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HONG KONG’S GINI LAUNCHES INNOVATIVE CUSTOMER LOYALTY APP WITH EWISE

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HONG KONG’S GINI LAUNCHES INNOVATIVE CUSTOMER LOYALTY APP WITH EWISE
  • Hong Kong’s first Customer Relationship Management platform allowing marketers to target loyal customers based on spending
  • A bridge between marketing and finance, allowing consumers to save smarter
  • eWise’s inaugural Hong Kong partner
  • Gini’s launch marks Hong Kong’s emergence as a FinTech hub

 Gini has chosen data-aggregation specialist eWise to deliver Hong Kong’s first ever customer relationship management platform to create customer loyalty programs through the secure aggregation of end-user’s credit cards and bank accounts.

 Gini is an online-to-offline digital commerce technology that enables merchants and marketers to target loyalty and rewards based on actual transaction data from banks, and represents a technological breakthrough for marketers, who have long struggled to properly target consumers in a market dominated by offline spending.  Launching in Hong Kong in Q2 2017, the CRM platform will help merchants identify and reward customers with discounts, offers and incentives based on actual spending habits. Users will be able to redeem cash-back rewards by simply using any credit card linked to the app, without any need for vouchers. Merchants will not need to adapt their hardware to track loyalty points as customer loyalty will be measured through Gini’s data science.

 Gini deploys the eWise AEGIS aggregation platform to pool multiple end-user credit cards and bank accounts, along with the eWise Categorisation-as-a-Service  (CaaS) artificial intelligence API to analyse individual spending patterns. Combined, this personal finance technology will identify the customers that merchants are targeting, and directly offer them loyalty rewards and offers through the platform. The collaboration with Gini marks eWise’s first Hong Kong partner, and is comprised of a local dream-team of founding entrepreneurs; brothers Calvin Lang (梁敬汪) and Victor Lang (梁敬熙), and their cousin ex-Citibank Vice-President, Raymond Wyand.

 CEO, Raymond Wyand said: “Gini will give Hong Kong’s residents an intuitive relationship with their favorite vendors, enabling truly targeted discounts. Unlike other apps which have a scatter-gun approach to loyalty points, Gini deploys proprietary data technology to identify customers deserving of rewards. This saves the merchant valuable time, improving an indispensable element of Hong Kong’s personal finance eco-system, all while maintaining user privacy.”

 Once billed as a leading young entrepreneur by Bloomberg’s BusinessWeek Asia, COO Victor Lang said: “eWise has been a tremendous partner for us. Their emphasis on best-in-class security and data privacy protection allowed us to create an in-device solution that ensures total user privacy. Through eWise, we can get a holistic view of end-users’ spending, and merchants signed on to the Gini platform won’t have to change their transaction software to keep track of their most loyal customers. Given our experience so far, it’s no surprise to me that HSBC group and Westpac have also chosen eWise as partners.

 David Hamilton, CEO of eWise said: “For their personalised rewards solution, Gini needed a reliable and robust transaction categorisation API, and the security of client-side data aggregation supplied through the eWise AEGIS platform. We’re delighted to have Gini as our first Hong Kong partner, as we continue our expansion into Asia markets.”

 Gini was recently admitted into the Cyberport Incubation Programme, a Hong Kong government backed initiative to support entrepreneurs. Gini’s launch coincides with Hong Kong’s emergence as a Fintech player driven by Hong Kong’s robust capital markets, banking experience and the city’s gradual cultural shift from conservatism to experimentation as signaled by Hong Kong’s Monetary Authority September 2016 launch of a regulatory sandbox to drive innovation.

Gini is a member of the CardLinx Association, a non-profit professional consortium with a mission to increase the interoperability and promote the growth of online-to-offline commerce and card linking. Other members of the CardLinx Association include Microsoft, Mastercard, Discover, Facebook, AirBNB, Hilton, Sumitomo Mitsui Card Company, and Samsung.

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EU sets itself jobs, training and equality targets for 2030

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EU sets itself jobs, training and equality targets for 2030 1

By Jan Strupczewski

BRUSSELS (Reuters) – The European Commission on Thursday announced goals for the 27-nation bloc to reduce poverty, inequality and boost training and jobs by 2030 as part of a post-pandemic economic overhaul financed by jointly borrowed funds.

The EU executive arm said the European Union should boost employment to 78% in 2030 from 73% in 2019, halve the gap between the number of employed women and men and cut the number of young people neither working nor studying to 9% from 12.6%

“With unemployment and inequalities expected to increase as a fallout of the pandemic, focusing our policy efforts on quality job creation, up- and reskilling and reducing poverty and exclusion is therefore essential to channel our resources where they are most needed,” the commission said.

The goals, which will have to be endorsed by EU leaders, also include an increase in the number of adults getting training every year to adapt to the EU’s transition to a greener and more digitalised economy to 60% from 40% now.

Finally, over the next 10 years, the EU should reduce the number of people at risk of poverty or social exclusion by 15 million from 91 million in 2019.

“These three 2030 headline targets are deemed ambitious and realistic at the same time,” the commission said.

The goals are part of the EU’s set of 20 social rights, agreed on in 2017, to make the EU more appealing to voters and counter eurosceptic sentiment across the bloc.

They say everybody has the right to quality education throughout their lives and that men and women must have equal opportunities in all areas and be paid the same for work of equal value.

The unemployed have the right to “personalised, continuous and consistent support”, while workers have the right “to fair wages that provide for a decent standard of living”.

(Reporting by Jan Strupczewski; Editing by Nick Macfie)

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UK aero-engineer Meggitt eyes return to growth after pandemic slump

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UK aero-engineer Meggitt eyes return to growth after pandemic slump 2

LONDON (Reuters) – British engineer Meggitt said that it could return to profit growth in 2021 provided there are no further lockdowns, despite a weakening in the struggling aviation market at the end of 2020 and early this year.

Pandemic restrictions halted much flying globally last year and forced plane makers Boeing and Airbus to cut production rates, dragging down suppliers like Meggitt, which makes and services parts for such aircraft.

Meggitt’s underlying operating profit plunged by 53% to 191 million pounds ($267 million) in 2020, it said on Thursday, despite continued growth in its defence business which makes parts for military jets and accounts for about 45% of the business.

Meggitt, however, said it expected air traffic to recover in the second half of the year which would help it return to profit growth over the year, although its guidance for flat revenue disappointed analysts who had expected growth of 6%.

Meggitt’s Chief Executive Tony Wood said in November that he had expected flying to start to recover by Easter, but new variants have led to more restrictions and delayed the recovery.

“It has gone back a couple of months… it’s now very much in the summer,” Wood said of the recovery in an interview on Thursday.

Further in the future, Meggitt is positioning itself for the move to lower emissions flying, and its sensors and electric motors will be used on electric urban air mobility platforms, such as flying taxis, and in hybrid aeroplanes being developed.

But Meggitt said new tax breaks announced in Britain’s annual budget on Wednesday aimed at encouraging investment would not change its plans.

“Yes, it will be a benefit. Are we looking at any acceleration as a result specifically of that? Not really,” Woods said.

Shares in Meggitt were down 1% to 427 pence at 0943 GMT. The stock has risen by 50% since news of a COVID-19 vaccine last November, but is still down 23% on where it was pre-pandemic.

($1 = 0.7165 pounds)

(Reporting by Sarah Young; Editing by Alistair Smout and Susan Fenton)

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UK’s Sunak will struggle with plan for tax hikes and spending cuts – IFS

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UK's Sunak will struggle with plan for tax hikes and spending cuts - IFS 3

LONDON (Reuters) – British finance minister Rishi Sunak will probably have to offer concessions to businesses if he wants to be able to implement a big hike in corporation tax that is at the centre of his new budget plan, a leading think tank said on Thursday.

The Institute for Fiscal Studies also said it was very unlikely that Sunak would be able to deliver the 17 billion pounds annual spending cuts included in his plan.

IFS director Paul Johnson said if the plan was implemented as announced on Wednesday, Sunak would meet one definition of a balanced budget – borrowing only to invest – by 2025-26.

“The sad truth is that that would be a balance built on the highest sustained tax burden in UK history and yet further cuts in unprotected public service spending,” Johnson said.

“That is perhaps one measure of the difficulties presented by more than a decade of paltry growth followed by the deepest recession in history.”

(Writing by William Schomberg, editing by David Milliken)

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