Australia’s leading trade credit platform Marketlend secures US$100 million financing facility

KUALA LUMPUR, Oct 28 -- Marketlend, Australia’s leading marketplace trade credit platform recently closed a new US$100 million financing facility with Crayhill Capital Management LP, a New York-based private credit manager and asset-based lender. (US$1 = RM4.165)

According to a statement, this new facility will assist with liquidity and cash flow management to global companies affected by the COVID-19 pandemic.

It complements Marketlend’s existing trade credit securitisation programme, which offers financing to companies engaged in international trade.

The Crayhill financing facility supports Marketlend’s international insured trade receivables lending business throughout Asia, the Middle East and Oceania.

Marketlend provides supply chain finance, debtor finance and line of credit products to borrowers, with a quick turnaround and competitive rates.

The company securitises each trade credit facility from inception and delivers an investment that is accompanied by individualised trade credit risk protection enhancements.

In furtherance of the need to unlock working capital for SMEs, Marketlend’s latest products UnLock, a Buy Now Pay Later B2B solution, is a payment gateway that enables SMEs to boost their purchasing power with suppliers and have extended supplier terms of up to 30, 60 or 90 days.

More details at www.marketlend.com.au 

-- BERNAMA

TRICOR AXCELASIA EXPANDS INTO SINGAPORE WITH NEW GOVERNANCE, RISK & COMPLIANCE (GRC) SOLUTIONS

 SINGAPORE, Oct 30 (Bernama-BUSINESS WIRE) -- Tricor Group (Tricor), Asia's leading business expansion specialist providing integrated business, corporate, investor, human resources and payroll, corporate trust and debt services and strategic business advisory is pleased to announce that Tricor Axcelasia, a wholly owned subsidiary of Tricor Group, has expanded its full range of corporate governance, risk and compliance (GRC) solutions into Singapore to offer risk management, internal audit and sustainability advisory to the C-suites and boards of publicly listed companies, private companies, multinational corporations and government-linked entities.

Tricor Group’s acquisition earlier this year of the Malaysian operations of Axcelasia, Inc., a SGX listed company, offers clients expertise in corporate GRC and internal audit and enhances Tricor’s well-renowned corporate services solutions in the ASEAN region. Tricor Axcelasia, with a staff of 100+ professionals and a 1,000+ client portfolio, is led by seasoned industry executives, including Regional Managing Director Ranjit Singh and Non-Executive Chairman Dr. Veerinderjeet Singh.

Tricor Axcelasia provides organizations with a tailored approach to structuring a solid corporate GRC framework, establishing sound risk management, regulatory compliance and internal audit practices. Now expanding into Singapore, Tricor Axcelasia will partner with organizations to increase awareness of strategic GRC best practices and know-how, identify business improvement opportunities with risk-based internal audit, transform day-to-day operations by integrating sustainability strategies, and provide objective guidance on board activities.

Gary Tok, Tricor Group Chief Commercial Officer, said: “We are pleased to bring Tricor Axcelasia’s full GRC suite to Singapore. During this unprecedented moment of disruption, as companies in Singapore and beyond face emerging obstacles created by the COVID-19 pandemic, enterprise risk management is even more critical. Our dedicated team of highly experienced, specialized experts is fully prepared to develop and deploy integrated solutions that align GRC strategy with business strategy to enhance performance, raise security measures, fulfill regulatory requirements and protect organizations in Singapore against today’s increasingly challenging global business environment.”

Lon Gee Ho, Tricor Singapore CEO, said: “The GRC landscape in Singapore, ASEAN and global markets is constantly evolving. Our dedicated team can help organizations navigate complex operating environments so they can reap maximum value from their GRC investment.”

Ranjit Singh, Regional Managing Director Tricor Axcelasia, said: “Risk-minded organizations are better able to develop optimization strategies, supported by data and methodologies that reflect the many challenges ahead. Tricor Axcelasia’s professional and thorough guidance pre-emptively prioritizes the risks and challenges posed by constantly changing regulations and market conditions. In particular, our collaborative, tailored approach ensures that our services are personalized to every organization, industry and geography we serve.”

About Tricor Group

Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, corporate trust & debt services, and strategic business advisory. Tricor provides the building blocks for, and catalyzes every stage of clients’ business growth, from incorporation to IPO. Tricor has had a rapid expansion through organic growth and development as well as partnerships, mergers and acquisitions. The Group today has over 50,000 clients globally (including 20,000 clients in Mainland China), a staff strength of over 2,700 and a network of offices in 47 cities across 21 countries / territories. Our client portfolio includes over 1,500 companies listed in Hong Kong SAR and Mainland China, ~500 companies listed in Singapore and Malaysia, and more than 40% of the Fortune Global 500 companies, as well as a significant share of multinationals and private enterprises operating across international markets. In March 2017, the Permira Funds became the controlling shareholder of the Tricor Group, alongside management.

Visit: www.tricorglobal.com / www.tricoraxcel.com

View source version on businesswire.com: 
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Contact

For more information, please contact:
HONG KONG SAR (GROUP OFFICE)
Sunshine Farzan
Tricor Services Limited
Group Head of Marketing & Communications
Tel: +852 2980 1261
Email: Sunshine.Farzan@hk.tricorglobal.com

Source : Tricor Group

AppDynamics’ new capabilities help IT teams build cloud native applications

 KUALA LUMPUR, Oct 30 -- AppDynamics has released new capabilities designed to help IT teams build cloud native applications with confidence by connecting hybrid cloud application performance to business performance in real-time.

These new capabilities include Full Stack Observability Platform; Cloud Data Collector; Cloud Native Visualization; and, Intelligent Application Resourcing and Cost Optimization.

Via a context-sensitive visualisation interface, correlated insights across domains and intelligent resource optimisation, enterprise IT leaders will be able to reduce noise and surface involving only the most business-critical information and insights across their unique hybrid environments.

“AppDynamics’ new portfolio of cloud native services is the only solution on the market to provide an easy to use performance monitoring platform that helps users tame the complexity of the cloud from the application all the way through to the network,” said Cisco security & applications senior vice-president and general manager, Jeetu Patel.

As IT teams adopt more cloud native services to meet the digital demands of their users, the challenge to refactor applications and design new features at scale becomes increasingly challenging due to a lack of holistic visibility and business context across multiple environments.

AppDynamics’ new portfolio of cloud capabilities closes that visibility gap and allows users to connect traditional systems with cloud native services, all in the context of business outcomes.

AppDynamics, a part of Cisco, is the world’s #1 Application Performance Monitoring solution and AIOps platform. It helps technologists prevent digital performance issues by monitoring cloud-native technologies and traditional infrastructure.

-- BERNAMA

Centenary celebrations: Takara Belmont unveils corporate purpose, commemorative logo

KUALA LUMPUR, Oct 30 -- The Takara Belmont Corporation has released corporate purpose for its next 100 years as well as a logo commemorating the centenary of its founding next year, as the company marked its 99th anniversary this month.

“Looking ahead towards the next 100 years, we are delighted to continue to serve the future of our clientele, industry, and society as a whole in leading beautiful and fulfilling lives,” said Chairman and Chief Executive Officer, Hidetaka Yoshikawa in a statement.

As it looks ahead to the next 100 years, Takara Belmont is determined to promote corporate management based on its newly established corporate purpose and strive to help create a society in which customers in its target industries as well as people in the world are filled with joy of being beautiful.

As it commemorates the centenary of its founding in 2021, Takara Belmont has defined in its corporate purpose how the company should aim to contribute to society over the next 100 years.

The commemorative logo symbolises a close relationship between people and goods the company produces and sells by likening the letter ‘t’ in ‘100th anniversary’ to a person and ‘h’ to a chair, which is one of the company's products.

Meanwhile, the ‘person’ in the logo points further beyond the figure ‘100’ to show the direction of the company over the next 100 years. The Takara Belmont group will use this logo in its publicity campaigns, beginning this month until September 2022.

Founded in the western Japan city of Osaka in 1921, Takara Belmont has developed, produced and sold hair salon equipment, professional hair cosmetic products for the hairdressing industry, and dental and medical equipment for the medical field.

The products sold overseas include hair salon equipment brand-named, ‘Takara Belmont’; hair salon-exclusive professional cosmetic products, ‘LebeL’ and ‘ESTESSiMO’; and dental and medical equipment, ‘Belmont’.

More details at https://www.takarabelmont.co.jp/global/

-- BERNAMA

Released: White Paper on carbon capture and storage incentives in Canada

KUALA LUMPUR, Oct 30 -- The International CCS Knowledge Centre and RSM Canada have jointly released a new White Paper, Incentivizing Large-Scale CCS in Canada recently.

This is to identify venues within the Canadian tax and grant systems to incent large-scale carbon capture and storage (CCS) technology in its pivotal role to create an economically sustainable route to deep emission cuts.

The White Paper highlights pathways in the Canadian tax system that could spur economic growth and boost productivity by supporting industry to kickstart increased CCS deployment – allowing Canada to achieve emission reductions while aligning with the continued development of the Pan-Canadian Framework on Clean Growth and Climate Change.

It also shows that the economic impact related to the development of CCS projects is substantial, for example, the construction and development of three CCS projects over four years would generate US$2.7 billion in GDP across Canada and support over 6,100 jobs over the construction horizon. (US$1 = RM4.157)

Highlights of the White Paper include, the importance of CCS to Canada in order to meet its Paris Agreement commitments; the current need for an accelerated and focused federal government approach to financially support CCS deployment; and, the recommendation of three policy options.

According to a statement, once seen as a leader in CCS technology, Canada has an opportunity to join other governments worldwide which are employing a range of policy tools and incentives including tax credits and direct government grants to address roadblocks for CCS.

The White Paper examines Canada’s climate commitments, its current status in CCS, explores deployment-enabling policy options based on jurisdictional review, and recommends the ideal incentive scenarios for Canada.

More details at https://ccsknowledge.com/

-- BERNAMA

Asia Pacific managed services market records 14-year lowest level - ISG Index

 KUALA LUMPUR, Oct 30 -- Buffeted by pandemic concerns, the managed services market in Asia Pacific fell in the third quarter to its lowest level in 14 years, according to the latest report from Information Services Group (ISG).

The Asia Pacific ISG Index™, which measures commercial outsourcing contracts with annual contract value (ACV) of US$5 million or more, shows the region’s managed services market plummeted 48 per cent in the third quarter, to US$338 million, worst since 2006. (US$1 = RM4.157)

According to a statement, within managed services, information technology outsourcing was down 50 per cent, to US$277 million, and business process outsourcing was down 32 per cent, to US$61 million.

Meanwhile, ACV for cloud-based services, traditionally the dominant force in the region’s sourcing success, was up six per cent in the third quarter, to US$1.6 billion.

That figure includes infrastructure-as-a-service, up eight per cent, to US$1.4 billion, and software-as-a-service, down eight per cent, to US$222 million—one of its lightest quarters in the last three years.

Asia Pacific’s combined market (both managed services and as-a-service) was down 10 per cent, to US$1.97 billion, despite overall growth in the as-a-service segment.

ISG is forecasting the global managed services market will be down six per cent for the full year, 150 basis points better than its July forecast.

The firm is projecting the global as-a-service market will grow by 15.5 per cent in 2020, up from its 11 per cent forecast in July.

-- BERNAMA

RealNetworks SAFR 3.0 sets new standard for high sensitivity face detector

 KUALA LUMPUR, Oct 30 -- SAFR from RealNetworks Inc has announced improved face detection and recognition accuracy for both masked and unmasked faces with SAFR 3.0 release.

According to a statement, SAFR’s 3.0 which is available now, is introducing a new default high sensitivity face detector.

Customers running the high sensitivity face detector will see a 95.1 per cent detection rate and 98.85 per cent recognition accuracy rate for faces covered by PPE face masks — including non-surgical fabric masks of varying patterns — in surveillance-style videos of faces in motion.

Detection efficiency has also been improved when multiple faces are simultaneously in the field of view to ensure detection and recognition speeds remain high.

“SAFR’s accuracy improvements will enable customers to deploy face-based contactless secure access without requiring removal of PPE and ensure persons of interest and registered VIPs don’t go unrecognised while wearing face masks,” said SAFR VP (Computer Vision), Brad Donaldson.

SAFR 3.0 also includes a new mask detection dashboard, enabling customers to anonymously track mask usage rates and view and filter by age, gender, location and time.

More details at https://safr.com/release-notes/

-- BERNAMA

Anomali to power Machina Record threat intelligence services in Japan

KUALA LUMPUR, Oct 30 -- Anomali, an intelligence-driven cybersecurity solutions leader, has been selected by Japan-based Machina Record to utilise its product suite to generate threat intelligence.

According to a statement, Anomali’s product suite will strengthen detection and speed response capabilities for its customers across the region.

“The APAC region has always been at the centre of the digital world, a factor that attracts the attention of cybercriminals and nation-state adversaries,” said Anomali (APAC) Sr Vice-President and GM, Geoff Noble.

“With Anomali underpinning its threat intelligence capabilities, Machina Record will accelerate detection and response over the threats that are most impactful to their customers’ environments.”

Machina Record Inc Chief Executive Officer, Yusuke Gunji said: “With Anomali, we are turning vast amounts of data into intelligence that allows us to analyse threats and develop effective countermeasures that reduce risk across our customers’ environments.”

Frost & Sullivan recently named Anomali as the winner of the 2020 Frost Radar Innovation Excellence Award for the Global Threat Intelligence Platforms Market, securing the largest share of the market (40 per cent).

-- BERNAMA

AlumaSafway bags SCSA Constructing Safety Leadership Award

KUALA LUMPUR, Oct 30 -- AlumaSafway, a BrandSafway company, has been named a 2020 Constructing Safety Leadership Award winner by the Saskatchewan Construction Safety Association (SCSA).

These annual awards recognise the most successful safety companies and leaders among SCSA’s members, based on their significant achievements in safety leadership and excellent safety practices during the prior year (2019).

“This award demonstrates our commitment to continually raising the bar and leading our industry in safety,” said BrandSafway Global Environmental Health and Safety vice-president, Steve Wilson.

“I would like to take this opportunity to thank the SCSA for their partnership and to congratulate Justin Lasnier, the regional safety manager, Don Black, Saskatchewan branch manager, and all of our dedicated trades workers in Saskatchewan for this outstanding achievement.”

The SCSA is an industry-funded, membership-based non-profit organisation that provides safety training and advice to employers and employees in the construction industry throughout the province.

Serving almost 10,000 member companies, the SCSA vision is to create the safest construction environment in Canada, according to a statement.

More details at www.AlumaSafway.com.

-- BERNAMA

Fastly Compute@Edge solution offers new developer tooling, functionality

 

KUALA LUMPUR, Oct 30 -- Fastly Inc, a global edge cloud platform provider, has announced major enhancements to its Compute@Edge solution, adding new developer tooling and functionality.

According to a statement, the newest enhancements include Terraform API support, Command Line Interface, expanded language support and fingertips observability.

Customers are now running production traffic on Compute@Edge, including a vast array of innovative use cases like waiting room tokens, dynamic edge personalisation, authentication at the edge, full serverless applications and others.

Compute@Edge’s enhanced tooling empowers developers to architect for unprecedented levels of internet traffic and heightened expectations around digital experiences, while keeping performance, efficiency and security at the forefront.

For developers looking to build and execute code closer to their end users, Compute@Edge is a powerful and performant serverless computing environment that runs on Fastly’s globally distributed edge cloud platform.

Fastly’s serverless solution provides the benefits of serverless computing without the challenges that typically come with outsourcing infrastructure, allowing for better performance, enhanced visibility and reduced latency.

By building advanced applications and custom logic on the edge, organisations can reduce infrastructure costs and scale instantly.

More details at https://www.fastly.com/products/edge-compute/serverless

-- BERNAMA

NTT Com honoured ‘Operator Award: Embracing Cloud’ at Network Transformation Awards

Operator Award: Embracing Cloud (Graphic: Business Wire)

KUALA LUMPUR, Oct 28 -- NTT Communications Corporation (NTT Com) has announced its recent cloud-based initiatives received the Operator Award: Embracing Cloud from the Network Transformation Awards 2020 programme at the Layer123 World Congress 2020.

According to a statement, NTT Com was awarded for initiatives including an edge-computing platform that will provide low latency, low cost and guaranteeing privacy required for technologies including AI, IoT and 5G.

The envisioned platform is expected to accelerate local 5G and the development of AIoT ecosystem (combination of AI and IoT) for advanced uses such as smart factories.

NTT Com is also preparing to launch the tentatively named VxF Platform, which will support functions for traffic control and security.

Furthermore, NTT Com is developing lightweight edge locations for deployment at client sites to locally process data, format data and perform AI inference.

Network Transformation Awards recognise the current year’s outstanding technologies and thought leadership among telecom providers and vendors who help to accelerate network transformation.

The Operator Award: Embracing Cloud is given to the telecom provider that takes the leading role in developing cloud infrastructure and other advanced cloud initiatives.

Winners are selected through a process of rigorous and holistic judgment by analysts and experts from the global telecommunications industry.

-- BERNAMA

VistaJet Private World: Gateway to world’s most revered properties, destinations

KUALA LUMPUR, Oct 28 -- VistaJet, the first and only global business aviation company, has launched Private World and opens up its exclusive black book of preferred partners, hotels, residences, private islands, yachts and ski destinations globally.

According to a statement, VistaJet Private World is a global programme for private travel — a service to feel at home anywhere across all continents.

Private World is hospitality in its truest sense, providing every Member an integrated team ready to support them at any step — whether travelling for work, exploring or relaxing.

The programme will offer seamless access to suites, historical estates, private retreats, yachts and slopes — via simplest door-to-door service, no need to check-in, guaranteed privacy and a host of personal services to make the journey as simple as possible.

Starting from the best suites in London, New York, Hong Kong, Los Angeles, Dubai, Milan, Nice, Beijing, Shanghai and Moscow; extending to the most in demand sea and mountain resorts — Courchevel, Maldives, The Bahamas, Aspen and Fiji.

VistaJet’s EVP of Marketing and Innovation, Matteo Atti said: “Private World marks the start of a radical transformation of the top end of the travel industry.

“A shift in the business model not governed anymore by volumes of booking, but led by quality, trust and shared values.”

More details at https://www.vistajet.com/privateworld/

--BERNAMA

QORENEXT ANNOUNCES ANGEL INVESTMENT FUNDING

 SEATTLE & SINGAPORE, Oct 28 (Bernama-BUSINESS WIRE) -- QoreNext has closed an Angel funding round with three prominent investors. The new company, started by Annik founder Rahul Sahgal, is launching a cloud-based Data-as-a-Service platform called Qore, for the AI and BI space. Annik was sold, as part of a PE rollup under LiquidHub, to CapGemini in 2018. The Angel investors include Kristin Luck, Adil Wali and Tom Lynch. They are investing in their individual capacity.

Kristin Luck is a serial marketing technology entrepreneur whose latest venture is growth strategy consultancy, ScaleHouse. She has previously consulted with Annik. Kristin is a licensed investment banker with Oberon Securities and an accredited investor who has also consulted for high-growth brands such as Voxpopme and Dstillery among others. She has participated in both acquisitions and exits from $30M to $250M. She is also the founder of Women in Research (WiRE), a global network of over 11,000 female entrepreneurs in the Research and Insights space.

Adil Wali has been a founder, investor, and advisor in a variety of eCommerce, FinTech, and SaaS companies. He is the creator of Merit, a cryptocurrency which aims to be the world’s friendliest digital currency. He was also co-founder of ModCloth, a successful social commerce retailer. In addition to a senior leadership role at a top technology company, Adil is an active investor in multiple AI-driven quantitative hedge funds.

Tom Lynch has been the Chief Financial Officer at The NPD Group and is now responsible for M&A and partnerships. His management experience includes over 25 years in finance, operations, and transactions across the United States, Europe, and Asia. He has also previously led Media Metrix (NPD’s Internet tracking spin-off) through three acquisitions as well as successful initial and secondary public offerings.

About QoreNext

Through its Qore platform, QoreNext aims to help solve the data problems facing the AI and BI space, starting with foundational data. Qore curates, manages and sells, on a subscription basis, high-quality foundational data from various sources across multiple industries. The company recently set up an office in Singapore and has imminent plans to expand into the United States and India.

View source version on businesswire.com: 
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Contact

Media
QoreNext Pte Ltd | Christabella Foo, Marketing | +65 9817 3069 | christabella.foo@qorenext.com

Source : QoreNext

Onward Security to unveil IoT cybersecurity future at Code Blue 2020 conference

 KUALA LUMPUR, Oct 28 -- Onward Security, a leading provider of IoT cybersecurity compliance solutions, will deliver a speech at the international cybersecurity conference, Code Blue 2020.

It will reveal the current status of IoT cybersecurity, the requirements of global IoT device security, and the key to success in the future market, according to a statement.

This year, apart from being the only IoT cybersecurity testing lab in Asia authorised by CTIA, Onward Security also won a number of international awards.

The company was named Grand Trophy winner by the Network Products Guide’s 2020 IT World Awards, winning the gold prize for IT Risk Management, Application Security Testing (AST), and silver prize for Best IT Company of the Year.

Onward Security’s ‘HERCULES SecFlow product security management system’ allows the R&D team to identify major cybersecurity vulnerabilities in the system through open-sourced risk management at the software design and development stage.

HERCULES SecFlow, along with the ‘HERCULES SecDevice automated vulnerability assessment tool’, can provide automated functions like vulnerability testing for connected products, and protocol-related vulnerability discovery and security assessment.

-- BERNAMA

SweeGen expands natural sweetener portfolio with Bestevia® Reb I commercial production

KUALA LUMPUR, Oct 28 -- Sweet taste solutions provider, SweeGen has announced the expansion of its natural sweetener portfolio with the commercial production of Bestevia® Reb I, a next generation high-purity stevia sweetener and flavour unique to SweeGen.

Reb I expands SweeGen’s toolbox for tackling the challenges of reducing sugar and delivering sweet taste solutions to food and beverage manufacturers, according to a statement.

The newest edition to SweeGen’s natural sweetener portfolio works well in product applications across the spectrum, ranging from dairy, beverages, nutritional bars, confectionery to savory.

Reb I imparts a clean taste profile and sugar-like sweetness and complements SweeGen’s application technology. It is a versatile sweetener which can be used at various levels of sugar reduction to drive unique taste profiles.

It is produced by a patented bioconversion technology, starting with the stevia leaf. This process was developed by Conagen, a biotech innovator of sustainable ingredients.

SweeGen’s entire proprietary portfolio of next generation, natural Bestevia stevia sweeteners are produced with Conagen’s bioconversion technology, and classified as next generation non-GMO, high-purity and clean tasting.

SweeGen has already received the FDA Generally Regarded As Safe no objection letter, and achieved The Flavor and Extract Manufacturers Association. Global regulatory approval is underway.

More details at www.sweegen.com.

-- BERNAMA

COVID-19 research: Taconic Biosciences unveils immediate mouse model availability

KUALA LUMPUR, Oct 27 -- Taconic Biosciences, a global leader in providing drug discovery animal model solutions, has announced immediate humanised ACE2 mouse model availability for COVID-19 research.

According to a statement, the SARS-CoV-2 virus, which causes COVID-19, uses the ACE2 receptor to enter cells.

“Taconic's experience in global distribution will enable us to get this critical tool into the hands of researchers worldwide. Our current wait list includes researchers from six continents, demonstrating the ongoing demand for COVID-19 animal models,” said Taconic commercial models vice-president, Michael Seiler. 

Due to differences between the mouse and human ACE2 receptors, normal laboratory mice cannot be infected with SARS-CoV2. Transgenic mice expressing the human ACE2 receptor overcome this challenge and are thus, critical for COVID-19 research.

Taconic’s hACE2 AC70 mouse model is susceptible to SARS-CoV-2 and displays symptoms upon infection. It is valuable as it has utility in both early and late stage drug discovery research.

Although SARS-CoV-2 vaccine development is underway, new animal models that address different areas of the drug discovery spectrum are still needed. Study ready cohorts of animals are available for immediate ordering.

-- BERNAMA

Wendy Wang is Mary Kay Chief Commercial Officer for Asia Pacific

The appointment of Wang is the latest in Mary Kay Inc.’s decades-long commitment to empowering women to serve in leadership positions. (Photo: Mary Kay Inc.)

KUALA LUMPUR, Oct 27 -- Mary Kay Inc has strengthened its commitment to advancing female leadership worldwide with the appointment of Wendy Wang as Chief Commercial Officer in the Asia Pacific region at the company’s global headquarters in Addison, Texas, US.

“We are honoured to announce the appointment of Wendy Wang to this senior leadership position. Her passion to see women’s lives enriched throughout Asia and expertise will be invaluable as we continue our steadfast mission of enriching women’s lives in our Asia Pacific Region,” said Mary Kay Asia Pacific Region President, KK Chua.

Wendy Wang is Mary Kay Chief Commercial Officer for Asia Pacific: 

INNOVATION WILL BE KEY FOR TRAVEL RECOVERY

 LONDON, Oct 26 (Bernama-BUSINESS WIRE) -- The travel industry experienced an existential crisis this year with real GDP growth at -4.8% in 2020, according to global market research company Euromonitor International.

In its new report ‘Accelerating Travel Innovation after Coronavirus’ launching on November 9^th, Euromonitor will explore how innovation will be key to kickstart recovery, as businesses try to bounce back and, digitalisation and sustainability accelerates.

The pandemic revealed some unpleasant truths about the environmental impact caused by travel. The industry’s engagement with the Sustainable Development Goals is lower than other industries, such as consumer goods and packaging, specifically for responsible consumption and production (SDG12) with 46.2% of travel businesses engaged, compared to an industry average of 62.7%.

This awareness is pushing consumers to question their travel behaviours and shift towards responsible consumption. “Globally, over a fifth of consumers consider permanently shifting away from international travel with the desire to reduce carbon emissions and stay closer to home,” comments Caroline Bremner, head of travel research at Euromonitor International. “This message is reinforced in regions such as Scandinavia and Europe, where 65% of travel businesses in the Nordics are implementing a sustainability strategy, 10% higher than the global average.”

To create a safer environment for travellers, the use of AI and automation accelerated, reinventing the customer journey. Virtual experiences became popular with European cities introducing ‘off the beaten path’ virtual tours led by locals; while contactless and self-service, now commonly used, are reinforced with stricter hygiene and social distancing measures.

The travel industry is showing resilience, agility and strength in times of adversity, and innovation is a key vehicle for adapting to the new normal and moving towards recovery.

Pre-register now to receive the full report. Caroline Bremner will also virtually present further insights on the topic at WTM London 2020 on November 9, 2020.

About Euromonitor International

Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.

View source version on businesswire.com: 
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Contact

Carol Li
Communications Executive - Euromonitor International
Tel: +44 20 8175 7847
Carol.li@euromonitor.com

Source : Euromonitor International