World’s largest sustainable fashion design competition by NGO Redress concludes with winner joining Timberland® to kickstart a sustainable design collaboration

HONG KONG SAR – Media OutReach – 8 September 2023 – Redress, the Hong Kong-headquartered, Asia-focused environmental NGO accelerating the change to a circular fashion industry, announced the winners of the Redress Design Award 2023. With Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative Region as the Lead Sponsor, the world’s largest sustainable fashion design competition concluded its 13th cycle at Hong Kong’s fashion spotlight event, CENTRESTAGE*, on 7 September.

Winning First Prize, Nils Hauser from Germany gets the career-changing chance to work on a sustainable design collaboration out of VF Corporation’s Tokyo Design Collective with the Timberland® design team for the brand’s Spring 2025 apparel collection. The winner out-designed eight other emerging designer Finalists from Australia, Canada, France, Hong Kong, India, Sri Lanka, and the USA, following a gruelling nine-month educational competition that attracted applications from 46 countries and regions.

“Collaborating with a world-leading brand like Timberland® and bringing my sustainable fashion ideas into the mainstream and large-scale fashion market whilst working with Timberland®’s expert team is a designer’s dream,” said Nils Hauser. “Designers have solutions, and we know that by working together we can make change,” he said.

Change is much needed. Fashion is one of the world’s most polluting industries. Approximately 100 billion apparel items are sold per year, representing a 50% increase since 2006, with the majority of clothing being landfilled or burned within one year of production.^[1] Every second, the equivalent of one garbage truck of textiles is landfilled or burned.^[2]

Meanwhile, 80 percent of a product’s environmental impact is determined at the design stage.^[3]

“Design decisions made at the drawing board can change the world,” said Redress Founder, Dr. Christina Dean. “Fashion needs to reinvent itself to become more circular. Floods and fires are continuing. Our Redress Design Award Finalists are fashion’s fire-fighters. Making sustainability and circularity an industry norm feels like a far off dream, but it’s worth fighting for if we want to reduce fashion’s negative environmental impacts.”

Congratulating on the success of another cycle of the Redress Design Award, Mr. Victor Tsang, Head of CreateHK, remarked that “The National 14th Five-Year Plan has stated its clear support towards Hong Kong developing into an East-meets-West centre for international cultural exchange. The Government of the Hong Kong Special Administrative Region is pleased to support the Redress Design Award, which plays a pivotal role in bringing sustainable design elites from around the globe and providing a unique platform that serves to educate talented fashion game-changers to transform the global fashion industry.”

The Finalists represent a new generation of fashion designers who are designing waste out of fashion with the circular design techniques of zero-waste, upcycling, and reconstruction. They do so by exploring their local textile waste streams for their design materials, from manufacturing waste and consumer castoffs to the more imaginative reuse of turbans, tents, and bedsheets. Their bold designs and sourcing methods represent creative and innovative solutions to increase current circularity achievements, which presently see less than one percent of clothing being recycled back into clothing.^[4]

“Our collaboration with Redress gives us the unique opportunity to directly connect with emerging fashion designers who have a passion for sustainability, equipping them with the skills and knowledge needed to usher in a new era of sustainability in fashion,” said Jeannie Renne-Malone, Vice President of Global Sustainability at VF Corporation. “VF remains committed to fostering a lower carbon future through implementing sustainable design principles, such as circular design, that minimise the industry’s environmental impact.”

Nils Hauser now takes the previous winners’ baton from Redress Design Award 2022 winner, Federico Badini Confalonieri from Italy, 2021 winner Jessica Chang from Taiwan, and 2020 menswear winner Lê Ngọc Hà Thu from Vietnam, who each contributed towards sustainable capsules in collaboration with Timberland®.

EXPERT JUDGES AT THE VANGUARD

Nine expert judges scrutinised this complex judging process across criteria ranging from circularity to commerciality, including Mr. Kévin Germanier, Creative Director, GERMANIER and Alumnus, Mr. Rod Henderson, President, TAL Apparel Ltd; Mr. Peter Hui, Honorary Secretary, Sustainable Fashion Business Consortium.

Judge Orsola de Castro, Author and Co-founder, Fashion Revolution said; “I’ve judged the Redress Design Award for 13 cycles and mentored as many winners. I’ve seen the transformation that Redress is driving in Asia’s fashion industry, and the ripple effects globally. It’s a remarkable impact and Hong Kong should be commended for this.”

REDRESS ALUMNI FUEL SUSTAINABLE FASHION DEVELOPMENT GLOBALLY

All nine of the 2023 Finalists now join the Redress Design Award Alumni Network, which consists of over 300 previous Finalists and Semi-finalists from over 40 countries and regions to benefit from Redress’ ongoing support. With diverse circular design talents and solutions, these influential fashion game-changers continue to catalyse greater industry change, whether starting their own sustainable brands, educating other designers, or working for small to large fashion brands and manufacturers.

Over the last four years, Redress Alumni have worked with American Eagle Outfitters, Harvey Nichols Hong Kong, Kipling, and Timberland®; showed at fashion weeks in Paris, Milan, Shanghai, and Shenzhen; and dressed global celebrities, including Lady Gaga, Heidi Klum, Taylor Swift, and Sunmi. Through The R Collective, the social impact business inspired into life through Redress, Alumni have also collaborated with Lane Crawford, Net-a-Porter, kapok, Haustage, UBS, and Value Retail.

In celebration of the Alumni’s ongoing achievements, and supported by Mercedes-Benz Hong Kong, eight Redress Alumni brands were showcased at the Grand Final Fashion Show on 7 September and at CENTRESTAGE until 9 September 2023.

EDUCATION AT THE CORE

Education plays a vital role in driving a circular fashion system. As such, the Redress Design Award works with 150 fashion university partners to reach thousands of fashion students across the globe, and provides free circular fashion resources and teaching materials through the Redress Academy. This year’s selected Finalists also experienced a weeklong educational bootcamp of masterclasses and circular design challenges, from working with manufacturers and packaging solution providers to revitalising discarded consumer clothing.

Editor’s Notes

About the Redress Design Award 2023 competition: www.redressdesignaward.com

• The competitors: The Redress Design Award 2023 was open to applications from emerging designers and students with less than four years’ professional experience globally. Finalists here.
• The winners:
  • First Prize winner: Nils Hauser, Germany
  • Runner-Up Prize winner: Ruwanthi Gajadeera, Sri Lanka
  • Hong Kong Best Prize winner: Mandy Fong, Hong Kong
  • People’s Choice winner: Pavneet Kaur, India
• The prize details are here.
• The full panel of international judges is here.
• The Redress Design Award 2023 partners and sponsors include Create Hong Kong of the Government of the Hong Kong Special Administrative Region as the Lead Sponsor; VF Corporation, TAL Apparel, Delta Global, and UPS.
• *CENTRESTAGE is sponsored by Create Hong Kong of the Government of the Hong Kong Special Administrative Region.

About the Redress Alumni

• All Redress Alumni can be seen here.
• The Redress Design Award Alumni Showcase: Redress is presenting a showcase of six Alumni brands at CENTRESTAGE Booth 3D-B06 in Hong Kong from 6–9 September 2023.
• 2023 Alumni Prize winner: Eric Wong wins the opportunity to create an upcycled showpiece using Mercedes-Benz Hong Kong’s used airbag waste fabric, which will be exhibited as part of the brand’s BAM Festival in Hong Kong in October 2023.

About the Redress Academy and education

• The online, open-access Redress Academy platform is here.
• The Redress Pathway to Circularity online courses are here.
• Further supporting statistics are here.
• The 2023 Finalists participated in educational activities including: a factory visit, masterclasses and group challenges at a TAL Apparel factory in Vietnam; a packaging-solutions workshop with Delta Global; and a post-consumer textile waste design challenge.

Hashtag: #RedressDesignAward

The issuer is solely responsible for the content of this announcement.

About Redress

Redress (www.redress.com.hk) is a Hong Kong-headquartered, Asia-focused environmental NGO with a mission to accelerate the change to a circular fashion industry by educating and empowering designers and consumers so as to reduce clothing’s negative environmental impacts.

The Redress Design Award (www.redressdesignaward.com) is the world’s largest sustainable fashion design competition that educates and empowers emerging fashion designers about circular design techniques to reduce fashion’s negative environmental impacts. Organised by Hong Kong-headquartered, Asia-focused environmental NGO Redress annually since 2011, the competition now has over 150 global fashion university partners and attracts designer applicants from over 50 countries and regions to win prizes that connect them with global-leading fashion businesses to accelerate the change to a circular fashion industry.

About Create Hong Kong (www.createhk.gov.hk) Create Hong Kong (CreateHK) is a dedicated office set up by the Government of the Hong Kong Special Administrative Region in June 2009 to spearhead the development of creative industries in Hong Kong. From 1 July 2022 onwards, it is under the Culture, Sports and Tourism Bureau. Its strategic foci are nurturing talent and facilitating start-ups, exploring markets, promoting cross-sectoral and cross-genre collaboration, and promoting Hong Kong as Asia’s creative capital and fostering a creative atmosphere in the community. CreateHK has been sponsoring the Redress Design Award (formerly the EcoChic Design Award) since 2011 to promote Hong Kong’s fashion design.

About VF Corporation (www.vfc.com) Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans®, The North Face®, Timberland® and Dickies®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

Disclaimer: The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organisers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Culture, Sports and Tourism Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

Lee Kum Kee Appointed as the Official Sauces Supplier for the Event; 160 Elite Chefs Around the World Converge to Compete for Culinary Prestige

Being the Official Sauces Supplier for the competition, Lee Kum Kee provided an array of sauces and condiments to inspire participating chefs in creating their winning dishes. In addition, Lee Kum Kee sponsored a total of 20 talented chefs from Hong Kong, China and Malaysia to participate in the competition, fostering their collaboration and idea exchange with fellow participating chefs, and thus elevating the standard of Cantonese cuisine to new heights.

The competition spanned two eventful days from 5 to 6 September. Over 160 Chinese chefs from various countries and regions, including Malaysia, Mainland China, Hong Kong SAR, Macao SAR, Taiwan region, Australia, the Netherlands, Japan, Korea, Singapore, the United Kingdom, the United States and others, showcased their remarkable talents in crafting innovative Cantonese dishes using the exquisite range of Lee Kum Kee sauces and condiments. The judging panel, consisting of 12 globally-renowned Chinese master chefs, evaluated the dishes based on criteria such as taste, cooking techniques, presentation and hygiene standard to determine the final results of Top 10 “World Master Chefs for Cantonese Cuisine”.

Mr. Dodie Hung, Executive Vice President – Corporate Affairs of Lee Kum Kee, said, “With a history of 135 years, Lee Kum Kee has been dedicated to promoting the development of the global Chinese culinary industry, with a particular focus on Cantonese cuisine, in line with our mission of ‘Promoting Chinese Culinary Culture Worldwide’. We are pleased to support the competition by sponsoring Lee Kum Kee’s products. We hope the dishes created by each team, with the use of Lee Kum Kee sauces, could fully unleash the exquisite and delicate flavours of Cantonese cuisine. It would be great that they helped promote the Cantonese culinary culture to the world and ensure that the legacy is preserved and passed down to future generations.”

During the competition, Lee Kum Kee partnered with Master Chef Kwok-keung Chan from Hong Kong to showcase his exceptional skills in braising abalone using Lee Kum Kee Premium Oyster Sauce. The audience had the opportunity to taste the delectable abalone, resulting in enthusiastic and positive responses. Furthermore, Lee Kum Kee Malaysia team had set up a dedicated demo area and hosted multiple food tasting sessions. Over 100 representatives from Kuching’s foodservice industry were invited to join and learn more about the features and applications of Lee Kum Kee’s flagship and new products.

Hashtag: #LeeKumKee

The issuer is solely responsible for the content of this announcement.

About Lee Kum Kee

Lee Kum Kee was established in 1888 when its founder Mr. Lee Kum Sheung invented oyster sauce in Nanshui, Zhuhai, Guangdong Province of China. With a glorious history of 135 years and the stringent quality management from farm to fork, Lee Kum Kee has become an international household name as well as a symbol of quality and trust.

With the vision of “Where there are people, there is Lee Kum Kee” and the mission of “Promoting Chinese Culinary Culture Worldwide”, Lee Kum Kee provides over 300 choices of sauces and condiments to over 100 countries and regions worldwide.

Substantiating the core values of “Pragmatism”, “Integrity”, “Constant Entrepreneurship”, “Si Li Ji Ren” (Considering Others’ Interests), “Benefitting the Community” and “Sharing Fruits of Success” in every aspect of its business operations, Lee Kum Kee has straddled three centuries. Lee Kum Kee’s headquarters is located in Hong Kong SAR, China, with other production bases in Xinhui, Huangpu and Jining, China; Los Angeles, the United States and Kuala Lumpur, Malaysia.

Please visit www.lkk.com for further details.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

TAIPEI, TAIWAN – Media OutReach – 8 September 2023 – DFI, a global leader in embedded boards and industrial PCs (IPCs), in collaboration with embedded computer system solution partner Hectronic, is making its debut appearance at the biennial Defense and Security Equipment International (DSEI), the world’s largest defense and security technology exhibition. DFI will not only be presenting the 19-inch custom encrypted communication product developed in conjunction with Hectronic but also will be bringing a series of rugged products including industrial-grade embedded motherboards, system on module (SOM) solutions, and embedded systems. This collaboration not only demonstrates the R&D prowess of both companies but also highlights the achievements in strengthening the application ecosystem.

Alexander Su, President of DFI, stated that rugged products are versatile due to their high stability, thus giving them diverse applications in the defense sector such as control systems, missile systems, radar systems, workstations, and more. With years of dedication in the defense industry, DFI boasts a comprehensive line of rugged products and industry-leading technological expertise.

DFI and Hectronic Collaborate on Encrypted Communication Device, Enhancing Security with TPM Integration

Addressing information security, the 19-inch custom encrypted communication device jointly developed by DFI and Hectronic features an innovative “intrusion detection” design. It incorporates a Trusted Platform Module (TPM) in line with international security standards for dedicated secure cryptographic processing, thereby reinforcing device security.

Furthermore, among the array of rugged products exhibited by DFI, aside from meeting the general specifications demanded of military products such as wide temperature ranges, high stability, and versatile built-in interfaces, they also bring solutions enabling edge computing applications. This includes the recently-introduced rugged x86 IPC ECX700-AL, the TGU9A2, TGU968, and other TGU series SOM solutions powered by Intel’s 11th generation processors.

As emerging technologies such as drones and artificial intelligence (AI) continue to emerge, the demand for upgrading military equipment among nations will continue to grow. According to a research report by Research and Markets, a global research institution, the global defense market is expected to reach US$838 billion by 2031, with an annual compound growth rate of 5.8% from 2021 to 2031. With an eye on the growth potential of the defense market, this exhibition has attracted over 230 first-time participants, including DFI, engaging more than 2,800 suppliers from the defense sector.

For more information: https://www.dfi.com/, LinkedIn or contact us.
Hashtag: #DFI #Embedded #DSEI #information_security

The issuer is solely responsible for the content of this announcement.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

• Tanoto Foundation’s donation will advance research into gene therapy to address eye condition that is a major cause of vision loss
• The condition affects 200 million globally and 5 out of 100 in Singapore; number of cases expected to rise with Singapore’s ageing population

SINGAPORE – Media OutReach – 8 September 2023 – Tanoto Foundation today announced a donation of S$1 million to the Singapore National Eye Centre (SNEC) to support a three-year research programme into gene therapy to combat age-related macular degeneration (AMD), a chronic, irreversible eye condition that affects 200 million people worldwide. Due to ageing population and longer life spans, this number is set to increase to 240 million by 2030.

AMD can result in loss of vision because of damage to the macula, or central part of the retina, and is a major cause of blindness in those over 50 years old. The condition is more prevalent in countries with ageing populations, such as Singapore, where around one in four citizens will be over 65 years old by 2030.

There are two forms of AMD, early and late. The early form of AMD is not immediately sight threatening but the late neovascular form of AMD (nAMD), where there is abnormal growth of blood vessels that can result in bleeding or swelling, is responsible for 90% of blindness in AMD cases. In Singapore, the prevalence of AMD is estimated to be about 5.1% (five out of every 100 individuals) for early AMD and one in every 200 individuals for nAMD, above the age of 40.

The research programme, which will be funded by Tanoto Foundation and led by scientists from the SNEC and the Singapore Eye Research Institute (SERI), will focus on the development of new gene therapies to address AMD. Gene therapy is broadly defined as a therapeutic technique to modify a patient’s genes to treat or cure disease. This can work by replacing or inactivating defective genes.

Imelda Tanoto, Member of the Board of Trustees, Tanoto Foundation, said: “We recognise that in old age, vision, which impacts mobility significantly, affects the quality of life. With a long standing commitment to support medical research especially in Asia-prevalent diseases, we also leverage Singapore’s quality healthcare and research ecosystem to build meaningful partnerships and pilot medical innovations that are scalable to the region. Our partnership with SNEC to advance gene therapy research is a great example.”

Since 2009, the Tanoto Foundation has contributed more than S$20 million towards research and advocacy for various treatments for major health issues, such as cardiology, oncology and diabetes.

Professor Aung Tin, CEO, SNEC, said: “We are grateful for the support from Tanoto Foundation in advancing research into the use of gene therapy to address AMD. This condition is a major cause of vision loss, resulting in significant economic and healthcare costs. The number of individuals affected by AMD is fast rising, partly due to our ageing population. The support from Tanoto Foundation will help us devise promising new gene therapies, which can potentially reduce the required number of treatments per year for nAMD patients and can help improve their quality of life.”

Current treatments are in the form of regular, often lifelong injections of anti-vascular endothelial growth factor (VEGF) agents into the eye, administered on average about every two to three months. The overall healthcare burden in the United States for AMD is estimated to be US$4.6 billion. This burden is also comparable to other first world nations such as Singapore. By introducing a new gene into the body to trigger its own cells to produce therapeutic agents, this gene therapy research programme can potentially significantly reduce the number of injections a patient may require to combat AMD as this treatment will be long-lasting. If the research is proven to be successful, it can potentially be extended to other retina diseases such as diabetic retinopathy and retinal vessel occlusion.

The research team comprises clinicians and scientists from SNEC/SERI, the Agency for Science, Technology and Research’s (A*STAR) Genome Institute of Singapore and the Centre for Vision Research at Duke-NUS Medical School. This clinician-scientist collaboration is a testament to the ongoing strong collaborative efforts to translate novel therapies from bench to bedside.

Hashtag: #TanotoFoundation

The issuer is solely responsible for the content of this announcement.

About Tanoto Foundation:

Tanoto Foundation is an independent philanthropic organisation founded in 1981 by Sukanto Tanoto and Tinah Bingei Tanoto based on the belief that every person should have the opportunity to realise his or her full potential. Tanoto Foundation programmes stem from the belief that quality education accelerates equal opportunity. We harness the transformative strength of education to realise people’s full potential and improve lives. Tanoto Foundation focuses on making an impact in three main areas: improving learning environments, future leader’s development, as well as medical research and sciences.

More information is available at www.tanotofoundation.org/en/.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

• Platform Workers found to have bigger protection gaps compared to the general Economically Active population
• Life Insurance Industry commits to spearheading efforts to narrow the protection gap in Singapore

SINGAPORE – Media OutReach – 8 September 2023 – The Life Insurance Association, Singapore (LIA Singapore) today unveiled findings of the Protection Gap Study (PGS) 2022 which found that economically active¹ (EA) Singaporeans and Permanent Residents in Singapore – including Platform Workers (PWs) – had a S$373 billion mortality protection gap² and a S$579 billion critical illness (CI) protection gap³. This equates to a 21% mortality protection gap and a 74% CI protection gap in Singapore in 2022. The study comprises two components: analysis of policy data from life insurers, as well as a supplementary market survey of 775 EAs.

PGS 2022 provides insights for the industry, life insurers and reinsurers, as well as other stakeholders

– including employers and relevant government agencies – to implement actionable strategies that will support individuals to meet their protection and financial planning needs. This is especially important given the extended life expectancy⁴ as well as an unpredictable socio-economic landscape⁵ facing the community today.

LIA Singapore also included the additional analysis of protection needs and gaps of PWs⁶ in PGS 2022, in recognition of this being a growing segment within the community. The average PW individual has bigger mortality and CI protection gaps than the average EA individual in Singapore.

Mr. Dennis Tan, President, LIA Singapore said, “The Protection Gap Study 2022 shows that while mortality and critical illness protection gaps persist, there has been progress recorded since our last study in 2017. There is greater awareness and appreciation of the value of insurance in Singapore, and more individuals are taking actions to better meet their protection needs.

¹ Individuals employed and contributing to the production and distribution of goods and services. Platform workers fall within this category and are a subset of the economically active group.

² The mortality protection gap represents the financial gap to cover needs of dependents over a defined period in the event of death. It is the amount of money required by dependents to cover expenses, clear outstanding debt, and maintain a reasonable lifestyle, less existing savings and insurance coverage for mortality, following the death of a member of the household.

³ The CI protection gap represents the financial gap to cover family needs during the assumed CI recovery period of 5 years, until the insured is able to return to work. It is the amount of money required to cover expenses and outstanding debt payments during the insured’s CI recovery period, less existing insurance coverage for CI. It is to be noted that identified needs of dependents beyond the CI recovery period have been considered on the hypothesis that the insured may not be able to meet those needs when they do return to work (due to the assumed reduction in the insured’s earning capacity).

⁴ ‘Life Expectancy Improved Over the Last Decade but Saw Declines Over Recent Years Due to the COVID-19 Pandemic’ (May 22, 2023) SingStat Singapore. Available at https://www.singstat.gov.sg/-/media/files/news/press22052023.ashx

⁵ ‘MTI Narrows Singapore’s GDP Growth Forecast for 2023 to “0.5 to 1.5 Per Cent”‘ (August 11, 2023) Ministry of Trade and Industry Singapore. Available at: https://www.mti.gov.sg/Newsroom/Press-Releases/2023/08/MTI-Narrows-Singapore-GDP-Growth-Forecast-for– 2023-to-0_5-to-1_5-Per-Cent

⁶ ‘Platform Workers’ in this study refer to a group of individuals consisting of ‘Private-hire Workers’, ‘Taxi Drivers’ and ‘Delivery Workers’.

While this progress is encouraging, we know more can and must be done to support different members of our community, such as our Platform Workers. The life insurance industry will continue leading the charge on these efforts, leveraging insights from the study to inform initiatives for the Association, our member companies, and other relevant stakeholders to pursue and to get more individuals better insured.”

Some areas the industry will explore developing initiatives for include:

• Enhancing the understanding and reach of insurance policies through product innovations and further simplification of policy-related materials

• Adopting a customer profile and needs-based understanding approach to develop tailored customer segment-led propositions, product solutions and distribution approaches aimed at supporting specific groups with medium to high protection gaps (e.g. underserved segments such as those that are less educated, and/or those of lower income)

• Boosting consumer awareness and understanding about protection through public education initiatives

• Making it easier for underserved members of the public (e.g. Platform Workers) to reach accessible touchpoints to better understand and address their protection and financial planning needs

Mortality protection gap remained relatively unchanged for EA individuals despite an increase in mortality protection needs

EA individuals in Singapore have approximately 79% of their mortality protection needs met. Though the mortality protection needs increased between 2017 and 2022 – primarily due to an overall increase in costs of living and number of EA individuals – the mortality protection gap remained relatively unchanged from 2017, with a slight 2% decrease from 23% to 21%.

This is largely due to income levels going up, increase in Central Provident Fund (CPF) and other savings by 47%, as well as an 11% uplift in life insurance coverage.

The average mortality coverage per policyholder increased by approximately S$41,100 to S$331,200 in 2022 which is approximately 3.6 times of average annual income. Policyholders in Singapore have an average of three policies for mortality protection.

CI protection gap for EA individuals narrowed primarily due to an increase in CI coverage

The CI protection gap amongst EA individuals has narrowed by a notable 7% – down to 74% in 2022 from 81% in 2017. The average CI coverage per policyholder increased by approximately S$64,400 to S$193,300 in 2022. This is approximately 2.1 times of average annual income.

This reduction in CI protection gap from 2017 was mainly driven by an approximate 63% increase in CI coverage since then.

On average, a CI policyholder owns less than one standalone policy. Their CI coverage is generally from Whole-of-Life policies or riders with CI to supplement their main life insurance policies.

Bigger mortality and CI protection gap amongst Platform Workers because of lower savings and insurance coverage

PGS 2022 found that there is a 59% mortality protection gap and a 91% CI protection gap among PWs. This is primarily attributed to them having lower CPF and deposit savings, as well as lower insurance coverage as compared to EA individuals.

Takeaways from the supplementary market survey include:

• Many PW respondents indicating they are not covered under Group insurance offered by platform providers, with a further portion being unaware if they are receiving any Group Insurance coverage.

• PW respondents expressed interest for the life insurance industry to establish accessible touchpoints that they may visit to seek guidance and support for their financial planning journey and insurance protection needs. The industry recognises that these touchpoints could include roadshows at the offices of platform providers.

Comparison between 2017 PGS and 2022 PGS

Resources available include the aggregate of available savings (i.e. CPF savings, other savings such as cash and deposits) and existing insurance coverage

Note to editor: The full report is available at www.lia.org.sg

Hashtag: #LIASingapore

The issuer is solely responsible for the content of this announcement.

About the Protection Gap Study 2022

The Protection Gap Study (PGS) 2022 commissioned by LIA Singapore was conducted independently by Ernst & Young Advisory Pte Ltd. The study drew upon insurance data available until 31 December 2021 from insurers, coupled with public data analysis of economically active individuals in Singapore between the ages of 20 to 69 who have at least one dependent.

Key changes from the previous study are the inclusion of an inaugural protection gap study for the PW population, along with a supplementary market survey to gain deeper insights into the protection gap, thereby enabling a comprehensive reassessment of the assumptions that underpin the study.

Please be advised of key limitations arising from the assumptions and data sources used in the calculation of the mortality and CI protection gaps as these results reflect the average across Singapore, whereas each individual’s circumstances will be different and specific to the individual. As such, individual protection needs should be analysed separately.

Another limitation of the study is that a significant portion of PWs sampled falls within the older age group. Nonetheless, the higher mortality protection gap and CI protection gap in comparison to EAs offer a valuable additional insight. This emphasises the importance of addressing the protection gaps among seniors, especially in light of Singapore’s growing aging population.

Life Insurance Association, Singapore (LIA Singapore)

Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS).

Vision and Mission

The vision of member companies is to provide individuals with peace of mind and to promote a society where every person is prepared for life’s changing cycles and for those situations unforeseen.

They are committed to being a progressive life insurance industry by collectively enhancing consumer understanding, promoting industry best practices, and through the association fostering a spirit of collaboration and mutual respect with government and business leaders.

Values underpinning the association and its members

Unified in our resolve to deliver innovative solutions where every individual’s needs are best met.

Professional in the way we conduct ourselves and in the counsel we give.

Ethical in ensuring our policyholders’ interests are managed with utmost integrity.

Fair in how we strive to provide favourable outcomes to both our policyholders and shareholders.

Open & honest in all that we do to build an environment of trust and transparency.

Proactive in the steps we take to give our people the skills and knowledge to provide sound solutions at all times.

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BEIJING, CHINA – Media OutReach – 8 September 2023 – Accounting and finance professionals in Mainland China are embracing new technology at a rapid rate, according to one of the world’s largest accounting bodies. A new report from CPA Australia reveals that a growing number of businesses have adopted digital transformation strategies.

CPA Australia’s 2023 Business Technology Survey was conducted from May to July 2023 across the Asia-Pacific. We received responses from 697 finance and accounting professionals. About one-third of respondents hold C-suite or other senior level positions.

We found that a remarkable 85 per cent of businesses in Mainland China have a digital transformation policy, up five percentage points from the same time last year. This is the highest percentage of businesses from across the Asia-Pacific region featured in the report.

This trend looks set to continue, with 85 per cent of Mainland Chinese respondents agreeing that their employer is planning to increase their use of technology in the next 12 months.

“The digital economy has become a key driver of economic growth. Despite a myriad of uncertainties and challenges in Mainland China’s economic recovery, we are glad to see that businesses have continued to invest in digitalisation and innovation,” said Tony Chan FCPA (Aust.), Deputy President of CPA Australia’s South China Committee.

“It’s positive to see the increasing awareness and willingness of Mainland Chinese SMEs to digitalise. Seventy-six per cent of respondents from SMEs stated that their company has a digital transformation strategy. This is eight percentage points higher than last year’s survey result.”

“We welcome recent government support for Mainland China’s digital economy. This may boost business confidence in investing in digitalisation and innovation. Such actions could improve their operational efficiency, empower the digital transformation of industries and inject vitality into economic growth.”

Artificial intelligence (AI) is the technology that Mainland Chinese businesses increased their use of the most in the past 12 months, according to the report. Sixty-nine per cent of respondents reported that their company used AI in the past 12 months. This is nine percentage points higher than in 2022, and well ahead of the survey average (55 per cent).

“A series of policy support initiatives and the rapid development of generative AI have significantly boosted AI adoption in Mainland China,” Chan commented. “To reap the rewards from future innovation and enhance competitiveness, we recommend businesses continue upskilling the technology capabilities of their employees.”

When survey respondents were asked which technologies they expect their organisation to use more in the next 12 months, data analytics and visualisation software (37 per cent) were the most popular options. In addition, more than one-third of respondents expect their businesses to increase technology training for employees.

According to Collin Jin FCPA (Aust.), a member of CPA Australia’s East and Central China Committee, “Investment in areas such as data analytics and talent upskilling can help businesses gain valuable insights and assist in targeted investment for the next stage of digital transformation. Data capture and analysis could also accelerate the low carbon and green transition of businesses and ensure their long-term sustainable development.”

As Mainland Chinese businesses head into a more demanding and intricate stage of digitalisation, challenges have also emerged. The survey identified that complex legacy systems (29 per cent), financial costs and low return on investment (26 per cent) and data privacy concerns (25 per cent) are the key barriers to technology adoption in Mainland China.

“We understand that replacing complex systems can be difficult and at times expensive, however obsolete systems can impact business performance and profitability. To address this challenge, we recommend companies continue allocating appropriate resources to review their IT infrastructure and systems to ensure they meet both internal needs and external requirements,” Jin commented.

“Considering the pace, complexity and costs of technology development, it’s imperative for businesses to pay attention to the return of investment of technology and digital transformation projects and identifying technology tools and software suitable for the organisation.”

“We also recommend businesses place greater emphasis on digital solutions that elevate their efficiency, bolster resilience, and heighten competitiveness. Examples include digital tools that improve supply chain management and customer service.”

Read CPA Australia’s Business Technology Report 2023
Hashtag: #CPAAustralia #Business #Economics #DigitalEconomy #Digitalisation #AI #MainlandChina #Data #Innovation

The issuer is solely responsible for the content of this announcement.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 172,000 members in over 100 countries and regions, including more than 23,200 members in Greater China. We have offices in Beijing, Shanghai and Guangzhou. CPA Australia provides thought leadership on local, national, and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

Conversion of traditional power grids to the energy internet – The emergence of a new digital twin platform

The Electricity Market Report 2023 released by the International Energy Agency (IEA) predicted that global electricity demand will accelerate starting this year, despite a slowdown in demand growth last year. “As a leader in sustainable development, Schneider Electric has continuously accelerated digitization and electrification in its sustainability journey over the past 15 years, and is committed to facilitating Hong Kong’s goal to achieve carbon neutrality by 2050,” said Jonathan Chiu, President of Schneider Electric Hong Kong. “The new ETAP Digital Twin Platform will strengthen the digitization of the entire lifecycle of modern power systems to help the industry achieve energy transition and reduce carbon emissions. Through the ETAP platform, we aim to enhance grid flexibility, deliver the benefits of point-to-point energy management and promote the sustainable development of renewable energy in Hong Kong.”

Combining energy management and engineering solutions, ETAP integrates software suites such as ALPI, IGE+XAO and BIM Electric, further optimizing energy management systems. By expanding its software portfolio to include SEE Electrical software suite, Caneco ONE, and Advanced Electrical Design for Revit, ETAP has developed a comprehensive energy management platform, providing virtual modeling and comprehensive analysis for the entire lifecycle of power systems from design, construction, operation to maintenance. This in turn offers innovative software solutions that meet the diverse needs of utilities, data centers, public transport systems, power plants, and end users. To date, ETAP has provided services to over 20,000 corporate users worldwide. In the foreseeable future, ETAP will achieve full data integration to support the infrastructure, building construction, and manufacturing industries to achieve point-to-point management.

The new integrated ETAP Digital Twin Platform provides a complete solution and systems delivery for the entire lifecycle of renewable energy usage, from design, construction, to operation and maintenance. Its functions, such as distributed energy access analysis verification and electrical power quality analysis and optimization, effectively ensure the safety and stability of power systems before and after the integration of renewable energy sources, and enhance the value and economic benefits that renewable energy delivers to society.

“ETAP enables power system operators, engineers, and facility managers to better design, analyze, visualize, and optimize their power system operations effectively. The multi-dimensional digital twin technology of ETAP accelerates digital transformation and enables power systems design with automation knowledge and network operations to be carried out with design knowledge. ETAP customers leverage our integrated, secure, cost-effective, and sustainable platform to drive electrical system lifecycle transformation and achieve efficient energy management.” said Tanuj Khandelwal, Chief Executive Officer of ETAP.
Hashtag: #ETAP #electricgrid #electrification #digitaltwin

https://www.linkedin.com/company/schneider-electric
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https://www.instagram.com/schneiderelectric/

The issuer is solely responsible for the content of this announcement.

About ETAP

Through its integrated power system digital twin platform, ETAP delivers best-in-class, seamless customer experience and cloud-ready technology ensuring universal accessibility for designers, engineers, and operators accelerating their digital transformation, even in the highest regulated environments. Over 20,000 enterprises globally rely on ETAP to unlock total efficiency and sustainability at all stages of the lifecycle for buildings, industries, and infrastructure. Driven by excellence, innovation, and customer satisfaction for over 35 years, ETAP’s deep expertise is supported by the dedication of more than 1,000 employees and a strong community of active users. With operations around the globe, ETAP is headquartered in Irvine, California.

https://etap.com

Follow ETAP on LinkedIn, YouTube, Facebook, and Twitter.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com/hk

Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights.”

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

Embrace a month-long party of looking good and feeling great this September with a myriad of remarkable offers that you won’t want to miss. Rejoice in up to 60% in savings off top beauty picks online, coupled with irresistible deals, as BEAUTIQUE by iShopChangi and renowned cosmetics powerhouse Estée Lauder Companies continue their flourishing partnership.

SINGAPORE – Media OutReach – 7 September 2023 – From now till 30 September 2023, non-travellers can join in the BEAUTIQUE by iShopChangi Birthday Bash extravaganza to experience the best of beauty bliss. Dive into the realm of luxurious skincare or elevate your wellness routine both online and in the BEAUTIQUE outlet to enjoy massive savings of up to 60%. So mark your calendars and discover the art of self-indulgence with beloved beauty brands like Estée Lauder, La Mer, Clinique, M.A.C., Bobbi Brown, Jo Malone London, and more!

Embrace Unrivalled Beauty and Savings Online

Embark on a cosmetic journey where beauty and savings blend seamlessly, beginning with Beauty Sets and gifts-with-purchase from renowned brands. But that’s not all! Prepare to be enchanted by an array of irresistible sitewide rewards. Be rewarded with an exclusive free limited edition Good Totes Puffer Pouch and a S$10 iShopChangi Voucher when you spend a minimum of S$250.

Lock in these promo codes and enhance your savings when you shop the top Beauty Sets from the BEAUTIQUE collection:

*Limited to three redemptions per user. T&Cs apply.

Pamper yourself with the best beauty products, where classics take on a new allure. Get your hands on the [Birthday Set] Advanced Night Repair Synchronized Multi-Recovery Complex 50ml Blockbuster Set from Estée Lauder, now available at an enticing price of just S$187, boasting a 55% reduction. Glam up as you slash 32% off on more beloved favourites from the American multinational cosmetics company, with products like the [Beauty Set] Double Wear Stay-in-Place Makeup SPF10/PA++ 30ml Set, now offered at S$78, or cart out with 40% off the [Beauty Set] Pure Colour Lip Set at a charming S$55. And when you shop these Beauty Sets, an array of alluring gift-with-purchase awaits. With a minimum spend of S$150 and S$200, embrace the joy of receiving enchanting additions, such as the Micro Essence Treatment Lotion, to your beauty collection.

The beauty revelry doesn’t end there. Empower your beauty journey with the elegance of everything from La Mer. Discover the [Beauty Set] The Eye Concentrate 15ml Set and [Beauty Set] The New Advanced Treatment Lotion 150ml Set, at S$430 and S$285 respectively. You can elevate your orders with exquisite complimentary offerings, too. With every order, you stand a chance to receive a La Mer Deluxe Bag valued at S$20. With a minimum spend of S$300, enjoy the La Mer Moisturising Cool Gel Cream 3.5ml, worth S$40, enriching your order with the soothing essence of luxury. And for orders exceeding S$500, experience the pinnacle of indulgence with the coveted La Mer The Eye Concentrate 5ml, worth S$143. Hurry while stocks last!

Up your beauty game further with exclusive discounts on makeup sets from Bobbi Brown and M.A.C, where getting more is simply irresistible. Explore a spectrum of shades and textures with the [Birthday Set] Bobbi Brown Blockbuster Set at S$183 with a 60% discount. Let your inner artist shine brighter while keeping your budget in check with the [Birthday Set] M.A.C. Blockbuster Set at S$136, with 60% slashed off.

Infuse your beauty ritual with the refinement showcased by Clinique’s timeless offerings. Uncover the magnificence of the [Beauty Set] Cheek Pop Set, attainable now at a special price of S$48, accompanied by a 45% discount. Alternatively, embark on a voyage of cleansed and balanced skin with the [Beauty Set] Checks & Balances™ Frothy-Face Wash 150ml Set from Origins, yours to cherish at an exclusive rate of S$44, graced by a 51% discount.

Create moments that linger with a spritz of perfumes and colognes from brands like Jo Malone London. Revel in a symphony of notes and scents with Beauty Sets featuring a pair of signature fragrances like the [Beauty Set] Peony Blush Suede Cologne 100ml Set and [Beauty Set] Wood Sage & Sea Salt Cologne 100ml Set, and take these bottles home for just S$242.

Unlock Beauty Delights at the BEAUTIQUE Store at Jewel

The excitement amplifies mid-month. From 15 to 17 September, experience the magic of beauty in person at the BEAUTIQUE store at Jewel Changi Airport. The atmosphere is set to be electric, with a gachapon machine brimming with surprises and a cascade of balloons promising a special treat with every pop. Each balloon holds a hidden gem — a promo code slip that could unlock your path to beauty indulgence.

Pop away and stand a chance to grab a S$10 voucher for an in-store splurge or an exclusive online 20% discount, both with no minimum spend required. It’s a chance to adorn yourself with premium beauty finds, all at reduced prices.

Beauty and Fitness Infused: Ground Zero x Beautique Takeover

Embark on a journey of transformation as beauty and fitness merge in an electrifying partnership between Ground Zero and BEAUTIQUE. From 11 to 30 September, experience an unprecedented fusion of exhilarating workouts and sensational beauty at Ground Zero fitness boutique, where the mantra is “Look Good, Feel Good.”

Elevate your fitness game with classes at Ground Zero presented by Estée Lauder Company brands like M.A.C and Clinique. Sweat it out alongside fellow enthusiasts and embrace the harmonious journey of looking and feeling good, both inside and out. The excitement doesn’t end with these classes — be ready to receive exclusive iShopChangi promo codes for savings up to 50% off, crafted to extend beauty and fitness transformations beyond the studio walls.

Elevate Your Beauty Rituals & Stand a Chance to Win More

Remarkable opportunities await, in sync with the vibrant celebration of BEAUTIQUE’s grand festivity. From now to 10 September, enter the code <99TECH> when you checkout with a minimum spend of S$500 on electronics and get 10% off your cart, capped at S$55.

Up Your Chances of Being a Changi Millionaire

With all the luck now in Changi, spend S$50 or more on iShopChangi using Changi Pay and quadruple your chances of being a Changi Millionaire to win S$1 million or a Porsche Macan!

To kickstart your shopping adventure, don’t miss out on the exclusive offer for new iShopChangi users. Slash another S$20 off your first purchase when you spend a minimum of S$79 by simply entering the code <ISCNEW20> at checkout. Plus, for even more discounts, cart out with a minimum spend of S$50 using Changi Pay and enjoy S$10 off as a new sign-up.

Worried about delivery? As a non-traveller, you can cart out at tax and duty-absorbed prices on iShopChangi and have your items delivered to you for free when you spend at least S$59 and provide a Singapore residential address for delivery. Alternatively, pick up selected products from the Jewel Collection Centre. No minimum spend is required.

Hashtag: #iShopChangi

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https://www.instagram.com/ishopchangi

The issuer is solely responsible for the content of this announcement.

iShopChangi

iShopChangi was launched in 2013 as an extension of Changi Airport’s promise to deliver greater comfort and convenience to travellers in its suite of airport retail offerings. Passengers can browse and purchase tax- and duty-free products across all terminals between 30 days to 12 hours pre-flight on the e-store – and choose to collect their items at Collection Centres within departure, upon arrival or have them delivered free in Singapore. Providing easy access to over 30,000 products across 900 brands and exclusives such as Changi First product launches, the site has since received global recognition with its award for Best Website – Retail Customer Facing at The Moodies: the Airport and Travel Retail Digital Media Awards 2018. In early 2020, the e-commerce store started to retail a selection tax- and duty-absorbed products to Singapore-based residents without the need to fly.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.