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Indonesian People Can Use QRIS Payment in Thailand Start Today

The Governor of Bank Indonesia, Perry Warjiyo said that the implementation of the inter-country payment system through the Quick Response Indonesia Standard or QRIS can be fully implemented in Thailand today, August 29, 2022. As for the implementation, Indonesian tourists who travel to the country can already make payment transactions via a QR code. It is known, this application is slightly backwards from the plan.

"We have tested QR Indonesia and QR Thailand, and starting today, full implementation. So that MSME trade tourism transactions can connect QR," Perry Warjiyo said in the Launching of Domestic Government Credit Cards & International QRIS on Monday, August 29, 2022.

Perry Warjiyo conveys this was part of a follow-up to President Joko Widodo's direction to connect Indonesia's payment system to the world. Where it starts from ASEAN.

Bank Indonesia itself is targeting ASEAN countries for the implementation of Interstate QRIS, fast payment, a.l. Malaysia, Singapore, Philippines and Thailand. "In May 2022, we have gathered five Central Bank Governors, namely Indonesia, Thailand, Malaysia, Singapore and the Philippines. We have committed to connecting the payment system," Perry remarked.

Meanwhile, for Malaysia, the payment system is still in the trial phase starting in January 2022. The trial with Singapore is currently at the stage of finalizing the agreement. "In the near future, our five countries will be able to digitize cross-border payment systems, QR, fast payments with local currency payments. At the same time support tourism, support MSMEs, and also support the digital financial economy nationally," Perry Warjiyo remarked.

Cambodia-Thailand trade goes up over 26%

Trade between Cambodia and Thailand went up by 26.46 percent in the first seven months of the year to $2.781 billion from $2.199 billion during the same period last year.

According to data from the General Department of Customs and Excise, from January to July this year, Cambodia exported $559 million of goods to Thailand, up 38.36 percent year on year while Thailand’s exports to Cambodia were worth $2.222 billion, up 23.85 percent from the same period in 2021.

Most of Cambodia’s exports to Thailand are agricultural products, while imports from Thailand to Cambodia include automobiles, fuel, construction materials, fertilizers, food products and cosmetics.

In terms of trade balance, Cambodia has a trade deficit with Thailand to the tune of $1.663 billion, or nearly four times greater than its exports.

According to the sixth meeting of the Joint Trade Committee (JTC), the two sides had set a bilateral trade target of $15 billion in 2020.

Hong Vannak, the economic researcher at the Royal Academy of Cambodia, explained that Thailand and Cambodia could not reach the target by 2020 mainly because annual bilateral trade between Cambodia and China rose by over $10 billion.

For full article, please read here


Author: Sok Sithika 

Source: Khmer Times

Chief finance and sustainability officer among new green roles in finance and accountancy sectors: Study

Companies that are committed to reducing their carbon footprint and making progress in green finance should consider having a chief finance and sustainability officer (CFSO), recommends a local accountancy study.

A CFSO would have the chief financial officer and the chief sustainability officer reporting to him or her, whose role would be to integrate finance with sustainability in a company's business strategy.

The high-ranking executive would convert the environmental impact of the company's activities - such as greenhouse gas emissions and pollution - into financial metrics to guide the firm's strategy in meeting sustainability goals.

The CFSO is among an alphabet soup of new green professions - such as an environmental, social and governance (ESG) specialist - that is emerging as the green momentum picks up.

It is an uncommon job role that is present in organisations, such as CapitaLand Investment, that already have well-developed sustainability initiatives and commitments, the report stated.

The new study, Sustainability: Jobs and Skills For The Accountancy Profession, was jointly conducted by the Institute of Singapore Chartered Accountants and three other organisations including the Singapore Management University (SMU).

Its report, released at the annual Professional Accountants in Business Conference on Thursday (Aug 25), shed light on the skills that accountants and finance professionals need in order to perform sustainability-related roles, and where the skill gaps lie.

The study said accountants are well placed for the role of CFSO, as they have the intimate and in-depth finance knowledge to lead their organisation's sustainability agenda.

It said the three trends that are driving finance professionals to expand into the green space are decarbonisation, sustainability reporting and disclosures becoming more widely adopted, and the growth of green finance.

In her keynote speech at the conference, Second Minister for Finance and National Development Indranee Rajah said accountants can lead the charge in pushing their companies to become sustainable.

Their roles in a company would give them the perspective and knowledge to set sustainability ambitions, institute environmental practices that make business sense, and hold their companies accountable for their sustainability pledges.

The report added that sustainability reporting and disclosures, which can involve complex data, are the most pressing challenges for companies now.

Sustainability reporting has been mandated on a "comply or explain" basis by the Singapore Exchange since 2016, and since 2022, climate-related reporting has been mandatory for listed companies.

"As sustainability reporting picks up, there will be demand for accountants to provide assurance and verify these sustainability reports, so as to hold companies accountable for their plans," added Ms Indranee, who is also Minister in the Prime Minister's Office.

To bridge the knowledge gaps for working professionals and students interested in this sector, universities have introduced sustainability modules for accountancy and finance students.

Professor Cheng Qiang, dean of the SMU School of Accountancy, said the curriculum at the school has been adjusted to include content on ESG metrics, to meet the rising demand for sustainability accountants.

But the report concluded that more needs to be done, finding that business and accountancy courses at local institutes of higher learning offer few modules on sustainability and even fewer ones on sustainability reporting, and called for specialised courses or modules.

Read more: Here

Nature-based solutions could yield US$4.3 trillion in economic value by 2030

After 4 years of construction, a drab concrete canal along a section of Sungei Tampines has been given a makeover, and is now a naturalised waterway with greenery.

Rain gardens that help cleanse stormwater run-off, support more native biodiversity and enhance flood protection have been incorporated. Plants grown using soil bio-engineering techniques also help stabilise the soil.

This is just one example of how nature-based solutions and engineered solutions are being integrated to create “green-grey” infrastructure that helps Singapore mitigate and adapt to climate change, said Koh Lian Pin, professor at the National University of Singapore and the director of its Centre for Nature-based Climate Solutions.

Alongside moves to decarbonise the economy through the use of cleaner energy production systems, nature-based solutions are also part of the toolkit in the transition to a circular economy.

Termed “closing the loop” by some, this refers to a production and consumption model where the life cycles of products are extended as long as possible through reuse or recycling.

Nature-based solutions are, simply put, about using nature to improve the state of the world. These solutions could provide over one-third of the cost-effective climate mitigation needed to achieve net-zero emissions by 2050, said GenZero, an investment platform dedicated to decarbonisation solutions.

According to a report by state investment firm Temasek in collaboration with the World Economic Forum and strategic economics consultancy AlphaBeta, nature-based opportunities across 3 systems — food, land, and ocean; infrastructure and the built environment; as well as energy and extractives — could deliver US$4.3 trillion of annual economic value and generate 232 million jobs by 2030 in Asia-Pacific.

Read more: Here

Cheaper, changing and crucial: the rise of solar power

Generating power from sunlight bouncing off the ground, working at night, even helping to grow strawberries: solar panel technology is evolving fast as costs plummet for a key segment of the world’s energy transition.

The International Energy Agency says solar will have to scale up significantly this decade to meet the Paris climate target of limiting temperature rises to 1.5 deg Celsius above pre-industrial levels.

The good news is that costs have fallen dramatically.

In a report on solutions earlier this year, the Intergovernmental Panel on Climate Change said solar unit costs had dropped 85 per cent between 2010 and 2019, while wind fell 55 per cent.

“There’s some claim that it’s the cheapest way humans have ever been able to make electricity at scale,” said Gregory Nemet, a professor at the University of Wisconsin-Madison and a lead author on that report.

Read more: Here

Domestic retail sector presenting bright picture

The consequences of the pandemic seem to no longer haunt the domestic retail industry, as sales of consumer goods and services continuously record stellar growth.

According to data published by the General Statistics Office, Vietnam's total retail sales of consumer goods and services in the first seven months of the year increased by 16 per cent over the same period last year, reaching more than $139 billion.

Winmart in the first half of this year achieved revenues of more than $608 million, an increase of nearly 6 per cent compared to the same period last year.

WinCommerce, a subsidiary of Masan Group in charge of developing Winmart and Winmart+, said the brand plans to open more than 700 new WinMart+ stores and more than 20 super- or hypermarkets by the end of 2022. It also wants to accelerate with the franchise model towards the goal of holding 10,000 points of ownership and 20,000 franchised stores by 2025.

"We consider this is the time to enter the phase of accelerating expansion after completing the successful rebranding and restructuring. Since the beginning of 2022, there have been more than 300 supermarkets and WinMart, WinMart+ stores newly opened nationwide," said Nguyen Van Quy, deputy general director of the WinMart+ chain.

In addition to expanding its network, the chain also opened a separate brand called Beng's, specialising in convenient, good-quality food at affordable prices.

Other retailers have also planned to expand their investment and system expansion to meet the needs of consumers.

Saigon Co.op, the domestic retailer that owns the Co.op Food, Co.opSmile, and Cheers chains, plans to open 80-100 new points of sale before the end of the year.

Nova Market is still a new name in the retail sector but has opened three stores in the form of small supermarkets selling food, drinks, and fresh vegetables. Its goal is to open 300 stores of various sizes across the country. By 2025, the business is expected to develop 2,000 vendors of sale to increase its presence in all localities.

Despite the market boasting strong development opportunities, not all retail businesses have impressive business results.

After a long period of losses, the Bach Hoa Xanh retail chain under Mobile World Investment Corp (MWG) was forced to close 400 stores in order to restructure.

Bach Hoa Xanh is also one of the domestic brands holding the largest market share in the retail sector. By the end of July, it had 1,735 stores, and revenues in the first 7 months of 2022 reached $660 million, down 14 per cent compared to the same period last year.

Nguyen Duc Tai, chairman of MWG, said that after the restructuring, the experience at Bach Hoa Xanh has improved markedly, and revenues and traffic have increased sharply. In the second quarter, the sales volume of the chain increased by 15-20 per cent and the number of customers coming to the shops increased by 20-25 per cent compared to the first quarter.

“Currently, Bach Hoa Xanh is self-supporting. It is expected that by the fourth quarter, the chain will be profitable," Tai said.

MWG has plans to sell 20 per cent of Bach Hoa Xanh shares to a foreign partner and the deal is expected to be completed in early 2023.

The results of a Global Consumer Insights Survey conducted by PwC in 25 countries and territories, including Vietnam in July, showed that more than 75 per cent of consumers are expected to continue to maintain or increase spending in the next six months, despite high inflation.

The EU-Vietnam Business Network also rated Vietnam third in ASEAN, after Indonesia and Thailand, in terms of retail size.

Source : VIR

 

Japanese firms tie up with Cambodia cashew cooperatives

Twelve agricultural cooperatives have received farming contracts to supply 100 tonnes of fresh cashew nuts to two Japanese firms, giving a boost to the farmers struggling with falling prices.

Japanese firms Top Planning and Kamya signed deals with the agricultural cooperatives recently, said Poeng Tryda, Director of Agriculture, Forestry and Fisheries Department of Preah Vihear province.

Under the contract, scheduled to be implemented in the harvest season next year, the agricultural cooperatives will supply 100 tonnes of fresh cashew nuts per year, he said, citing that the agreement focuses on the quality and standard requirements of the commodity.

“This is a boon for Preah Vihear province farmers,” he said.

“The contract farming with these two companies will help improve the lives of farmers, especially stabilize market prices,” he said. Under the deal, a tonne of fresh cashew nuts is priced at $1,625.

Fresh cashew nuts from the agricultural cooperatives will be processed at the Chey Sambo Cashew Nut Processing Handicraft in Kampong Thom province and to be supplied to the two Japanese firms, said its president In Lai Huot.

Thirty tonnes of processed cashew nuts will be shipped to the Top Planning and 70 tonnes will go to Kamya, she said. The handicraft, she said, started supplying processed commodities to the Top Planning in March 2021. To date, 45 tonnes of cashew nuts have been shipped to the company which sells in Japan, she said.

Currently, the handicraft in Kampong Thom province is the sole agency having the license for exporting cashew nuts abroad, according to the Cashew Nuts Association of Cambodia, citing that almost all fresh cashew nuts are exported to Vietnam.

For full article, please read here


Author: Chea Vanyuth

Source: Khmer Times 

Minebea Cambodia announces $45M, 50MW solar farm

Japanese-owned electronics manufacturer Minebea (Cambodia) Co Ltd has unveiled plans for a $45 million 50MW solar farm to power its production and feed into the national grid, in support of eco-friendly, renewable energy source development.

Minebea Cambodia operates a single factory in the Kingdom, in the Royal Group Phnom Penh Special Economic Zone southwest of the capital’s airport.

At a meeting with Minister of Mines and Energy Suy Sem on August 23, Minebea Cambodia managing director Yoshihiro Sakanushi said his firm’s transition to renewable energy was motivated by commitments to sustainable development made by major clients and partners. He named Apple and Toyota as examples.

Sakanushi said the new project would also support investment and development projects across various sectors in Cambodia.

Ministry director-general for energy Heng Kunleang told The Post that his ministry would support the project as long as Minebea follows the legal principles regarding solar energy development, commenting that the Kingdom aims to increase the use of renewable and eco-friendly energy sources to the “maximum levels” feasible.

“The ministry is developing a master plan for the development of the electricity sector and energy efficiency projects, and is working with the Asian Development Bank to reduce greenhouse gas emissions into the atmosphere, participating in climate change response activities in the energy sector, and supporting a clean-energy transition towards carbon neutrality,” he said.

However, he noted, private investment in the field must be compliant with the Law on Public-Private Partnerships, and regulated under the associated legal framework.

Cambodia Chamber of Commerce vice-president Lim Heng remarked that the high cost of electricity in the Kingdom prompts many private businesses to add solar power to their facilities and stem their expenses.

“Still, solar energy use is low and is not yet able to fully power production processes, due to a total dependence on sunlight,” he said.

According to Yoshihisa Kainuma, CEO of Minebea Cambodia’s parent company MinebeaMitsumi Inc, the company increased its capital investment in Cambodia from about $372 million in 2018 to $400 million in 2019.

For authentic article, please read here


Author: Hom Phanet 

Source: The Phnom Penh Post 

Myanmar : IP awareness workshop 2022 for SMES jointly held by the IP Office and the Directorate of Industrial Supervision and Inspection

IP awareness workshop 2022 for small and medium enterprises was held at the IP Office under the Ministry of Commerce on August 12th, with a virtual meeting in the conference hall.

The Deputy- Director General of the IP Department, Dr. Hnin Nwe Aye and Deputy-Director General U Aung Myo Khaing of the Directorate of Industrial Supervision and Inspection delivered the opening remarks. This IP awareness workshop was jointly held by the IP Department under the Ministry of Commerce and the Directorate of Industrial Supervision and Inspection(DISI) under the Ministry of Industry. for raising awareness of MSMEs related to Intellectual Property Rights and making all entrepreneurs aware of trademark, copyright and patent protection for their businesses.

81 participants including Small and Medium enterprises, business association and government officials from various regions/states were attended the IP awareness workshop. This workshop shared the knowledge about Trademark, Patent and Industrial Design by the officials from the IP office.

Source: Directorate of Industrial Supervision and Inspection

Jan-Jul UK trade rises 45% as new trade regime nears

Bilateral trade between Cambodia and the UK in the first seven months of 2022 rose by 45.5 percent year-on-year, with further increases seen as London refines its new Developing Countries Trading Scheme (DCTS) to replace the Generalised Scheme of Preferences (GSP) early in 2023, which is expected to improve access to the UK market for Cambodian merchandise.

General Department of Customs and Excise (GDCE) statistics show that from January to July, Cambodia-UK trade reached $581.374 million, compared to $399.583 million in the same period last year.

Cambodian exports to the UK soared by 43.08 percent to $527.733 million, and imports mushroomed by 74.48 percent to $53.642 million. Cambodia’s trade surplus with the UK expanded by 40.22 percent to $474.091 million.

Cambodia Chamber of Commerce vice-president Lim Heng told The Post on August 21 that prior to the worst ravages of Covid-19, trade growth between the two kingdoms had been consistently positive, even as the UK adopted a new GSP after its withdrawal from the EU on January 31, 2020, commonly known as Brexit, which offered duty-free access for a range of Cambodian items.

“The UK is a major European buyer and a gainful market for Cambodian goods,” he said, voicing optimism that through the preferential trade arrangements offered by the four-nation union, “Cambodia’s exports to the UK will be able to gain huge swings of momentum down the road”.

Major Cambodian exports to the UK include garments, footwear, handbags, bicycles, and agricultural products, while key imports comprise vehicles, machinery, electrical and electronic components, and construction materials.

For full article, please read here


Author: Hin Pisei
Source: The Phnom Penh Post 

Tourism recovery gaining momentum in Philippines, Southeast Asia

MANILA, Philippines — Recovery of the tourism sector is gaining momentum in the Philippines and other Southeast Asian countries following the removal of pandemic-induced restrictions, according to a United Kingdom-based think tank.

“The recovery in tourism in ASEAN (Association of Southeast Asian Nations) gathered pace in the second quarter as the region moved on quickly from the sharp, but short outbreaks of Omicron earlier this year,” Miguel Chanco, chief Emerging Asia economist at Pantheon Macroeconomics, said in a report released yesterday.

He said the almost in sync removal of border restrictions put in place due to the pandemic would help the sector.

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This started with the Philippines’ full reopening in February, to the most recent move by Thailand in May to do away with mandatory on-arrival tests and quarantines for vaccinated visitors.

“Not surprisingly, stratospheric rates of growth in arrivals from the extremely depressed COVID-era lows are now the norm,” Chanco said.


He said the Philippines saw an 866 percent quarter-on-quarter growth in tourist arrivals from April to June.

Chanco said growth in tourist arrivals in other ASEAN countries such as Vietnam, Thailand and Indonesia stood at 599 percent, 58 percent and 27 percent, respectively.

“The scope for catch-up in the second half of 2022 is still immense, even though huge intra-regional disparities are emerging,” he said.

Chanco said recoveries seen in the Philippines and Vietnam are more advanced compared to Indonesia and Thailand.

“The big picture advises us not to get carried away by the Philippines’ outperformance and not to be disheartened about Thailand’s underperformance,” he said.

He said the Philippines had one of the smallest ASEAN tourism industries in the pre-COVID era, with visitors at just eight million in 2019, while Thailand’s was at 40 million.

Even with China’s implementation of a zero-COVID policy, he said there were still Chinese visitors to ASEAN countries.

He said Chinese visitors accounted for three percent of total arrivals in Thailand in the first half, and six percent in Vietnam.

“Nevertheless, this still is a trickle of the pre-pandemic traffic, and the near-absence of Chinese tourists will create a hard ceiling for the regional tourism recovery, which likely will be hit in mid-2023,” he said.

“Admittedly, the roof is much lower for the likes of Thailand and Vietnam, where visitors from China accounted for roughly a third of the total in 2019,” he said.

In the Philippines and Indonesia, the share of Chinese tourists was at about 20 percent and 13 percent, respectively, prior to the pandemic.

PH consumers most confident in ASEAN of tech-driven growth

Filipinos are most confident that new technology will drive growth in business than their peers in ASEAN, but majority of Filipinos still prefer in-person interactions over chatbots compared with consumers from their neighbor countries, a new study revealed.

The recent VMware Digital Frontier 4.0 survey by VMware, Inc. (NYSE: VMW) showed that Filipino consumers are the most confident (78%) in Southeast Asia (SEA) in believing that technology is an enabler in connecting families and people in their communities during a pandemic. Filipinos surveyed have also demonstrated the highest faith (83%[1]) in the digital progress of the nation and the potential of technology in creating jobs and livelihood to create a stronger economic impact.

As the Philippines advances in their journey towards a digitally empowered future, Filipino consumers continue to show high reception to new technologies compared to other SEA countries. The survey showed that 55 percent are aware of the concept of Metaverse and optimistic about the implications of it, the highest in the region.

Also, 43 percent of Filipino consumers surveyed also believe that the metaverse will be favorable for the society. The survey also reveals that high internet service (76%) and better connectivity (68%) are the most important contributing factors for Filipino consumers to buy homes in the future, leading in adaptability than the rest of the world (55.5%).

As digital innovations accelerate in the Philippines across industries, Filipinos are found to prefer digital empowerment in some sectors more than the others. They have shown the least enthusiasm and acceptance (21%[2]), compared to the rest of SEA (25%[3]), in embracing robotics in healthcare or having virtual medical consultations with doctors (22%[4]), whereas the study found that Filipinos are relying heavily on technology to create advanced ways of managing and working with the finances – second highest in Southeast Asia (67%) after Thailand (68%).

However, the survey also revealed that Filipinos still prefer in-person interactions over chatbots the most in this region (76%) in the finance and banking sector, 4 percent more than the rest of SEA.

The respondents from the Philippines also strongly believe that technologies that push new boundaries are necessary to improve the well-being of citizens and the society. Hence, 78 percent of the respondents in the Philippines feel that connectivity in rural areas must improve to create a truly digital future, the second highest in Southeast Asia after Indonesia. Six in ten respondents (61.4 percent) in the Philippines are worried that their older relatives are not able to keep up with the new digital world and that organizations should further their agenda to include every community as they propel towards creating a digitally empowered society.

Similar to last year, personal data privacy and security remain top concerns for consumers in the Philippines. The consumers are highly apprehensive about how their data is being used by organizations and the government; 51 percent of the respondents think the government has not been transparent enough in this regard, up from 46 percent in 2021, 60 percent are paranoid about being tracked by organizations on their devices and 29 percent cite the loss of privacy to organizations with access to their personal data as their top concern. The Filipino consumers have shown the most eagerness in this region (65 percent) to pay more to the internet services if that meant keeping their data private.

Walter So, Country Manager, VMware Philippines, said that fostering digitalization and modernization requires more than the ability to acquire immersive technologies. “It also means creating environments where businesses can leverage innovation by delivering meaningful change to drive the best results for the customers,” So said.

As the Philippines assesses the implications of COVID-19 and the economy shows a strong growth momentum, So said, enterprises must equip their customers with secure digital offerings by strengthening their ability to develop and deliver superior digital experiences that are easily accessible on any app, any cloud and any device.

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