Building on the acquisition of Illumex by NVIDIA, the firm validates its Seed-to-Exit thesis and reinforces its mission to bridge Asian capital with world-class DeepTech.
TAIPEI, TAIWAN – Media OutReach Newswire – 4 March 2026 – Cardumen Capital, a leading European DeepTech venture capital firm, today marks a pivotal milestone in its international momentum following the acquisition of its portfolio company, Illumex, by NVIDIA. This landmark exit further solidifies the firm’s strategic presence in the Asia-Pacific region and cements its 2019 vintage fund’s position as a leading performer within its vintage cohort.
A Seed-to-Exit Success Story
Cardumen Capital was Illumex’s first investor and led its 2021 seed round, supporting the company from inception through to exit. General Partners Gonzalo Martínez de Azagra and Igor de la Sota identified the startup’s potential at the seed stage, guiding it toward this landmark milestone.
“This acquisition validates our DeepTech thesis,” said Gonzalo Martínez de Azagra. “By backing visionary founders early, we demonstrate our ability to identify the core building blocks of the AI era.”
Igor de la Sota added: “The success of the Illumex exit underscores the global demand for robust data infrastructure in the age of Generative AI. We are proud to have supported the team from day one in building a platform that now sits at the heart of the world’s AI computing network.”
Strengthening the Bridge to Asia-Pacific
Illumex joining NVIDIA serves as a powerful catalyst for Cardumen Capital’s mission in Asia. Led by Taipei-based APAC Venture Partner Stan Yu, a serial entrepreneur turned venture capitalist, the firm is intensifying its efforts to bridge Asian strategic capital with world-class innovation hubs in Europe, Israel, and global DeepTech ecosystems.
“Building on this milestone exit to NVIDIA, we are seeing unprecedented momentum for our strategy in the APAC region,” said Stan Yu. “The journey of Illumex proves the caliber of opportunities we bring to our partners. From our base in Asia, we are uniquely positioned to facilitate these high-stakes connections, ensuring that Asian institutional capital has exclusive access to the next wave of transformative DeepTech and frontier innovations.”
As a pioneering venture capital firm with a dedicated partner presence in Taipei bridging the EMEA tech ecosystem, Cardumen Capital is uniquely positioned to drive cross-border synergies and deliver the performance expected by the institutional investment landscape in Asia.
Under the first set of conditions, some open work visa holders, including those on Post Study Work Visas and a range of partner visas, will be able to work for an employer or be self-employed, including as a sole trader or by owning and operating a business.
Under the second set of conditions, open work visa holders on Victims of Domestic Violence Work Visas, Migrant Exploitation Protection Work Visas, Asylum Seeker Work Visas and all working holiday visas will still be required to work for an employer, either under an employment agreement or a contract for services.
The change makes clear that open work visa holders will not be allowed to employ other people, either directly or indirectly through a business they own or operate, including where the business is the named employer.
Peter Elms, director of visas at Immigration New Zealand, said the changes were prompted by sector feedback and were intended to remove uncertainty created by existing work visa settings for both visa holders and immigration advisers.
He said updating and standardising the conditions would provide clearer guidance and reduce the risk of unintentional breaches of the Immigration Act.
“Overall, the changes are intended to help migrants better understand their visa conditions and work rights while they are in New Zealand,” Elms said.
The upcoming changes have been welcomed by immigration lawyers and advisers.
David Cooper, chief executive of New Zealand Immigration PartnersSupplied
David Cooper, chief executive of New Zealand Immigration Partners, said the update to immigration instructions and policy would remove confusion and close a grey area that had existed previously.
“Particularly for people who held open work visas, whether or not they were allowed to work for themselves was never clear in the immigration instructions,” Cooper said.
“This will now allow them to do it and make it very clear that it’s legal for them to be able to do that.”
Cooper said that while self-employment would not apply to every type of open work visa, it would give eligible visa holders another option beyond finding a job.
“If they do struggle to find a job, they can at least consider setting up their own small business and trying that,” he added.
Sonny Lam, an immigration lawyer at Queen City Law, said clearer guidance could spur a modest lift in the recruitment of non-resident workers.
“The rules become muddled due to frequent changes and create a perception in busy employers’ minds that they can only hire someone on the Accredited Employer Work Visa,” he said.
Sonny Lam is an immigration lawyer at Queen City Law in Auckland.Supplied
“With this latest change, it will likely remind employers that they can hire such workers on open work visas again, leading to a slight increase,” he said.
Lam said the restriction preventing open work visa holders from employing others appeared to envisage gig-economy work, such as ride-share driving or delivery services.
This sort of work was a popular way for migrants to generate income and could provide a small boost to the wider economy, he said.
Arunima Dhingra, a senior licensed immigration adviser and chief executive of Aims Global, said clearer rules could reduce risk and improve compliance.
“In recent years there has been increasing confusion around what ‘open’ actually means,” she said.
“Many migrants and employers assume ‘open’ means unrestricted in all respects. At the same time, we have seen growth in contracting, project work and small-scale sole-trading arrangements.
“Those grey areas can create compliance risks if visa holders inadvertently step outside what is permitted.”
Arunima Dhingra, chief executive of Aims GlobalSupplied
Dhingra said that once the rules were explicit, employers could have greater confidence in engaging open work visa holders under appropriate arrangements.
For visa holders, she said, it reduced the risk of unintentionally breaching visa conditions.
Dafydd Parry, a licensed immigration adviser at Greenstone Immigration, said the restriction preventing open work visa holders from employing others could affect some current open work visa holders who are already running businesses that employ staff.
He said transitional arrangements and support would be available for those people until their current visa expires, after which the new rules would apply.
He said the clarification could also help ensure that employment created by temporary visa holders was sustainable and compliant, and that vulnerable workers were protected.
“Allowing temporary visa holders to employ staff could be deemed to create risks,” he said.
“If the visa holder must leave New Zealand, their employees may suddenly lose their jobs,” he said.
“Some cases may raise concerns about exploitation or non-genuine job arrangements.”
Elms said not all migrants were familiar with New Zealand’s employment laws or business obligations, and that allowing self-employment and business ownership while restricting the ability to hire staff helped support safe and compliant work practices.
He said it also reduced the risk of employers unintentionally breaching employment or immigration requirements.
Elms added that the rules also reflected a distinction between activities that signal temporary intent and those that suggest a more permanent footing.
“Running a business that employs others generally indicates a more ongoing and established presence in New Zealand, which is not the intent of a temporary open work visa,” he said.
– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
The Seascape apartment project in Auckland is at a standstill.RNZ / Ziming Li
The owner and developer of the 187-metre 52-storey Seascape development near Auckland’s waterfront has been put into receivership.
Receivers Brendon Gibson and Neale Jackson of Calibre Partners said the immediate priority was to ensure Shundi Customs’s development continues to remain safe and secure.
Shundi has been unable to restart major construction works since it was ceased on-site in August 2024.
“We will work with the current contractor onsite (Icon Construction) to ensure the development remains safe and secure. Our focus will then move to assessing options that will see funds generated to repay creditors,” Gibson said.
“Seascape is a partially completed development. While we will move as quickly as possible to assess options, it may take some time considering the nature of the asset.”
The receivers will make further statements as the receivership progresses.
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Smoke rises from the site of an Israeli airstrike on the southern suburbs of Beirut on March 3, 2026.AFP
KiwiSaver funds with exposure to oil and defence stocks might benefit from conflict in the Middle East in the short term, but providers are divided on whether to invest in them.
Oil prices have increased and stocks in companies that make weapons have also lifted.
Over the past year, the share price of Lockheed Martin has lifted almost 50 percent.
It could mean investors and funds with exposure to those sectors record better returns in the short term than those who have taken an ethical stance against fossil fuels, or against investments in weapons.
“Defence stocks will outperform,” Koura founder Rupert Carlyon said.
“Not just because of this, we’ve got to think about the significant increase in defence spending across the globe over the last 12 or 24 months and what’s expected to continue. Particularly with Europe slowly increasing their defence spending towards 5 percent of GDP.”
He said he was not opposed to invest in companies that made weapons.
“The question we need to ask ourselves is why is it wrong to invest in defence stocks? The world is a pretty ugly place…. there are a lot of bad actors out there, right?
“Whether you’re concerned about Russia, China, North Korea, Iran… at the end of the day we need weapons. There’s no hiding the fact a world without weapons made in the West is a world controlled by people that we do not want controlling the world.
“We need to think really hard around our weapons exemptions – I understand we might not like cluster bombs, and other things that are deemed illegal. But the truth is we need defence contractors. We need weapons.”
But Berry said it was a decision that needed to be made by investors according to their own ethical viewpoint.
“It’s a very personal question. And for me personally, I don’t want my KiwiSaver – to the extent absolutely possible – I don’t want my KiwiSaver invested in profiting from war.”
He said investors in weapons companies could not discern whether they were supporting weapons used offensively or defensively.
“The question is, do you want a connection with conflict in your KiwiSaver?”
Companies like Lockheed Martin, General Dynamic, Northrop Grumman and RTX had generated strong returns in the last one, three and five years.
But investors should remember they were only 2 percent or 3 percent of the S&P500 index. Carlyon said the average KiwiSaver probably only had about 0.1 percent added to their return in the last year from defence stocks.
US sailors at work as they taxi aircraft to a staging point on the flight deck of the aircraft carrier USS Abraham Lincoln in support of Operation Epic Fury, at an undisclosed location on February 28, 2026.AFP/Handout
Oil versus lower carbon economy
Oil also posed questions investors had to grapple with.
“The question with oil is from an ethical perspective, it is problematic because we’re in a world that needs to transition to a lower carbon economy,” Berry said.
“If you look at oil companies, they have had strong performance for the last year. And while, although oil itself, West Texas Intermediate was up 5 percent overnight, but it’s actually slightly lower than it was three years ago.
“But oil companies have done well. Again …oil is about 3.5 percent of the S&P index. And so you compare that to technology at 33 percent, financials and banks at 13 percent, and healthcare at 10 percent.”
He said KiwiSaver was designed to be a long-term investment and in the past 10 years, oil and defence stocks had returned slightly less than the US market average. Technology stocks have been much stronger – recording such an increase that there have been fears of an AI bubble forming.
Marika Khabazi
The founder of Mindful Money, Barry Coates said investors might react by thinking they should invest more in fossil fuels to make higher returns from supply disruptions.
“This temptation to go for short-term returns may override their ethical position to use their investment to support the energy transition. Others may choose to maintain their ethical principles, and recognise that oil price instability is more likely to result in a more rapid transition to renewable energy.”
He said it could be argued that the oil supply disruption and likely increase in the price of oil had already been taken into account in the forward prices of oil and share prices of some oil companies had already risen.
“Financial analysts in the US have been far closer to the politics of launching bombing on Iran than NZ commentators or members of the public.
“Oil price rises are often temporary. For example, the price increases after Russia’s invasion of Ukraine had a short blip on oil prices and oil and gas company share prices. Both measures soon resumed their pattern over the past decade, which has been to significantly under-perform the S&P500.
“The impacts may vary between individual companies in unpredictable ways. For example, with supply disruptions in the Strait of Hormuz. These disruptions might affect different companies in different ways.”
Gold has also been pushed up by the uncertainty, which Berry said was a rational move to safe assets.
Overall, equity markets have largely taken the turmoil in their stride so far.
The Vix index, which measures volatility, was on Tuesday morning at about half the level it was when President Donald Trump announced tariffs in April last year.
Berry said what happened from here would depend on how long the war continued and whether there was a regime change in Iran.
“What happens in terms of disruption globally? How is oil and shipping distribution impacted globally and for how long? And you really need to answer those questions to know what the long-term impact is.”
He said KiwiSaver members should remember they were diversified across asset classes and countries and that would reduce risk.
“Get your risk profile right, focus on the long term, and think about values you want to take into account in your investing, particularly around weapons and whether you want to be profiting from war.”
Carlyon agreed the market response had so far been much more muted than had been feared.
Latest house sales data indicates there is a shortage of ultra-luxury housing to meet the requirements of high-net-worth immigrants.
Changes to the Active Investor Plus visa, which take effect next week, limit house-buying immigrants to homes priced over $5 million.
Data collected by sales portal realestate.co.nz indicates the tightest house supply constraints were emerging well above that level, with only 142 properties listed above $10m available nationwide.
International premium-grade homes priced more than $20m were scarce.
A luxury house in Remuera, Auckland.Supplied
Realestate.co.nz chief executive Sarah Wood said the top end of New Zealand’s residential property market was relatively immature by global standards.
“The AIP visa programme effectively introduces a positive demand shock into this segment of the market overnight, however, the supply has not had a chance to grow organically over time. The result is significant pressure on the supply of houses valued in the tens of millions.”
Realestate.co.nz chief executive Sarah Wood.Supplied
Data supplied by Immigration NZ indicates nearly 590 people from 33 countries have so far applied for residency under the AIP visa programme.
Agents reported a growing segment of applicants who were only interested in property priced more than $20m, with demand outstripping supply by about five times.
Portal data indicated there had been 36,000 overseas-based searches for homes price over $5m over the past year, with North America and UK making up over a third (34 percent).
“The United States accounts for around a fifth (19 percent) of international $5 million-plus searches, followed by the United Kingdom at 9 percent and Canada at 4 percent. That profile reflects demand from established wealth markets rather than speculative traffic.”
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
The KiwiSaver gender gap narrowed from 17 percent in 2020 to 14 percent in 2025. File photo.RNZ / Hingyi Khong
Women are being told to take more risk with their KiwiSaver to help close the gap between their average balance and those of men.
Westpac said while the gender gap had narrowed from 17 percent in 2020 to 14 percent in 2025, men were contributing and saving more even though women live longer on average.
In the Westpac KiwiSaver funds, men had higher average balances in all age groups once people were over 18. The biggest gap was in the 30 to 39-year-old age group, where men had an average balance of $28,992 compared to $21,740 for women.
Westpac general manager of product, sustainability and marketing Sarah Hearn said part of the different was the gender pay gap and time out of the workforce. But women were also more likely to be in less risky funds.
Men had 37 percent of their total balances invested in growth and high-growth funds, compared to 32 percent for women, who hold more of their KiwiSaver in moderate or conservative funds.
Higher-risk funds should deliver higher returns over time.
Morningstar data shows that aggressive funds have returned an average 9.5 percent a year over 10 years compared to 4.2 percent for conservative.
Hearn said women taking a more defensive strategy early in life could miss out on tens of thousands of dollars over the decades.
Earlier, Westpac estimated that the gap in outcomes between someone in a conservative fund and someone in a growth fund over 30 years could be more than $225,000 for a median earner on a total 6 percent contribution.
“Historically women have made more conservative fund choices, but if they’re saving for the long term – at least 13 years – and are comfortable seeing larger up-and-down movements in their balance over time, I’d encourage them to consider what type of fund they’re in,” Hearn said.
She urged women to talk about their financial decisions. “We know men are really much more comfortable taking about numbers and money than women are… I think there’s a great opportunity where we could be talking more about our KiwiSaver balances, our returns, the types of funds we’re in and just having more conversations about money.”
She said people should check the type of KiwiSaver fund they were in and make sure it was right for them.
“Make sure it’s in line with your risk appetite and also the timeframe. I think that’s the most important thing. we know that balances can go up and down over time. There can be volatility, but this is the long haul. We’re all looking forward to retirement one day but in most cases it’s a couple of decades a way. It’s definitely the right time to take on a little bit more risk so that we can have our money working harder for us.”
Auckland University economic modelling has found green hydrogen – hydrogen produced by renewables – could have some limited use in future for industries heavily reliant on gas and coal for production.
But cost and limited infrastucture remained major barriers, as did a lack of government policy.
“If we can use renewable electricity, wind, for example, or possibly geothermal as a source of electricity, then that is an attractive option,” Auckland University energy economist Professor Basil Sharp said.
“But until such time as the technology improves and we can get the costs down, it’s going to be somewhere out in the future.”
“There could be an unintended impact associated with promoting importation of LNG that could and I’m not saying it will, but it could have an impact on the rollout of our renewables.
“It could have an impact on the technology, such as the viability of green hydrogen going forward.”
Green hydrogen a bit player in road to net zero
The modelling found that at best, green hydrogen was capable of supplying about 12 percent of industrial process heat energy by 2050 .
Because it was so expensive to produce, green hydrogen needed the right conditions to be viable and was more attractive when carbon prices were higher, renewable electricity was cheaper, and hydrogen technology costs fell.
It was in those scenarios researchers said hydrogen could play a complementary role in helping New Zealand reach net zero emissions, but electrification was still the key.
“Even if they are making very small contributions to our energy independence when the technology and and the costs come down, we need to be in a position, to take advantage of that and actually promote the utilisation of hydrogen in the economy,” said Sharp.
A new export for NZ?
One of the model’s co-authors and senior economics lecturer Le Wen said New Zealand was already well-placed to produce green hydrogen because 80 percent of our electricity was renewable.
Wen said that if the country invested in and scaled up green hydrogen production, the country could become a leader in genuinely low-emissions hydrogen.
“It may not solve everything on its own, but it could give the country a strong new export opportunity,” he said.
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A “very small dent” or black mark on a wall. A Raro spill on the carpet. A broken mop and bucket.
These are some of the issues that have divided landlords and tenants who have appeared before the Tenancy Tribunal in the past month, working out what is “wear and tear” and what counts as “damage” to a rental property.
Tenancy Services says fair wear and tear refers to the gradual deterioration of things that are used regularly by people living in a property. Tenants are not responsible for this provided they are using the property, or the chattels provided, normally.
But tenants are responsible for intentional or careless damage.
“An example of this would be where a stove element wears out from normal cooking. This is fair wear and tear. However, if the stove was being used to heat the kitchen and stopped working properly, this would not be considered normal use.”
It’s an issue that can cause a lot of consternation.
In one case heard last month, a landlord sought compensation for the $28.82 cost of replacing a mop and bucket, among more expensive items.
The adjudicator said the evidence did not prove the damage to the mop and bucket was more than normal wear and tear.
But in another, a tenant’s former partner spilled Raro on the carpet and the adjudicator was “satisfied that the damage was caused carelessly”.
Last month, a landlord who argued the walls had been damaged was told one area of damage looked to be a “very small dent or black mark” and fair wear and tear.
Another landlord was told that there was not enough evidence that the tenant caused damage by causing chips on a granite bench top or pin holes to her walls.
Cassie Metcalfe, of iRentProperty, said there was confusion among landlords and tenants about how the rules might apply.
“When we think of what’s reasonable, different people will have different interpretations of that.
“There’s a lot of things to consider. One is the number of occupants in the house, the length of the tenancy, the condition of things when the tenants first moved in. I think it takes all parties to apply a level of fairness and reasonableness to come to an agreement. There’s no clear cut line unfortunately.”
She said landlords should make sure their inspections were done to a good standard and records kept. Tenants should report issues.
“You want to make sure these are documented, photographed wherever possible. If there is wear and tear at the end of the tenancy this could end up going to the tribunal where the mediator or adjudicator is making a decision and they can rely on the evidence you have.”
Sarina Gibbon, director of Tenancy Advisory, agreed people entered tenancies with different expectations.
She said wear and tear could be thought of as “time doing its thing” while damage was “someone not doing their job”.
“When I reflect on talking to landlords and tenants it’s always that expectation if you’re on the landlord side of the equation that you expect the property to be left in a pristine condition – that the tenant should take extra care as if they own the property. Let’s be honest, we’ve all hired a car before, we know how we treat a hire car … it’s really about the relationship rather than nitpicking the little things.”
She said having a bit of room to move meant tenants and landlords had to engage with common sense and be pragmatic.
“In a way it is good that wear and tear is not strictly defined – I’m not convinced that it would serve the benefit of the sector to have it strictly defined but I understand that from a day to day it does create some frustration.
“When people are trying to nitpick a tenant for $30 damage I would say the problem isn’t the $30 problem, your biggest problem is that it is not a productive relationship.”
She said landlords were often caught out by betterment. They cannot expect to be put back into a position that is better than they were in before the damage occurred.
“The tribunal is consistently good at accounting for betterment when it is ordering compensation. If the tenant had damaged something the tribunal would say – let’s say we’re talking about carpet … the tribunal will account for the fact that it is 10-year-old carpet, you’re not going to get replacement value.
“This isn’t an insurance policy, this is about restoring the landlord back to the position the landlord would have been in if the damage had never occurred. I don’t think people go into the process expecting that they get betterment, they don’t consciously think about it because think they ‘I have to put in a new carpet so the tenant should pay for the carpet – what they don’t account for is the carpet had deteriorated for 10 years.”
NZ Property Investors Federation spokesman Matt Ball said that was a bigger problem.
“On the face of it, this seems like fair principle, however the practical application of it sometimes results in significant financial harm to the landlord. For example, you may have a perfectly good five-year-old dishwasher that has been fully depreciated, with a book value of zero. The tenant can literally destroy this appliance and the landlord cannot claim any compensation, even though the appliance may have had many years of useful service left.
“The reason for this unfairness is that depreciation isn’t a measure of the item’s actual value. Depreciation is an agreed way a business owner can offset the cost of assets against income over time. It is never a full recovery of the cost of the asset, so if the asset is damaged or destroyed, the landlord is left out of pocket. In the same way that insurance policies often have an agreed value for items covered, it would be good if the law was changed to allow the Tenancy Tribunal to set an agreed value for destroyed or damaged assets so that landlords aren’t financially disadvantaged when a tenant causes actual damage.”
He pointed to a case last year in which a landlord said insurance had covered a claim up to $15,000 for meth contamination but the cost had been $18,000 more.
The adjudicator said that after three years, things like linen, bedding, crockery and cutlery were deemed to have no value for tax purposes. The adjudicator said when things were taken out of the claim that had no residual value, there was $10,836 in damaged goods – below the insurer’s payout.
“What strikes me in this case is that the landlord is left worse off, even though, as the adjudicator states in their ruling, ‘the landlord should be returned to the position they would have been in had the tenant not breached their obligations, and should not be better or worse off’,” Ball said.
ASB’s latest Investor Confidence Survey for the fourth quarter ended in December (Q4) indicated owning your own home or having a property investment was no longer seen as providing the best returns among those surveyed.
ASB senior economist Chris Tennent-Brown said the survey identified a shift in perceptions on what could deliver the strongest investment returns.
“Pretty amazing to see housing knocked off the perch,” he said.
“Despite all the global uncertainty, strong KiwiSaver and managed investment funds, those returns are flowing through to confidence in those products and outshining housing.”
The December (Q4) survey also indicated investor confidence rose 11 percent over the third quarter (Q3), with the lower North Island reporting the most significant rise with confidence rising to 10 percent in Q4, compared with 3 percent in Q3.
He said there had been a generational shift since the 1987 stock market crash saw large numbers of New Zealanders’ investments in shares.
“The generational divide is apparent with the over 60s holding steady in their belief that your own home is still the best investment, which is unsurprising.
“Gen Z on the other hand believe the best returns currently lie in investing in shares of publicly listed companies, signalling the rise of the DIY investor as an accessible path to growing your portfolio.”
Tennent-Brown said the survey underscored the importance of financial education and the evolving needs of investors.
“The under 30s have been leading the way in this shift in sentiment for some time, however this quarter’s findings show a change in sentiment among most other age groups.”
However, he said New Zealanders continued to be interested in buying homes to live in, as indicated in the increase in confidence in our Housing Confidence survey.
“I think it’s really interesting to see people hopefully separating housing as a way of putting a roof over your head, which of course is a big part of our security and aspiration in New Zealand, versus investment returns,” Tennent-Brown said.
“It just means perception of property as an investment is evolving.”
The ASB investor confidence survey had been tracking NZ market sentiment since 1997.
The latest survey was based on 672 online interviews in Q4 2025 with adults aged 18 years and older throughout New Zealand. A sample of this size had a maximum margin of error of 3.8 percent at the 95 percent confidence level. Fieldwork occurred between 1October – 16 December 2025.
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DFI Retail Group (the Group) is a leading Asian retailer, driven by its purpose to ‘Sustainably Serve Asia for Generations with Everyday Moments’.
At 31 December 2025, the Group and its associates operated 7,580 outlets across 12 markets, of which 5,529 stores were operated by subsidiaries. The Group, together with associates, employed over 79,000 people, with some 42,000 people employed by subsidiaries. The Group had reported revenue of US$8.9 billion in 2025.
The Group is dedicated to delivering quality, value and service to Asian consumers through a compelling retail experience, supported by an extensive store network and highly efficient supply chains.
The Group and its associates, operates a portfolio of well-known brands across five key divisions. The principal brands are:
Health and Beauty
• Mannings on the Chinese mainland, Hong Kong and Macau S.A.R.; Guardian in Brunei, Indonesia, Malaysia, Singapore and Vietnam.
Convenience
• 7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China.
Food
• Wellcome and Market Place in Hong Kong S.A.R.; San Miu in Macau S.A.R.; Lucky in Cambodia.
Home Furnishings
• IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan.
Restaurants
• Hong Kong Maxim’s group on the Chinese mainland, Hong Kong and Macau S.A.R., Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam.
The Group’s parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong. DFI Retail Group is a member of the Jardine Matheson group.
HANOI, VIETNAM – Media OutReach Newswire – 3 March 2026 – Vinhomes Green Paradise – Can Gio has officially launched its Smart City Certification Project in collaboration with Korea Management Association Consulting (KMAC), the World Council on City Data (WCCD), and the Standardized Urban Metrics (SUM) initiative. Through this initiative, Vinhomes Green Paradise aims to become the first internationally certified smart city in Vietnam, thereby establishing new global standards for sustainable and intelligent urban development.
Vinhomes Green Paradise features an exceptional collection of world-class amenities, setting a new standard of living for a future-ready urban development.
The partnership is designed to support the mega development in achieving the WCCD/SUM Custom ISO 37122 Smart City Certification. This certification is based on a customized indicators framework derived from the internationally recognized ISO 37122 indicators, tailored specifically for greenfield development projects and urban areas.
Under the partnership, KMAC will provide strategic consulting and technical advisory services to align the city’s development with the ISO 37122 indicators across key domains such as mobility, energy, environment, safety, and digital infrastructure.
The WCCD and SUM, headquartered in Toronto, Canada, is preparing a new customized indicators framework for greenfield development, based on the strategic smart city goals in the Vinhomes Green Paradise development. The WCCD/SUM teams, will oversee the assessment and smart city certification process, ensuring compliance with the ISO international standards and best practices.
The consortium agreed on a roadmap to deliver an Interim Certification within 2026, paving the way for full certification in subsequent phases.
“This project symbolizes a landmark collaboration between Vietnam and Korea in advancing global smart city standards,” said Mr. Chulse Oh, Head of AX Group at KMAC. “By combining Vinhomes’ visionary urban development with KMAC’s consulting expertise and WCCD/SUM’s global certification framework, VinhomesGreen Paradise will become a model for data-driven governance, sustainability, and smart innovation.”
“Vietnam is emerging as one of the most promising leaders in smart and sustainable city development. The Vinhomes Green Paradise is a remarkable new development in Vietnam that deserves global recognition,” said Dr. Patricia McCarney, President & CEO of the World Council on City Data (WCCD) and Director of SUM. “We are honored to partner with Vinhomes and KMAC to ensure that Vinhomes Green Paradise achieves global recognition through our WCCD/SUM ISO 37122 Custom Certification.”
Vinhomes Green Paradise benefits from a rare geographical setting, surrounded by the Can Gio Sea and the UNESCO-recognized Can Gio Mangrove Biosphere Reserve spanning over 75,000 hectares. The project features a 121-kilometer coastline, a total scale of 2,870 hectares, and a construction density of only 16%. It pioneers an upgraded ESG++ model, structured around five pillars: Environment, Social, Governance, Regeneration, and Climate Adaptation.
Upon full operation, the entire urban management system will be comprehensively greened with the following objectives: 100% clean electricity sourced from offshore wind farms, solar energy systems, and battery storage; 100% net-zero emission transportation, including electric cars, electric scooters, electric buses, electric bicycles, electric boats, and a high-speed railway system directly connecting to central Ho Chi Minh City.
In addition to strict compliance with environmental protection standards, Vinhomes Green Paradise places strong emphasis on biodiversity conservation and ecosystem regeneration throughout the development process, aligned with Ho Chi Minh City’s long-term climate adaptation strategy. A Forest Regeneration and Climate Adaptation Fund has been established to support research, restoration, and long-term resilience initiatives, with a core focus on mangrove restoration in Can Gio to establish a protective green belt for the entire development.
With its pioneering ESG vision, Vinhomes Green Paradise has become the first official participant in the “7 Wonders of the Future Cities” campaign initiated by New7Wonders, reinforcing its global recognition as a benchmark model for sustainable, AI-ready, and data-driven urban innovation.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 3 March 2026 – Across major sale periods, Malaysians are increasingly turning to content-led shopping to discover products and secure deals. During the Raya Bersama Shopee sale in 2025, shoppers tuned in to Shopee Live for real-time demonstrations and livestream-exclusive drops, generating over 1 billion views and driving more than 132 billion items sold via livestream. Over 67 billion vouchers were also claimed as households stacked brand and platform deals alongside Free Shipping to stretch festive budgets.
Shopee Bazar Hebat Raya
With Raya approaching once again, content-led shopping continues to influence how homes are refreshed, gifts are selected and outfits are planned. Running from now until 25 March, Shopee Bazar Hebat Raya taps into this shopping trend with creator-driven fashion inspirations and 50% Off Shopee Live vouchers for the season.
Discover Raya Fashion Trends with #GetReadyWithShopee
Raya styling now unfolds on-screen, where demos and virtual consultations inspire shoppers to decide their looks before adding to cart. EveryFriday 12PM to 2PM, alongside additional sessions on key campaign dates, #GRWS Raya Fashion Hacks on Shopee Live features popular fashion creators Farah Deluna, Sharifah Rose, and Qisthena breaking down trendy Raya looks and sharing styling tips – from colour pairing to tudung techniques – for chic festive outfits. Featured pieces can be secured instantly with upsized 50% Off Shopee Live vouchers, stackable with brand deals.
Fans of top local labels such as Adnaa, Siti Khadijah, and Haera HQ can also shop their latest collections through Shopee’s Raya Best Sellers and New Arrivals, restocked daily at 50% Off. Meanwhile, Shopee’s Super Brand Day live sessions on weekends, 1PM to 2PM will highlight labels such as Naelofar and My Ballerine, featuring exclusive drops and additional vouchers.
For even greater savings, shoppers can score midday RM10 Fashion & Beauty Flash Deals from 12PM to 2PM on key campaign dates not to be missed:
3 March: Jualan Persiapan Raya
10 March: Jualan Istimewa Raya
15 March: Jualan Hebat Raya
25 March: Jualan Akhir Raya
Plan Every Raya Open House with Shopee Live
As households finalise their open house checklists, Shopee Live becomes a touchpoint for festive inspiration. Streaming daily at12PM and 8PM, hosts spotlight Shopee Lagi Murah essentials across groceries, Muslim fashion, health and beauty, and electronics — featuring brands such as ZUS Coffee, Wardah, and PerySmith.
Livestream purchases unlock Daily 50% Off Shopee Live vouchers, on top of Shopee Lagi Murah deals and RM10 Knockout Deals from selected brands like Haier, Dreame and Gintell — so shoppers can stack their Shopee Live vouchers and save even more, with Free Shipping No Minimum Spend and Shopee Coins. For larger purchases, SPayLater’s reduced 12-month interest fee offers added flexibility when managing festive budgets.
Those hoping to perfect their Raya dishes and walk away with rewards can tune in to Khairul Aming on Shopee Live on 3 March at 5PM, where he shares his fan-favourite sambal and dendeng recipes alongside host Shopee’s Exclusive Sampul Raya Giveaway. Later that evening at 8.30PM, Shopee Brand Ambassadors Mimi Fly and Hael Husaini will take the spotlight in a special Raya livestream, featuring an exclusive interview and interactive game segment as they share how they’re celebrating the season.
Shopee Bazar Hebat Raya
Get inspired for every Raya moment and enjoy 50% Off Raya Fashion Trends, daily 50% Off Shopee Live vouchers as well as Free Shipping No Minimum Spend – all in one place at Shopee Bazar Hebat Raya. Discover more at: https://shopee.com.my/m/raya-sale
Hashtag: #Shopee
The issuer is solely responsible for the content of this announcement.
Mortgage advice and finance firm Squirrel is to stop offering personal loans.
It has stopped accepting new loan appliations and from Monday would not invest in the personal loan investment class.
It said its portfolio would run down naturally as borrowers repaid their loans.
Chief executive David Cunningham said Squirrel started its peer-to-peer lending journey with personal loans.
But over time, almost all of the business had become secured residential mortgages.
“The personal loans portfolio is tiny – $4 million – versus other lending approaching $450 million. Fractionalisation of mortgages via peer-to-peer remains at the core.”
HANOI, VIETNAM – Media OutReach Newswire – 3 March 2026 –VinFast announced the completion of its strategic structuring into three automotive brand linesand officially unveiled two new flagship ultra-luxury models: the Lac Hong 800S and the Lac Hong 900S. The two vehicles join the Lac Hong line– VinFast’s ultra-luxury marque– alongside its established VF mass-market passenger vehicle range and Green commercial mobility brand.
Lac Hong 900S
Under this clearly defined brand structure, Lac Hong represents the pinnacle of ultra-luxury, conceived to honor national pride and currently comprising the 900 LX, 900S and 800S models. The VF line encompasses a comprehensive portfolio of mass-market passenger EVs across segments, from VF 3 to VF 9, including the seven-seat VF MPV 7. Meanwhile, the Green brand is purpose-developed for commercial and service mobility solutions, featuring models such as Limo Green, Herio Green, Nerio Green and Minio Green.
Alongside the structured and clearly defined development of its three strategic brand lines, VinFast has officially unveiled two new ultra-luxury models, the Lac Hong 800S and 900S. These additions expand the Lac Hong ultra-luxury collection, complementing the flagship 900 LX (including a world-leading advanced armored version) introduced in 2025.
Inspired by Vietnam’s cultural heritage and embodying the courage, intellect and stature of the nation, the new models deliver design and craftsmanship on par with the world’s most prestigious ultra-luxury vehicles. The Lac Hong 800S projects a bold, powerful and refined aesthetic, while the Lac Hong 900S reflects timeless, classical values expressed through enduring elegance.
Both models share a cohesive, brand-specific design language enriched with symbolic detailing and premium materials. The grille features straight vertical slats inspired by the resilience of Vietnamese bamboo, while the wing-shaped emblem evokes the Lac bird in ascent. Decorative motifs derived from the Dong Son bronze drum and terraced rice fields are thoughtfully integrated and intentionally repeated across exterior and interior elements, celebrating cultural heritage and national pride. Notably, the “Lac Hong” wordmark is crafted in a calligraphic style and rendered in genuine gold-plated alloy, creating a distinctive and sophisticated brand signature.
Lac Hong 800S
Inside the cabin, the Lac Hong 800S and 900S are meticulously appointed with top-tier materials including Nappa leather, rare woods and refined gold-plated accents.
Both vehicles integrate advanced intelligent technologies and comprehensive safety systems, complemented by ultra-luxury amenities such as zero-gravity executive seating, automatic power-assisted doors and premium entertainment systems from globally renowned brands. The Lac Hong 900S further enhances exclusivity with a privacy partition separating the cockpit and rear cabin, a starlight headliner, a large-format projection entertainment system and a foldable executive workstation for second-row occupants. Together, these features transform each vehicle into a sophisticated mobile environment for travel, productivity and immersive leisure.
In terms of performance, both models are equipped with an all-new fully active suspension system engineered to deliver exceptional ride comfort and dynamic stability. They can be configured with a tri-motor powertrain comprising one front motor and two rear motors, generating a combined output of up to 460 kW and ensuring commanding performance aligned with their ultra-luxury positioning.
The Lac Hong 800S and 900S are scheduled for commercial launch in 2027.
Ms. Duong Thi Thu Trang, Deputy CEO of Global Automotivesat VinFast, stated: “Following a period of accelerated growth– achieving the No.1 position in Vietnam and establishing our presence in key regional markets– the completion of our three-brand structure lays the foundation for our next phase of development: structured, professional and breakthrough-driven. The Lac Hong 800S and 900S stand as further proof of VinFast’s technological mastery, product development capability and advanced manufacturing expertise. We believe products created by Vietnamese intellect, craftsmanship and resilience not only inspire national pride but also convey a powerful message about Vietnam’s cultural heritage and technological stature in this new era of global advancement.”
To date, VinFast has developed and introduced more than 15 electric vehicle models and has maintained an undisputed leadership position in Vietnam for the past 16 consecutive months. In 2025 alone, the Company set a national sales record with 175,099 vehicles delivered in Vietnam, further solidifying its status as the country’s most beloved automotive brand./.
Hashtag: #VinFast
The issuer is solely responsible for the content of this announcement.
SINGAPORE – Media OutReach Newswire – 3 March 2026 – AgileAsia has recently entered into a lifelong learning partnership with SMU Academy to deliver practitioner-led sustainability and ESG programmes, hosted by SMU Academy.
As part of this partnership, AgileAsia will contribute its deep industry expertise in ESG strategy, sustainability transformation, and organisational change. At the same time, SMU Academy will bring its applied learning framework and established professional training infrastructure. By combining industry-grounded insight with academic rigour, the collaboration will deliver sustainability-focused programmes that equip organisations and working professionals with structured, credible pathways to develop real-world sustainability capabilities.
Delivering Sustainability Education Through SMU Academy AgileAsia’s industry specialists and the academic leadership of SMU Academy co-develop certified sustainability courses. AgileAsia provides sustainability professionals with hands-on industry experience as trainers, while SMU Academy serves as the academic host and programme platform. This integrated model allows participants to gain applied industry insight within a recognised university-backed learning environment.
The collaboration is structured to help organisations move beyond sustainability intent towards practical execution. Programme content emphasises equipping professionals with practical skills that respond to climate risk, ESG reporting requirements, regulatory awareness, and the operational realities of cross-functional organisational change.
This approach responds to growing demand from organisations seeking structured, SkillsFuture-supported sustainability training that is both implementation-focused and academically grounded.
Responding to Industry and Regulatory Needs The partnership was shaped by a convergence of industry demand, evolving regulatory expectations, and increasing client need for formal ESG upskilling. Organisations across sectors are navigating sustainability disclosure requirements, decarbonisation targets, and stakeholder scrutiny, while often lacking the internal capability to translate strategy into action.
“SMU Academy was a natural academic partner for us due to its strong emphasis on applied learning, sustainability thought leadership, and close engagement with industry and government stakeholders,” said Sharan Mangalore, CEO of AgileAsia. “Its focus on professional education aligns closely with our delivery philosophy, making this lifelong learning partnership a strong strategic fit for advancing practical sustainability capability-building.”
Programmes Hosted Under the Partnership The collaboration has launched two certification programmes hosted by SMU Academy: the Sustainability Project Management and the Certified Climate Resilient Officer (CRO) programme. Both of these sustainability management courses are SkillsFuture-supported and aligned with SkillsFuture Singapore (SSG) frameworks.
The Sustainability Project Management course addresses common execution gaps faced by organisations, equipping professionals with structured project governance, stakeholder management, and delivery approaches tailored to ESG initiatives. The CRO programme, on the other hand, focuses on building practical capability in climate risk assessment, resilience planning, and organisational adaptation to climate-related disruption.
Across both programmes, participants engage with applied case studies, practical tools, and methodologies that can be directly contextualised to their organisations.
Audience and Organisational Impact This partnership builds on AgileAsia’s experience in enterprise transformation and leadership development, translating sustainability principles into structured execution frameworks that address real organisational challenges.
What’s Next for the Partnership As a long-term collaboration, it reflects a shared commitment to developing future-ready sustainability professionals through applied, university-hosted education pathways.
Organisations and professionals seeking to strengthen sustainability and ESG execution capabilities can explore AgileAsia’s upcoming programmes or browse SMU Academy’s professional course offerings.
Hashtag: #AgileAsia, #sustainability
The issuer is solely responsible for the content of this announcement.
HANOI, VIETNAM – Media OutReach Newswire – 3 March 2026 – Driven by growing affluence and a more discerning clientele, the Vietnamese real estate landscape is shifting toward a new paradigm of luxury. MIK Group’s The Magnolia project represents one of the most deliberate efforts in this transition, underscored by a strategic alliance with three international firms: design architect Benoy, interior designer Studio HBA, and construction manager Turner International. This partnership, built around a unified long-term vision, signals a move beyond cosmetic luxury toward an integrated development framework.
The Magnolia, developed under MIK Group’s M Series platform, integrates spatial discipline, privacy and long-term quality into its architectural framework. Photo courtesy of MIK
Raising the standard of luxury development
For years, Vietnam’s high-end residential market has been driven by ambition. Yet many projects have remained focused on premium materials and eye-catching architecture, without fully meeting deeper international benchmarks in long-term livability, operational consistency and disciplined execution.
Against that backdrop, a growing group of developers has begun adopting a more globally integrated model – prioritising process, partnerships and standards over visual spectacle. MIK Group stands among the notable names within this shift.
Founded in 2014, MIK Group has steadily established itself as one of Vietnam’s leading real estate developers. Guided by its vision of ‘creating prosperous living communities’, the company has developed a diverse portfolio spanning urban residential and high-end resort properties, including The Matrix One, Imperia Signature Co Loa, Imperia Sky Garden, Imperia Garden, Imperia Smart City, Mövenpick Resort Waverly Phu Quoc, Sol by Meliá Phu Quoc and Crowne Plaza Phu Quoc Starbay etc.
Its Imperia line, in particular, has maintained strong and consistent demand over many years, providing a stable foundation for the company’s move into a higher segment.
Building on that base, MIK Group introduced the M Series as a structured luxury platform.
Nguyen Dung Minh, Deputy Chief Executive Officer of MIK Group, said: “Today’s luxury buyers are not simply looking for square meters. They are seeking depth, refinement and privacy. Location and amenities matter, but lifestyle matters more.”
The M Series therefore represents not just an expansion into a higher tier, but an elevation of development standards – from site selection and density planning to design philosophy, construction discipline and long-term operational management.
Representatives of MIK Group working with international partners during the development of The Magnolia. Photo courtesy of MIK
Global partnerships: aligning vision, design and execution
To translate these standards into reality, MIK Group partnered with three international firms: Benoy for architecture and master planning, Studio HBA for interior design, and Turner International for construction and project management. The collaboration reflects not only technical capability but a shared long-term development philosophy.
Benoy, ranked among the world’s top 50 design firms, is known for shaping large-scale developments with strong identity, including The 18 Cross in Singapore, The Mural in Dubai and Lotte Mall West Lake in Hanoi. For The Magnolia, Benoy approached the project through spatial discipline and environmental rhythm rather than architectural spectacle.
According to Azaria Lee, Project Director at Benoy, what distinguished MIK Group was its clarity of intent from the outset.
“We quickly understood that this was not a project seeking immediate visual impact,” Lee said.
“MIK Group spoke about rhythm of life, privacy and the feeling of ‘coming home.’ That created a very clear foundation for architectural thinking.”
When surveying the site in Long Bien, the design team noted a perceptible transition from central Hanoi’s intensity to a calmer spatial atmosphere.
“We saw the opportunity to create an urban oasis – connected to the city, yet sufficiently tranquil to allow residents to recharge,” Lee added.
Benoy also highlighted MIK Group’s openness and disciplined approach, which enabled ideas to develop beyond short-term considerations.
For interiors, MIK Group appointed Studio HBA, the global hospitality design firm behind projects for Hilton, JW Marriott, Ritz-Carlton Macau, Shangri-La and Four Seasons. The decision reflected alignment around the philosophy of ‘quiet luxury’.
“MIK Group was not pursuing extravagance,” said Joris Angevaare, Project Director at Studio HBA. “They were seeking balance, restraint and longevity.”
The Magnolia was therefore conceived not as a residence designed to impress at first glance but as one intended to sustain comfort and emotional equilibrium over time. The ‘Canvas’ concept was developed as a refined framework that allows residents to shape their own living narrative.
According to Angevaare, the most distinctive aspect of working with MIK Group was its emphasis on durability of aesthetics and lived experience, rather than surface-level visual impact.
Construction and project management were entrusted to Turner International, whose global portfolio includes Taipei 101, The Armani Hotel & Residences Dubai at Burj Khalifa, The Ritz-Carlton Residences Bangkok and JW Marriott Hanoi.
Bojan Petkovic, Project Manager at Turner, noted that MIK Group’s definition of success stood out.
He said: “In many projects, success is measured by floor area or delivery speed. With MIK Group, enhancing the resident experience is the definitive benchmark against which every decision is measured.”
He added that this mindset shaped the implementation process.
“Our role goes beyond managing timelines and budgets. We are safeguarding a vision,” Bojan said.
Turner views The Magnolia as reflecting a life-cycle approach to luxury real estate development – integrating ESG standards, operational efficiency and long-term asset value preservation from the outset.
The collaboration between Benoy, Studio HBA and Turner International therefore represents more than a collection of global names. It reflects an integrated framework in which vision, design and execution are aligned within a coherent development structure.
“Luxury is not about being seen,” Nguyen Dung Minh concluded.
“It is about living well, quietly, for a very long time.”
The Magnolia stands as the most mature expression of the M Series platform -where elevated standards are translated into a tangible residential environment. From architecture shaping spatial rhythm, to interiors sustaining emotional comfort, to disciplined execution ensuring long-term quality, the project illustrates MIK Group’s capacity for integrated delivery.
As Vietnam’s property market continues to mature, developments such as The Magnolia signal a new phase for the luxury segment – one where value lies not in immediate visibility, but in the ability to sustain quality of living over time.
Hashtag: #MIKGroup #MIK
The issuer is solely responsible for the content of this announcement.
HONG KONG SAR – Media OutReach Newswire – 3 March 2026 – World Obesity Day is celebrated on the 4th of March every year. Hong Kong Obesity Society (HKOS), in collaboration with the Tuen Mun District Health Centre, hosted the “Let’s Join, Let’s Be Healthy” Community Carnival to raise public awareness of obesity. With over 50% of Hong Kong’s adults suffering from overweight and obesity, alongside rising childhood obesity rates, the Society stresses the urgent need to confront this health challenge head-on.
Measuring Waistlines, Breaking World Records It has been known for a long time that BMI alone does not accurately measure the amount and distribution of fat in the body. Waist circumference is an important measure of central obesity and metabolic risk and has recently been incorporated into the diagnosis of obesity. HKOS and over six hundred Hong Kong residents set a world record for the “Most People Measuring Their Waist Circumference in a Carnival,” turning a symbolic feat into a powerful public health message. The Society hosted a full day of multi-disciplinary activities, including expert talks on healthy dining and Traditional Chinese Medicine for weight management. Tuen Mun District Health Centre also provided free health screenings for sarcopenia, vision, and blood glucose. Interactive booths made learning about nutrition and exercise fun and accessible for the community.
A Call to Action from HKOS “As we approach World Obesity Day 2026, we must recognise that obesity is not just a personal issue, but a complex medical condition that requires a societal response,” said Dr. See Wing Shan, President of the Hong Kong Obesity Society. “For nearly a decade, our Society has worked to dismantle harmful stigmas, such as correcting the misconception that ‘chubby children are healthy children.’ Our record-breaking event today proves that when we empower people with knowledge, they are ready to take charge of their health. We will continue to work with community partners and policymakers to ensure that obesity prevention and management remain a top priority in Hong Kong.”
The Society urges the public to take proactive steps, utilise the health risk assessment services available at District Health Centres, and seek professional guidance for weight management when needed.
16-Hour U.S. Stock Trading Session*, Money Market Funds with T+0 Settlement
HONG KONG SAR – Media OutReach Newswire – 3 March 2026 – PAO Bank Limited (“PAObank”) is pleased to announce the official launch of wealth service, debuting a dual-advantage wealth solution. This service empowers customers to flexibly switch between investing or earning interest, offering unmatched flexibility and control over their finances. The wealth service combines the agility of a brokerage with the security of a bank, enabling customers to seamlessly manage investments, insurance, deposits, and more through a single account. Customers can flexibly allocate funds and trade a wide range of products, including U.S. stocks, Hong Kong stocks, funds and money market funds, at any time.
PAObank’s existing retail banking customers can open an investment account in as fast as 3 minutes, while new customers can open both savings and investment accounts in one-go, greatly simplifying the onboarding process. Customers can instantly deploy funds from their savings account to purchase stocks and funds directly, without the need for additional transfers. Investment returns can be credited back into the savings account to earn interest, supporting both the pursuit of timely market opportunities and steady interest income, all within one single PAObank account.
Mr. Ronald Iu, Chief Executive of PAObank, said, “The launch of wealth service marks a significant milestone in PAObank’s retail banking development. Retail banking at PAObank is rooted in user-friendliness. Our team believes that if we can save each customer one single step, we collectively save 10,000 steps for 10,000 customers. The design of our wealth service is customer-centric — streamlining procedures and eliminating unnecessary fund transfers, allowing customers to SWITCH flexibly between investment and deposit services. We will continue to upgrade our retail banking services, striving to become one of Ping An Group’s integrated financial platforms in Hong Kong, delivering a more comprehensive and user-friendly wealth management experience, and being recognised as the preferred digital bank in the minds of customers.”
U.S.& Hong Kong StocksTrading: Broker-LevelAnalyticsToolsforCapturingOpportunities PAObank’s wealth service offers broker-level professional analytics tools, providing comprehensive insights from macro market trends to detailed stock information to help customers seize every investment opportunity. Key features include:
40+ Technical Indicators: Multi-angle market analysis, covering company performance, market trends, stock price movements, and peer comparisons to support deeper investment insights and discover potential opportunities.
Free Level 1Real-TimeQuotes: Instant access to real-time indices and quotes, enabling customers to make informed decisions and act quickly.
Industry Heatmap & Real-TimeTradingRankings: Intuitive visualisations of industry momentum and real-time rankings of active stocks, helping customers track market hotspots and pinpoint focus stocks with ease.
Flexible TradingCapabilities:
Up to 16Hours ofU.S.Stock Trading Sessions: Trade U.S. stocks day and night to maximise market opportunities, with flexible pre-market and after-hour trading sessions in response to major news or unexpected events.
Unlimited 24-hour Real-Time Quotes: Access the latest market information around the clock.
Multiple Order Types: Support for limit orders, stop-limit orders and more, empowering customers to respond flexibly to market volatility.
Money Market Funds: T+0 Settlement, $0 Subscription & Redemption Fees, Same-Day Liquidity PAObank’s money market funds offer a reliable and flexible way for cash management solutions, offering customers a stable and adaptable platform for capital growth. These funds primarily invest in short-term deposits and high-quality money market instruments, targeting lower risk and stable returns. Featuring: “T+0” same-day settlement, $0 subscription & redemption fees, low entry threshold, investors enjoy 24X7 access to subscriptions and redemptions, with proceeds credited to bank accounts as soon as the same day. Funds are available 365 days a year, enabling efficient and always-on cash management regardless of public holidays.
CuratedSelectionof Funds from Top-tierGlobalFund Houses: Popular ThematicRankingsIncluding “Monthly Dividend Funds” PAObank partners with leading global fund houses, including Ping An of China Asset Management (Hong Kong), Allianz Global Investors, Invesco, and Schroders, to curate nearly 60 global funds spanning popular themes such as technology, Asia and consumer sectors. The platform provides diverse, thematic fund rankings, including a dedicated “Monthly Dividend Funds” category tailored for dividend lovers. Transparent fund performance and data-driven analytics give customers the flexibility to adjust their portfolios in response to market trends, seizing global investment opportunities with ease.
*U.S. market trading sessions are based on Hong Kong time: Summer time – Pre-market: 16:00 – 21:30; Market opening: 21:30 – 04:00; After-hours: 04:00 – 08:00. Winter time – Pre-market: 17:00 – 22:30; Market opening: 22:30 – 05:00; After-hours: 05:00 – 09:00. Total trading hours are 16 hours.
Investment involves risk. The price of investments fluctuates, sometimes dramatically. The price of investments may move up or down, and may become valueless. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling investment products. Foreign investments carry additional risks not generally associated with the domestic market. You should carefully consider whether any investment products or services mentioned herein are appropriate for you in view of your investment experience, objectives, financial resources and circumstances.
Singapore’s credit and charge card payments market is projected to grow by 9.2% to reach SGD116.8 billion ($88.4 billion) in 2026. This growth is being driven by a confluence of factors including widespread card acceptance, a near-100% banked population, and increasing adoption of contactless cards, according to GlobalData, a leading intelligence and productivity platform.
GlobalData’s Payment Cards Analytics reveals that the credit and charge card payment value in Singapore registered an estimated growth rate of 7.6% in 2025, to reach SGD107 billion ($80.9 billion), driven by the rise in consumer spending.
Poornima Chinta, Senior Banking and Payments Analyst at GlobalData, comments: “While debit cards also enjoy strong usage, especially in everyday transactions, credit and charge cards have pulled ahead through superior value-added benefits, instalment options, cashback, and rewards programs. Regulatory backing, high public awareness of payment cards, robust merchant acceptance, and infrastructural enhancements including broader contactless card penetration are all reinforcing their lead.”
Rewards, discounts, and flexible payment schemes play a key role in driving credit and charge card usage in Singapore. Banks such as UOB offer instalment plans for online purchases over three, six, 12 or 24-month periods with 0% interest at partner merchants, while Citibank’s Citi SMRT card delivers up to 5% cashback on purchases in stores and online.
A well-developed POS infrastructure is also supporting the rise of credit and charge cards. Singapore boasts one of the highest number of POS terminals per million inhabitants in the Asia-Pacific region, which stood at 62,551 in 2025, significantly higher compared to some of its peers such as Malaysia (29,093), Hong Kong (27,992), and Thailand (13,017).
Regulatory and policy developments are also enhancing the environment for credit and charge card payments. Initiatives such as the Productivity Solutions Grant support SMEs with subsidized POS installations (up to 50% funding from April 2023), increasing merchant acceptance.
Chinta concludes: “Credit and charge card payments in Singapore are poised for steady growth over the next five years, underpinned by the expanding e-commerce adoption, a well-developed payment infrastructure, attractive rewards and instalment offers, and robust regulatory support. The credit and charge card market is expected to grow at a CAGR of 7.8% between 2025 and 2029 to reach SGD144.2 billion ($109.1 billion) in 2029.”
Notes
Quotes provided by Poornima Chinta, Senior Banking and Payments Analyst at GlobalData Information is based on GlobalData’s Payment Cards Analytics
About GlobalData
GlobalData operates an intelligence platform that empowers leaders to act decisively in a world of complexity and change. By uniting proprietary data, human expertise, and purpose-built AI into a single, connected platform, we help organizations see what’s coming, move faster, and lead with confidence. Our solutions are used by over 5,000 organizations across the world’s largest industries, delivering tailored intelligence that supports strategic planning, innovation, risk management, and sustainable growth.
Strategic alliance with the leading Thai brokerage and advisory firm will see both companies expand capabilities to provide institutional-grade wealth management solutions in the country
HONG KONG / SINGAPORE/MAINLAND CHINA – Media OutReach Newswire – 3 March 2026 – WRISE Wealth Management (“WRISE”), one of Asia’s fastest-growing independent wealth platforms, today announced its landmark strategic alliance with IFCG Public Company Limited (“IFCG”). By combining WRISE’s wealth management solutions with IFCG’s local footprint, the partnership will offer Thai investors access to global investment and insurance solutions*.
Thailand’s private wealth market, which is expected to exceed USD 1 trillion by 2028, is undergoing a structural shift. While more High-Net-Worth (HNW) and mass affluent investors seek greater transparency and sophisticated investment solutions, these individuals also face fragmented advisory services and limited access to global investment opportunities.
The WRISE-IFCG alliance addresses this market gap by integrating WRISE’s institutional-grade platform, global investment access, and proprietary technology with IFCG’s deep local expertise and extensive distribution network.
WRISE will provide its platform to enable financial advisory and capital solutions powered by technology, while delivering sophisticated wealth solutions that go beyond what traditional banks typically offer. Complementing this infrastructure, IFCG brings a robust network of over 400 professional wealth advisors, with a proven track record of engaging HNW, mass affluent and corporate clients across property, wealth, and health sectors.
Derrick Tan, Group Executive Chairman of WRISE, said: “Thailand is a strategic cornerstone in Southeast Asia’s wealth management landscape. We are seeing a new generation of Thai investors who are global in their outlook but underserved by fragmented local services. By partnering with IFCG, we look forward to combining our global reach with their in-market strength—further democratising access to institutional-grade wealth solutions for clients. Our goal is to provide Thai clients with the same borderless investment capabilities that our clients enjoy in Singapore, Hong Kong and Dubai.”
Withoon Lertpanomwan, CEO of IFCG, added: “Partnering with WRISE allows us to bring world-class investment solutions, integrated technology, and institutional-grade advisory to our clients. Together, we are building a wealth management platform that bridges global expertise with local knowledge, enabling Thailand’s investors to access scalable, sophisticated wealth solutions designed to support compliance with applicable regulations.”
The expansion in Thailand marks a significant milestone in WRISE’s regional growth strategy, following the opening of a new Client Service Centre in Taiwan earlier this year.
*This announcement is for informational purposes only and does not constitute an offer, solicitation, or recommendation of any securities, investment products or services in any jurisdiction. Any services in Thailand will be provided by IFCG and/or other appropriately licensed entities, as applicable. WRISE does not hold a securities licence in Thailand and does not provide regulated securities services in Thailand.
Hashtag: #WRISE
The issuer is solely responsible for the content of this announcement.