Author: Abbas Ali Sheikh (Abbas Ali Sheikh)

Atradius’ latest report on Middle East and North Africa analyses challenges faced by the region and identifies opportunities for economic diversification to fuel future growth

HONG KONG SAR - Media
OutReach - 1 December
2020 - The oil-dependent economies of the Middle East
and North Africa (MENA) have been dealt a fresh blow by COVID-19, but the
region can limit the damage and rejuvenate growth by focusing on fiscal
consolidation, technological innovation and economic diversification, according
to Atradius' latest MENA economic report.

Buffeted by geopolitical
challenges and a range of social issues, the MENA region -- a grouping that
includes the Gulf Cooperation Council (GCC) nations -- has been further weakened
by the pandemic and faces an unprecedented slowdown of -7.0%
in 2020, the report notes, arguing that it's in the countries' best
interests to intensify diversification efforts, which have been underway for
some time now, in order to secure long-term growth.

Shakeups in the oil industry
have seen traditional oil exporters cede market share to the US shale industry
and lose control over the price of oil while a potential easing of sanctions on
Iranian oil exports poses another risk, leaving even the most financially robust
GCC countries, such as Kuwait, Saudi Arabia, UAE and Qatar, vulnerable and
struggling to maintain current living standards for coming generations, according
to the report.

As the steady flow of
petrodollars -- which helps fund government spending and private consumption -- has
dwindled, it has contributed to widening the persistent twin deficits of the
region's economies. This, in turn, is blunting the policy tools at the disposal
of MENA governments and hurting their ability to support other traditional
growth engines, such as construction and real estate, which contribute between
10-15% to the GDP of GCC countries, according to the report.

"The
twin oil-coronavirus crisis has had a large negative impact on most sectors in
the non-oil economy with significant credit risk implications,"
noted Schuyler
D'Souza, Managing Director Middle East, Atradius. "The IMF in its latest report on the region estimates
that the
default risk for corporates has doubled and Atradius can confirm that payment
performance has deteriorated across the weaker sectors due to falling demand,
cash flow constraints and insufficient support from banks."  

Other key findings include:

*In Saudi Arabia, pro-growth
policies are expected to revive the construction sector while hydrocarbon
investments will underpin growth in the medium term alongside diversification
efforts as part of Vision 2030. Local skill shortages coupled with an exodus of
expats are key challenges.

*The UAE, one of the most
diversified Gulf states, has a promising medium-term outlook. Its protracted
recovery will be stimulated by the postponed World Expo, its ability to attract
foreign investment, and its status as a renewables pioneer.

*Egypt's accommodative monetary
policy is expected to partially offset a drop in tourism, infrastructure
spending will boost construction while new gas finds will enhance exports.

The report forecasts the MENA
region will expand by 3.6% in 2021 and 4.0% in 2022 -- most of which will be
driven by the non-oil sector as oil prices are unlikely to rise significantly
in the near future -- and identifies the most promising sectors to help drive
growth in the region. These include education, information & communication,
fintech and pharmaceuticals. Other focus areas are aiding the growth of the manufacturing
sector in North Africa and the Middle East's push for renewables.

"North African economies,
specifically Morocco and Tunisia, can build on the ongoing shift to high-tech
manufacturing and expansion of their trade networks while the Middle East is
well endowed with renewable energy sources and raising funds for renewable
energy projects is becoming easier," noted Niels De Hoog, Senior Economist,
Atradius. "These efforts must be taken to the next level because holding on to the
current economic model will form an increasing drag on growth."

Get the Atradius MENA Economic
Report here: https://atradius.com.hk/en/publications/economic-research-mena-economic-growth-engine-falters.html

About Atradius

Atradius is a global provider
of credit insurance, surety and collection services, with a strategic presence
in over 50 countries. The credit insurance, bond and collection products
offered by Atradius protect companies around the world against the default
risks associated with selling goods and services on credit. Atradius is a
member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in
Spain and one of the largest credit insurers in the world. You can find more
information online at www.atradius.com.hk

SINGAPORE
- Media OutReach - 1 December
2020 - Blake Dair Consulting Pte Ltd,
the Singapore based front office trading and technology specialist recruitment
company, would like to announce that Nafisa Manasawala will be appointed as
Managing Partner of the business from 1^st December 2020.

Nafisa
has more than 20 years experience in top tier banking as a successful private
banker, executive search recruiter and internal talent acquisition specialist.
She has worked with banks like Merrill Lynch, Standard Chartered, Credit Suisse
and Morgan Stanley. Nafisa combines team management experience with hands-on
recruitment experience and deep business understanding, making her a trusted
strategic partner in talent management and acquisition.

Nafisa
commented, "I am excited to join an established recruitment firm such as Blake
Dair Consulting and keen to contribute to the growth of the company through
exceptional client service and candidate advisory. My first priority is to build
the team selectively, to deepen our experience pool and enhance our market
reach."

"Nafisa
joining is fantastic for the team at Blake Dair," says James Ient, the Founding
Shareholder. "The experience Nafisa brings to Blake Dair really helps us
achieve our objective of being the preferred employer and preferred vendor in
this sector."

Blake
Dair Consulting is a specialist recruitment firm operating in Singapore since
2011 that services clients with roles in Japan, Hong Kong, Malaysia and
Singapore in Front Office, Trading and Trading Technology.

+65
67213050

info@bdc.sg

www.bdc.sg

Employment
Agency License: 11C2852

• The
  logistics veteran brings four decades of DHL experience to the key role in the
  South Pacific

SINGAPORE - Media OutReach - 1 December 2020 - As the business in DHL Global Forwarding New Zealand and
Fiji continue on its growth trajectory, the freight specialist of the Deutsche
Post DHL Group officially appoints Zane Morton as Managing Director for these two countries in
the South Pacific effective today. Having built an illustrious career with the
Group spanning almost four decades, Morton will lead the operations in New
Zealand and oversee the growth of the business in Fiji, managed by Country
Manager Ray Viegas, who will report to him.

"Across his
many different roles and responsibilities, Zane has proven himself to be a
respected leader, who is customer-oriented in his outlook and finely attuned to
developments in the logistics and freight forwarding industry. We are confident
he will help our businesses in New Zealand and Fiji reach greater heights
amidst the current challenging microenvironment and augment existing synergies
between our operations in New Zealand and Fiji," said Charles Kaufmann, CEO, DHL
Global Forwarding North Asia South Pacific.

New
Zealand's exports grew 58.6% in the last decade between 2009 and 2019. DHL
Global Forwarding is optimistic about the growth potential in the market and
considers perishables, life sciences and healthcare, amongst others, as promising
areas that the company would further develop.

Reporting
to Kaufmann in this new role, Morton said, "I'm acutely aware that I'm taking
on the role at a very interesting time. In the short term, the industry will face
a massive undertaking of delivering an unprecedented
volume of more than 10 billion doses of vaccines
worldwide; at the same time, DHL Global Forwarding is undergoing a digital
transformation with the rollout of myDHLi in
accordance to the Group's Strategy 2025
to futureproof the organization and improve operational excellence in the long
term. I am excited to lead the teams in New Zealand and Fiji to take on these
challenges and leverage the opportunities to bring the business to greater
heights."

DHL recently published a white
paper on securing a stable supply chain for vaccines and medical goods
during health crises and how the transport of vaccines as a highly
temperature-sensitive product can be managed effectively to combat the further
spread of the COVID-19 virus. The global logistics leader has been serving the
life science and healthcare sector for over 20 years, shipping all sorts of
pharmaceutical and medical-related products, including vaccines and
therapeutics, worldwide.

Morton
first joined DHL in New Zealand in 1983 and held various positions during his
career, including Operations Management, Country Sales & Marketing Manager,
Country Ocean Freight Manager and Wellington Branch Manager. In 2006, he
relocated to Dubai where he was the Regional Marketing and Sales Manager for
DHL Middle East and Africa for DHL Global Forwarding. He returned to New
Zealand in 2011 and was appointed Head of Ocean Freight in 2012, and
subsequently named Head of Sales in 2015.

Note to editors:

The New Zealand- Europe FTA represents an opportunity to
gain better access to the bloc's almost 500 million consumers through lower
tariffs, and new multi-modal shipping options could also lead to even more
savings for importers. Read more on DHL's Logistics of Things.

DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL
divisions offer an unrivalled portfolio of logistics services ranging from
national and international parcel delivery, e-commerce shipping and fulfillment
solutions, international express, road, air and ocean transport to industrial
supply chain management. With about 380,000 employees in more than 220
countries and territories worldwide, DHL connects people and businesses securely
and reliably, enabling global sustainable trade flows. With specialized
solutions for growth markets and industries including technology, life sciences
and healthcare, engineering, manufacturing & energy, auto-mobility and
retail, DHL is decisively positioned as "The logistics company for the world".

DHL is part of
Deutsche Post DHL Group. The Group generated revenues of more than 63 billion
euros in 2019. With sustainable business practices and a commitment to society
and the environment, the Group makes a positive contribution to the world.
Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.

• Companies forecast a 5.6% overall increase in
  salaries for 2021, but more than half say they expect changes to salary
  increment levels.
• Nearly seven in 10 companies have implemented
  a hiring freeze
• 14% of companies expect lower bonus payouts
  for 2021, with one in two stating it is too early to tell

MANILA, PHILIPPINES - Media OutReach - 1 December 2020 - Salaries in the
Philippines are projected to increase in 2021 despite the economic fallout from
the coronavirus pandemic. Companies in the Philippines are forecasting
an average 5.6% overall increase in salaries for 2021, up from 5.3% this year.

This is
according to the annual Philippines
Total Remuneration Survey (TRS) 2020 by Mercer, a global consulting leader in talent, health,
retirement, and investments. The survey polled 416 companies across
multiple industries in the Philippines between April and June this year, with
additional surveys conducted in July and August in light of the fast-changing
market environment.

The projected
salary increments come on the back of an uncertain economic outlook for the
Philippines, with Gross Domestic Product (GDP) expected to contract by 8.3%
this year. While growth is expected to rebound to 6.5% [1]in
2021, downside risks such as a slower-than-expected global recovery that could
weigh heavily on trade and investment, have resulted in caution among
companies.

Floriza Molon, Mercer's Career Business Leader for the
Philippines said, "Due to the uncertainty, more than half of the companies have
indicated that they will delay the increase of salaries or revise salary
increment levels. With sustained pressure on businesses to keep costs
down, we see that companies are taking a cautious approach with regards to
salary budgets."

Across industries surveyed, the Chemical industry is
expected to see the biggest rebound in salary increments at 5.5% in 2021, up
from 3.9% in 2020. The Consumer, Life Sciences, Energy as well as Retail and
Wholesale industries also saw slight increases compared to last year.

Ms Molon added, "While the
salary increase budget remains stable in spite of the pandemic, what we are
seeing is that companies are increasingly prudent with their compensation
policies as well as the allocation of the salary budget. Some of the
considerations include how business-critical the roles are, the potential and
performance of the employees, flight risk and availability of jobs in the
market." 

Variable Bonuses for 2020
remained stable, but decreases expected in 2021

Overall, average budgeted bonuses for 2020 dipped slightly at 16%, compared to
17% in 2019. The Life Science industry saw the highest increase at 23% compared
to 20% in 2019, while bonus payouts decreased in the Consumer, Logistics and
Shared Services & Outsourcing industries.

Ms Molon said, "91% of companies provided
bonuses in 2020, reflecting their strong performance in 2019. However, we
foresee a decrease in bonus payout in 2021 due to the uncertain economic
environment."

Looking ahead, 14% of companies
expect the bonus payout for 2021 to be less than the previous year, while 50% say
it is too early to tell. Only 8% of companies expect budgeted bonuses to
increase in 2021.

With the cautious business
outlook, recruitment efforts are expected to slow in the year ahead. 69% of
companies in the Philippines indicated that they have imposed a hiring freeze
in 2020, with 10% reducing headcount due to the pandemic.

Embracing Flexible Working

The survey has also seen a shift
to remote working arrangements among companies in the Philippines. 67% of the
organization have implemented remote working arrangements in response to the
COVID-19 outbreak with 58% projecting that employees will be more likely to use
flexible working arrangement post-pandemic.

Teng
Alday, Mercer's CEO for the Philippines said, "Companies in the Philippines
have successfully implemented flexible work arrangements amid the pandemic, with
only 14% of companies stating a decrease in the level of productivity. We
foresee more employers embracing flexible working arrangement which provides an
opportunity for companies to review their compensation and total rewards
packages more holistically to adopt variable pay and other reward initiatives
such as work-from-home allowances to recognise and retain critical talent.

"As the financial impact of the pandemic continues to play
out, companies are taking a cautious approach in light of cost pressures and
the need to protect their core business. We encourage companies to adopt
strategies that balance economics and empathy as employee engagement and
retention will be critical in their road to recovery."

About Mercer’s Total Remuneration Survey

The Total
Remuneration Survey, Mercer's flagship annual compensation and benefits
benchmarking study, identifies current pay practices and benefits policies, as
well as budget, hiring and turnover trends for the year ahead. In addition, Mercer also conducts regular pulse
surveys throughout the year to keep up with the impact of the rapidly changing
business environment and compensation and workforce trends.

For
more data and insights from Mercer's Philippines Total Remuneration Survey
2020, please see here.

About Mercer

Mercer builds brighter
futures by redefining the world of work, reshaping retirement and investment
outcomes, and unlocking real health and well-being. Mercer's more than 25,000 employees are based in 44 countries and the
firm operates in over 130 countries. Mercer is a business of Marsh & McLennan (NYSE: MMC), the world's leading professional services firm in the areas
of risk, strategy and people, with 75,000 colleagues and annualized revenue approaching $17 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly
dynamic and complex environment. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.

HONG KONG SAR - Media
OutReach - 1 December 2020 - Lee Kum Kee Sauce Group announces the
appointment of Ms.
Katty Lam as Chief Executive Officer with effect from today.

Ms. Katty Lam has over 25 years' work experience with renowned
multinational food companies. Prior to joining Lee Kum Kee, Ms. Lam was
Danone's Regional Vice President, Greater China -- Early Life Nutrition
Division. Began her career with KPMG as an auditor, Ms. Lam later joined
PepsiCo China, with her last position being the Chairman, Greater China Region.
During her 22-year tenure with PepsiCo, she served in different management
roles in finance, marketing, beverage bottling and foods operations. Ms. Lam
holds an MBA from the University of Portland, US, and a bachelor's degree in
Accountancy from the City University of Hong Kong.

Mr. Charlie Lee, Chairman of Lee
Kum Kee Sauce Group, welcomed Ms. Lam: "With her extensive experience, Ms. Lam will
lead the Group's overall business strategy and development, strengthen
collaboration and drive innovation initiatives to ensure the Group continues to
be recognised as a global leader in Asian sauces and condiments. Together, we
will work towards our vision of 'Where there are people there is Lee Kum Kee'."

ABOUT LEE KUM KEE

Lee Kum Kee was established in
1888 by its founder Mr. Lee Kum Sheung. With its sustainable development in 132
years, Lee Kum Kee has become a household name of sauces and condiments, as
well as an international brand and "a symbol of quality and trust".
Spanning over three centuries, Lee Kum Kee is a globally renowned multinational
corporation offering over 200 types of sauce and condiment to over 100
countries and regions. Please visit www.LKK.com for further details.

HONG
KONG SAR - Media OutReach -
30 November 2020 - Emma by AXA --- AXA's
all-in-one insurance & health services platform is now providing first-in-market
free "Post-Vaccination Protection". Hong Kong and Macau residents can enjoy one
year of free "Post-Vaccination Protection" by downloading the Emma by AXA app and
completing a simple registration. The offer is applicable to all Hong Kong and
Macau residents aged 18 to 65, with a valid Hong Kong or Macau ID card. Each applicant
can register for four of his/her family members (spouse or child) aged 65 or
below. Limited quota only, first come-first served.

Emma
by AXA has been launching in phases since May 2019, providing a comprehensive range
of insurance and healthy living services, with four key features:

Symptom Checker -- An
AI-powered chat functionality that integrates the U.S. top medical group Mayo
Clinic's algorithms. It can understand the symptoms input by users and provide useful
information.

Find a Doctor -- Find
the most suitable AXA panel doctors based on consultation type and preferred
location.

Make a Claim -- Submit
medical claims based on eligibility and track the claim status at any time.

Mind Charger -- A
mindfulness meditation tool with selective modules guided by the renowned yoga
instructor, Margaret Chung. Through this tool, users can enhance their daily
lives and build up resilience by making mindfulness a regular practice. Modules
include Relax and Unwind, Problem Solving, Positivity and Building Resilience.

Download "Emma by AXA" to get the first-in-market free "Post-Vaccination
Protection" *

From
today, Hong Kong and Macau residents aged 18 to 65, holding a valid Hong Kong
or Macau identity card, can get one year free "Post-Vaccination Protection" simply
by downloading the Emma by AXA mobile app and completing a simple registration.
Each applicant can register for four of his/her
family members (spouse or child) aged 65 or below. Limited quota only, first
come-first served.

Post-Vaccination Protection: Free hospital
and death benefits

Hospital
benefit:  HKD700 per
day for up to 10 days payable to eligible applicant who is diagnosed with an
Adverse Event Following Immunisation (AEFI) within 14 days post-vaccination and
is confined in a hospital.

Death benefit: A one-off lump sum of HKD100,000 payable to eligible
applicant's estate if the applicant is diagnosed with an AEFI within 14 days post-vaccination
and its complications result in death.

To
learn more about the "Post-Vaccination Protection", please contact AXA Customer
Service Hotline (852) 2894 4679 (Hong Kong) / （853） 8799 3778 (Macau) during office hours (9am -- 5pm, Monday
to Friday), or visit axa.com.hk.

Scan
the QR code to download "Emma by AXA"

*Complimentary
protection is applicable to adults and children who take vaccination, subject
to terms and conditions. For
details, please visit axa.com.hk/en/axa-post-vaccination-protection-programme.

Twenty-five year logistics veteran, Eric Herman, joins GEODIS to strengthen the supply chain operator’s growth in contract logistics throughout APAC

SINGAPORE - Media
OutReach - 30 November 2020 - Eric's extensive logistics experience in supply
chain strategy, operations and capacity assessments, as well as network and
facility design will support GEODIS' increased focus on Contract
Logistics in APAC.

Eric joins GEODIS
from CBRE GROUP's Supply Chain Advisory Asia where he was a Senior Consultant. His
previous career includes running Puma Energy in Indonesia; leading Contract
Logistics & Business Development for CWT Ltd, and various management roles
in ocean carrier Maersk. He has a wealth of knowledge and experience from
working across many industry verticals.

In
welcoming Eric, GEODIS APAC Regional President and CEO, Onno Boots said, "Eric has an in-depth Asia-Pacific
market knowledge of e-commerce trends, last-mile networks and next generation
warehouse designs. Through his leadership, I see the strengthening of our team's capability and
commercial approach. He will lead an accelerated growth strategy, by guiding
our investments in Contract Logistics across the Region, expanding GEODIS' footprint
and implementing state of the art technology."

Eric
commented: "COVID-19 and the recent Regional Comprehensive Economic Partnership
trade pact, formalizing the world's biggest trade deal, will greatly accelerate
the need for robust supply chains that connect clients across the APAC region
and beyond. Clients must adapt to rapid upticks in volumes. Major brands with
increasing e-commerce businesses are desperate to retain their market share and
get products to their end customers quicker than ever before."

GEODIS

GEODIS is a top-rated, global supply chain operator recognized for its commitment to helping clients overcome their logistical constraints. GEODIS' growth-focused offerings (Supply Chain Optimization, Freight Forwarding, Contract Logistics, Distribution & Express, and Road Transport) coupled with the company's truly global reach thanks to a direct presence in 67 countries, and a global network spanning 120 countries, translates in top business rankings, #1 in France, #6 in Europe and #7 worldwide.

In 2019, GEODIS accounted for over 41,000 employees globally and generated €8.2 billion in sales.

Website: www.geodis.com

TAIPEI, TAIWAN - Media OutReach - 30 November 2020 - As technology becomes increasingly cutting-edge, so too must global health tech ecosystems adapt to capitalize on new opportunities in the field.

That is exactly what social-medical app, Halza, and IEI Integration Corp have in store for the future of healthcare in Taiwan.

On December 3 -- 6, Halza will highlight their plans for an integrated health ecosystem, developed in collaboration with IEI, at booth #M232 at the 2020 Taiwan HealthCare Expo.

In anticipation of the advent of 5G technology, Halza and the various subsidiaries of IEI Integration Corp have partnered to develop a network that will simplify both the consumer's and the medical professional's healthcare experience.

"5G is offering exciting opportunities to present high definition medical images, including DICOM film, faster and easier on mobile devices. Our partnership with IEI Integration Corp is strategic as their QNAP solutions are supporting this development and will help bring the ecosystem to the next level in the Digital Healthcare market," said Richard Nijkerk, Halza founder.

Whether at a hospital, a private clinic, or even the gym, health data can be collected, securely stored, and easily accessed by the patient and the medical professionals attending to them through a private cloud.

Patients are empowered with the ability to upload and enter the medical results they choose. In addition to the centralized health management system of Taiwan, users can gain access to a fuller, more comprehensive health overview at their fingertips through the Halza app.

This move will also strengthen Halza's focus on women's health, through features like the newly launched IVF and Pregnancy. Women managing their journey to motherhood will be better supported through an efficient sharing of their health information.

Renowned for welcoming medical tourists, Taiwan is also in a unique position for an interconnected health system like this to thrive.

Medical tourists and the clinics they frequent, in particular, stand to benefit from this simultaneous amalgamation and diversification of data sources.

As medical tourists do not have the same access to a convenient, centrally located health organization system as citizens, the collaboration serves to create a comfortable environment and a smoother experience to entice return trips.

Through the joint efforts of Halza and IEI, these patients remain connected to their doctors, no matter where they are. Their information is conveniently managed and securely transmitted. They have access to their records and so do their doctors. Their health is appropriately prioritized.

To find out more about developments regarding the health ecosystem, please approach booth #M232 at the 2020 Taiwan HealthCare Expo this December 3 - 6.

About IEI

IEI Integration Corp. builds up the business as a leading industrial computer provider and turns to artificial intelligence and networking edge computing. IEI's products are applied in computer-based applications such as factory automation, computer telephony integration, networking appliances, security, systems, and in fields like AI, IoT (Internet of Things), national defense, police administration, transportation, communication base stations and medical instruments. IEI continues to promote its brand products as well as serving ODM vertical markets to offer complete and professional services.

IEI strives to achieve the ultimate aim of IoT and AI, and to create comfortable and convenient living spaces for human beings by using advanced technologies.

About Halza

Singapore based Halza, a member of the Nijkerk Group stores, track and shares medical data. With Halza you can securely communicate in private with Doctors, family and select friends. You and your family records are private. The Nijkerk Group, a privately held Industrial Information Technology group with dual headquarters in Singapore and Amsterdam has been iEi's business partner since 1992.

Download Halza!

SINGAPORE - Media OutReach - 30 November 2020 - Velo Labs Technology Ltd. (Velo Labs) has announced a collaboration with Lightnet Pte. Ltd. (Lightnet Group) and Visa Worldwide Pte. Limited (Visa) to jointly develop payment solutions in Asia.

• Velo Labs, Lightnet Group and Visa to collaborate on payment solutions in Asia
• VELO tokens to serve as the digital asset collateralizing financial solutions

With a Memorandum of Understanding (MoU) in effect between the parties, Velo Labs, Lightnet Group and Visa will collaborate on payment solutions aimed at addressing the under-served micro, small and medium enterprise (MSME) lending market in Asia. The International Finance Corporation estimates that, globally, USD 5.2 trillion in MSME lending goes unserved annually, with more than half of this financing gap existing in the Asia-Pacific (APAC) region.

"Being new-to-credit or lacking creditworthiness is often an obstacle to achieving one's financial goals, such as securing loans to start a business or even buying a car," said Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet Group. "We are delighted to be a part of this unique cooperation along with trusted partners like Velo Labs and Visa. We are providing customers from the MSME market with another pathway to build credit and improve financial wellness."

Velo Labs, Lightnet Group and Visa's partnership extends the reach of all three firms by allowing near real-time global transactions between participating banks, money transfer operators and other financial service providers. This initiative aims to enable users with poor or inexistent credit histories to receive a line of credit by depositing digital assets as collateral. This approach is ideally suited to connect over one billion unbanked and underbanked individuals in APAC to the global financial system. VELO tokens will serve as the digital asset collateralizing financial solutions.

"This agreement is a testament to Velo Labs' and its partners' continuous efforts to achieve financial inclusion for millions in the under-served MSME lending market. It also illustrates VELO's capacity as a bridge asset enabling greater financial inclusion," says Chatchaval Jiaravanon, Chairman of Velo Labs.

About Velo Labs

Velo Labs' mission is to build a Federated Credit Exchange Network, powered by the Velo Protocol. The Velo Protocol is a financial protocol that issues digital credits pegged to any fiat currency, and ensures that these digital credits are always collateralized by the right amount of VELO tokens to maintain a 1:1 digital credit to fiat currency value ratio. Backed by Stellar Network and CP Group, Velo Labs is currently serving business partners in Southeast Asia. By connecting the legacy finance, CeFi and DeFi industries, Velo Labs' Federated Credit Exchange Network positions Velo Labs as one of few blockchain projects with a clear path towards mass adoption.

www.velo.org

About Lightnet Group

Lightnet Pte. Ltd. is a Singapore-headquartered fintech company with the purpose of empowering underbanked populations and MSME trade finance with an inclusive international remittance ecosystem. The Lightnet Group adopts the Velo Protocol as its blockchain protocol and positions itself as the next generation clearing and settlement network across the Asia Pacific region by leveraging blockchain and connecting existing financial systems with its network of cash agents and wallets. The Lightnet Group's initial focus will be on Southeast Asia remittances which it estimates to be in excess of USD 150 billion per annum.

www.lightnet.io

Featuring the theme “Beyond 2020: The Trend of Surveying”

HONG KONG SAR - Media OutReach - 28 November 2020 - The Hong Kong Institute of Surveyors (HKIS) Annual Conference 2020 successfully concluded today at HKIS Headquarters. The Conference was held online and attracted about 300 local and overseas participants. Governmental and corporate leaders, specialists, academics congregated at 2020 Annual Conference of the Hong Kong Institute of Surveyors (HKIS) to project a visionary future of surveying with the theme: Beyond 2020: The Trend of Surveying.

Like the Webinar itself, surveyors have embraced the benefits of a "hybrid" working approach, by infusing traditional practices with newer and more powerful tools. The challenge that Covid-19 brings along is also an opportunity for further advancement in light of quick adaptation to the constant changing status quo. Smarter tools and technologies unleash surveyors' creativity and enhance their precision. The HKIS Annual Conference facilitates the exchange of knowledge and experience across surveying industry.

At the beginning of the event, the Under Secretary for Development of the HKSAR Government, Mr LIU Chun-san, JP, spoke at the conference on behalf of the Secretary for Development of the HKSAR Government, Mr Michael WONG, JP, as the Guest of Honour to deliver the opening remarks. "Hong Kong has ranked 11th place globally and 3rd place in Asia in the 2020 Global Innovation Index released in September. We have improved by two places internationally and scored the highest ranking since 2016. There is however no place for complacency. The Government's efforts alone are surely grossly inadequate. Let's join hands and make Hong Kong not only a strong contender in the competition of innovation of technology, but through these make Hong Kong a world-class smart city where over seven million call home", Mr LIU Chun-san commented.

The conference invited guest speakers who excel in fields closely related to surveying and technology from Hong Kong, Mainland China, and Singapore for sharing their experiences and insights with topics such as blockchain technology, data driven decision making, and technology assisted workflows. Among the most keenly anticipated talks were that by Mr YU Tak-cheung, JP, Director of Buildings, Buildings Department of the HKSAR Government on Building Control 2.0, Professor Anthony YEH, Chair Professor of The University of Hong Kong, on the causes of new technologies that cater for the needs of city development and management, as well as Mr Stephen MENG, Director of Intelligent Building Business Units at Alibaba Group, who has elaborated on smart buildings that will shape future city landscapes.

Divided into three constructive sessions, the HKIS Annual Conference covered topics such as "Towards a Data-driven Era" by Mr Andrew LAI, JP, Director of Lands, Lands Department of the HKSAR Government and "ABC Trend in Property ad Facility Management (PFM)" by Mr PANG Yiu Hung, JP, Director of Electrical & Mechanical Services, Electrical & Mechanical Services Department of the HKSAR Government which received heated discussion both from the venue and online audience during the Q&A session.

"As the Chinese proverb suggests, 'one must first sharpen one's tools in order to do a great job.' For us surveyors, technologies are more than tools; they are building the foundation for our future and their adoption is key to our continuous development.  Without them, our entire industry would have been completely different.", said Sr Winnie SHIU, President of the HKIS.

"The conference covers macro topics like industry disruption, COVID-19's influence, and more. These are the key to the whole, which will shape our city's living standards, construct a liveable future and provide us a professional landscape for years to come", said Chairman of the HKIS Annual Conference Organising Committee, HKIS Vice-President Sr CHIU Kam Kuen at the closing remarks.

List of speakers and topics downloadable here: https://bit.ly/3lcOb75

Conference Proceeding downloadable here: https://qrgo.page.link/orZWz

Please click HERE to download the photos.

Photo Caption:

001 Mr LIU Chun-san (middle), JP, Under Secretary for Development, Development Bureau, HKSAR Government; Sr Winnie SHIU (the third from the left), HKIS President; Sr CHIU Kam Kuen (the second from the right), Chairman of the HKIS Annual Conference Organising Committee and HKIS Vice-President, and the HKIS Office Bearers attended the Hong Kong Institute of Surveyors (HKIS) Annual Conference.

002 Mr LIU Chun-san, JP, Under Secretary for Development, Development Bureau, HKSAR Government, attended as the event's Guest of Honour.

003 HKIS President Sr Winnie SHIU gave the opening speech.

004 Q&A session with speakers Mr PANG Yiu Hung(the second from the right), JP, Director of Electrical & Mechanical Services, Electrical & Mechanical Services Department, HKSAR Government; Mr Yu Tak-cheung(the first from the right), JP, Director of Buildings, HKSAR Government; Mr Andrew LAI(the second from the left), JP, Director of Lands, Lands Department, HKSAR Government, and moderator Dr Winnie TANG(the first from the left), JP.

About the Hong Kong Institute of Surveyors

The Hong Kong Institute of Surveyors (HKIS) is the only surveying professional body incorporated by ordinance in Hong Kong.  As of 3 October 2020, the number of members reached 10,730, of which 7,152 were corporate members, 73 were associate members and 3,505 were probationers and students. HKIS work includes setting standards for professional services and performance, establishing codes of ethics, determining requirements for admission as professional surveyors, and encouraging members to upgrade skills through continuing professional development.

HKIS has an important consultative role in government policy making and on issues affecting the profession. We have advised the government on issues such as unauthorized building works, building safety campaign, problems of property management, town planning and development strategies, construction quality and housing problems. We have also issued guidance notes on floor area measurement methods.

HKIS official website:  http://www.hkis.org.hk

Facebook Page:  https://www.facebook.com/hkisofficial