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KPMG Asia Pacific announces record results and a new regional strategy to enhance trust and drive growth, with plans for significant investment in talent and technology

Vlad Poptamas

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Photo source: fnlondon.com
Reading Time: 3 minutes

 

KPMG Asia Pacific is pleased to announce record results for FY18 and plans for significant regional investment in talent and technology, as well as enhanced collaboration in the region.

Honson To, Chairman of KPMG’s Asia Pacific region and Co-Chairman of KPMG China, said: “We have just announced record results in FY18 for KPMG Globally and in particular for Asia Pacific, achieving the fastest growth rates, delivering USD4.9bn revenues and reflecting the strength and importance of our multi-disciplinary Firm. We have also seen a 4th year of double digit advisory growth in Asia Pacific. To build on this momentum, we are today announcing our new regional strategy predicated on trust and growth with our ambition to double in size over the next five years. We have committed to collectively invest over USD1bn in a multi-year investment program to further develop holistic and tailored solutions for our clients and also co-create with our clients and strategic alliance partners through our new innovation hubs, ignition centres and other centres of excellence across the region.”

As the fastest growing region, KPMG Asia Pacific is also looking to expand its footprint across all 20 countries and jurisdictions where it operates. This includes plans to create over 25,000 diversely skilled professional roles over the next four years, in line with the Firm’s workforce of the future strategy, focused on broadening capability to include STEM skills and developing the next generation of cyber, cloud and regulatory change experts, solution architects and digital transformation specialists.

Honson To added: “This is a very exciting time for our Firm and I am optimistic about the future. We plan to create more jobs, and invest more money in innovation and solution development than at any other point in our history. The scale and pace of this investment is critical to support the changing needs and complexities facing our clients with a number of them expanding their global capabilities and footprint, particularly our Regional Brand Defining clients.”

“KPMG globally is increasingly looking to this region to act as a growth engine for innovation. Our alliances with key technology partners, as well as our own investments in digital solutions, are designed to help our clients seize the opportunity of cloud based solutions to drive efficiency and service improvements and to support international businesses into the region. We are developing innovative and transformational solutions ranging from Cyber Security and Blockchain solutions, digital tax compliance solutions, as well as significant investment in our Audit platform, Clara, to help enhance audit quality. Our recently opened Digital Ignition Centres in Singapore and Japan, as well as established centres in Australia and China, offer clients the chance to use leading edge technology and explore how it can reshape their business, a great example of our investment plan delivering benefits to clients in the region.”

“We will also continue to invest significantly to enhance quality and public trust to ensure that business in the region can be conducted with confidence and assurance,” added To.

KPMG has recently launched its inaugural Global Inclusion & Diversity Report to further emphasize focus on creating a truly inclusive and diverse culture as a strategic priority. Key highlights for Asia Pacific include an increase in the number of female partners to 23%, as well as women representing 54% of new hires and 52% of the total workforce.

“The Firm’s refreshed Asia Pacific strategy is closely aligned with the global collective strategy and centred on greater regional collaboration and integration, delivered through our new corporate structure and co-operation agreement. This growth and investment is not only great news for KPMG and the people we will hire, it will also play a major role in helping our region reach its economic potential on the global stage,” concluded To.

For more information and to read the report, please visit www.kpmg.com/globalreview

Editor - With a passion photo photography, webdesign and content, it made sense for me to also integrate news editing and press release publishing. I am also passionate about the car industry, so you will surely find some exciting news reporting from my side about the automotive industry.

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Banking/Financial Services

Caplin Steriles Announces INR 218 Crore Investment by Eight Roads Ventures and F-Prime Capital

Vlad Poptamas

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  • The partnership will accelerate Caplin Steriles’ efforts to cater to the rapidly growing demand for injectable pharmaceutical products in the regulated markets, especially the US and Europe
  • Eight Roads and F-Prime Capital together bring access to a powerful investment platform spanning Asia, Europeand the US

Caplin Point Laboratories Limited (Caplin Point), one of the fastest growing pharmaceutical companies in India, today announced an investment in its injectables subsidiary, Caplin Steriles, by Eight Roads Ventures, the proprietary investment arm of FIL, Fidelity International Limited and its US-based sister fund, F-Prime Capital.

Caplin Point was founded in 1990 by C.C. Paarthipan. Since then, it has grown to become a leading provider of affordable, high-quality pharmaceutical formulations in several emerging markets including Latin America and Africa, with over 2700 product registrations globally.

Caplin Steriles, its subsidiary, will cater to the rapidly growing demand for injectable products in the regulated markets, especially the US and Europe. The $10bn US generic injectables segment continues to be very attractive, driven by high barriers to entry on product development as well as regulatory compliance in manufacturing such sterile products. This has resulted in relatively lower competition and constrained online capacity in this segment. Caplin Steriles has established a 550-person business with state-of-the-art R&D facilities in Chennai and high-quality manufacturing infrastructure that is approved both by the US FDA and European regulatory authorities. The subsidiary has already filed 8 ANDAs on its own and through partners with the US FDA, with 2 approvals.

Commenting on the transaction, C.C. Paarthipan, Chairman, Caplin Point Laboratories Limited, said: “We are at a stage in our regulated markets journey where we believe that the business is now well positioned to evolve and thrive as a separate entity. We are expanding capacities to cater to growing demand from these regulated markets for sterile products, and working on development of complex generic injectable products in-house. Both these efforts will unlock great value in the long run. We are excited to extend our journey from a road less travelled (South America) to a road well-travelled (North America) with Eight Roads Ventures and F-Prime Capital as investment and knowledge partners, given their excellent track record worldwide and particularly in healthcare.”

Dr. Prem Pavoor, Partner at Eight Roads Ventures India, added: “This is a unique opportunity for us to partner with Caplin Point to build a world-class platform in India to develop and manufacture injectable drugs. Over 70% of generic drug shortages in the US continue to be attributable to injectables. Through our combined experience and resources, we aspire to create a leader in this segment, providing affordable, differentiated products for patients.”

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Banking/Financial Services

Wirecard Issues Multi-currency Visa Cards for United Money, Leading Currency Exchange Company in China

Vlad Poptamas

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Photo source: yallacompare.com
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– United Money manages around 100 exchange offices in major airports, business districts and upscale communities in China and is serving millions of Chinese consumers with the new solution

Wirecard, the global innovation leader for digital financial technology, has partnered with United Money, one of China’slargest currency exchange companies, to digitize payment processes and offer multi-currency Visa travel cards. The so-called Travel Cashcard is an ideal alternative to traveler’s checks and cash. Wirecard’s solution for United Money targets Chinese nationals who plan to travel abroad and are seeking a widely-accepted and convenient payment method, which can be managed via an online account. Currently, United Money manages close to 100 exchange offices in major airports, business districts and upscale communities nationwide and serves millions of consumers.

Jiang Zhongmo, founder of United Money, said “We are delighted to offer our customers a reliable and secure payment solution, which is backed by trusted industry leaders Wirecard and Visa. As experts in the field of foreign currency exchange, we are confident that Wirecard’s digital payment solution will fulfill the expectations of our customers, whether they are first-time or experienced travelers. We welcome this innovative and forward-thinking solution by Wirecard.”

The digital card supports currencies from the most-visited regions of the world: Australia, Hong Kong, Japan, Singapore, the UK, US and Eurozone. Consumers can load the cards before traveling, locking in exchange rates. United Money, one of the first officially recognized currency exchange companies in China, offers additional services in VAT refund processing and banknotes wholesale.

“As a global company at the forefront of digital financial innovation, we understand the barriers that are faced when paying in a foreign currency,” said Grigoriy Kuznetsov, EVP of Global Financial Services at Wirecard. “This is why we are proud of the collaboration with United Money, a market leader in China in the area of currency exchange. We look forward to developing further innovative solutions for United Money.”

“Multi-currency Visa travel cards are a great option for consumers travelling internationally who want a convenient, secure payment alternative to cash,” said Rajiv Ramanathan, Head of Products, Asia Pacific, Visa. “Visa’s role as a global payments network is about creating the right industry standards for people to pay digitally wherever they choose to travel, and we’re proud to work with United Money and Wirecard on this new solution.”

The multi-currency cards allow users to lock in favorable exchange rates before traveling, presenting an attractive opportunity for millions of Chinese travelers currently fulfilled by cash or traveler’s checks. A study by Coresight Research on Chinese outbound tourists found that foreign exchange rate fluctuations, especially unfavorable ones, will affect frequent travelers’ decisions when choosing a destination. By using the Wirecard-issued multi-currency Visa card, travelers can avoid this problem and take advantage of favorable exchange rates instead.

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Banking/Financial Services

VCB Kenya Goes Live With Corporate Banking Solution Powered by i-exceed’s Appzillon

Vlad Poptamas

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Photo source: i-exceed.com
Reading Time: 2 minutes

 

Victoria Commercial Bank (VCB), Kenya has gone live with an Appzillon-based omni-channel corporate banking solution to cater to the ever dynamic needs of their tech savvy corporate clients. VCB selected i-exceed over several other vendors due to its proven expertise in delivering digital banking solutions globally and strong technical capabilities. The application will be made available on mobile, Internet, SMS, and USSD channels.

VCB Kenya wanted a solution to address everyday needs of their clients while being future ready at the same time. Appzillon Digital Banking is a one-stop solution that makes the best use of technology to create delightful banking experiences. It leverages the technical prowess of Appzillon Digital Experience Platform, an award-winning omni-channel low-code application development platform that featured in Gartner’s Magic Quadrant and Forrester’s Wave reports. Appzillon Digital Banking ranked #2 in IBS Intelligence’s Sales League Table 2018 and 2017 for Digital Banking Solutions.

Dr.Yogesh Pattni, CEO at VCB commented, “Since inception, we have always strived to promote a culture of client servicing through the implementation of smart solutions that have been designed based on a comprehensive understanding of our client’s banking needs. We are confident that the corporate digital banking solution from i-exceed will help us in achieving our goals, expand our client base, and meet client expectations. We have used i-exceed’s Appzillon solution for last four months and have seen considerable benefits in our business with usage of the solution. We are extremely pleased to be associated with i-exceed and pleasingly satisfied with the implementation approach of i-exceed and the technical functionalities of the Appzillon based product.”

Joseph John, Managing Director at i-exceed commented, “This is our first omni-channel solution in Kenya and we expect this to open up further opportunities in the region. We have always dedicated our efforts into constantly evolving our product as a leading-edge digital offering that empowers our clients with future ready solutions and helps them stay ahead of the digital race.”

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