Category Archives: Business

Team Korea Reaches J&K to Explore Economic Opportunities, Push CSR Activities

11th July 2024  Srinagar, Jammu and Kashmir, India  In its bid to promote economic cooperation between J&K and Korea, a high-level Korean mission, called Team Korea, comprising representatives of the Embassy of the Republic of Korea, KOTRA (Korea Trade-Investment Promotion Agency) India-Korea Business Cooperation Center, Korea SMEs and Startups Agency (KOSME), Korea Institute for International Economy Policy (KIEP), Korea International Trade Association (KITA), K-SURE- Korea Trade Insurance Corp., and Korea Plus of Invest India visited Srinagar, J&K on May 9. They organized the 2024 Korea-India CSR-Economic Cooperation Seminar here with the support of the Confederation of Indian Industry (CII), J&K.

According to the KOTRA officials, the primary objective of this event was to foster mutual economic cooperation between J&K and Korea. The Embassy of the Republic of Korea, KOTRA India-Korea Business Cooperation Centre, and Team Korea members plan to share the attractive features of J&K with Korean companies in India and Korea.

Sungjoong CHO, a Commercial Counsellor at the Korean Embassy, who led the Team Korea delegation emphasized Korea’s commitment to bolstering cooperation with Indian states and regions holding untapped potential.

Noting that J&K is famous for horticulture, handicrafts, and tourism, as well as its recent discovery of lithium deposits, Mr. CHO expressed optimism for J&K to harness this economic opportunity while preserving its natural beauty and rich cultural heritage.

Ms. Jeongseon Lee, Executive Director of India-Korea Cooperation Center mentioned in her presentation that, “Major transformations are taking place in the global value chain, and these changes can potentially lead to new prospects for collaboration between India and Korea. For example, the discovery of lithium deposits in J&K can offer a new avenue of further bilateral collaboration leveraging Korea’s expertise in EV battery Industry.”

The seminar was attended by senior J&K Government officials and top-notch industrialists. Syed Junaid Altaf Bukhari, Chairman of CII J&K Council & Group Executive Director of FIL Industries Pvt. Ltd., extended a warm welcome, highlighting the significance of bilateral collaboration in fostering economic growth and sustainable development.

A special address by Khalid Majeed (KAS) Director to Industries & Commerce Dept., Govt. of J&K, shed light on the UT’s policies and identified sectors ripe for business ventures. This discourse aimed to provide Korean companies with insights into the conducive environment for investment and engagement within the state.

During presentation, Khalid Jahangir, Managing Director of JKTPO shed light on New Central Sector Scheme (NCSS) and how Korean companies can see J&K as a potential investment spot.

In a corporate social responsibility initiative, the Embassy of the Republic of Korea, K-Sure, KITA, and KOSME donated various Korean products including small blankets, socks, toothpaste, toothbrushes, and body lotions for the kids of NGOs.

Sonipat-Panipat Emerges as the Growth Corridor for Real Estate in India

11th July 2024  New Delhi, Delhi, India
Key Highlights:

• Due to their proximity to Delhi, Sonipat-Panipat cities have benefitted from the spillover effect of Delhi’s rapid urbanization and population growth.
• Panipat’s geographical positioning as a transit hub ensures excellent connectivity to northern states, making it an attractive destination for businesses, industries, and professionals seeking well-connected cities for work and living
• For Sonipat, an industrial accumulation in the vicinity provides a conducive environment for real estate growth in the area, both residential and commercial.

Northern India is fast becoming the hotbed of the premium and affordable residential market. As one moves a little ahead of Delhi, the once-sleepy stretch between Sonipat and Panipat is now emerging as the growth corridor of sorts for the real estate sector.

The recent survey by R&R stressed that one of the key drivers of the real estate market in Sonipat-Panipat is its proximity to the national capital, Delhi. Being situated in the National Capital Region (NCR), these cities have benefitted from the spillover effect of Delhi’s rapid urbanization and population growth.

Vishesh Prakash, Head, R&R, shares, “Many people, especially working professionals, are looking for that suit their need, looking for holistic and affordable housing options outside Delhi, and Sonipat-Panipat offer relatively competent property prices compared to the national capital. Infrastructure development has played a crucial role in shaping the real estate landscape of Sonipat and Panipat. The region has witnessed the development of highways, expressways, and other transportation networks, which have improved connectivity and accessibility. The Kundli-Manesar-Palwal (KMP) Expressway and the Eastern Peripheral Expressway have significantly reduced travel time between Sonipat-Panipat and other parts of the NCR, making it an ideal destination for real estate investment.”

While Panipat’s geographical positioning as a transit hub ensures excellent connectivity to northern states, making it an attractive destination for businesses, industries, and professionals seeking well-connected cities for work and living; for Sonipat, an industrial agglomeration in the vicinity provides a conducive environment for real estate growth in the area, both residential and commercial.

The establishment of industrial corridors and special economic zones (SEZs) in the Sonipat-Panipat stretch has also led to an influx of industries and businesses, which has created employment opportunities and stimulated housing demand.

Residential real estate development in Sonipat-Panipat has primarily focused on providing affordable housing options to middle-income homebuyers. Gated communities, integrated townships, and affordable housing projects have proliferated in the region to cater to the housing needs of the burgeoning population. Additionally, there has been a rise in demand for plotted developments and independent houses, especially among those looking for more space and customization options.

Even the commercial real estate sector in Sonipat-Panipat is witnessing steady growth, driven by the demand for office spaces, retail outlets, and commercial complexes.

Situated in the National Capital Region (NCR) of India, Sonipat-Panipat enjoys proximity to Delhi, which is a major driver for its real estate market. The strategic location offers easy access to the national capital and its economic opportunities while providing a relatively quieter and more affordable living environment compared to Delhi.

Besides, Government policies promoting urbanization, industrial growth, and infrastructure development play a significant role in shaping the real estate market in Sonipat-Panipat. Initiatives such as ‘Housing for All’ and incentives for affordable housing projects provide impetus to the sector and encourage investment.

With all this and a lot more planned for the region, the Sonipat-Panipat region can be termed as the growth corridor for the real estate sector in India.

High Five:

• Sonipat-Panipat’s proximity to Delhi, the national capital, and its location within NCR make it a highly strategic investment destination.
• The region has witnessed significant infrastructure development, including new highways, expressways, and dedicated freight corridors.
• The establishment of industrial corridors, special economic zones, and manufacturing clusters attract businesses to the region.
• The region offers relatively affordable housing options than Delhi-NCR, making the region an attractive destination for homebuyers.
• Government initiatives supporting urbanisation, infrastructure development, and industrial growth make it a potential hotspot.

fischer India is Great Place to Work Certified for the Second Consecutive Time

11th July 2024  Bengaluru, Karnataka, India  fischer Building Materials India Pvt. Ltd., a leading company in the Fixing System Solution Industry, is thrilled to announce its recent achievement of being Great Place to Work® Certified™ in India (from May 2024 to May 2025) for the second consecutive time. This prestigious Certification is a testament to the company’s unwavering commitment to fostering a positive and inclusive workplace culture.

Great Place to Work is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting, and insights they need to make strategic people decisions.

fischer India’s Managing Director, Mr. Mayank Kalra, expressed his joy and gratitude upon receiving this recognition. In a statement, Mr. Kalra voiced his sincere delight at fischer India’s prestigious Certification as a Great Place to Work® for the second consecutive time, shining a spotlight on their unwavering dedication to crafting an unparalleled work ecosystem where employees not only thrive but soar to unprecedented heights. With unwavering conviction, he illuminated the pivotal role of a positive workplace culture as the very bedrock of innovation, collaboration, and advancement.

This incredible achievement shines a light on Fischer India’s unwavering dedication to excellence, touching upon crucial aspects like trust in management, respect for every individual, fairness in the workplace, personal pride, and the strong bonds between colleagues. The company’s steadfast commitment to openness, responsibility, and effective communication has earned them remarkable recognition, particularly in the area of trusting their leaders.

Mr. Kalra spoke from the heart about the deeply ingrained value of respecting every person, a value that runs deep within fischer India. They stand for diversity, mutual respect, and a genuine understanding of one another. Ensuring fairness and equal opportunities for all employees creates an environment where everyone feels valued and empowered, fostering a sense of belonging and purpose. This relentless pursuit of excellence fills every member of the organization with an unshakable sense of pride.

Through fostering a spirit of camaraderie among their team, Fischer India has cultivated an atmosphere of collaboration, teamwork, and open dialogue, leading them to extraordinary achievements. The certification stands as a testament to the unwavering dedication and tireless efforts of every team member, a reminder of what they can accomplish together. It inspires Fischer India to continue prioritizing the satisfaction, growth, and development of their employees, attracting the best talent and nurturing a culture of unparalleled brilliance.

With a sparkle in his eyes and a smile on his face, Mr. Kalra not only just sees it as a pat on the back for past successes but as a guiding light for their ongoing journey of improvement. This recognition inspires them to aim even higher, reaffirming their dedication to creating an exceptional work environment that not only empowers the team but also drives their continued success.

Great Place To Work is the global authority on workplace culture. Their mission is to help every place become a great place to work for all. Their recognition is the most coveted and respected in the world for elevating employer brands to attract the right people. Their proprietary methodology and platform enable organizations to truly capture, analyze, and understand the experience of all employees. Our groundbreaking research empowers organizations to build cultures that retain talent and unlock the potential of every employee. Since 1992, their Certification, Best Workplaces™ Lists, and global benchmarks have become the industry standard, built on data from more than 100 million employees in 150 countries around the world.

Past-Forward HR: SHRM Tech Conference & Expo 2024 Day One Concludes with Groundbreaking Insights

11th July 2024  Hyderabad, Telangana, India  The Society for Human Resource Management (SHRM) India successfully concluded the first day of its SHRM TECH Conference & Expo 2024, held at the HICC Novotel, Hyderabad. The conference, renowned for being a nexus of technology and human resources, brought together industry leaders, HR professionals, and tech innovators to explore the latest trends and solutions that are shaping the future of the HR community.

To build a truly transformative world, the two-day conference kick-started with a thought-provoking discussion on the seismic shift in the work landscape that is driven by rapid technological progress, delving into the cutting-edge Work-Tech ideas that can empower organizations.

Talking about the conference Ms Achal Khanna, CEO of SHRM India, APAC and MENA, said, “As we navigate through the complexities of the modern workplace, technology emerges not just as a tool, but as a catalyst that redefines our approach to human resource management. SHRM Tech24 underscores the importance of embracing innovative technologies to build more inclusive, efficient, and resilient organizations. Upskilling and training to keep pace with the latest tech and innovations it’s the need of the hour. At SHRM, we are committed to offering an effective platform for accessing these opportunities. Moreover, integrating technology across different sectors while leveraging human creativity and intellect is the ultimate driving force behind achieving ROI and success.”

The day was packed with dynamic sessions, keynotes, and panel discussions, featuring a robust lineup of speakers from various sectors including D Shivakumar Conference Chair, Operating Partner Advent International Private Equity; Ramesh Ramadurai, Managing Director, 3M India; S Sivakumar, Group Head – Agri and IT Businesses, ITC; Anurag Dahiya, Chief Commercial Officer ICC; Sharad Sharma, Co-Founder iSPIRT foundation who shed light on the transformative impact of digital infrastructure on India’s business landscape.

Adding to this, Mr Nick Schacht, Chief Commercial Officer, SHRM, “Today we know more about Generative AI than we knew a few years back. In fact, HR Tech is the single biggest trend in the industry currently. It is interesting to note that companies are beginning to develop approaches to better understand how to use AI effectively building tools to implement the same. This also opens a wide range opportunity that can leverage the increased productivity coining the term the ‘Next Practices’. At SHRM we are also working closely with Microsoft to develop a tool to guide HR professionals on how to implement AI in the HR. Furthermore, using AI serves as a platform to develop operating principles turning HR professionals into work consultants helping employees skill and reskill themselves to keep up with the evolving pace.”

The second half of the day was followed by a TED-style talk, with industry leaders Babita Baruah, CEO of VML India, and Poonam Kaul, Founder of House of Omkar and Walnut Tree (CMO-on-Demand), who shared insights on staying relevant in the digital world and navigating the challenges of advertising in the era of AI.

Over 5000 delegates were hosted at the conference today. The two-day conference will be packed with opportunities to learn from HR visionaries and technology innovators. Looking forward to day 2 of the conference will continue with topics including the effectiveness and limitations of AI, the future of work and the role of empathy in a changing landscape, predictive analytics for employee retention, and others.

Financial Turmoil Hits Indian Stock Market: Iranian-Israeli Conflict and US Inflation Catalysts

11th July 2024  Mumbai, Maharashtra, India  In a tumultuous turn of events, the Indian stock market witnessed a staggering plummet of over 800 points in April, resulting in a loss of nearly 5 Lakh crores. Analysts are now warning of an impending financial tsunami as tensions escalate between Iran and Israel, coupled with the specter of soaring US inflation, threatening to destabilize not only the Indian market but also send shockwaves through US and European financial sectors.

Insights from Mr. Rajesh Shukla, Chief Strategist, National Intellectual Advisory (NIA), and Mentor for Venture Studio Capital, Jagoo Nari, and Padhega Bharat.

Key Contributors to the Market Plunge:

Iran-Israel Conflict: The escalating tensions and military actions in the Middle East have injected profound uncertainty into global geopolitical dynamics. The bombardment by Iran has further fueled apprehensions, prompting widespread selling in the Indian equity market as investors grapple with the specter of heightened instability.

Weak Global Markets: The ripple effects of the Middle East tensions reverberated across global markets, precipitating a downturn in US equities. Consequently, as the Indian market opened, it succumbed to the prevailing negative sentiment.

Surging US Dollar Rates: The relentless ascent of the US dollar, with the dollar index nearing 107 levels, has exacerbated concerns. Moreover, the US dollar’s unprecedented surge to a 34-year high against the Japanese Yen has catalyzed a surge in US Treasury yields, triggering a wave of selling across global equity markets, including India.

Escalating Crude Oil Prices: Crude oil prices have surged to a six-month high in both domestic and international markets, witnessing a 6 percent increase in March 2024 alone. This surge, compounded by a further 3 percent uptick in April, poses significant challenges to the Indian and global economies, exerting pressure on local currencies and fueling inflationary pressures.

Foreign Institutional Investors (FIIs) Exodus: Against the backdrop of geopolitical uncertainty and rising US dollar rates, FIIs have been divesting from the Indian stock market. This trend, which intensified last week, has been exacerbated by the onset of conflict, as investors opt to hold liquid assets amid heightened uncertainty.

Looking Ahead

While India confronts immediate challenges, there are silver linings amidst the storm. Despite market turbulence, the Indian outlook remains promising, offering robust opportunities for both domestic and global investors. Sectors such as Tourism, Airlines, Hospitals, and Road Infrastructure present compelling investment prospects, buoyed by India’s burgeoning economy, which has surpassed $3.60 trillion and continues to grow at a rate exceeding 8% annually. This stands in stark contrast to the slower growth trajectory of the Chinese economy, currently languishing at less than 2%.

In conclusion, while the current market volatility underscores the challenges ahead, it also underscores India’s resilience and potential for sustained growth. As investors navigate the choppy waters, strategic investments in key sectors hold the promise of lucrative returns amidst an evolving economic landscape.

Introducing Academy by Bajaj Markets: An Innovative Approach to Financial Learning

11th July 2024  Pune, Maharashtra, India  In a world where financial literacy is increasingly essential, Academy by Bajaj Markets brings accessible, engaging, and comprehensive content in the form of interactive videos. The aim is to simplify complex financial concepts, making learning not just informative but also entertaining.

Academy by Bajaj Markets provides the opportunity to learn about all things finance on a single platform, helping to create a financially inclusive India

What sets this platform apart is the way it is designed to address financial topics ranging from common questions to infrequent queries. The formats are also varied, depending on whether a topic needs a quick solution or a detailed explanation.

With this platform, the aim is to empower individuals with the knowledge and skills they need to navigate the complexities of personal finance and investment confidently. The idea is to make finance accessible to everyone through simplified videos.

Be it college students managing their first budget or a seasoned professional looking to enhance their investment portfolio, one should not miss to this innovative platform.

How to choose a hybrid mutual fund based on your risk appetite

11th July 2024  Pune, Maharashtra, India  When it comes to investing in the financial markets, each asset class poses unique opportunities. Equities come with enhanced growth potential but high volatility. Debt can lend stability to a portfolio, especially in turbulent markets, but may not generate significant capital appreciation in the long term.

Investing in multiple asset classes can therefore help capture the benefits of different types of securities in different market conditions. Hybrid funds allow mutual fund investors to achieve this diversification through a single investment.

Hybrid mutual funds invest in both equity and debt – and sometimes other asset classes too. This can make them suitable for conservative investors seeking a more optimized risk-reward balance than what traditional mutual funds may offer.

However, there are several hybrid fund categories in India – each with a different risk profile. Investors, therefore, should familiarise themselves with these types to select a that aligns with their risk tolerance and goals.

Types of Hybrid Mutual Funds

The Securities and Exchange Board of India (SEBI) classifies hybrid mutual funds into the following categories:

• 1. Conservative hybrid funds: Primarily invest in debt securities (75%-90%) of its portfolio, with a small portion in equities (10%-25%).
• 2. Balanced hybrid funds: Are almost evenly distributed between debt and equity, with a 40%-60% allocation to each.
• 3. Aggressive hybrid funds: Primarily equity-oriented, these funds allocate 65%-80% in equities and the remainder in debt.
• 4. Dynamic asset allocation funds: These funds dynamically adjust the equity and debt allocation based on market conditions.
• 5. Multi-asset allocation funds: Invest in at least three different asset classes, with a minimum of 10% in each, providing broad diversification.
• 6. Arbitrage funds: Invest primarily in arbitrage opportunities created by price differences between two market segments such as cash and derivatives.
• 7. Equity Savings: Invests at least 65% of its assets in equities and at least 10% in debt. It can also invest in arbitrage opportunities.

Hybrid schemes for different risk appetites

The variation in the equity-debt ratio across hybrid fund schemes means that the balance of risk and potential reward differs. Below are the hybrid fund categories that may suit investors as per their risk level. Investors can opt for either the lump sum or the SIP route for investments.

Risk-averse: Those who prefer minimal risk may find conservative hybrid funds and arbitrage funds suitable. The debt-heavy portfolio of conservative funds gives them relative stability, whereas the equity component gives them a slightly higher return potential than pure debt investments. Arbitrage funds are also relatively low risk because they focus on brief price inefficiencies in the market and are not as impacted by larger or long-term trends.

Moderate risk appetite: Investors who can handle some amount of risk may find balanced hybrid funds and dynamic asset allocation funds suitable. Balanced funds seek to find a middle ground between risk and reward. Dynamic asset allocation funds, meanwhile, can adjust their equity-debt ratio according to market fluctuations. Thus, they can offer a buffer during volatile periods and capitalize on potential growth opportunities in good markets.

High-risk appetite: Aggressive hybrid funds, multi-asset allocation funds, and equity savings funds may suit investors with a high-risk tolerance as they are skewed towards equities. Multi-asset funds may also suit investors seeking capital growth potential along with risk mitigation because they diversify investments across at least three asset types, such as equities, debt, and gold, and can dynamically adjust their portfolio in response to market conditions. Thus, they can potentially leverage the opportunities posed by each in different market scenarios.

The First Ever, Honoring Mumbai’s Time Tested VFM Family Run Eateries – HOSPITALITY HOPE ICON AWARDS 2024

11th July 2024  Mumbai, Maharashtra, India  8th May 2024, went down in the history of hospitality in India as the not for profit “Hospitality Hope by Rashmi Uday Singh” presented the first-ever Hospitality Hope Icon Awards. Honest. Authentic food awards. No sponsor. No fees. No revenue model. Financed by Rashmi Uday Singh from her savings.

In keeping with Rashmi Uday Singh’s forever vision of giving back to the industry she so loves, this groundbreaking Hospitality Hope Icon Awards has been Rashmi’s brainchild and is a not-for-profit initiative aimed at celebrating and uplifting the small, family-run restaurants that often go unnoticed amidst the glitz and glamour of larger establishments.

“The Hospitality Hope Icon Awards is a labor of love, dedicated to honoring the true icons of hospitality – the small, family-run restaurants that embody the essence of warmth, generosity, and passion,” says Rashmi Uday Singh. “They are our TRUE ICONS they have stood the TEST OF TIME…The oldest is 176 years old we need to honor them and that’s what our HOSPITALITY HOPE ICON AWARDS do.”

The heartwarming awards ceremony, held at Keibaa, Mahalaxmi, Mumbai was attended by all 27 iconic eateries with their families and they were awarded by the guests of honor… MASTERCHEF SHIPRA KHANNA Hospitality Hopes brand Ambassador has officially announced brand ambassador by SHOBHAA DE, superstar actor-director BOMAN IRANI (who regaled with his song I DID IT MY WAY and had all the guests singing along with him) RANVEER BŔAR, TANISHAA MUKERJI, MISS MALINI, SANJYOT KEER, KUNAL VIJAYAKAR, food writers editors influencers and more. Rashmi welcomed the packed hall of guests who had walked on the red carpet and the huge BEST red bus stationed at the entrance. The awards were “for the hospitality industry…by the hospitality industry ” and were anchored by esteemed award-winning restaurateur NEETI GOEL and India’s first-ever Michelin-starred chef, SUVIR SARAN.

The Hospitality Hope Icon Awards 2024 honored a stellar lineup of culinary icons, including:

MH09 Shetkari (2019)
Soam (2005)
Chaitanya (1993)
Fish Curry Rice (2009, Pune; 2023, Mumbai)
Sarangaa (2018)

R Bhagat Tarachand (1895)
Khichdi Samrat (1950)
Vig Refreshments Chembur (1952)
Saayba Hotel (1987)
Shree Thaker Bhojanalay (1945)
A Rama Nayak’s Udipi Shri Krishna Boarding (1942)
Noor Mohammadi Hotel (1923)
Aaswad Upahar & Mithai Gruha (1986)
Maasli (2022)
Cafe Madras (1940)
Sir Ratan Tata Institute, RTI (1928)|
Shabbir’s Tawakkal Sweets (1948)
Hotel Ramashray (1939)
Highway Gomantak (1991)
Ideal Corner (1985)
Kyani & Co. (1904)
Santosham Foods (May 2022)
Crystal Restaurants (1951)
Leopold Café & Bar (1871)
C Dsouza Marosa (1946)
Pancham Puriwala (1848)
Swati Snacks (1963)

This unique event saw the coming together of the entire hospitality industry to celebrate these family-run businesses in an unforgettable evening filled with culinary delights, celebrity award givers, live music by the powerhouse actor-director Boman Irani. The guests savored signature dishes from the award-winning restaurants and took home a taste of the icons in goody bags of gifts brought in by the eateries. And served up in the red bus stationed outside KEIBA.

The key highlights of these awards were that they mark a groundbreaking initiative, aiming to celebrate the unsung heroes of the culinary world: small, family-run restaurants that embody exceptional value for money and serve as our true icons. Amidst the glitz and glamour of the Hospitality Hope Icon Awards, the spotlight shone brightly on MasterChef Shipra Khanna’s much-anticipated book launch “#SinfullyYours.” With an air of anticipation, guests eagerly awaited the unveiling of Shipra’s latest culinary masterpiece, which promised to tantalize taste buds and ignite culinary passions. As Shipra took center stage to introduce her creation, the room buzzed with excitement, reflecting the profound impact of her culinary prowess and creativity on the industry.

Adding to the allure of the evening was the esteemed Artist JAIDEEP whose limited-edition artworks specially created for Hospitality Hope left guests in awe. Jaideep’s masterpieces, presented to each award winner, embodied the essence of the event—celebrating excellence, creativity, and the enduring spirit of hospitality, these limited-edition artworks exclusively for HOSPITALITY HOPE ICONS, are were gifted to the guests as special handcrafted certificates and LED trophies. Renowned for his captivating compositions and innovative techniques, Jaideep’s canvases command attention and admiration, with collectors worldwide vying to add his works to their esteemed collections. As guests admired the intricate details and emotive resonance of Jaideep’s creations, they were reminded of the transformative power of art to elevate the human experience and inspire greatness in all BOMAN IRANIs singing kept everyone’s feet tapping, elevating the evening to extraordinary heights.

At its core, the Hospitality Hope Icon Awards are a celebration of the small, family-run restaurants that form the backbone of our culinary landscape. These establishments may not boast Michelin stars or celebrity chefs, but they possess something far more precious—heart. It is their dedication to their craft, their unwavering commitment to quality, and their ability to create unforgettable dining experiences that make them true icons of hospitality.

In a world where success is often measured in stars and accolades, the Hospitality Hope Icon Awards offer something truly unique—a chance to honor the unsung heroes of the culinary world and celebrate the power of passion, perseverance, and community.

AFFIN BANK Partners With ACI Worldwide to Modernise Payments for Malaysian Businesses

Wednesday, July 10,Kuala Lumpur, Malaysia : AFFIN Group (“AFFIN” or “the Group”) today announced a partnership with ACI Worldwide, a global leader in mission-critical, real-time payments software, to modernise the Bank’s real-time payment capabilities.

From left to right: Encik Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, Mr. Leslie Choo, Senior Vice President, Managing Director of Asia Pacific, ACI Worldwide (Photo: Business Wire)
From left to right: Encik Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, Mr. Leslie Choo, Senior Vice President, Managing Director of Asia Pacific, ACI Worldwide (Photo: Business Wire)

In attendance at the contract signing to represent YBhg. Datuk Wan Razly Abdullah was Encik Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, and ACI Worldwide was represented by Mr. Leslie Choo, Senior Vice President, Managing Director of Asia Pacific, ACI Worldwide.

Under this partnership, the new enterprise payments platform is designed to streamline and enhance the efficiency of payment processes for enterprises, offering a centralised system that consolidates all payment instructions from various channels, converges high-value and low-value payments, including Affin Delivery System (ADS), AffinAlways Retail Internet Banking and Mobile Internet Banking, AFFINMAX (Corporate Internet Banking platform), and ATMs.

This partnership also targets a 75% efficiency boost through process automation and eliminating manual actions, reducing errors. AFFIN will handle over 20% more transactions, supporting growth and scalability. It will enable interoperability among PayNet, RENTAS, and SWIFT using ISO 20022 standards. As the industry adopts ISO 20022 globally, this modernisation solution meets regulatory mandates, improves system resilience, and integrates future payment services.

Group Chief Operating Officer of Affin Bank Berhad, Encik Risham Akashah Bin Kamaruzaman said, “A robust payment infrastructure is a catalyst for innovation and scalable growth. It enables AFFIN to deliver integrated, value-driven payment solutions that cater to the diverse needs of today’s dynamic business landscape and customer demands. Our partnership with ACI is a significant stride in our digital transformation journey, streamlining our operations and enhancing our customers’ payment experience”.

He added, “Through embracing digital tools and solutions, we aim to enhance efficiency, improve customer experiences, and stay ahead in a rapidly evolving market. This initiative aligns seamlessly with our AFFIN Axelerate 2028 (AX28) plan strategic pillar of Digital Leadership”.

ACI Worldwide has unmatched expertise in powering on-premises and cloud-native payment solutions for major banks across Asia Pacific. Malaysia’s Real-time Retail Payments Platform (RPP) was introduced by the national payments network and central infrastructure provider PayNet in collaboration with ACI to establish ISO 20022 real-time payments across financial institutions and communities. ACI also provides the central infrastructure for Indonesia’s BI-FAST, one of the world’s largest real-time payment initiatives that incorporates 135 banks, multi-tenant aggregators, and non-bank participants.

“As Banks navigate unprecedented regulatory changes and rapid digitisation, payments modernisation goes beyond just a technology refresh; it is a strategic transformation that spearheads new avenues of business growth and competitive advantage,” said Leslie Choo, Senior Vice President, Managing Director – APAC, ACI Worldwide. “ACI applauds AFFIN BANK for its forward-looking move in embracing payment modernisation, and we are proud to support the bank with cutting-edge digital real-time payment solutions to lead this charge”.

According to ACI Worldwide’s Prime-Time for Real-Time 2024 report, Malaysia emerges as a frontrunner in the ASEAN region, recording one of the highest volumes of real-time payment transactions in 2023. The trajectory is set for exponential growth, with real-time payment transactions forecasted to grow from 1.9 billion in 2023 to 4.1 billion by 2028, representing an impressive compound annual growth rate of 16.9%. Malaysia is also among the top 10 countries globally for mobile wallet adoption.

Malaysia’s success in harmonising the country’s real-time payments ecosystem on ISO 20022 has ensured that technology serves as an enabler and not a barrier to real-time payment adoption, empowering merchants, billers, fintechs, and financial intermediaries to tap into and maximise the value from real-time rails.

KAGA FEI Develops WKR612AA1 Processor-Integrated Wireless LAN/Bluetooth Combo Module Supporting Matter Standard

Wednesday, July 10, Yokohama, Japan : KAGA FEI Co., Ltd., a global provider of leading short distance wireless modules, announced today the WKR612AA1 processor-integrated Wireless LAN/Bluetooth combo module to support the development of Matter standard*1 compliant devices.

A Matter-compliant module, supporting for Wi-Fi 6, Bluetooth Low Energy, and IEEE 802.15.4, has been developed with enabling hostless operation for smart home devices.

The WKR612AA1 has a built-in antenna and has obtained various certifications. Consequently, it reduces the development time and certification costs for home automation devices and smart appliances such as smart locks, surveillance cameras, home appliances, robot vacuum cleaners, and water heater remote controls, enabling faster time-to-market.

Supporting the Matter standard allows end-users to select devices based on their preferences without being tied to a specific brand, promoting the realization of a seamlessly connected smart home. The Company will continue to respond to market needs and expand its product lineup.

Product Features

1. NXP Chip Integration
Utilizes NXP Semiconductors’ IC “RW612” incorporating an Arm Cortex-M33 processor operating at 260MHz, support both 2.4GHz and 5GHz bands.

2. Large-Capacity Flash Memory
Equipped with 8MB Flash memory, it can operate completely hostless or be controlled by external processor in a hosted design.

3. Easy Design
Operates with a general 3.3V single power supply, eliminating the need to prepare multiple power voltages and adjust the power-up timing.

4. No Antenna Design Required, and Pre-Certified
Features a built-in wideband, high-efficiency antenna, eliminating the need for antenna design. It has obtained Bluetooth qualification and certifications for Radio Law MIC (Japan), FCC (USA), and ISED (Canada), reducing the time and costs.

Product Availability

Evaluation board, sample module : Q3 2024
Mass production module : Q1 2025