FIRST CONSUMERS BLAME BRANDS FOR SCAM MESSAGES: CALLSIGN
HK 2022 IPO funds to reach $400b: PwC
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survey by Callsign released 23 September 2021 reveals 45% of consumers say their trust in businesses such as banks, retailers, mobile network operators, and delivery companies has decreased due to the persistent scam of spoofing brand names. Around 42% of consumers from Hong Kong, India, Indonesia, the Philippines, and Singapore ask mobile network operators to do more to stop scammers using their platforms, and 33% ask the same of banks. People claim to have received scams through email (67%), SMS (57%), phone (46%), messaging apps (33%), and social media (23%) in the last year. However, 37% of global consumers do not know where or who to report a scam message. Over half of consumers do not trust organisations to keep their data safe, with 43% of scam victims reacting with suspicion and wanting to know where fraudsters got their details. Erosion of consumer trust “Callsign’s data demonstrates that consumer trust in our digital world has vanished, and brands are blamed. Yet the sense is that little is done to purposely re-establish digital trust through complete and accurate digital identities,” says senior vice president Stuart Dobbie. “The solution lies in re-thinking how we fight fraud and how we identify people online. Current approaches tackle both challenges by only identifying fraud,” states general manager Namrata Jolly. “The problem with this approach is that a fraudster using stolen credentials looks like a genuine user gaining access to accounts or executing transactions. If instead fraud strategies look to identify only genuine users, this automatically and simultaneously prevents fraud.” Callsign’s technology involves the layering of behavioural biometrics over threat detection, device, and location data. Organisations eliminate one point of failure in the authentication process and achieve two-factor authentication with minimal friction.
Hong Kong’s bourse is agile and continues to evolve by embracing new models
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otal initial public offering (IPO) funds to be raised in Hong Kong are expected to reach $350b to $400b in 2022 on the back of abundant funds and huge investment needs for corporate development, according to PwC. PwC forecast 120 IPOs in 2022 will raise the $350b to $400b which could place Hong Kong “amongst the top 3 fundraising markets in the worldwide” in the year. The cross-boundary Wealth Management Connect Scheme and other initiatives allow Hong Kong “to offer greater value and more business opportunities for enterprises and investors,” it said. Benson Wong, PwC Hong Kong Entrepreneur Group Leader, said reforms in the listing regulation over the past decade diversified Hong Kong’s IPO market. “Hong Kong’s bourse is agile and continues to evolve by embracing new models. It has joined other global bourses in allowing special purpose acquisition companies (SPACs) to raise funds through IPOs,” Wong said. “We expected around 10 to 15 SPACs to list in Hong Kong last year, raising $20b to $30b. 2022 will be an important year for the Hong Kong IPO market. We are confident that it will regain its place as one of the top three fundraising hubs in 2022,” he added.
PwC forecast 120 IPOs in 2022 will reach $400b, which could place Hong Kong in the top 3 fundraising markets worldwide
The New Economy and Chinese enterprises listed in the United States will be the main drivers of listing activity in 2022, PwC said. Last year, total IPO funds raised reached $331.66b, a 17% decline from 2020 despite the high level of activity from New Economy listings and secondary listings by US-listed enterprises. US-listed Chinese enterprises that returned to Hong Kong for listing raised $100.3b, PwC said. A total of 99 new IPOs were listed in 2021, 98 of which were listed on the Main Board. It noted that 54% were retail, consumer goods and services, and 19% were financial services. Eddie Wong, PwC Hong Kong Capital Markets Services Partner, said that aside from pandemic, geopolitical and economic uncertainties, the IPO market of Hong Kong has also been affected by “scrutiny from China targeted on certain sectors.” He also noted that Hong Kong ranks fourth globally in total funds raised amongst IPO markets. “However, Hong Kong’s pipeline for IPOs remains strong. Greater investor demand and stricter regulatory requirements on climate change and sustainability will drive accelerated growth in listings for renewable energy, electric vehicles and other companies involved in sustainable innovation and ESG,” he said. HONG KONG BUSINESS | Q1 2022
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