BASINGSTOKE, England, Feb 27 (Bernama-BUSINESS WIRE) -- A new study from Juniper Research has found that the number of digital identity apps in use will exceed 4.1 billion globally by 2027; rising from 2.3 billion in 2023. This represents a growth of 82% over the next four years. This increase will be driven by the use of government-backed digital identities to replace physical identity documents as a source of verification for third-party apps, such as banking and financial services. This will be critical, as businesses aim to reduce identity theft and meet increasingly stringent KYC (Know Your Customer) regulations.
Find out more about the new research: Digital Identity: Solutions Assessment, Regional Analysis & Market Forecasts 2023-2027 Verification Moves to Zero Trust The research also identified a move away from reliance on passwords for identity verification, with these replaced by biometric verification and MFA (Multi-factor Authentication) under a zero-trust model, where identities are authenticated continuously. This approach is more resistant to traditional hacking methods, such as phishing; reducing the risk of data breaches. Zero trust will be delivered via SSO (Single Sign On), which allows the user to access multiple accounts via a central, secured system. Critical to SSO is the use of mobile subscriber identity, with the number of mobile devices using their mobile number for SSO predicted to reach 2 billion in 2027; up from 922 million in 2023. Research author Michael Greenwood explained: “Consumers are highly motivated by convenience; making a streamlining of user experience significant for attracting and retaining them. SSO can achieve this, whilst also appealing to security-conscious users.” Identity Apps vs Digital Wallets The primary competition for dedicated digital identity apps will come from digital wallets, which offer payment functionality alongside a digital identity capability. For instance, in some US states, digital driver’s licences held within Apple Wallets are fully recognised. However, these digital wallets will struggle to monetise identity in the same way as they have payments, due to competition from government-run schemes limiting adoption. Digital Identity market research: https://www.juniperresearch.com/researchstore/fintech-payments/digital-identity-research-report Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and commentary. View source version on businesswire.com: https://www.businesswire.com/news/home/20230226005042/en/ Contact Sam Smith, Press Relations T: +44(0)1256830002 E:[email protected] Source : Juniper Research http://mrem.bernama.com/viewsm.php?idm=45507
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KUALA LUMPUR, Feb 27 (Bernama) -- Seiko Watch Corporation announced that the first boutique of its Grand Seiko brand in Singapore opened in the Shoppes at Marina Bay Sands on Feb 22 and is managed by its subsidiary, Grand Seiko Asia-Pacific.
The opening is in response to growing demand and as part of its ongoing expansion in the Asia-Pacific region, according to a statement. “Singapore is home to some of the most knowledgeable and passionate luxury watch enthusiasts in the world, and we are delighted that we can now provide them with direct access to the Grand Seiko world. “We are very fortunate to have been able to obtain a prime location for the store, and we look forward to welcoming our clients at the Marina Bay Sands,” said Seiko Watch Corporation President, Akio Naito. In the presence of Ambassador Extraordinary and Plenipotentiary of Japan to Singapore, Hiroshi Ishikawa, Grand Seiko officially opened the 134-square-metre boutique's doors in a grand ceremony. In addition to the traditional ribbon cutting, the occasion was marked by a performance by a celebrated Japanese "taiko" drum troupe, "Kodo", whose name is phonetically shared with the award-winning Grand Seiko Kodo Constant-force Tourbillon. Born in 1960, Grand Seiko is deeply rooted in its Japanese heritage and its brand philosophy, "The Nature of Time”, celebrating the Japanese spirituality of time that is deeply inspired by nature and brought to life by "takumi" (craftsmen). -- BERNAMA KUALA LUMPUR, Feb 28 (Bernama) -- Qianhai has made another breakthrough in financial innovation and now appears to be the first stop for Hong Kong-invested financial institutions to enter the mainland. The Opinions on Providing Financial Support for the Comprehensive Deepening of Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (the Opinions) was officially released on Feb 23. According to the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in a statement, with the Opinions, Qianhai will play a greater role in helping Hong Kong integrate into the overall national development The Opinions set out 30 financial measures covering financial services related to people's livelihoods, mutual access between financial markets, the development of the modern financial industry, facilitation of cross-border trade and investment, among others. The 30 measures have further defined the path to achieving a higher and deeper level of financial opening up and cooperation with Hong Kong. In a recent interview, Hong Kong and Shanghai Banking Corporation Limited Asia-Pacific co-chief executive, David Liao said the introduction of the 30 measures marked another round of promotion of mutual financial market access between Shenzhen and Hong Kong. “The measures will lay the foundation for the convergence of financial rules and mechanisms in the Greater Bay Area, and allow the exploration of new paths for the high-level opening up of the mainland's financial industry,” he said. In recent years, Qianhai's financial industry has constantly aligned with international standards and it has continued to highlight its function as a demonstration window of the opening up of the financial industry in China. Now, the Opinions have advanced new goals for the opening up of Qianhai's financial industry. The plan is for Qianhai to put together an implementation task list for the Opinions to set up a task plan, roadmap, timeline and accountability system. Qianhai will strive to hold a Shenzhen-Hong Kong Financial Forum, strengthen the Shenzhen-Hong Kong financial regulatory cooperation system, prevent cross-border financial risks, and promote the further opening up and development of Qianhai. -- BERNAMA KUALA LUMPUR, Feb 27 (Bernama) -- Zeroboard Inc (the Company), has completed raising funds through a third-party allotment of new shares as part of the Series A round, bringing the total amount from the first and second closings to 2.44 billion yen or US$18.4 million. (US$1=RM4.45)
In the first closing, in addition to Keyrock Capital Management which was lead investor in the Series A round, existing investors including DNX Ventures and Inclusion Japan Inc, with some new investors have joined, closing with the total of six undertakers resulting in funding totalling 1.98 billion yen. During the second closing, a total of 12 partners/CVCs have signed a 460 million yen investment agreement including NAGASE & CO LTD; Kansai Electric Power Co Inc; MUFG Bank Ltd; Iwatani Corporation; Toyota Tsusho Corporation and Sumitomo Corporation, to name a few. According to a statement, the Company announced the launch of zeroboard, Japan's first cloud-based service for calculation and visualisation of greenhouse gas (GHG) emissions, in March 2021, whose beta version and product version were released in July 2021 and January 2022, respectively. In July the same year, the Company took the lead in the industry to release the calculation function of carbon footprint (emissions by product and service). Meanwhile, in August, it decided to start the support for decarbonisation management in Asia with five partners who have various business transactions with overseas manufacturing sites and supply chains and those who aim to decarbonise their operations. The number of companies that had adopted zeroboard reached 2,000 by October. In order to further promote the calculation of supply chain emissions, including international emissions, the Company has also added multi-language (Japanese, English, Thai, Chinese, and Spanish) versions of the platform. The funds raised will be used to accelerate the development of "zeroboard" product functions, to hire more professional resources such as customer success specialists to support clients and to expand internationally with the aim of becoming a global platform. Based in Tokyo, Japan, the Company is also actively involved in formulating rules and regulations in areas related to decarbonisation and the environment, which are changing rapidly on a global scale, while constantly monitoring market trends. -- BERNAMA KUALA LUMPUR, Feb 24 (Bernama) -- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” (Good) of Vietnam’s PVI Reinsurance Joint-Stock Corporation (PVI Re).
In a statement, AM Best said the outlook of these Credit Ratings (ratings) was stable. The ratings reflect PVI Re’s balance sheet strength, which AM Best assessed as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management, in addition to the rating enhancement from HDI Haftpflichtverband der Deutschen Industrie V.a.G. PVI Re’s strong balance sheet strength is underpinned by its risk-adjusted capitalisation at the very strong level as of year-end 2021, as measured by Best’s Capital Adequacy Ratio(BCAR). Capital adequacy is expected to have declined during 2022, driven by high dividend payouts and increasing capital requirements arising from business growth and rising equity investment risk. However, the company's BCAR is projected to recover to the strongest level following a planned capital injection in the first quarter of 2023. PVI Re has demonstrated a track record of strong operating performance, as evidenced by a five-year average return on equity ratio of 16 per cent (2017-2021), and the company is expected to maintain its strong profitability in 2022. The company has generated consistently robust underwriting profits, supported by affiliated domestic business, particularly in the commercial and industrial lines. PVI Re is one of the two domestic reinsurers in Vietnam, with a significant volume of business ceded by its affiliated company, PVI Insurance Corporation, and has a moderate business concentration in catastrophe-exposed property and engineering lines. -- BERNAMA |
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