News In Brief

Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs. Below are snippets of all the media releases we received from Nov 13 till the end of the week.

Brother Wins SPG Award

Sydney, Nov 13: Brother International Australia (BIA) clinches the Sustainable Packaging Guidelines (SPG’s) Implementation Award from the Australian Packaging Covenant Organisation (APCO).
The accolade recognizes BIA’s commitment to innovative sustainable packaging, highlighted by the removal of polystyrene and polyethylene from printing products.
Andy O’Donnell, Director at BIA, expressed pride in the achievement, emphasizing the remarkable journey toward eco-conscious practices.
Chris Foley, CEO of APCO, lauded 2023 as a pivotal year for sustainable packaging, showcasing industry progress towards the 2025 National Packaging Targets and the development of a circular economy.

SES Expands Global Connectivity

Kuala Lumpur, Nov 14: SES successfully launched its fifth and sixth O3b mPOWER satellites, completing the second-generation medium earth orbit (MEO) system.
The system, operational from early Q2 2024, promises high-performance connectivity services worldwide.
SES plans to add two more satellites, bringing the total to 13, with the expansion covered within the existing committed CapEx.
The initial four O3b mPOWER satellites are undergoing checks, while SES has rolled out over 160 terminals in 2023 to serve various customers.
CEO Ruy Pinto assures customers of a reliable and secure network

Mastercard and NEC Pioneer In-Store Biometric Payments

Japan, Nov 15: Mastercard and NEC Corporation have united to introduce secure and seamless in-store checkout experiences using facial recognition technology. The collaboration, formalized through a Memorandum of Understanding, combines NEC’s face recognition and liveness verification technology with Mastercard’s payment enablement and user experience optimization for global implementation.
Ajay Bhalla, President of Cyber and Intelligence Solutions, at Mastercard, highlights the significance of biometric solutions for quick and secure checkouts without phone unlocking or PIN entry.
The partnership aims to lead in deploying biometric payments in the Asia Pacific region and beyond.
Takao Iwai, Corporate Senior Vice President, and Managing Director, Financial Solutions Division, NEC Corporation, emphasizes the new payment experience’s security and convenience through NEC’s face recognition technology.
Biometrics has gained popularity, with 82 percent of Asia Pacific consumers using at least one form. Businesses are adopting biometric authentication, projected to authenticate over $3 trillion in payment transactions by 2025.
Mastercard’s Biometric Checkout Program, launched in Brazil last year, transforms in-store payments, allowing consumers to pay with a smile or a wave.
NEC, an early participant, contributes to addressing security, biometric performance, and data protection requirements.
Benefits extend to merchants with shorter lines, enhanced security, and a more hygienic checkout.
The collaboration’s latest payment experience will be showcased at the Singapore Fintech Festival from November 15 to 17.

2024 Small Business Awards

Sydney, Nov 15: Entries are now being accepted for the 2024 Australian Small Business Champion Awards, a prestigious platform recognizing the achievements of small businesses across the nation. In its 26th year, the awards spotlight excellence in retail, services, and manufacturing, offering over 100 categories and special spotlights such as Business of the Decade and Small Business Young Entrepreneur.
Small business operators are invited to participate for free, with the online entry period extending until February 15, 2024. The awards hold significance as they honor the contributions of small businesses that form the backbone of the national economy, employing 5.1 million Australians and accounting for one-third of Australia’s GDP.
Steve Loe, Awards Founder, acknowledges the resilience of small businesses amid challenges like inflation, operating expenses, and staff hiring difficulties. The awards serve as a spotlight, recognizing the remarkable triumphs of small business operators who contribute not only economically but also support community-based initiatives and worthwhile causes.
Encouraging participation from all regions, the awards celebrate the impact of small businesses on local communities and the nation. CommBank is the Presenting Partner for the 2024 Australian Small Business Champion Awards. The finalists will be announced in March, with the winners revealed at two National Presentation Evening Gala events on April 12 and 13, 2024, at Sydney’s The Star.
For more information and to submit entries, visit businesschampions.com.au.

Legacy Trustee’s Labuan Expansion

Kuala Lumpur, Nov 15: Legacy Trustee Ltd signs an MoU with Labuan IBFC, collaborating with financial institutions for integrated wealth management. Labuan Foundations offers confidentiality and asset protection, contributing to Labuan’s status as a sustainable financial center.
The initiative, in partnership with Bank Islam Trust Company, aims to provide innovative wealth management structures.
Nelson Goh, MD of Legacy Trustee, highlights the commitment to collaboration in Labuan’s evolving financial landscape.
The initiative is expected to attract business and investments, benefiting the Malaysian economy.

Adyen Launches Capital

Sydney, Nov 16: Adyen, the global financial technology platform, has introduced “Capital,” a product designed to provide swift funding access for small and medium-sized businesses (SMBs) using Adyen for Platforms in Australia.
In collaboration with Boston Consulting Group, Adyen’s research indicates that 59 percent of Australian SMBs express interest in financial services integrated within a platform.
Capital, in conjunction with embedded payment solutions, allows platforms like Epos Now, Next Order, and OrderBuddy to enhance value for their SMB users.
Addressing the liquidity challenges faced by SMBs, Capital offers a straightforward approach to business funding, utilizing historic payment data to proactively extend pre-approved financing offers.
Users incur a fixed one-off fee, with repayments collected from incoming payments, eliminating the need for traditional bank processes.
Adyen’s initiative aims to empower platform merchants to provide comprehensive value within their ecosystems.