Day: November 21, 2022

DUBAI, UAE and RIYADH, Saudi Arabia, Nov. 21, 2022 /PRNewswire/ — CoverGo, the leading global no-code insurance SaaS platform for P&C, health, and life, is expanding to the Middle East after a US$15 million Series A funding, with a Middle East insurance fund Noria Capital joining as one of the strategic investors.

CoverGo has been adopted by a growing number of P&C, health and life insurance companies and emerging insurtech companies across the globe to build and launch all types of insurance products within days, develop omni-channel distribution and digitize policy admin and claims. CoverGo’s clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, DBS Bank, Bank of China Group Insurance and many others.

CoverGo has recently set up its presence in the Dubai International Financial Centre (DIFC) and became part of DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia region.

CoverGo’s expansion in the Middle East is led by newly appointed Regional Director George Majdalani. George is a senior executive with over 17 years in digital insurance transformation and health insurance innovation.

“CoverGo’s next-generation no-code platform provides insurance companies with an unbeatable speed to market and cost savings while driving efficiencies across the whole value chain. CoverGo is uniquely positioned to become the insurance platform market leader, in particular for health insurance in the Middle East, and help companies accelerate their digital transformation without heavy IT development”, said Rakan Abunayyan, General Partner of Noria Capital. “We are excited to support CoverGo on its growth journey and expansion in the Middle East as well as the African market.”

“Middle East insurance companies are realizing now more than ever that custom IT development is too slow and costly while rigid legacy systems can’t satisfy changing customer needs and product requirements. As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform,” said Tomas Holub, Founder & CEO of CoverGo. “The strategic investment from Noria Capital will further accelerate CoverGo’s growth in the Middle East and provide relationships with key partners and insurance companies in the region.”

“CoverGo’s no-code API-driven insurance platform is a perfect fit for the Middle East insurance stakeholders who are looking to launch and efficiently manage new innovative products and enable seamless digital distribution without disrupting their existing systems,” said George Majdalani, Regional Director, MENA.

About Noria Capital

Noria is a venture capital fund that works with Insurtech startups during their growth and scaleup phases. The fund’s mission is to bring innovation to the insurance industry in the Middle East & Africa. To learn more, visit http://www.noriacapital.co

About CoverGo

CoverGo is the leading global no-code insurance platform for P&C, health, and life, enabling insurance companies to transform digitally in the most flexible, scalable and cost-effective way. To learn more, visit https://covergo.com.

Photo – https://mma.prnewswire.com/media/1949671/George_Majdalani_Rakan_Abunayyan_Tomas_Holub.jpg
Logo – https://mma.prnewswire.com/media/1812114/CoverGo_Logo___High_Res_Logo.jpg

BEIJING, Nov. 20, 2022 /PRNewswire/ — Since joining the Asia-Pacific Economic Cooperation (APEC) 31 years ago, China has been committed to regional partnerships and win-win cooperation, and this year the Chinese side reiterated the importance for a free and open trade environment for the APEC economies.

Home to 2.9 billion people, the 21 APEC member economies share a total economic volume of over 60 percent of the world’s total gross domestic product (GDP). Amid the headwinds coming from the pandemic, high inflation, geopolitical crisis and climate change, APEC members sat down in Bangkok, capital of Thailand, and decided to further deepen their multilateral cooperation.

Free and open trade and investment are the purposes and principles of APEC, said Chinese President Xi Jinping at the 29th APEC Economic Leaders’ Meeting on Saturday, in which issues related to sustainable trade and investment were discussed.

That is also the pillar for the realization of the Putrajaya Vision 2040, Xi added.

Upholding true multilateralism

President Xi called for upholding true multilateralism and preserving the multilateral trading system.

More should be done to safeguard the rules-based multilateral trading system, keep global industrial and supply chains secure and stable, foster an open, fair and non-discriminatory trade and investment environment, and strive for the early realization of a comprehensive, high-standard Free Trade Area of the Asia-Pacific (FTAAP), he said.

China, which was among the first to ratify the Regional Comprehensive Economic Partnership (RCEP) agreement last year, is also seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) for further regional economic integration.

Both the RCEP and CPTPP are believed to be viable pathways toward the wider FTAAP, which the 21 APEC members aim to establish.

Upholding inclusiveness for the benefit of all

Highlighting the importance of inclusive development, Xi stressed that efforts are needed to build a regional economic cooperation architecture featuring equal-footed consultation, joint participation and shared benefits, and foster a big Asia-Pacific market that delivers benefits to all.

All economies could grow together through interconnected development and carry out win-win cooperation through complementarity, he said.

China has put forward initiatives on revitalizing rural areas, supporting small and medium-sized enterprises that use special and sophisticated technologies to produce novel and unique products, and advancing economic inclusion through trade and investment, according to Xi.

Upholding open regional cooperation

The Chinese president also underlined upholding open regional cooperation, saying that it is important to take greater initiative to open up and raise the level of regional economic cooperation in all respects.

China will not waver in its commitment to high-standard opening-up and will open its door still wider, he said.

The fifth China International Import Expo held recently is a good demonstration of China’s firm resolve to support free and open trade.

Tentative deals with a total worth of $73.5 billion were reached during the import-themed event, a testament to China’s gigantic market and numerous business opportunities.

Meanwhile, as a vivid epitome of the country’s exploration of high-level opening-up, Beijing, China’s capital, has been accelerating the development of the city’s “two zones” — the pilot free trade zone and the national comprehensive demonstration zone for expanding opening-up in the services sector.

Over the past two years, the Chinese capital has introduced more than 100 pioneering or breakthrough policies related to the “two zones” and landed over 100 landmark projects and functional platforms.

The reform and opening-up have tremendously propelled China’s social and economic development, especially in the past decade.

China contributed more than 30 percent of global economic growth on average between 2013 and 2021, ranking first in the world, according to a report released by the country’s National Bureau of Statistics.

https://news.cgtn.com/news/2022-11-19/China-urges-for-a-free-open-trade-environment-for-APEC-economies-1f5uxVsV9UQ/index.html

BEIJING, Nov. 20, 2022 /PRNewswire/ — The digital economy and green development have become major trends in global economic and social transformation.

Chinese President Xi Jinping urged on Friday for all APEC members to enhance economic and technical cooperation, speed up coordinated digital and green development.

With a combined population of 2.9 billion, the 21 APEC economies account for over 60 percent of the world’s total gross domestic product (GDP) and about half of its trade. The region’s status is globally significant, and achieving coordinated digital and green development is of vital importance.

Relationship between digital and green economy

Digitalization and green growth are interdependent and mutually reinforcing, Wang Song, an official at the Office of the Cyberspace Administration of China, said at a press conference on November 7.

Wang made the remark when introducing a white paper titled “Jointly Build a Community with a Shared Future in Cyberspace,” which was issued by China’s State Council Information Office. The paper called for “joint efforts to coordinate the transformation towards digitalization and green growth.”

Digital technology plays an increasingly prominent role in promoting the green economy, Wang added. It is estimated that by 2030, industries in China will reduce carbon emissions by 12.1 billion tonnes thanks to advancements in digital technologies, Wang said.

China and other APEC members cooperating on digital economy

China has made the development of the digital economy a national strategy.

The scale of China’s digital economy has ranked second in the world for years, according to the State Council in a report submitted to the National People’s Congress Standing Committee for review on November 28.

Steady progress has also been made in cooperation on the digital economy among China and other APEC economies.

China’s Alibaba Group and the Thailand government signed an agreement in April 2018 in Bangkok which saw the two sides cooperate in e-commerce, digital logistics, tourism and personnel training.

The company in May 2022 launched a data center in Thailand to bolster local businesses’ digital innovation capabilities, according to China’s Ministry of Commerce.

The Philippines and Australia, have also cooperated with Alibaba in retail and logistics, finance and fintechs, digital entertainment and public enterprise services, said the company.

Cooperation in digital payment has also been strengthened. China Unicom said in November that more than six million UnionPay cards have been issued in Southeast Asia since the beginning of this year, an increase of 40 percent year on year.

So far, over 40 million UnionPay cards have been issued in 10 ASEAN countries, among which seven are APEC members.

China’s green development

Green growth provides a practical and flexible approach for achieving sustainable development of the world economy.

The 20th National Congress of the Communist Party of China included a call for the country to accelerate the transition to a model of green development, boost green and low-carbon industries, and promote green and low-carbon ways of production and life.

China aims to peak carbon dioxide emissions before 2030 and to achieve carbon neutrality before 2060.

The country’s national carbon market covers about 4.5 billion tonnes of carbon dioxide emissions, making it the largest globally after one year’s operation, said Zhao Yingmin, head of the Chinese delegation to the 27th session of the Conference of Parties to the United Nations Framework Convention on Climate Change on November 8 in Sharm El-Sheikh, Egypt.

China’s biggest maker of electric and hybrid cars, BYD, signed an agreement in September with Thailand’s industrial estate developer WHA Group to build a new electric vehicle (EV) factory in the country with a planned annual production capacity of 150,000 units.

With an aim to grow its EV market in hope of establishing 30 percent of its auto production as EV based, Thailand has introduced a new round of investment and promotion policies to encourage investment in the whole industrial chain of electric vehicles this year, according to the China Council for the Promotion of International Trade in February.

BYD’s entry into Thailand will help its auto industry move closer to that goal, as well as help the country become a global hub for EV manufacturing, said WHA’s co-founder and chairman Jareeporn Jarukornsakul.

The automaker hoped its EV technology will contribute to the country’s EV industry, said Liu Xueliang, the general manager of BYD Asia-Pacific Auto Sales Division.

China has urged its businesses to integrate green development throughout the overseas investment and cooperation, according to a guideline issued by China’s Ministry of Commerce and Ministry of Ecology and Environment in 2021.

https://news.cgtn.com/news/2022-11-20/China-urges-faster-digital-green-development-among-APEC-members-1f5mSw5e1ri/index.html

BEIJING, Nov. 20, 2022 /PRNewswire/ — “China and Thailand are as close as one family,” Chinese President Xi Jinping said when meeting with Thai Prime Minister Prayut Chan-o-cha on Saturday in Bangkok, Thailand.

On the occasion of the 10th anniversary of the China-Thailand Comprehensive Strategic Cooperative Partnership, Xi said the traditional friendship between the two countries has continued to flourish, their comprehensive strategic cooperation has deepened and bilateral relations have entered a new stage of development.

Standing at a new historical starting point, China is willing to add new meaning to the friendship, open up a new era of bilateral ties and bring more benefits to their people, Xi said.

A more stable, prosperous and sustainable China-Thailand community with a shared future, will chart the future directions of the relations, Xi said, as the two countries prepare for the 50th anniversary of the establishment of China-Thailand diplomatic relations in 2025.

More stable

Enhancing political mutual trust and support helps to build a more stable China-Thailand community with a shared future.

On major issues of principle concerning national sovereignty, unification and territorial integrity, the two countries reaffirmed commitment to further enhancing mutual trust, understanding and support, according to a joint statement issued on Saturday.

The Chinese side respects the national independence, sovereignty and territorial integrity of Thailand. The Thai side firmly upholds the One China Policy, and recognizes Taiwan as an inalienable part of China and the Government of the People’s Republic of China as the sole legal government representing the whole of China, and supports China’s “One Country, Two Systems” principle.

Sharing broad common interests in many aspects in maintaining regional and global peace and stability, China and Thailand will explore cooperation under the framework of the Global Security Initiative and maintain close communication and coordination in addressing the impacts of traditional and non-traditional security challenges such as terrorism, climate change, and cyber-security, the statement said.

More prosperous

When meeting with Prayut, Xi said the two sides need to seek greater synergy between their development strategies and jointly advance high-quality Belt and Road cooperation to deliver new results.

The two sides need to strengthen cooperation in traditional fields such as investment, trade, tourism, infrastructure and industrial parks, and at the same time cultivate new growth areas and drive progress in new fields of cooperation such as digital economy, new energy vehicles and technological innovation, Xi noted.

“We need to speed up China-Thailand-Laos tripartite railway cooperation, advance the China-Thailand-Laos Connectivity Development Corridor Outlook, strengthen the physical connectivity of infrastructure as a key focus,” Xi said, adding that the two countries should enhance institutional connectivity in logistics and customs clearance and expand the export of high-quality Thai agricultural and sideline products to China.

China is ready to work together with Thailand and other parties to the Regional Comprehensive Economic Partnership (RCEP) for its high-quality implementation, so that the world’s largest free trade area arrangement will unleash even more benefits, Xi said.

More sustainable

Enriching the people-to-people and cultural aspect of the China-Thailand community with a shared future is what makes the bilateral relations more sustainable.

“We need to strengthen cooperation in education, health care, poverty alleviation and other areas concerning people’s livelihood, share experience in poverty alleviation and development through various ways, deepen and substantiate poverty alleviation cooperation between the two countries, and do more practical things for the welfare of the people and their communities,” said Xi.

Xi said the two countries should also strengthen youth exchanges, bring the two peoples’ hearts even closer, and further boost their affinity.

Recognizing the importance of expanding cooperation in areas which are supportive to future development, such as digital economy, clean energy, and supply chain security, both sides agreed they will expand investment in high-tech industries such as green economy and artificial intelligence to achieve high-quality development.

The Thai side looked forward to welcoming tourists from China upon relaxation of travel measures in China and expressed appreciation to the Chinese side for authorizing the gradual return of Thai students to China to continue their study, said the statement.

Both sides will cooperate on the revitalization of high-quality tourism and enhance cooperation in the fields of education, culture, media and information and between sister cities in accordance with the principles of equality, mutual benefit and sustainability, said the statement.

https://news.cgtn.com/news/2022-11-20/China-Thailand-chart-new-directions-of-bilateral-relations-1f5UIJKm1mo/index.html

BEIJING, Nov. 20, 2022 Chinese and Thai people, though speaking different languages, can communicate with each other through music, as music knows no borders, said Peng Liyuan, wife of Chinese President Xi Jinping.

Peng made the remarks during a visit to Princess Galyani Vadhana Institute of Music in Thailand on Saturday morning, accompanied by Naraporn Chan-o-cha, wife of Thai Prime Minister Prayut Chan-o-cha.

Upon her arrival, Peng was warmly welcomed by Naraporn, Thailand’s Minister of Higher Education, Science, Research and Innovation Anek Laothamatas, Chairman of Princess Galyani Vadhana Institute of Music Board of Council Piyasakol Sakolsatayadorn, and President of the institute Choowit Yurayong, among others.

Thanks to the efforts of Peng and Naraporn, the music institute signed an academic memorandum of understanding with China’s Nanjing University of the Arts in March 2019. Since then, the two schools have been deepening cooperation through personnel exchanges, joint research and training in the field of music.

Peng and Naraporn visited the showroom of the institute, listened carefully to its development history and international cooperation, and showed appreciation for the establishment and development of the institute’s cooperation with Nanjing University of the Arts.

They took photos together and watched a music performance jointly given by Chinese and Thai students from the two schools online and offline.

Peng applauded the lovely show by the students, who performed the classic songs of the two countries.

She said through the performance, she felt the deep friendship between the two countries, which is “as close as one family.”

Peng spoke highly of Princess Galyani’s initiative of establishing this arts institute to cultivate high-level professional music talents in Thailand, and lauded Naraporn’s efforts to promote the cooperation between the institute and Chinese colleges and universities.

Upon departure, Peng presented Chinese Guzheng (plucked zithers) and books and audio-visual products about Chinese culture and music as gifts to Princess Galyani Vadhana Institute of Music. She also expressed hope that more youngsters in Thailand would learn about Chinese musical instruments and promote the cultural exchanges between the two countries.

https://news.cgtn.com/news/2022-11-19/Peng-Liyuan-visits-Princess-Galyani-Vadhana-Institute-of-Music-1f5Du5kyHbq/index.html

Video – https://www.youtube.com/watch?v=FzrQeGiAtRw