Reuters

Beijing has strongly condemned a series of recent U.S. policy moves that it claims undermine a fragile trade détente agreed between the two economic superpowers, stating these actions “seriously violate” the consensus previously reached. In a formal statement released on Monday, China’s Ministry of Commerce cited new U.S. restrictions as cause for concern, including tightened export guidelines for artificial intelligence chips, a ban on the sale of chip design software to Chinese firms, and proposed revocations of student visas for Chinese nationals. These measures, it asserted, run counter to the trade de-escalation agreement struck just last month between Washington and Beijing. “These practices seriously violate the consensus,” the Ministry said, referring to the bilateral commitment to reduce tariffs and revive suspended trade flows. The agreement, which aimed to pause the escalating trade conflict, was meant to last 90 days to allow time for more substantive negotiations. Despite this temporary truce, major structural differences remain unresolved. The U.S. Trade Representative, Jamieson Greer, announced at the time that Washington would reduce its steep 145% import tax to 30%, while China agreed to lower its tariff rate on American goods from 125% to 10%. Yet tensions have continued to simmer. According to Beijing, it has upheld its obligations under the agreement by suspending or withdrawing retaliatory tariffs and other restrictive measures. “The United States has unilaterally provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,” the Ministry’s statement said, noting that China had consistently honoured its commitments. The Ministry further warned that China would implement “resolute and forceful measures” in response to what it described as unjustified American actions, aimed at protecting its legitimate interests. U.S. President Donald Trump escalated the rhetoric last Friday, declaring via social media that China had “totally violated” the agreement and that he would no longer act as a conciliatory partner in trade discussions. “So much for being Mr. NICE GUY!” he wrote, adding in a separate Oval Office address that he still hoped to speak directly with Chinese President Xi Jinping to resolve the issues. The war of words continued over the weekend. In a televised appearance, U.S. Commerce Secretary Howard Lutnick accused China of “slow rolling” the deal and said the U.S. was taking actions “to show them what it feels like on the other side of that equation.” One such action includes the planned revocation of visas for Chinese students currently studying in the United States—a population exceeding 275,000. This decision further strains relations between the two countries as they compete for supremacy in critical technologies, including artificial intelligence and semiconductor development. Beijing also views the U.S. tightening of high-tech export controls as an attempt to constrain its ambitions in the Asia-Pacific, particularly in relation to Taiwan, a key American ally and a global leader in advanced semiconductor production. In response to President Trump’s accusations, the Commerce Ministry said Washington was distorting the facts and failing to take responsibility for its actions. “Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts,” the Ministry stated. -The Marietta Times

Globe Fintech Innovations Inc, the operator of the Philippines’ leading mobile wallet platform GCash, has approved a stock split aimed at increasing its pool of common shares, signalling early-stage preparations for a potential initial public offering. The fintech company will lower the par value of its common shares from PHP1.00 to PHP0.03 per share, thereby expanding the number of authorised common shares to 71.7 billion from the current 2.15 billion. The total authorised capital stock will remain unchanged at PHP2.15 billion. This corporate action, disclosed by shareholders Ayala Corporation and Globe Telecom Inc, remains subject to regulatory approval. Ayala Corporation noted, “The company is future-proofing for capital-raising opportunities, which could include an IPO.” While Globe Fintech Innovations Inc—also known as Mynt—has yet to formally file for a public listing, the firm’s potential valuation could reach at least US$8 billion (approximately RM33.9 billion), according to market observers. The move comes as other Philippine companies are testing the capital markets despite current volatility. Notably, Maynilad Water Services Inc and Hann Holdings Inc, a casino operator, have both indicated intentions to proceed with IPOs as early as this year. -Bloomberg

Microsoft Corporation has executed a further round of job cuts, affecting several hundred employees, just weeks after initiating its largest workforce reduction in years. The latest development underscores the ongoing recalibration within the technology sector, where companies are simultaneously pursuing aggressive investment in artificial intelligence (AI) while restructuring to improve cost efficiency. According to a regulatory notice filed in Washington state and reviewed by Bloomberg, more than 300 roles were eliminated on Monday. A spokesperson for Microsoft confirmed that the reduction forms part of the same broader restructuring strategy that led to approximately 6,000 redundancies last month. “We continue to implement organisational changes necessary to best position the company for success in a dynamic marketplace,” the spokesperson stated. The AI-driven transformation sweeping across the tech industry is reshaping workforce demands. Companies are increasingly reallocating resources to AI-focused roles while leveraging automation and AI capabilities to streamline operations and reduce headcount. Microsoft, alongside other technology leaders such as Meta Platforms, has been vocal in its endorsement of AI-powered software development tools. These tools, which support coding and operational efficiency, are being credited with accelerating development timelines and reducing labour needs. Just last week, Salesforce reported that its internal use of AI had enabled it to limit new hires. While Microsoft’s previous layoffs disproportionately impacted software engineering roles, the specific departments or functions affected by the most recent cuts have not been disclosed. As of June 2024, Microsoft employed approximately 228,000 full-time staff globally, with around 55% based in the United States. -South China Morning Post