International Business Magazine Issue 11 by International Business Magazine

WELCOME NOTE FROM Managing Director Shashank M Co-Founder & CEO Shankar VS Chief Editor Ujal Nair Assistant Editor Medhaj Nair Head of Operations Kevin Harris Head of Production Shank Mendez Head of Research Laura Edwards Head of Media Sales Charles Grey Media Sales Manager Chris Young Advertising contact chris@intlbm.com Content Managers: Daniel Edwards, Sumana Shankar Business Development Paul Cooper, Alisha Taylor, Jane Sanders, James Smith, Jason Graphic Designer R Ravi Kumar Account Manager Agnes Wong Offies:

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EDITOR Positive First Quarter brings hope for positivity in 2022 Geopolitical tensions are brimming to the core in various parts of the globe. Some of these tensions stem from the border disputes, some from their respective allegiances. The internal turmoil in some of the countries are mushrooming as part of an after-effect of the two-year pandemic. Most economies have reported signs of a turnaround in the first quarter of 2022.

As part of remedial measures, the central banks are taking stringent measures to bring back the growth rate and control the inflation rates. The recent announcements from governments across the globe indicate weak fiscal support leading to slower productivity, lower employment growth and higher inflation levels. In this April 2022 issue, we observe that the consumers’ sentiments are set to go lower as we approach the end of the year largely due to tighter monetary policies and high inflation levels pinching into the common man’s savings. In this issue, you will find a summary of a study by Market Xcel that explores consumer sentiments in this post-pandemic era. There is also an interesting study as to why Gen Z is not so keen to opt for a traditional bank account. The same study also gives us an interesting peek into spending habits and the latest trends in the digital payment ecosystem. After the pandemic, it was destined for the healthcare industry to see some paradigm shift, not just in the core pharmaceuticals but also in the medical equipment sector. This issue also covers some interesting studies on the new disruptions to be expected in therapeutic solutions and the 3D Scanning market. With heavy sanctions being levied on Russia for its infiltration of Ukraine, most of the commodities have flared up across global indices. The first quarter of 2022 opened with a bright future but analysts are already calculating the level of erosion by the end of the year.

Ujal Nair Chief Editor Be sure to check out our website at

www.intlbm.com

Connect with us on Twitter: @interna11168480 and Facebook:@intlbm Instagram: @intlbm.

Cover Story AsiaPay: Best in Business for Simplifying Payments

26 Joseph Chan

Founder & CEO | AsiaPay

Content 62% of Gen Z’s don’t have any bank account at all 06

April Showers and Powers at the Towers 10

Mastercard Network International NBS Bank Plc partners for surging DPA in Malawi 24

Women Viewed Happier compared to Men who are Angrier - UOE Study 36

Business Sales & Marketing: Best Tactics For 2022

Digital Therapeutics Changing the Future of Care

Increase Your Sales With these 7 Strategies

Hyundai Motor Group Aramco, Kaust join forces for clean mobility evelopment

Banking

62% of Gen Z’s don’t have any bank account at all - Thunes Survey To achieve growth and success past 2030, business-

media where Gen Z spend their money but increas-

es must start to understand the living, shopping,

ingly where they are making it too, with a growing

and financial habits of Gen Z or Zoomers (consum-

range of content monetisation options offered by

ers aged between 16 and 24) now – and accept that

TikTok, YouTube, Patreon, Clubhouse, and Twitch.

they are very different from previous generations. This demographic, who never knew life without the

Mobile Wallets and Money Management: Gen Z

internet and smartphones, currently represents the

has little enthusiasm for traditional financial prod-

largest population group on earth. Members of this

ucts – be it bank accounts or credit cards. 62% of

age group account for almost 2.5 billion people, sur-

Gen Z’s don’t have any bank account at all. Mobile

passing Millennials in 2019.

wallets are however growing rapidly and in some emerging markets, almost 50% of Zoomers now

To shed some light on Zoomers, the global pay-

use this type of account.

ments platform Thunes conducted a world-wide study into their shopping, social, and payment pref-

Shopping: Zoomers spend a slightly larger propor-

erences. They interviewed 6,500 people between the

tion (19%) of their money online shopping than they

ages of 16 and 24 from 13 developed and emerging

do on socialising, eating out, and entertainment –

countries around the world.

this is the case in developed and emerging markets. Cash Is Down, But Not Out: About a quarter of

Thunes’ Gen Z: The Future of Spending survey:

Zoomers in western markets almost never use

some highlights

cash. Physical currency remains important in offline spend in emerging markets, but its influence is in

Social Media: Gen Z is influenced by social media

decline. This is not surprising given the choice and

more than any other generation. 8 out of 10 said they

accessibility of digital tools.

use social media on multiple occasions throughout

the day. Three-quarters of Zoomers also check in

Focus on Brand and UX: One of the most impor-

multiple times each day in emerging markets, with

tant drivers for Zoomers considering purchase and

two-thirds stating that they have purchased prod-

payment methods is brand trust – it became the #1

ucts they first discovered online. Not only is social

factor for choosing a primary payment method in

Banking

7 countries. This is the case in

Another important aspect of

providers, and consumer brands

Western and emerging markets.

their lives that we wanted to ex-

looking to capitalise on Zoomers

User experience was identified as

plore is their relationships with

and their online spending hab-

the second most popular factor,

money and their affection for

its must consider all the factors

which, in an online world, affects

mobile-driven payment methods.

above. Gen Z will be influenced

loyalty too.

As a company that embraces the

first, not by price or even range

diversity of Payments and builds

or scarcity, but by their social cir-

Thunes CEO Peter De Calu-

the next-generation Payments in-

cles, brand engagement online,

we said: “To many, Gen Z is a

frastructure for the world, we will

and trendy, convenient, trustwor-

misunderstood and overlooked

use these insights to shape our

thy payment options.

generation. This is a generation

Payment capabilities and solu-

to which “dial-up” and “desktop”

tions for the large group of the In-

Peter De Caluwe said: “Failure to

are meaningless words and who

ternet businesses that we serve,”

recognise the imminent influence

don’t just think “mobile-first”, but

he added.

of the digitally native Zoomer could result in a once perfectly

live and breathe in apps, social media, digital platforms and soon

Mobile wallets are gaining trac-

shoppable brand witnessing slip-

– the metaverse. We should start

tion, particularly in emerging

ping sales.”

to take this generation serious-

markets where bank accounts

ly as the revenues and strategic

have been historically difficult to

plans of many businesses – es-

access and financial exclusion

pecially those that are relying on

is widespread. Mobile providers

fast growth – are dependent on

have led a digital payments revo-

them”.

lution in Asia, while in Africa, the major telecoms providers have

“We knew that social media

offered similar digital payments

would be a key part of a Zoom-

solutions.

er’s daily life, but what our survey

helped to reveal is the extent to

As the world moves online, so-

which they are driving spend-

cial media, content and enter-

ing activity in this demographic.

tainment

platforms,

payment

Blog received over mail

Business

Recently, the US levied sanctions on Russia’s tech

with the economy returning to normal levels. On the

companies, and increased geopolitical tensions af-

other hand, the US continues to face labor shortag-

fected investor risk appetite, sending the US dollar

es, putting several sectors of the economy under

index higher. All major US indices recorded losses

significant pressure.

on the last day of March ahead of the all-important NFP report. The US Labor Department is scheduled to release its jobs report for March shortly after recording a spike in payrolls in February. With the Fed set to raise interest rates again, the upcoming jobs report is expected to offer some insight into the extent of the hike. Analysts expect the US to report another strong rise in jobs and an easing of the unemployment rate in March. Non-farm payrolls are projected to rise by 490,000, following 678,000 job additions in the previous month. With this, the US would have recovered more than 90% of the jobs lost during the pandemic. The unemployment rate is expected to ease to 3.7%, from the previous reading of 3.8%. The US labor market has recovered significantly from the worst days of the pandemic when the country recorded more than 20 million job losses. Monthly job additions have risen sharply, averaging more than half a million over the past 12 months, versus the monthly average of 164,000 in 2019. Although the high job additions point to an economic recovery being underway, it also serves as a reminder that the strong growth is likely to ease soon

Business

The country created 11.3 million jobs during February, but merely 6.7 million of those were filled. The US also recorded weekly jobless claims at around 202,000, slightly higher than the consensus estimates, but in line with the pre-covid levels. The labor force participation rate came in at 62.3% for February, below the pre-pandemic figure of 63.4%. Wages rose slightly last month, and continue to lag inflation, with the latest CPI data showing inflation surging to a 40-year high in February. Markets will monitor updates from the Federal Reserve after the release of the jobs report, as this is expected to impact the central bank’s rate decision. Now for the meaty analysis. As the Fed begins to raise interest rates to slow down inflation, expressing confidence that it can achieve a “soft landing” for the economy. Investors appear to be buying it for now. While bond markets are sending mixed signals, equities have continued to rise since the Fed raised rates by 25 basis points in mid-March. Major U.S. stock indices are back to roughly where they were in early February, erasing recent losses around the Russia-Ukraine conflict. Importantly, the nature of the rally has shifted, as “short-covering,” a technical move that typically leads to sharp gains, has given way to something more fundamental: growing investor risk appetite, as told by the options market. These developments indicate markets may be counting on a “Goldilocks” scenario, where policymakers tame inflation with limited damage to economic growth and keep long-term rates low by historical standards. Such market confidence could possibly be well overrated due to the following three reasons;

Business • Stocks may be appearing overvalued – Earnings yields are low and price/earnings ratios are high

Stanley economics team now projects rate hikes of 50 basis points in both May and June.

relative to historical trends when considering prior periods of higher-than-expected inflation. Spe-

All in all, instead of a policy cycle that is short and

cifically, over the past 70 years or so, when the

sweet and which continues to buoy passive indi-

Consumer Price Index ran between 6% and 8%,

ces, I see a roller coaster or a bumpier path, where

S&P 500 price/earnings ratios averaged about

policymakers are at least forced to acknowledge

12. Today, that multiple is about 20. By another

the degree of difficulty in executing the soft landing

measure, the return premium that equity inves-

some optimistic investors are expecting. Investors

tors get for taking on risk appears low today,

should consider using rallies to take profits in pas-

despite a litany of new and increasing risks in-

sive indices and re-invest assets towards active

cluding a maturing business cycle and ongoing

management, looking to build a balanced portfolio

geopolitical strife.

with growth companies at reasonable prices. Also consider Treasuries, which I believe are now trading

• Markets may not be effectively pricing in the im-

closer to near-term fair value.

pact of the Fed’s balance-sheet reduction and liquidity withdrawal – The Fed has yet to announce

Close at home, Crude oil sees wild swings led by

details of such plans, and already US financial

geopolitics and the new Covid-19 outbreak. Crude

conditions have begun to tighten and are back to

oil prices witnessed record high volatility during the

pre-COVID levels. Consensus expectations say

last few weeks mainly led by the Russia/Ukraine war

the Fed will drain at least $560 billion over the

that was exacerbated by increasing Covid-19 cases

rest of 2022, an action that would be equivalent

in China. Intraday Brent crude oil prices reached as

to another quarter-percentage-point rate hike. As

high as USD 139/b after the US and several other

we have commented before, the Fed has limited

countries in Europe announced banning the import

experience with these operations, and execution

of Russian crude and natural gas by the end of this

risk is high. Remember the Fed quickly aborted

year, while many other countries lowered the pur-

its 2018 balance sheet run-off when markets re-

chase from Russia. The EU is also said to be work-

sponded with heightened volatility.

ing on a strategy to reduce the dependence on Russian natural gas by 80% by the end of the year.

• Market perceptions of the Fed’s resolve may be off – Investors seem to be looking for the “Fed

The restraint observed by OPEC+ in terms of adding

put,” when policymakers limit market declines by

barrels also supported the surge in crude oil prices.

easing monetary conditions. This hope may be

On the other hand, the crude price quickly receded

misplaced, given the Fed’s recent hawkish rhet-

to the USD 100/b mark on 15-Mar-2022 after de-

oric, with governors acknowledging a need to

mand growth expectations were seriously affected

move more aggressively on tightening, including

with China announcing lockdowns in some of the

the possibility of half-point rate hikes, as opposed

key global supply chain hubs this week after new

to the typical quarter-point ones. It’s possible that

Covid-19 cases reached a two-year high level. In ad-

some of this positioning may be politically driv-

dition, news of advancing cease-fire talks between

en, but there is growing potential that the cen-

Russia and Ukraine also led to the price decline.

tral bank will need to prioritize taming inflation over backstopping markets. In fact, the Morgan 12

The bulk of the earlier gain in oil prices came from

Business the supply side with the key question of replacing Russian oil with other suppliers. However, with an already tight oil market even before the war, the shortfall is expected to worsen in the near term. OPEC+ said it will stick to its policy of increasing output by 0.4 mb/d next month while some producers in the group face production issues offsetting the overall increase. OPEC monthly production increased by 380 tb/d during February-2022 to reach 28.6 mb/d, according to Bloomberg, the highest since April-2020. Crude production is also ramping up in US and Canada, while also tapping strategic reserve, albeit on a marginal scale, to counter the short-term undersupply issue. Moreover, talks with Iran on the nuclear deal, which would also ease restrictions on Iran’s oil exports, were suspended due to Russian demand for an exception to trade with Iran. Meanwhile, in order to overcome the issue of banning of imports from Russia that led to a record discount on Russian crude, producers in the country are offering flexible financing terms to attract buyers. The country is also offering to sell crude in exchange for local currency, as seen in the case of the Chinese Yuan as well as Indian INR. It was reported that India is considering Russian oil at discounted prices and through a Rupee/Rubble mechanism to continue broader bilateral trade between the two countries. On the demand side, the stronger-than-expected growth in the Chinese economy during the first two months of 2022 supported sentiments in the market that was partially offset by the new covid restriction with almost 45 million people in lockdown. The country reported a 7.5% increase in industrial output during the first two months of the year while retail sales and investments increased by 6.7% and 12.2%, respectively. The blog was received on Mail.

Business

Every year, the marketplace changes, new technologies emerge, new trends become mainstream, and new tactics are added to every marketer’s toolbox. In B2B marketing, things tend to change even faster. That’s why we’ve put together a list of the top B2B marketing tactics for 2022. These strategies will help you get ahead of the curve and keep your company at the cutting edge of sales and marketing technology.

Business

Look for Diversification Opportunities Most marketing budgets these days don’t allow companies to pursue every distribution channel simultaneously. You must carefully select those that are most likely to generate high returns on your investment. Find ways to diversify your strategy by thoroughly researching your target audience. Next, determine niche sub-channels where you can cut through the marketing noise, such as YouTube, social media groups, etc. Diversify your strategy with the confidence that the payoff will prove to be worthwhile.

What Are the Benefits of Organic Growth on TikTok Organic growth is slower than buying followers, but it’s a great TikTok booster strategy for building a successful business account. This means that your followers will come from real people who have discovered your content naturally and decided to follow you based on what they saw there (not because they were paid or incentivized). You’ll also avoid getting blocked by Instagram for spamming other accounts too often (which happens when using bots).

Consider Paid Social Ads Facebook ads are already used by 86% of social marketers, and the platform’s advertising revenue is increasing. Meanwhile, paid advertising options have appeared on Instagram, Pinterest, Twitter, and other platforms. Social media platforms are fine-tuning their algorithms, making it clear to brands that they need paid promotion in order to be seen. If you want to keep or gain traction through your social strategy, you must embrace paid social.

The Best Way to Find Your Next Big Client If you are looking for a professional way to keep up with your future Linkedin leads, try using a tool such as Linked Helper. This marketing automation software is one of the best LinkedIn lead generation tools to help you find your next client, allowing you to get a better position in the market. The more people you connect with, the more opportunities you have to generate leads and make sales. The easiest way to get started is to visit the site and see for yourself.

Concentrate on Your Existing Content Most marketers today understand that they must create large amounts of content to build a traffic base. But unfortunately, they frequently focus on creating new content while ignoring the value of their existing assets. Pro marketing tip: If you want to compete in today’s markets, it’s critical to maximize the use of your current content. You can, for example: • Determine your most popular content and use this information to inform future content creation. • Republish old content with new data, visuals, or perspectives to increase reach. • Repurpose old content as an infographic, video, slide, or deck. You can also make an ebook guide or report from a series of blog posts. 16

Business

Create Brand Advocates When making a purchase decision, people look for recommendations from their peers. Your existing customers are a valuable resource for reaching new audiences and driving conversions. Create campaigns to incentivize your brand advocates to spread your message if you want to make the most of them. For example, you could start an online community or offer rewards for referrals.

Constantly Improve the User Experience Developing a message for your target audience is only the first step toward online marketing success. No matter how good your content is, it will not drive conversions unless accompanied by an excellent website user experience (UX). As a result, make sure you’re constantly testing and optimizing UX to achieve marketing objectives (this includes increasing site speed and navigation).

Strategies for Connecting Online and Offline Virtual and in-person events are increasingly being used by businesses to influence audiences and drive sales, but they are frequently thought of as separate from online marketing initiatives. First, determine what actions you want your audience to take following the event. Then, create a virtual or in-person experience that will support them on their journey.

Emphasize Authenticity Consumers today are well aware that the content produced by businesses is agenda-driven. As a result, they are unlikely to respond positively to sales content, so brands must devise better strategies for establishing genuine relationships with their audiences. Creating live content is a great way to prioritize authenticity in your marketing. Make mistakes and go with the flow — you’ll be surprised at how positively your audience will respond.

Make a Memorable Message There are only so many ways you can use marketing to promote your products and services directly. However, it is sometimes worthwhile to deviate from your main marketing plan to tell stories that make your brand more memorable and likable. The more inventive you are with your storytelling, the more likely you will stand out and improve your brand image.

Final Thoughts A solid marketing strategy necessitates more than simply adjusting your priorities year after year. To stand out from the crowd, you must constantly look for new technologies and opportunities. Keep up with the latest tech and marketing tips to stay on top of the important trends and changes you should be taking advantazge of. Blog by Viktor 17

Business

07 Make It Simple for Your Customers to Buy From You 06

Emphasize Your Unique Value

Offer Added Value

04 Focus on Lead Generation 03 Use the Potential of Social Media 02 Use the Potential of Social Media 01 Improve Your Marketing Strategies

Business

Whether you are starting a new business, or you are trying to grow an existing one, selling your services or products is the only way for your company to survive and thrive. There are many ways to boost your sales, and to do it you should use any communication channel available to you. You need a clear and valuable proposal and profound knowledge of your ideal client and the market.

Business Below is a more detailed explanation of seven key strategies you can implement to increase your sales and have a reliable cash flow.

Improve Your Marketing Strategies

Businesses don’t become successful on their own. Marketing is necessary to attract people to your brand and grow your business, and therefore indispensable for gaining sales. Whether you will focus only on digital marketing or you will use some forms of traditional marketing as well, investing in the right agencies can bring you high ROI.

Use the Potential of Social Media

The potential of social media for businesses is endless. In recent years, for many businesses Instagram, Facebook, TikTok, LinkedIn, YouTube, and other platforms have become rich sources of new customers or clients. Thanks to these platforms, their popularity, and their features, you can show how valuable your brand is and build meaningful relationships with big audiences. But social media isn’t as easy for businesses. To make your accounts true assets for your company, you have to learn, work, strategize, create content and interact with your audience. Many companies choose to outsource their social media efforts. This will allow you to concentrate on other aspects of your business, and increase your efficiency. Moreover, if you invest in a TikTok agency separately, instead of trying to learn how this relatively new network works, your campaigns will be created by professionals with vast knowledge of the platform and marketing. But even with the older platforms, like Facebook, and even if you are using them regularly in your private life, running a business account is different, and you may be unable to utilize it to its fullest potential.

Business

Focus on Lead Generation

Depending on the type of business you are running and what you are selling, you can use many different techniques to turn leads into customers, and you can experiment until you find what works best for you. However, to be able to close more sales first you must find a way to attract prospects and turn them into leads. Like with your social media strategy you can outsource lead generation. Some tactics that you can use for lead generation include: • Providing personalized user experience (chatbots, geolocation, etc.); • Optimizing your website (landing pages, eye-catching call to action buttons, etc.); •

Optimizing your social media;

• Creating gated content (e-books, courses, guides, white papers, online tools, etc.); • Providing discounts or coupons; • Sending out newsletters.

Make Customer Satisfaction a Priority

With the huge competition across industries, it’s very easy for people to decide to stop buying from businesses that don’t put customers’ interests at the center and don’t provide good customer service. Good customer service, on the other hand, can convert leads into customers, encourage returning customers, build loyalty and establish you as a trustworthy brand in your field. It’s crucial for the success of any business. To keep your customers satisfied, your employees should be trained in customer service. They have to show respect and understanding and be helpful. Nowadays, a huge part of the communication between businesses and consumers happens in the digital world, and omnichannel experience is crucial. Thanks to advances in technology, you can use many different tools dedicated to customer services, and improving customer experiences. You can choose AI-based software and bots, customer relationship management software (CRM), customer experience management tools, customer service software designed for specific businesses, and so on. 21

Business

Offer Added Value

More and more businesses offer additional services as an effective tactic to take every sale beyond a simple transaction between them and their customer. Some services that will add value for your customers include free delivery, free trial period, prolonged warranty period, free return, free installation, gifts that will add value to the product they’ve bought, and so on.

Emphasize Your Unique Value

Knowing what separates you from your competition you can create your unique selling point. Standing out from your competition is always important when you are trying to increase sales. Your so-called competitive advantage should be emphasized when you promote your products or services to your target audience, in a clear way.

Make It Simple for Your Customers to Buy From You

Thanks to all the technology dedicated to online businesses, especially when it comes to eCommerce, consumers expect to be able to make their purchases fast. Everything about the process should be as easy and convenient as possible. Navigating through your official website, finding products or services, clear descriptions, and pricing, are essential for online sales.

Business Conclusion The only way your business can work successfully is if you manage to sell your products or services. Without that, there is no profit and your business can’t thrive. More than that, if your sales aren’t constant, it can be virtually impossible to always be able to cover operating expenses and function properly. These tactics should help start growing your sales. Start implementing them and soon you may have more consistent sales. Article by Viktor

Finance

Finance Mastercard and Network Interna-

multiple layers of security to en-

accelerate the move from cash

tional recently re-affirmed their

sure that the customer’s financial

to digital solutions.”

shared commitment to drive the

data is always secure and private. According to Gabriel Swanepoel,

adoption of digital payments and support emerging markets’ tran-

Governments and NGOs across

Country Manager for Mastercard,

sition to a cashless economy by

Africa are publicly supporting

Southern Africa, people and busi-

announcing a strategic partner-

digital payments and less reli-

ness are increasingly turning to

ship with NBS Bank plc in Malawi.

ance on hard cash to secure the

digital and remote payments, a

As per the trio’s statement and

financial inclusion of more peo-

shift that has been accelerated

industry sources, this will be the

ple. With the growth of the digi-

by the COVID-19 pandemic.

first implementation of an inno-

tal world, millions of people and

vative digital payment’s platform

businesses are gaining access to

“Utilizing the innovative capa-

launched by Mastercard and Net-

financial services and digital pay-

bilities of both Mastercard and

work International last year.

ments on their gadgets.

Network International, we can support NBS Bank in their digital

NBS Bank also claimed to launch

“As a caring bank and in line with

transformation efforts so that

a Mastercard virtual (non-plastic,

NBS Bank’s philosophy of ‘taking

they can provide an enhanced

non-physical) payment solution

banking to the people’, we are ex-

payment experience to their cus-

that will enable its customers

cited to partner with Mastercard

tomers. This in turn will enable

to make a wide range of e-com-

and Network International to of-

more people and businesses

merce payments to merchants

fer our customers enhanced pay-

to benefit from a growing digi-

that accept Mastercard locally

ment capabilities that will enable

tal economy and world beyond

and internationally. For instance,

them to make a wide range of

cash,” stated Swanepoel.

virtual cardholders can pay for

payments all from the devices in

subscription streaming servic-

their pockets,” says Kwanele Ng-

Mastercard and Network Interna-

es, advertising on social media

wenya, CEO of NBS Bank. “This

tional have a long-standing part-

platforms, online shopping as

partnership will also help to ac-

nership, including Mastercard’s

well as travel and bills. It will also

celerate financial inclusion and

strategic investment in Network

allow small business owners

empower the most vulnerable in

International and a shared com-

to purchase from international

society.”

mitment to developing innovative payment solutions that will grow

suppliers. ”Our partnership with Mastercard

electronic transactions across

NBS Bank further reported that

is focused on rapidly growing

the MEA region.

for payment towards the pur-

electronic payment usage across

chases using the virtual payment

our region, and this agreement

solution, NBS Bank clients will

with NBS Bank is a major step to-

receive a 16-digit card number,

wards meeting that goal,” added

security code, and expiry date,

Chris Wood, Regional Managing

which they will use to complete

Director, Processing- Southern

an online purchase much like they

Africa and PALOPS, Network In-

would with a physical card. The

ternational. “We look forward

payment solution also features

to working with NBS Bank to 25

Finance

Joseph Chan Founder & CEO AsiaPay

Finance

Joseph Chan Founder & CEO AsiaPay

We are optimistic that Indodana PayLater feature in the AsiaPay system will bring a good impact to the increase in digital transactions at AsiaPay merchants as well as supporting the acceleration of the financial inclusion in Indonesia.

Finance

AsiaPay: Best in Business for Simplifying Payments

Joseph Chan Founder & CEO | AsiaPay

The Digital Money transactions

mainly attributed to the increas-

kind of business of various sizes

saw a real boost with larger pen-

ing popularity of eCommerce

with the aim for maximizing sales

etration of the internet at the be-

websites, growing internet pen-

revenue and productivity of the

ginning of 2000. From sending

etration, and the pandemic-in-

partner merchants.

bank receipts over telegram to

spired contactless payment solu-

bank transactions carried out in

tions. The COVID-19 pandemic

The fintech company had re-

the palm of our hands, payment

has only bolstered the technolog-

cently announced a partnership

solutions have progressed very

ical possibilities, making it acces-

with BimoPay’s digital payment

rapidly in the past two decades.

sible to merchants and vendors

service platform for providing

The rising popularity of eCom-

of all sizes and customers of all

consumers a seamless, flexible

merce

ages across the region.

installment payment option. It

pushed the development of se-

Founded in 2000, AsiaPay, a Hong

also partnered with Sleekflow to

cure and comfortable payment

Kong-based digital payment solu-

introduce an all-in-one chat solu-

solutions across sectors.

tion and technology vendor, re-

tion to deliver all kinds of financial

cently won the title of ‘Best Pay-

solutions over an online chat ses-

According to a report from Al-

ment Solutions Provider Pan Asia

sion. In order to understand what

lied Market Research, the global

2022’. It offers multi-currency,

the payment solution provider

payment processing solutions

multi-lingual, multi-card, and mul-

has in store for the coming fu-

market was valued at USD 39.57

ti-channeled payment solutions,

ture, we spoke to the founder and

billion in 2020, and is projected to

bundled with their advanced func-

the CEO of AsiaPay, Joseph Chan

reach USD 146.45 billion by 2030,

tionalities including fraud detec-

to get more insights into the pay-

growing at a CAGR of 13.7% from

tion, tokenisation and more. They

ment industry.

2021 to 2030. This growth is

reserve the capacity to serve any

websites

has

further

Finance

Digital

Approach

across

platforms,

across

verification, making it easy to offer local payment

enterprises

methods, securely, anywhere they do business.

Digitization has made globalization a reality even for

Joseph Chan reveals, “We provide cutting-edge

small business owners. Payment technology solu-

products and services, we simplify compliance,

tions have become far more accessible for every-

fraud, and security to our merchants. Our latest Xe-

one. Small and medium enterprises require a com-

cure3D solution is now EMV 3-D Secure 2.0 ready

prehensive, global approach to payment processing

and includes 3DS SDK, 3DS Server (3DSS), Access

compliance that evolves in response to their require-

Control Server (ACS) and Cardholder Management

ments. They require a platform that manages local

System (CMS).”

licensing and regulations to maintain payment compliance and also provides built-in AML, CTF, tokeni-

AsiaPay, along with Indodana, an Asian leader for

zation and encryption, and KYC and KYB identity

the ‘buy now pay later’ platform, have come

Finance payment transactions from any

Server (ACS) and Cardholder

web-connected device. AsiaPay

Management System (CMS), is

enables merchants to securely

fully compliant with the security

AsiaPay provides multi-payment

accept the most popular digital

requirements of EMVCo, the card

methods ranging from one-stop

payment methods from credit

networks worldwide and Pay-

comprehensive credit and debit

cards, internet banking, and more

ment Card Industry 3-D Secure

cards, eBanking, QR payments,

on a single platform.

(PCI-3DS). ACS readily supports

Easy

Payment

choices

for

businesses

Visa, MasterCard and UnionPay

and P.O.S. It also comes with a multi-currency payment feature

Its latest Xecure3D solution, a

International. 3DSS has already

that accepts payments from

3D secure solution, is now EMV

supported Visa, MasterCard, Un-

cross-border

Asia-

3-D Secure 2.0 ready. The 3D

ionPay International, American

Pay also runs a multi-channel

solution, including 3DS SDK, 3DS

Express, and soon will cover Dis-

platform that allows convenient

Server (3DSS), Access Control

cover and JCB.

countries.

AsiaPay is popular among its customers for • One-stop payment management (Single platform for multi-card, multi-currency, multi-acquirer processing and settlement controls) • Comprehensive payment coverage (Widest range of credit, debit payment options and acquirers, covering 100+ banks and payment brands) • Multiple Payment Channel Capability • Comprehensive Risk and Anti-Fraud controls (PCIDSS compliant since 2006, with built-in anti-fraud and risk management system) • Robust and Certified Technology (3-D Secure and Digital Wallet Vendor for Visa, Mastercard, American Express, JCB, Discover Global Network and UnionPay in Asia-Pacific) • Reliable and High Availability + 99. 9% • Flexible and Highly Customizable 30

Finance • Extendable and Expandable • Proven Track Record and Solid Industry Expertise • Broadest World-class Enterprise Service in 13 operative offices in Asia-Pacific • Anti-fraud and Security (Anti-fraud/ Customized Payment Page/ Member Payment/ Card Tokenization / VTS) • Processing (AppPay/ PayBooth/ Payment Link/ QR Code/ Recurring Payment/ Batch Payment/ Voucher Payment/ Event Payment/ API/SDK Library) • On-Us Processing (Instalment Payment/ Card Promotion Discount/ Loyalty Point Redemption) • Module (Shopping Cart/ Hotel Reservation System/ Event Enrolment System) • Big Data (Payment Analyzer) • Regional (Multi-Currency Processing /DCC & MCP/ Multi-Lever Report) Demarcating the path of growth Exploring the darker side of the prospect, the digital payment solutions are laced with issues ranging from third-party payment service charges to the unavailability of proper connectivity. No matter how tough the security protocols are, customers are always looming under the anxiety of sharing their transactions and account details with third-party services. Joseph Chan is confident for the safety of his partners and customers with the implementation of several security solutions, including 3-D Secure, Master SecureCode, American Express SafeKey, Verified by Visa, J/Secure Works and more.

The AsiaPay founder is pragmatic towards the rising popularity of mobile wallets, mobile point of sale, contactless payments, Artificial Intelligence and Machine Learning-based security, Biometric authentication, the EMV technology, AI smart speaker payment, and more. Article by Ujal Nair 31

Life Style

Top Brands have taken Centre stage in the life of

Indian Urban Consumer ‘The New Norm’ has meant that organizations and

personal care brands.

brand marketers have not just grappled with dynamic changes but many sectors have witnessed par-

In the top 10 brands’ ranking, the age-old favorites

adigm shifts in consumer behavior and purchase

have been nudged out by new-age digital brands like

over the last two years and as consumers continue

Airtel, Jio, Google, WhatsApp, Facebook, Amazon,

to struggle to return to pre-pandemic routines.

YouTube, and Netflix. Only two grand old brands made the list – Amul and Colgate. Surprisingly, Am-

Leading Market research and insights firm Market

azon is the only eCommerce brand in the top 10 and

Xcel, today unveiled ‘BrandXcel’, a first of its kind

Amul is the only food brand. Tech-based niche ena-

exhaustive study delving into ‘The New Emerging

blers like Swiggy, Zomato, and Big Basket dominat-

Consumer’, post the pandemic. The study takes a

ed the 11-20 ranks.

unique and refreshing view of consumer behavior by analyzing their brand preferences at different times

BrandXcel also categorizes the top 100 brands

of a routine day and decoding preferences of the ‘Di-

and their impact into 6 distinct segments to depict

gi-gen’, as BrandXcel coins the millennial and Gen Z

population size, providing unique insights to mar-

consumers.

keters, to better understand consumer goals and buying behavior. POPULOUS MEGAPOLIS includes

The study by Market Xcel offers a deep dive into

brands with high impact and high brand population;

product categories and features the top 50 brands

OVERCROWDED MEGAPOLIS features brands with

by Day Parts. The survey ranks the preference for

medium impact and high brand population; CAPA-

personal care brands high in the mornings, food tech

CIOUS MEGAPOLIS lists high impact and medium

and delivery brands at noon and at night, e-com-

brand population; TRANSFORMATIONAL MARKET

merce brands also in the noon, and OTT brands at

includes brands with medium impact and medium

night time.

brand population; EXPAND & ACCELERATE includes brands with medium impact and low brand popula-

Colgate, Lifebuoy, and Closeup have emerged as

tion and RENEW & REFRESH features brands with

the key morning brands. The afternoon timeframe

low impact and low brand population.

is a highly populated one dominated by a mix of digital, mobile, food-tech, internet-related, payment

Speaking about the study, Manish Narang, Found-

gateway, and personal care brands. Nighttime,

er, MarketXcel, stated, “BrandXcel is our continued

though not as highly populated as the afternoon,

effort to stay on top of the game when it comes

also includes internet-related, mobile, shopping, and

to analyzing consumer behavior shifts and brand

Life Style impact. While in our two decades

their identity more meaningful

of providing research services,

in such times. An assessment

brands rank high on the list

we have always witnessed the

of brand ranking offers market-

of the ‘Digi-gen’, which are

consumer evolve and grow with

ers an opportunity to reflect on

a combination of a need for

the times, the pandemic in the

changed consumer behavior and

immediacy, intimacy/ person-

last two years had us all witness

its impact in the post-pandemic

alization, and on-demand &

such a paradigm change for the

era. Combined with thought lead-

always on! The most success-

first time and we wanted to be

ership and opinion pieces from a

ful brands are those that have

the first to delve into it and also

few of the country’s best market-

demonstrated an intimate un-

use the opportunity to take a dif-

ing minds, and easy to consume,

derstanding of the Digi Gen.

ferent and refreshed approach

the coffee table book presenta-

to the study. Hence the mapping

tion of the survey and its findings

of brand preference by dayparts.

will ensure Brandxcel is the blue

BrandXcel aims to provide mar-

book for marketers to wade into

keters with few insights into what

the new norm.”

the Indian Urban Consumer is Findings and insights

looking for now. Vishal Oberoi, CEO, of Market Xcel, elaborated on the survey methodology

stated,

“Market

Xcel studies over 1000 brands and looked at the top 100 more closely and derived insights from the study that included over 8750 people from the target Group aged 18-55 years and living in the tp 25 Indian cities including metro, Tier I and Tier II. The survey covered all four regions of the country and we adopted a hybrid approach for data collection that included web-based interviews and in-person CAPI”

rector, MarketXcel, added, “The changing basket of brands that consumers find relevant now offers an opportunity to understand the underlying traits that make 34

the

most

functional

• Brands that have collaborated better with the digital eco-system (e.g., Telcos with OTT, DTH, eComm, & other relevant surrounding Apps) in order to cater to the compelling need of the DigiGen, even if it pos-

• Personal care brands are at

es competition, seem to mean

a peak in the morning, Food

more to consumers. Hence,

tech/delivery brands in the af-

we can see Food tech, OTT,

ternoon and nighttime, E-com-

eCommerce as well as Mo-

merce brands like Big Basket

bile networks, and other such

dominate the afternoon period

brands in the top 50.

and OTT brands dominate the nighttime. • ITC’s Aashirvaad’s association with evening and night indicates a change in the breakfast consumption pattern of Indians as roti/pancake is largely being prepared during the night. • Haldiram’s dominance in the evening and at night show In-

Ashwani Arora, Executive Di-

• Also,

• Byju’s,

Vedantu,

Meesho,

Dailyhunt, 1Mg, Udaan, and Sharechat garnering consumer recall in start-up rankings. • Hygiene, home care and laundry brands like Harpic, Surf Excel, and Godrej products are relevant throughout the day against the conventional belief that they matter only at a certain time.

dia’s preferred snack timing. • When it comes to categories, Food (CPG), Personal Care, Mobile Phones, e-commerce, and Haircare were the Top 5 in the recall.

According to the findings from BrandXcel, the lists of the top brands under different categories are: – Colgate tops personal care, Amul tops Food, Pepsico tops

Life Style Beverages, Clinic Plus tops Haircare, Amazon tops e-commerce, Honda tops automobiles, LIC tops BFSI, Lakme tops cosmetics and Aaj Tak tops Media and Entertainment among others. Market Xcel has captured the market research findings in an exclusive coffee table book format, BrandXcel features expert marketing insights from Rama Bijapurkar, Hitu Chawla, Amit Kumar Shrivastava, P Madhavan, Chitra Narayanan, Karthik Srinivasan, Lloyd Mathias, Achint Setia, Anuja Mishra, Mohan Krishnan, Rajesh Kurup & Jayen Mehta, among others. Press Release received on Mail

Life style

Faces and voices are more likely to be

When comparing the size of the effects,

judged as male when they are angry, and

it was found for both faces and voices

as female when they are happy, a new Uni-

that emotion influenced the perception of

versity of Essex research has revealed. The

sex more than the other way around. It is

study led by Dr. Sebastian Korb from the

thought this may be due to an unconscious

Department of Psychology, University of

activation of the amygdala – an important

Essex found that how we understand the

emotion center in the brain.

emotional expression of a face or voice is heavily influenced by perceived sex, and

This almond-shaped cluster of neurons lo-

vice versa. The paper, published in the jour-

cated deep in the brain allows us to rapidly

nal Emotion, reveals that both men and

detect and react to threats, such as an an-

women subconsciously make the same

gry attacker but is not involved in determin-

mistakes.

ing a person’s sex. It is also speculated that being biased to perceive males as angry is

Dr Sebastian Korb, from the Department

an evolutionary advantage as it prepares

of Psychology, hopes the research will be

for a fight or flight response.

expanded and could help make us more aware of our built-in biases. He said: “This

It remains unclear what the precise cause

study shows how important it is not to rely

for these emotion perception biases could

too much on your first impressions, as they

be, but gender stereotypes about how men

can easily be wrong.

and women are expected to feel and show emotions are likely to play a role. Therefore,

“Next time you find yourself attributing hap-

Sebastian Korb and collaborators hope to

piness or sadness to a woman be aware of

be able to further investigate the phenom-

your bias and possible misinterpretation.

enon across different cultures in future re-

Interestingly there wasn’t a gender divide

search.

in the way the perceived sex of a face affected emotional judgments – but wom-

The blog received on Mail

en were slightly more sensitive to subtle changes in emotion overall.” The research used 121 avatar faces and 121 human voices created by modifying the emotional expression in degrees from happy to angry, and the sex on a sliding scale from male to female. A total of 256 participants in three studies were shown the mock-ups or played the voices and asked to judge emotions and whether someone was male or female. 37

Technology

Global 3D scanners market to grow at a CAGR of +14%: FMI study 3D scanners have been witnessing huge adoption for commercial use cases. In addition, the flexibility of 3D scanning technology to be customized as per professional requirements in several industries has boosted its adoption across prominent end-use industries. Case in point, in the healthcare sector, 3D scanners are leveraged to model body organs in three dimensions, which is utilized to create prosthetics. 38

Technology are expected to expand at the highest CAGR over the coming years.

They can also be used to facilitate wound management and form body implants. Against this backdrop, the global 3D scanners market would grow at an impressive CAGR in excess of 14% over the forecast period of 2022-2030. The coronavirus (COVID-19) pandemic has hit the profit margins of

electronics

manufacturers,

globally. As such, players in the 3D scanners market are confronting raw material shortages with weeks of delays, on an average. Further, manufacturing and automotive industries are key revenue creators for the 3D scanners market, and the pandemic has severely affected these industries too. Consequently, the 3D scanners market would witness a notable drop in demand from these industries. A majority of manufacturers are forecasting a decline in sales over the first two quarters of 2020, and over 60% players are projecting business operations to recover by October 2022. Key Takeaways of 3D Scanners Market Study • 3D scanners/hardware will continue to hold leading market share over the following decade. • Among all the services, 3D design and modeling services

Furthermore, handheld 3D scanners are utilized to record the interiors of damaged vehicles, allowing internal damages to be re-

• Market players continue to capitalize on portable/handheld 3D scanners, while robot-mount 3D scanners would offer potential value-capture opportunities.

corded, measured, and analysed.

• Short range (less than 1m) 3D scanners would capture a prominent revenue share; long range (more than 300.1m) 3D scanners to witness adoption upsurge in the coming years.

More Valuable Insights on 3D

• Healthcare and manufacturing industries would remain the key end users of 3D scanners; the latter to show the most worthwhile prospects in the near term.

As such, 3D scanners tick all the boxes of safety, speed, and flexibility, to offer complete collision detection as well as reduce the impact of traffic flow.

scanners Market In its latest report, ESOMAR-certified market research and consulting firm offers an unbiased analysis of the global 3D scanners market, providing historical data for the period of 2015-2021 and forecast statistics for 2022-2030. To understand the opportunities in the 3D scanners market, the market is segmented on the ba-

North America continues to engage market players; East Asia to offer potential growth avenues.

sis of component (3D scanners/

Increasing Usage of 3D Laser Scanners in Collision Detection to Drive Market

medium range, long range), and

hardware, 3D scanning software, services), type (portable/handheld, desktop-based, fixed-mount, robot-mount), range (short range, end user (automotive, aerospace & defense, civil & architecture, healthcare, education, manufac-

3D scanners are used in collision avoidance as well as in vehicle navigation applications. These scanners come with features such as high accuracy of recorded measurements, making 3D scanners immensely useful for use cases, including reconstruction and collision detection.

turing, media & entertainment, others), across six major regions.

Blog received on Mail

Technology

Healthcare Industry Embracing Digital Disruption to

limitations of place, time, and availability of health-

Improve the Value of Care

care resources.

The healthcare industry is undoubtedly in the midst

These software-driven intelligent and accessi-

of a digital revolution. This transition to digital

ble therapeutic solutions empower patients and

health is a promising global strategy for address-

healthcare providers with high-quality, safe, and ef-

ing the challenges in the healthcare industry. Today,

fective data-driven interventions. Digital therapeu-

healthcare accessibility and continuity of care are

tics are the key to shifting from reactive healthcare

needed. We are witnessing a growth in healthcare

to proactive holistic care. By leveraging technolo-

consumerism, where patients and consumers are

gies such as artificial intelligence/machine learn-

more active and engaged, keen to track their own

ing (AI/ML), augmented reality/virtual reality (AR/

health, and more open to taking proactive and pre-

VR), m-health applications, and gamified platforms,

ventive measures. Digital therapeutics are emerg-

these evidence-based digital intervention programs

ing and disruptive technologies that overcome the

provide remote, on-demand access to personalized 41

Technology therapies for a range of medical

are given as adjunctive therapy

the first country in Europe to fa-

conditions.

with pharmacological agents to

cilitate reimbursement for digital

improve the effectiveness and

therapeutic products. Also, the

By analyzing volumes of patient

management of prescribed inter-

USFDA developed new guidance

data and by using advanced ana-

vention, especially for complex

documents for improving the

lytics, AI provides more personal-

indications such as diabetes,

availability of digital therapy for

ized support. Moreover, by using

obesity, and hypertension.

mental health conditions. The industry is witnessing more chang-

the predictive analytics capabilities of AI, the patient data is used

The COVID-19 pandemic has ac-

es and encouraging innovations,

to create a powerful modeling

celerated the adoption of virtu-

with Germany and the US paving

tool, which anticipates patient

al and home care technologies,

the way and more digital thera-

prognosis and needs. Virtual

boosting the digital therapeutics

peutic product approvals from

and augmented reality work as

industry. During the pandemic,

regulatory bodies.

visualization aids in digital ther-

digital therapeutics helped tack-

apies and create an immersive

le the crisis of healthcare worker

Providing Effective and Precise

environment. They are helpful in

shortages and limited resources

Care for a Range of Indications

self-guided rehabilitation exer-

and provided care for those avoid-

cises for pain management and

ing in-clinic visits. The pandemic

With

mental health disorders treat-

also brought in its share of men-

dence-based therapy programs,

ment. The use of gamification in

tal health conditions, such as de-

digital therapeutics show great

digital therapeutic platforms im-

pression, anxiety, and stress, and

value across a range of indica-

proves and promotes behavioral

affordable and accessible digital

tions. Most digital therapeutics

change in patients; it is applied

therapeutics were instrumental

are focused on mental illnesses,

in chronic disease management

in managing these conditions.

followed by digital therapeutics

platforms and behavioral therapy

Following the onset of the COV-

for chronic illnesses, such as di-

platforms.

ID-19 pandemic, the digital thera-

abetes and hypertension.

personalized

and

evi-

peutics industry saw remarkable Gamification improves patient

growth in private venture funding

Digital therapeutics for physical

engagement and resilience. For

investments, especially the men-

therapy or rehabilitation is more

chronic conditions such as dia-

tal health industry.

engaging

conventional

in-clinic, in-person physical ther-

betes, hypertension, and mental

than

health disorders, a behavioral

COVID-19 also changed the reg-

apy. The immersive environment

change is required for end-to-

ulatory scenario, making reg-

using AR/VR and the gamified re-

end disease management, which

ulators more willing to accept

ward-driven platform improve en-

pharmacological therapies are

digital therapeutics and proac-

gagement, adherence, and clin-

unable to deliver. Digital thera-

tively developing guidelines and

ical outcomes. Pharmaceutical

peutics are given as monothera-

approval pathway regulations for

companies have not had much

py, such as digital cognitive-be-

their use. There are examples of

success

havioral

for

several regulators evaluating and

tive diseases such as Alzheim-

mental health conditions, or they

enabling changes. Germany was

er’s or multiple sclerosis. Digital

therapies

(CBT)

with

neurodegenera-

Technology therapeutics is an avenue sev-

in digital therapeutics R&D and

of digital therapy. It’s also impor-

eral pharmaceutical companies

tech development.

tant to highlight the value of the real-world data, which will help

are exploring through partnerships and collaborations, such as

Digital therapeutics will not re-

analyze population health out-

Boehringer Ingelheim partnering

place drugs; however, when dig-

comes and population health

with Click Therapeutics to devel-

ital therapy is combined with

management.

op a digital therapeutic for pa-

pharmacotherapy, it improves

tients with schizophrenia.

patient engagement and med-

Final Word: The Future of Care

ication adherence, induces be-

Demands a Digital Therapeutic

Cancer therapy is often long-term

havioral changes, provides tai-

Enabled Care Ecosystem

and complex and comes with

lored dosages, and educates and

harsh side effects. Oncologists

guides patients on side effects

The future of healthcare will un-

have turned to digital therapies

and self-managing techniques.

dergo a paradigm shift from a

and technologies to improve the

The industry is seeing an influx of

prescriptive to a more predictive

outcome of patients receiving

several successful digital thera-

and holistic care approach. Dig-

cancer therapy. This is anoth-

peutics start-ups, and a few have

ital therapeutics will be used to

er disease industry witnessing

reached unicorn status quickly.

predict and manage a patient’s

collaborations and partnerships

However,

and

future health rather than react-

between big pharma and digital

Medtech companies should cap-

ing to symptoms. This emerging

companies. For example, Volun-

italize on the growth potential of

treatment approach will undoubt-

tis and Bristol-Myers Squibb are

digital therapeutics through tech-

edly have an immense impact,

developing digital therapeutics

nology convergence. This con-

especially with the integration of

for

vergence can be initiated through

advanced AI analytics and better

disorder management is associ-

partnerships

acquisitions

healthcare interoperable solu-

ated with behavioral and lifestyle

with a software technology or

tions. This will help reduce the

changes, and digital tools enable

digital health company.

disease burden and be a great

oncology.

Gastrointestinal

pharmaceutical

and

value proposition for insurance

such changes. Digital therapeutics also offer

providers and public health agen-

Key Growth Opportunities for

great value to payers, especially

cies because of the cost savings.

Digital Therapeutics

those interested in providing value-based care. Digital therapy of-

Digital therapeutics offer an at-

fers improved clinical and health

tractive

economic outcomes by better

value

proposition

pharmaceutical companies with

managing

health

conditions,

beyond-the-pill, holistic care ben-

reducing disease progression,

efits. As clinical evidence of im-

and lowering overall healthcare

proved health outcomes grows,

costs. It is essential to document

pharmaceutical companies are

efficacy and health outcomes

embracing digital therapeutics

associated with the therapy, so

and expanding their investments

payers are aware of the benefits

Technology

Hyundai Motor Group, Aramco, Kaust join forces for clean mobility development Hyundai Motor Group, announced recently that

combustion engine (ICE) vehicles during its tran-

it has agreed with the Saudi Arabian Oil Com-

sition to battery electric vehicles (BEV) and fuel

pany (Aramco) and King Abdullah University of

cell electric vehicles (FCEV).

Science and Technology (KAUST), to jointly research and develop an advanced fuel for an ultra

Alain Raposo, Executive Vice President of Hyun-

lean-burn, a spark-ignition engine that aims to

dai Motor Group, leading the Electrified Propul-

lower the overall carbon dioxide emissions of a

sion Technical Unit stated: “BEVs and FCEVs

vehicle.

will be Hyundai Motor Group’s ultimate technologies to achieve carbon-neutral mobility,

Hyundai Motor Group also added that it is

while eco-friendly ICE technology that combines

conducting various R&D activities for curbing

eco-friendly fuel and ultra-lean burn engine will

the greenhouse gas emissions from internal

be the key to effectively reduce greenhouse gas

Technology emissions during our transition

collaboration is expected to cre-

tests to be conducted will be

to EVs.”

ate synergies leveraging each

done by researchers in the Clean

participant’s expertise.

Combustion

Hyundai Motor Group also fur-

Research

Center

(CCRC) at KAUST. Professor Don-

ther added that, unlike conven-

The joint study aims to verify how

al Bradley, Vice President for Re-

tional fuel manufacturing, e-fuels

much greenhouse gas emissions

search at KAUST, said: “Building

are synthesized from green hy-

can be reduced when e-fuel is

more efficient and less polluting

drogen—produced by water elec-

used in hybrid electric vehicles

transport systems is a critical

trolysis using renewable electric-

instead of conventional fuel. In

contribution to the circular car-

ity—and carbon dioxide, resulting

addition, the joint R&D aims to

bon economy approach to tack-

in 80% lower lifecycle emissions.

numerically confirm the effect of

ling climate change. Our Clean

The ultra-lean burn engine is an

reducing greenhouse gas emis-

Combustion Research Center is

eco-friendly technology that in-

sions through simulation and

ideally placed to support this sig-

creases thermal efficiency and

engine testing. Hyundai Motor

nificant development with its ex-

fuel economy compared to con-

Group expects to achieve car-

cellent record in the development

ventional engines leading to fur-

bon neutrality in an effective way

and optimization of low-carbon

ther reduction of greenhouse

by significantly reducing carbon

fuels. We look forward to working

gases.

emissions generated by conven-

closely with our colleagues in Ar-

tional petroleum fuels through

amco and Hyundai on this excit-

the new engine technology.

ing project.”

search and potentially develop

“As hybrid electrical vehicles are

Hyundai Motor Company and

an advanced fuel formulation for

rolled out, the real challenge now

Kia Corporation have each an-

use in combination with a novel

lies in making strides with optimal

nounced Carbon Neutrality 2045

combustion

Hyundai

fuels and exceptional combus-

roadmaps, committing to be-

Motor Group, with its automotive

tion systems. The Aramco team

come carbon neutral in their glob-

and technology leadership, will

provides fuel design and blending

al products and operations by

provide a state-of-the-art, ultra-

know-how to improve Hyundai

2045. The firms stated to make

lean-burn gasoline engine for use

Motor Group engine combustion

investments in cleaner trans-

by the research team.

performance and the outcome

portation and greener energy

could lead to the application of

solutions to achieve a better and

Aramco stated that its primary

synthetic e-fuels. This is a space

more sustainable future.

aim is for leveraging its advanced

in which we are pushing bounda-

fuels technology to carefully de-

ries and we are excited to be part

sign an effective fuel formulation.

of it,” said Ahmad O. Al-Khowait-

KAUST will oversee the mode-

er, Aramco’s Chief Technology

ling and verification of technol-

Officer.

Over the next two years, all three firms will be collaborating to re-

system.

ogies, including engine testing, by offering a state-of-the-art

As per the three firm’s partner-

combustion research center. The

ships, and sources reports, the