Trump administration set to escalate tensions with China as term ends

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The trade war with China and other trading partners has been a hallmark of Trump’s presidency. Now, the administration is looking to escalate the tech war with the world’s second-largest economy by reportedly planning to ban exports to 89 Chinese companies.

In its latest salvo directed at China, the Trump administration is planning to ban US companies from selling technology to 89 Chinese firms according to a Reuters report. The companies in the list allegedly have ties to the Chinese military.

Trump administration set to escalate tensions with China as term ends
Trump administration set to escalate tensions with China as term ends – www.brandspurng.com

Trump administration targets China yet again

Among these companies are Commercial Aircraft Corp of China (COMAC) and Aviation Industry Corporation of China (AVIC) along with its 10 affiliates. While China currently relies on aircraft imports from Boeing and Airbus, it is trying to scale up its manufacturing capacity in the area. It is part of the country’s Made in China 2025 programme, under which it is trying to steer away to high-end manufacturing and focus on industries like advanced robotics, aviation, and electric vehicles. The country wants to shed its image of being a producer of low-cost goods and move up the value chain.

However, China’s plans have received a jolt from the Trump administration, which has targeted Chinese tech companies and blocked their access to high-end US technology

US-China relations have gone south under Trump’s presidency
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US-China relations have nosedived to multi-decade lows during Trump’s presidency. The trade war, which reached its peak last year, was only one aspect of the bitterness in US-China ties. US support for Hong Kong, its military supplies to Taiwanand other East Asian countries, have added to the distrust between the world’s two largest economies.

The US has already targeted other Chinese companies, focusing on the technology sector and Huawei in particular. It called upon allies to shun Huawei’s 5G gear, citing security concerns. Some countries such as Australia have obliged China by banning Huawei, with the UK acting in similar fashion earlier this year. The Trump administration has also attacked popular video-sharing app TikTok, forcing the company to agree to partner with US companies.

Trump administration also considered delisting of Chinese companies

Earlier this year, the Trump administration was also contemplating delisting of Chinese companies on US tock exchanges. The move came amid the Luckin Coffee accounting scandal. However, despite the Luckin Coffee accounting scandal there remains a strong appetite for Chinese companies among US investors.

The US is still a hot destination for Chinese companies

The IPOs of Chinese electric vehicle makers XPeng Auto and Li Auto received a good response and have surged since the IPO this year. NIO, also known as China’s Tesla, has also issued shares twice this year in the US markets. The number of listings of Chinese companies in US markets in 2020 has risen amid the wider IPO boom in the US markets.

Read Also:  BHGE wins turbomachinery contract for BP's Greater Tortue Ahmeyim FLNG project
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That said, Alibaba-backed Ant Financial, whose IPO was shelved by Chinese regulators earlier this month, had given a miss to US markets and instead opted for a dual listing in Shanghai and Hong Kong.

US-China relations under a Biden administration

Although President Trump hasn’t conceded defeat yet, Joe Biden will be inaugurated next year. But markets are still wondering how US-China ties will fare under a Biden administration.

business survey released last week showed that more than 60% of US companies were more optimistic about doing business in China after Joe Biden’s election. However, the survey also showed that a third of companies expect US-China trade tensions to continue indefinitely.

To be sure, Biden indicated in August that tariffs would not be his first choice, unlike Trump who weaponised tariffs to achieve policy goals. Contrary to Trump’s claims, the tariffs were not borne by Chinese companies but invariably by US companies and consumers.

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Trump administration set to escalate tensions with China as term ends

Biden might not be much soft on China either

US-China relations might not revert back to where they were before Trump’s election anytime soon. There is a recognition in Washington that China is now a bigger adversary than Russia. Biden might take the tariff route like Trump, and his administration is expected to take a hard stance on China on several other fronts.

Unlike Trump, whose administration antagonised friendly countries, Biden is expected to go for a global alliance to rein in China’s behaviour. Looking at recent history, steel is a perfect example, when China had to curb its massive overproduction amid collective pressure from G20 countries. Aluminium is an example of where that cooperation failed and a divided G7 could not force China to change its ways. Chinese aluminium overproduction continues to flood global markets.

Boeing

All said, the Trump administration’s move to ban exports to Chinese aviation companies is negative for companies like General Electric and Honeywell, that could have benefited by supplying goods and technologies to Chinese companies.

The ban on China’s aviation companies accessing US technology might also have an impact on Boeing’s business in China. The company’s 737 Max fleet that was grounded last year received permission to fly in the US last week. The European Union has also indicated that it will allow the model to fly from January next year. However, China, which was the first to ban the 737 Max after two fatal crashes, might play hardball by not giving the model approval to fly.

President-elect Joe Biden might have a lot on his table when it comes to US-China relations. He may have to walk a fine line with China, by on the one hand trying to improve trade relations while on the other also trying to tackle the strategic threat from the world’s rising superpower.

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GBG: Six predictions for the financial services and fraud landscape in 2021

By Dev Dhiman, Managing Director of GBG Asia Pacific

 

SINGAPORE - Media OutReach - 28 January 2021 - 2020 catapulted financial institutions forward in their implementation and optimisation of technology. According to 71% of Asia Pacific (APAC) technology decision-makers the pandemic has caused their organisations to step up digital transformation, while 70% of financial services organisations in APAC  believe innovation is now a "must", reflecting the impact of COVID-19 in shifting consumers and businesses to being digital-first.


When looking ahead at how financial institutions (FIs) will be impacted by these trends in 2021, there are six key ways in which FIs are expected to evolve.


1. COVID-19 drove a dichotomy in fraud technology investment


There is a distinct difference in investment between FIs in countries still heavily impacted by COVID-19, and those in the stages of emerging from the pandemic.


For countries that have yet to enter into a stable recovery period, FIs will be making a more conservative approach to overall investment and sustaining cashflow, but deprioritising investments in fraud technology could leave them unprepared for the potential rise in financial crime and fraud during financial hardship. FIs in Indonesia, Malaysia, Thailand, and the Philippines, which are seeing reinstatement or continued lockdowns in the country, may become even more hard-pressed for stronger fraud prevention technology to combat an increase in financial crime, as basic fraud systems may not adequately protect them against emerging and complex fraud typologies.


For FIs in Asia Pacific emerging from or preparing to emerge from the pandemic, such as Singapore, Australia, Vietnam, and Taiwan, while confidence will be relatively higher, spending will be cautious, as maintaining substantial cashflow will remain a priority. Rather than overhauling fraud and compliance systems, FIs would likely choose to recalibrate, update and optimise their digital onboarding as well as payments and transaction monitoring technology. Investments would be specific to address prominent gaps and data intelligence. Alternative data to onboard more challenging cohorts, creating readiness against cyber endpoint threats, and relationship analysis may be considered to address acquisition growth strategy and growing volumes and complexity of online fraud attacks.


2. Digital customer experience expectations will continue to skyrocket

 

Global ecommerce powerhouses like Alibaba and Amazon and has normalised expectations around customer experience (CX) including same-day delivery services, real-time shipping tracking, and more, in turn significantly impacting customers' CX standards for FIs. A recent study showed seven in 10 customers demonstrated a deeper loyalty to financial services and insurance companies that heavily invest in CX.


In 2021, the industry is already seeing FIs and fintechs race to deliver instantaneous services through new financial products, with GBG's latest research finding 31% of FIs in APAC planning to offer instant bank accounts and instant loans, 29% planning to offer instant credit cards, and 22% planning to offer user voice activated fund transfers and bill payments. To take CX to the next level, there is a probability that the financial services sector will explore replicating successes from other industries, such as retail businesses that have effectively used augmented reality (AR) and virtual reality (VR) technologies to re-create in-store experiences, which could be used by banks to create virtual in-branch experiences.


3. Cross-vertical collaboration and consumer data drill-down are re-shaping digitalisation standards

 

Collaborations amongst major enterprises in the digital banking space demonstrated the investment across seemingly unlikely industries in working together to effectively serve customers at scale. Last year, for example, Trip.com Group partnered with Standard Chartered, PCCW and HKT to launch a new virtual banking service and Asia's first all-in-one numberless bank card, Mox, while multinational ride hailing company Grab teamed up with Singtel to prepare to launch their own digital banking license in 2022. While both of these examples span multiple industries, they each highlight the impetus among businesses to use business partnerships to gain truly 360-degree views of their customers' needs.

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Looking at 2021 and beyond, this collaborative mindset is likely to continue as government and regulatory bodies work together to focus on accelerating digital identity availability, while also teaming up with partners like telco providers, educational institutions and aggregators to create access to more comprehensive and accurate data sets. FIs would become more active in exploring the use and ingestion of incremental data sets, beyond the basic internal data and official sources, to feed into their core fraud engine and enhance fraud detection and prevention.


FIs have already reinvented partnerships to form new market propositions. This openness and innovation would spill over into fraud management and propel them to leverage on an expanded ecosystem to layer their data with intelligence from specialists in location, mobile data, devices, cybersecurity, data co-relation, and IP. This broader and deeper approach will more effectively equip FIs with appropriate fraud prevention capabilities as the world becomes increasingly digital-first.


4. Expanding availability of shorter-term credit offerings across SEA

 

The rise of Buy Now, Pay Later (BNPL) businesses has disrupted the credit landscape with shorter-term credit services for everyday purchases, faster or no credit checks, instant approvals, and "zero interest". New BNPL players across APAC have been setup and are quickly catching onto opportunities to offer new and more agile types of loans.


FIs need to remain vigilant in how BNPL products are rolled out, credits are distributed, and debts are managed. This ease in obtaining credit can lead to more exposure to higher risk borrowers. FIs focusing on growing their BNPL offerings need to build in stronger measures to onboard consumers who have the ability and intent to pay back what they have borrowed while keeping the standards of BNPL experience to ensure this revenue stream does not go sideways in the long term.


5. Mobile-first technology and data intelligence as fundamental building blocks for dynamic digital onboarding and transacting

 

Mobile devices are widely used to accelerate the digital onboarding and transacting process. FIs are automating the identity verification journey and streamlining biometric and facial verification, document verification and data match altogether in instant KYC.


Today, mobile devices do more than enabling the identity verification process. In Southeast Asia, seven in 10 adults are either "underbanked" or "unbanked"and excluded from many traditional financial services. FIs have begun to ascertain the quality of consumers with limited identity documentation, or thin file clients, leveraging their mobile phones as a personal identity verification device.


Mobile metadata, device usage patterns and SIM card records are alternatives to traditional verification methods, datasets and data sources. These alternatives offer data intelligence that FIs could use to fill gaps in physical records, providing assessment and validation to the authenticity and quality of consumer profiles and borrowing intent of these untapped segments.

 

6. Socially engineered first party fraud and identity crimes taking on a new level of complexity

 

Bringing together the above trends and predictions, the combination of accelerated digital transformation among businesses, skyrocketing consumer usage of social media, ecommerce, ebanking and online platforms, and increased collaboration across FIs and non-bank organisations result in growing opportunities for fraudsters and crime syndicates to mine data.


Consequently, socially engineered first party fraud, identity crimes like synthetic ID and impersonations would take on a new level of detection complexity. FIs have a responsibility to counter these attacks, proactively manage the growing volume of channels where bad actors can access personal information, and guard against financial crime and identity theft. As such threats continue to broaden alongside other industry-wide trends, consumers' expectations of FIs' commitments to protecting and futureproofing their financial services and products will also grow.


Organisations will need to reflect their commitments to customer satisfaction and retention with more sophisticated and agile approaches to fraud prevention and fraud technology investments.


About GBG:

GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.


Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience, and establish trust so that they can transact quickly, safely and securely with their customers online.


Headquartered in the UK and with over 1,000 team members across 16 countries, we work with 20,000 customers in over 70 countries. Some of the world's best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia's biggest banks and European household brands.


To find out more about how we help our clients establish trust with their customers, visit www.gbgplc.com/apac, follow us on Twitter @gbgplc or Trump administration set to escalate tensions with China as term ends - Brand SpurLinkedIn.


Trump administration set to escalate tensions with China as term ends - Brand Spur

Oppa Kim Woo Bin arrives in Singapore!

SINGAPORE - Media OutReach - 28 January 2021 - DAEBAK! Fans can now meet the one and only figure of Woo-bin for a limited period, right here in Singapore. The popular Korean actor once again joins his co-star Bae Suzy from "Uncontrollably Fond", but this time at Madame Tussauds Singapore!

 

Trump administration set to escalate tensions with China as term ends - Brand Spur

To celebrate the opening of the Brand new K-wave zone at Madame Tussauds

 

The world famous wax attraction brought in Kim Woo Bin to celebrate the opening of their brand new K- wave zone, which opened today to the public. Fans can gather around some of their favourite Korean stars, while snapping Insta worthy shots in front of iconic Korean themed sets.

Trump administration set to escalate tensions with China as term ends - Brand Spur

 

The eyecatching Cherry Blossom tree takes center stage in the new zone. With cherry blossoms that change colour, this is the perfect spot to bring your date for #couplegoals pics. Missing Korea as much as we do...we've got you. Wander away and pose in front of the hanoks with Kim Woo Bin. Or shoot your boomerangs in front of the pretty cherry blossom flower wall and inspire your friends on where to shoot their next OOTD.


Trump administration set to escalate tensions with China as term ends - Brand Spur 

Trump administration set to escalate tensions with China as term ends - Brand Spur

 

Madame Tussauds Singapore is based at Imbiah Lookout. Come and enjoy the brand-new K-wave zone with the SingapoRediscovers Vouchers. Visit the family fun attraction and get 5 experiences for only 1 ticket. For more information on how to redeem these vouchers and to know what the 5 experiences are, please visit our website www.madametussauds.com/Singapore.


Twitter: @MTsSingapore
Instagram: @MTsSingapore
Facebook: @MadameTussaudsSingapore Hashtag: #MadameTussaudsSG


For high res images: Trump administration set to escalate tensions with China as term ends - Brand Spurhttps://www.dropbox.com/sh/khx2r1v9o12bn1m/AADTz9_nBt9DK7i3gnm1cNeQa?dl=0


Madame Tussauds

The ultimate celebrity experience and the world's best known and most popular wax attraction. There are currently 23 Madame Tussauds attractions around the world. Each of the attractions is unique and tailored to the host city and visitor demographic to feature both local as well as international figures.

The result of 200 years of expertise and painstaking research every figure takes Madame Tussauds' gifted sculptors a minimum of three months to make, and costs more than $300K (Singapore dollars). Most contemporary figures are also produced following sittings with the celebrities themselves.

Trump administration set to escalate tensions with China as term ends - Brand Spur

SugarCRM Launches SugarPredict to Take the Guesswork Out of Sales with AI for All

CUPERTINO, CALIFORNIA - Media OutReach - 28 January 2021 - SugarCRM Inc., the innovator of time-aware CX, today announced the launch of SugarPredict, the first data-fueled AI for CRM. SugarPredict delivers new levels of prediction accuracy without the time, cost, and technical expertise typically required for companies to take advantage of AI.

 

Fifty-two percent of sales leaders say their CRM is costing them lost revenue, according to new research from SugarCRM that examines the lack of customer visibility that plagues most companies. The quality and consistency of the data entered by CRM users can create challenges for basic AI systems. SugarPredict takes a different approach by enriching customer data with additional attributes that results in more comprehensive and consistent AI models. SugarPredict provides accurate predictions, even with limited first-party data, while diligently guarding the privacy and security of company and customer information.

 

"AI can solve a number of sales and marketing barriers today, putting it at the heart of CRM," said Paul Greenberg, president of the 56 Group and author of CRM at the Speed of Light. "Sales teams that lean into AI-powered CRM can take advantage of the lead insights and opportunity models that give them a significant competitive advantage." 

 

As the first of many SugarPredict-powered capabilities in Sugar Sell, the technology is being used to take the guesswork out of lead prioritization, lead Ideal Customer Profile (ICP) alignment, and opportunity-to-close-won scoring. SugarPredict analyzes historical account, deal, and company data to accurately predict which leads are most likely to become customers. Lead scoring is based on similarity to historical conversions (converted leads or closed-won opportunities), while ideal customer profile matching identifies leads that are similar to a company's past and current customer bases.

 

"SugarPredict helps companies replace a fragmented, out-of-date, and incomplete picture with a sharply focused understanding of both their customers and business," said Craig Charlton, CEO of SugarCRM. "We've made significant product investments, over the last year, to democratize AI to drive business performance and enable predictability for companies of all sizes."

 

"Like many companies in the manufacturing business Bishop-Wisecarver is always looking for ways to work smarter and faster than the competition", said Niegel Leoncio, CRM Manager for Bishop-Wisecarver. "We are excited about the launch of SugarPredict, which places the power of AI into the hands of sales and service teams so they can drive better results and a better customer experience."   

 

SugarPredict leverages Sugar's time-aware CX platform which provides a full historical record of all change events related to customers and customer-facing processes. SugarPredict for sales force automation, marketing automation, and customer service applications is based on technology from last summer's acquisition of Node.io. SugarPredict is free for Sugar Sell customers and will roll out to Sugar Market and Sugar Serve customers later this year.

 

Learn more about SugarPredict here.


About SugarCRM

SugarCRM's time-aware sales, marketing and service software helps companies deliver a high-definition (HD-CX) customer experience. For mid-market and enterprise companies that want  a CX-driven platform, Sugar gives teams the time-aware customer data they need to achieve a clear view of the customer and reach new levels of business performance and predictability, and increase customer lifetime value.

 

More than 4,500 companies in 120 countries rely on SugarCRM. Based in Silicon Valley, SugarCRM is backed by Accel-KKR. 

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