China funds 18 projects via MLCSF

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Ministers seek to improve livelihoods

According to the Ministry of Foreign Affairs ( MFA ), the Chinese government is funding 18 local projects worth US$ 4.1 million ( roughly 151 million baht ) this year through the Mekong-Lancang Cooperation Special Fund ( MLCSF).

Out of 106 jobs proposed by government organizations and individuals of the education industry, 18 are receiving money this time, said Busadee Santipitaks, the MFA’s acting continuous minister.

All initiatives are intended to improve Thai people’s livelihoods, including those in the Mekong sub-region, promote green advancement, agriculture, and food security, as well as accélérate economic recovery following the Covid- 19 pandemic and promote environmental protection, she said.

The 18 jobs comprise 13 activities from the Ministry of Higher Education, Science, Research and Innovation and one each from the Public Health Ministry, the Industry Ministry, the Commerce Ministry, the Interior Ministry and the Natural Resources and Environment Ministry.

These jobs include” Prospect Supply Chain for Small Battery Electric Vehicle in Lancang- Mekong Region,”” Strengthening the Cooperation of Traditional and Indigenous Medicine in Response to Covid- 19 Epidemic in the Greater Mekong Basin,” and” Reviving Cultural Heritage Tourism Route from Yunnan to Highland Southeast Asia,” among others.

According to Ms. Busadee, the Chinese Foreign Affairs Ministry, the Taiwanese Finance Ministry, and the Chinese ambassador in Thailand participated in the selection process.

The MLCSF this year is supporting 112 assignments from six countries, including 53 assignments from China, 18 assignments from Thailand, 14 projects from Myanmar, 12 assignments from Laos, nine assignments from Cambodia and six projects from Vietnam, she said.

Ms Busadee said that from 2017–2023, Thailand received a total of about 748 million ringgit from the MLCSF.

Han Zhiqiang, the Taiwanese Ambassador to Thailand, said more than 700 jobs have been implemented in the Mekong River valley, producing good results in some areas, such as financial growth.

He said developments in money safety, use of liquid resources, law enforcement, and social exchanges have likewise resulted. ” Future time, China and Thailand will commemorate the 50th anniversary of their diplomatic relationships”, he said.

” We are willing to function with Thailand to adopt the critical consensus reached by the two countries ‘ leaders, and to observe building the China- Thailand community with a shared future for increased stability, prosperity, and sustainability”, he said.

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Thailand’s mobility marketplace WYZauto raises US.25m with Malaysia’s Vynn Capital as lead investor

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  • Signs initial investment from Vynn Capital’s fresh Mobility &amp, Supply Chain account
  • Southeast Asia’s auto repair industry has area for significant growth.

Thailand’s mobility marketplace WYZauto raises US$2.25m with Malaysia’s Vynn Capital as lead investor

WYZauto, Thailand’s leading online tyre marketplace for vehicle maintenance businesses, has secured US$ 2.25 million ( RM10.7 million ) funding and a partnership with Vynn Capital, a Kuala Lumpur- based Southeast Asian venture capital firm specialising in mobility and supply chain sectors.

This marks the first investment from Vynn Capital’s new Mobility and Supply Chain fund, backed by Malaysian pension fund KWAP, Sime Darby Bhd, Malaysia Venture Capital Management Bhd ( Mavcap ), AEI Capital, and other regional limited partners. The funding round, led by Vynn Capital, welcomes fresh owners including Vincent Lee, an earlier investment into Malaysia’s first dragon, Carsome as well as other local buyers such as Oak Drive Ventures. Kaya Members, one of the country’s oldest stockholders, also participate in the round.

” We are quite happy to have Vynn Capital aboard. In our initial conversations, I realized that they could join us with possible strategic people. Since the launch, it is more than just money. Their strategy for freedom synergy is very pertinent as we strive to optimize the electrical maintenance sector, according to Louis Giraud, founder of WYZauto.

Southeast Asia’s automotive repair industry has area for significant growth, according to the report. &nbsp, WYZauto is positioned precisely where the business needs it: their streamlining of the wheel provide network creates a earn- win situation for both repair shops, maintenance networks, wholesalers as well as brand manufacturers, driving efficiency and cost savings. We are optimistic about the company’s future progress and look forward to WYZauto’s development abroad.Thailand’s mobility marketplace WYZauto raises US$2.25m with Malaysia’s Vynn Capital as lead investorMalaysia, the Philippines, Indonesia and Thailand”, said Victor Chua ( pic ), founder and Managing Partner of Vynn Capital.

WYZauto is a rubber marketplace that connects Thai two- or four-wheeler vehicle maintenance companies with a wide range of major tyre manufacturers. The software, which it claims to be, gives car maintenance companies access to the nation’s largest tire stock, and will soon expand its coverage to include other car parts, aiming to optimize the entire supply chain for vehicle maintenance. Through the WYZauto platform, the company collaborates with many distributors and brands to expand their e-commerce presence and gain new customers.

Last season, WYZauto expanded into Malaysia, a market that is carefully poised to be a key hub for the automotive and mobility sectors. As part of this new agreement, Vynn Capital, with its deep knowledge of the Indonesian business and leadership in mobility investments, will positively help WYZAuto’s expansion it.

Vynn Capital’s strategy includes acting as a strategic advisor to portfolio companies, acknowledging the need for more than just capital. Their strategy revolves around generating synergy throughout the entire investment network to create value. In WYZauto’s case, Vynn Capital’s aim is to facilitate mutually beneficial partnerships that accelerate WYZauto’s growth within the Malaysian market by leveraging their existing connections, particularly in the mobility and supply chain sector.

In addition to supporting WYZauto’s growth, Vynn Capital is actively looking into other opportunities as well as startups from key markets like Singapore, Thailand, and Indonesia. Vynn Capital believes in the long- term potential of Southeast Asia’s mobility market, with the region’s automotive products market alone expected to reach US$ 79 billion in 2028, significantly exceeding 2023’s US$ 61 billion. The company sees this as an opportunity to help with mobility solutions that can meet the region’s changing and distinctive mobility needs.

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Commentary: Navigating China’s influence and expanding role in Southeast Asia

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A new query assessing the corporate relevance of dialogue partners to ASEAN more reinforces this sentiment. With a suggest score of 8.98 out of 11, somewhat ahead of the US at 8.79, China has been deemed to be the most strategically important companion. &nbsp, Most states in Southeast Asia except Myanmar, the Philippines and Vietnam, ranked China as their best option.

Additionally, it should come as no surprise that China continues to be the region’s preeminent economic and political-strategic power, with 59.9 % and 43.9 % of respondents confirming their positions in these areas.

OPTIMISM ABOUT CHINA’S ECONOMIC COMMITMENT TO Place

Despite worries about China’s potential deteriorating economic perspective, the place maintains optimism regarding its commitment to Southeast Asia’s economy. This attitude is especially pronounced in Laos, Thailand, Malaysia and Brunei, where China’s status as the largest or subsequent- largest foreign investor underscores its substantial economic footprint. &nbsp,

The poll results align strongly with the findings of the Lowy Institute’s Asia Power Index, which highlights China’s important influence in areas like as financial relationships, diplomacy and people- to- people exchanges. The score also highlights a significant decrease in the entire US influence, especially in countries like as Malaysia, Brunei and Indonesia, more solidifying China’s ascendancy in the region.

In addition, China’s standing within ASEAN shows how much it is exerting effect in Southeast Asia. China was one of the first speech companions to receive a Comprehensive Partnership Status with ASEAN in 2021, a sign of how deepening relationships are with the area.

China’s business amount increased to US$ 722 billion in 2022, making China ASEAN’s largest buying lover for 14 consecutive times, despite China’s foreign direct investment to ASEAN trailing behind that of the US, Japan, and the European Union.

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Dawn Teo, 3rd-gen owner of Amara Hotel Singapore, wants to continue to build ‘good hotels, handsome buildings in thriving cities’

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The challenge of modernizing the home organization continues to be a challenge for leaders of the next-generation, such as Teo. “Things are moving and evolving so fast, ” she said. “It’s a extremely delicate stability, trying to honor the traditions and legacy we’ve inherited over the decades, while trying to adapt it to be relevant nowadays.

How do you adapt this business culture, or dexterity in the modern world, to a highly established organization and culture? It’s never easy. It takes a lot of communication and interaction, trying to explain that shared perspective, and the objective behind all of it. ”

urging the rest of the hotel’s management group to allow Jigger &; Pony set up shop in the Amara hall, for instance, took “a lot of sensitive communications, persuasion and gentle introductions”. The cocktail bar’s victory in 2018 provided the catalyst for change, opening the door for the hotel to collaborate with another F&&s. B users.

Teo has a knack for being agile and co-founder of Objectifs – Centre for Photography and Film in Middle Road. She and friend and fellow Wharton alumnus Emmeline Yong started Objectifs in 2003, and over the course of the past 21 years, she has grown a network of East Asian visual arts enthusiasts.

The native visual arts field was really beginning to take off when the plan for Objectifs was born. The co-founders knew that there was no occasion like the present, but they seized the opportunity. Now, the separate, non-profit room runs about 65 initiatives a year, including events, talks and seminars.

Additionally, Teo mentions that Objectifs Junior Lab may become launching in May. “With this Lab, we’ll been working with Organizations, the poor, students with special needs and so on, to have more of a physical arts knowledge available to them. We’re even doing craft accelerators. There will be more social sessions, seminars on how to do art programs, and workshops on how to do arts selling for artists who want to improve their business skills. ”

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Senate accepts same-sex marriage bill in first reading

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PUBLISHED : 2 Apr 2024 at 15:55

Senate accepts same-sex marriage bill in first reading
A participant in the Bangkok Pride parade on June 4, 2023, supporting gender recognition, same-sex marriage, the rights of sex workers and universal welfare for LGBTG+ individuals. (Photo: Varuth Hirunyatheb)

The same-sex marriage bill cruised through the first reading in the Senate on Tuesday, was referred to a vetting committee and is expected back on the floor in July.

The House of Representatives passed the bill, which supports gender equality, on March 27.

The Senate on Tuesday voted 147-1, with seven abstentions, to accept the bill. The debate was then adjourned for committee stages.

The Senate is going into recess and the vetted legislation is expected to be returned for passage at the next session in July.

Senators agreed in principle to the bill, but some were concerned about issues such as necessary amendments to related laws once it becomes law. 

Senator Piyachat Wanchaleom, a member of the  committee on law, justice and police affairs, said more time may be needed for the law amendment period, which requires a thorough study by all affected state agencies.

Once it becomes law, Thailand will be the first country in Southeast Asia to allow same-sex marriage and only the third in Asia, after Taiwan and Nepal.

The bill could take effect within 120 days of royal endorsement.

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ILO steps up campaign to help migrants

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Women and children in Southeast Asian countries particularly vulnerable, says UN

PUBLISHED : 2 Apr 2024 at 14:47

ILO steps up campaign to help migrants
Female migrant labourers work at a food processing factory in Samut Sakhon province. (Bangkok Post File Photo)

The International Labour Organization (ILO) in Thailand is stepping up its campaign to protect the rights of vulnerable migrant groups.

The project is part of a regional effort to protect the rights of female migrant workers and migrant children in Southeast Asia.

The goal is to promote decent work and reduce the vulnerability of those at risk by ensuring labour rights, preventing violence against women and children, human trafficking and migrant smuggling, according to the United Nations agency.

The ILO estimates there are 10.6 million migrants in Southeast Asia, of whom nearly half are women and 1.3 million are children.

Migrants, especially those in low-wage occupations, face many challenges including labour exploitation, human trafficking, violence and harassment.

Women migrants are also more likely to end up in the informal sector where they are offered temporary jobs and little to no social protection.

Children accompanying migrant workers face a high risk of abuse, exploitation and trafficking as well as inadequate access to child protection services.

The “Protect” project will be carried out by four UN agencies: the ILO, UN Women, UN Office on Drugs and Crime, and the United Nations Children’s Fund (Unicef).

They will work with stakeholders in four Southeast Asian countries — Cambodia, Indonesia, Malaysia and Thailand — to strengthen laws and policies, improve mechanisms to better protect target groups’ rights, and increase access to information and services.

The project, to run until the end of 2026, has a budget of US$15 million, to which the European Union has contributed $14.28 million.

Labour migration is a driver of economic and social development in both countries of origin and destination, said Chihoko Asada-Miyakawa, assistant director-general and regional director for Asia and the Pacific at the ILO in Bangkok.

When handled properly, it can benefit migrant workers, communities and employers alike.

“Migration policies and approaches need to be gender-responsive, more inclusive and in line with international labour standards if we are to provide the protection and access to decent work that migrants deserve, which is critical for social justice,” she added.

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PasarPolis reports 2x growth surge, 250% GWP rise, eyes profitability and sustainability on path to become Southeast Asia’s tech giant

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  • Anticipates revenue growth at CAGR of 50% in next four years
  • Expanded operations beyond Indonesia into Vietnam, Thailand & another SEA country 

The team at PasarPolis

PasarPolis, a leading Insurtech company in Southeast Asia, recently announced significant milestones, growth, and expansion plans following its financial performance. The company reported a 2x revenue growth since its last funding round in 2023. Additionally, the startup maintained a positive gross margin since its first year of operation, demonstrating its financial strength and stability. The fiscal year also marked record growth for PasarPolis, with Gross Written Premium (GWP) increasing by 250%.

According to PasarPolis, it has issued over 2 billion policies since its inception. Notably, during this period, the company experienced faster growth compared to other insurtech companies, despite the latter holding a higher market share within Indonesia and Southeast Asia’s Insurtech startup sector. 

Therefore, with a strong focus on building sustainable business operations and expanding its market reach, the company said it is well-positioned for profitability in the near future.

Cleosent Randing, founder of PasarPolis, stated, “We are thrilled to announce our growth and expansion plans. Our commitment to innovation, sustainability, and customer-centric solutions has been pivotal in driving our success. Therefore, as we continue to push boundaries and set new standards in the Insurtech industry, we are confident in our ability to achieve sustained profitability while making a positive impact on the communities we serve.”

In addition to its financial achievements, PasarPolis has been instrumental in shaping the trajectory of Indonesia’s Insurtech landscape. A recent industry report projects a 4x growth for the sector from 2021 to 2026, indicating the potential for a multi-billion-dollar gross premium size. 

Cleosent further explains PasarPolis’ strategic investments in underwriting capabilities, cost efficiency optimisation, and revenue generation, highlighting the company’s proactive approach to maximizing profits and ensuring long-term sustainability in the dynamic Insurtech landscape.

“Our primary aim extends beyond merely boosting revenue; we’re focused on enhancing the economics across all our business lines. Over the next four years, we anticipate revenue growth at a compound annual growth rate of 50%. Additionally, we plan to fully underwrite all our products within this period, to significantly enhance our Ebitda margin,” he added.

‘Another significant driver for our business is strengthening the model of Managing General Agent (MGA), where with this model, we play a crucial role in promoting additional products to our captive customers. The MGA model will also become an invaluable asset to our partners, including, Shopee, GoTo, and Home Credit,” Cleosent said.

These strategic moves have yielded substantial business growth for the PasarPolis ecosystem. In 2023, the company’s agency revenue and the sales of insurance products through its underwriting partner experienced month-over-month triple-digit percentage growth.

Moreover, PasarPolis has successfully expanded its operations beyond Indonesia into burgeoning Southeast Asian markets such as Vietnam, Thailand, and another Southeast Asian country. With promising growth metrics and increasing market penetration in these regions, PasarPolis solidifies its position as a regional leader in the Insurtech industry, paving the way for further innovation and market expansion.

As PasarPolis continues its trajectory of growth and strategic expansion, the company remains steadfast in its commitment to driving profitability, sustainability, and innovation. With a strong foundation built on financial stability, market leadership, and forward-thinking strategies, PasarPolis is poised to emerge as Southeast Asia’s foremost Insurtech powerhouse, shaping the future of insurance across the region.

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Commentary: Are EVs a form of China’s soft power in Southeast Asia?

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Second, lessons tell us that Chinese investments can easily get caught in crossfire in the domestic politics of the countries where they set up, to be made scapegoats and harshly criticised for political mileage. In the United States, upcoming EV battery factories by China’s Gotion High-Tech in the states of Michigan and Illinois are seen as an economic blessing by their Democratic governors but described as a “Trojan horse” by Republicans.

To what extent the Chinese government is willing or capable of using EVs and EV-related investment as an economic statecraft is also a question, and whether it will risk pushing Southeast Asian countries to take sides amid the intensifying US-China rivalry.

STAYING AHEAD OF THE PACK

At a time when climate change is on many national and global agendas, China could well leverage its EV dominance and other clean energy investments to win over partners. Many countries in the Global South, especially Southeast Asian states, have adopted EV promotion policies and vowed to develop a greener society.

Indeed, Chinese EVs have been getting more and more attention abroad. Analysts estimate that Chinese outbound foreign direct investment in EV-related industries is likely to have set a new record high in 2023 and expect Chinese EVs to double their global market share by 2030.

However, to what extent China’s EV boom will mean the growth of its soft power in Southeast Asia, and even the world, depends on how China copes with three challenges: How it transforms and optimises domestic EV policies; how it can make EV outbound investment the consensus across governing and opposition parties in the hosting countries; and last but not least, how China deals with the rapid internationalisation of its EV companies in the face of increasing geoeconomic and geopolitical competition with the West.

Xirui Li has a PhD from the S Rajaratnam School of International Studies, Nanyang Technological University, Singapore and is a research fellow in think tank Intellisia Institute.

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New Indonesia leader visits China, promises close ties

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Prabowo’s decision to visit China ahead of Indonesia’s neighbours in the region underlines the close partnership built up in the past decade under Jokowi when China became Indonesia’s top trading partner, supplying natural resources including nickel and coal. Jokowi’s first visit after his inauguration was to China, for an annualContinue Reading