KOSA, MegazoneCloud Highlight Korean AI And Software Firms’ ASEAN Expansion

 

 

KUALA LUMPUR, Sept 30 (Bernama) -- Korea AI·Software Industry Association (KOSA) and MegazoneCloud jointly operated the "Korea Industrial AX Pavilion" at Tech Week Singapore 2026 from Sept 29 to 30.

Tech Week Singapore is a premier technology event in Singapore, attracting over 30,000 attendees across digital sectors, including cloud computing, data centres, artificial intelligence (AI), and cybersecurity.

As part of the ‘Corporate Partnership for Overseas Expansion Program’ administered by MegazoneCloud and KOSA, the initiative leverages MegazoneCloud's global network and market expertise to support Korean small and medium-sized enterprises (SMEs) in developing international sales channels.

In a statement, KOSA said 10 Korean AI and software companies participated in the joint pavilion to expand into Singapore and the broader ASEAN market.

The initiative showcased Korea's AI technologies and solutions driving AI transformation (AX) across industries, highlighting the competitiveness of the domestic AI ecosystem beyond individual brand promotion.

The participating companies represented three key segments of Korea's AI ecosystem, namely AI Infrastructure Solutions, Enterprise Solutions and Industry-Specific Solutions.

The companies engaged in business exchanges by showcasing and demonstrating their core capabilities, including AI semiconductors, infrastructure, enterprise AI and customised industry solutions.

Business matching sessions were also held to facilitate global expansion, including intensive 1:1 meetings with potential clients such as telecommunications companies, data centre operators, financial institutions and global IT enterprises to explore business opportunities in Singapore and the broader ASEAN market.

Following the event, KOSA and MegazoneCloud plan to provide structured follow-up support and ongoing initiatives to help the companies achieve tangible business results.

-- BERNAMA

UMIOS, WAH KONG COMPLETE MALAYSIA PET FOOD JV

KUALA LUMPUR, Oct 1 (Bernama) -- Umios Corporation and Wah Kong Corporation have completed the establishment of a strategic joint venture (JV) centred on Pet World International Sdn Bhd (PWI), a major Malaysian pet food company.

Under the transaction, Umios invested approximately 11.4 billion Japanese yen to acquire a 51 per cent stake in PWI through a newly established holding company, strengthening its presence in Malaysia’s growing pet food market. (100 Japanese yen = RM2.58)

“We have built PWI over many years into one of Malaysia’s leading pet food businesses, and our priority was to find a partner that could help take the company into its next stage of growth while sharing our long-term vision for the business,” said PWI chief executive officer and shareholder, Choy Peng Yew.

Choy said Umios’s capabilities in pet food, product development and international markets complement PWI’s strengths and will support the company’s expansion beyond Malaysia into Asia and other markets.

According to a statement, the partnership combines Umios’s expertise in wet pet food with PWI’s dry-food capabilities, providing coverage across both wet and dry products for dogs and cats.

The partners plan to integrate their sales networks, product portfolios, manufacturing capabilities and research and development (R&D) expertise to accelerate growth across Asia. Umios is targeting pet food operating profit of approximately 10 billion Japanese yen and a return on invested capital (ROIC) of approximately 18 per cent for the year ending March 2028.

PWI holds the No. 2 position in Malaysia’s pet food market and ranks No. 1 among local companies, according to NielsenIQ. It operates the country’s only BRC-certified pet food plant and employs about 350 people, with products sold through more than 10,000 physical stores and its own e-commerce channels.

The company recorded consolidated sales of approximately 12.4 billion Japanese yen for the year ended September 2025.

Japan Corporate Advisory Institute Ltd (JCAI), a Tokyo-headquartered cross-border mergers and acquisitions (M&A) advisory firm focused on Japan, Southeast Asia and India, acted as financial advisor, advising on transaction strategy, valuation, negotiations and documentation through closing.

-- BERNAMA

YYForce Secures S$15.96 Million in New Multi-Year Singapore Facility Services Contracts

 

New awards expand contracted business visibility across YYForce’s Singapore integrated facility management operations, with all contracts commencing in October 2026 and principal service periods extending approximately three years


SINGAPORE, Sept 30 (Bernama-GLOBE NEWSWIRE) -- YYForce Inc. (Nasdaq: YFOR) (“YYForce” or the “Company”), an AI-enabled workforce management and integrated facility management (“IFM”) provider, today announced that its Singapore subsidiary, Hong Ye Group Pte. Ltd. (“Hong Ye Group”), has been awarded multiple new commercial cleaning and related facility services contracts in Singapore with an aggregate contract value of approximately S$15.96 million (approximately US$12.5 million).

The newly awarded contracts cover multiple properties in Singapore, are scheduled to commence across October 2026, and have varying service periods, with the principal contracts extending for approximately three years. Based on current contractual schedules, aggregate contract values are expected to be approximately S$5.57 million in Year 1, S$5.55 million in Year 2 and S$4.84 million in Year 3.

Key Contract Facts

Metric	Details
Aggregate Contract Value	Approximately S$15.96 million
Business Unit	Hong Ye Group Pte. Ltd., YYForce’s Singapore subsidiary
Services	Commercial cleaning and related facility services
Market	Singapore
Contract Commencement	October 2026
Principal Contract Duration	Approximately three years
Year 1 Contract Value	Approximately S$5.57 million
Year 2 Contract Value	Approximately S$5.55 million
Year 3 Contract Value	Approximately S$4.84 million

Expanding Multi-Year Contracted Business Visibility

The new awards expand Hong Ye Group’s portfolio of contracted commercial cleaning and facility services work in Singapore and provide YYForce with additional multi-year contracted business visibility, supported by a unified contract commencement in October 2026.

The awards follow YYForce’s recently reported first-half 2026 results, in which IFM revenue increased 11.1% year over year to approximately US$16.06 million. The Company reported that IFM growth in the period was supported by new contract wins, renewals of existing projects and full-period contributions from subsidiaries acquired in 2025.

Contract Value and Revenue Recognition. Aggregate contract value is distinct from revenue recognized for accounting purposes. With all contracts commencing in October 2026, actual revenue recognition will depend on ongoing service delivery, contractual terms, customer requirements and applicable accounting standards. There can be no assurance that the full aggregate contract value will be recognized as revenue according to the current anticipated schedule.

Executive Commentary

“These new multi-year contract awards expand our commercial services business in Singapore and strengthen the contracted business visibility of Hong Ye Group as we head into our October commencement,” said Mike Fu, Chief Executive Officer of YYForce.

“As we execute our integrated facility management strategy, our focus is on combining disciplined frontline service delivery with workforce technology, intelligent scheduling, AI and automation. These contracts expand the operating base through which we can continue improving productivity, service consistency and scalability over time.”

Supporting YYForce’s Integrated Facility Management Strategy

Hong Ye Group is an important component of YYForce’s IFM operations in Singapore. YYForce’s strategy is to combine established frontline facility services with technology-enabled workforce management and, over time, increasing levels of AI, automation and robotics.

Human Workforce + Workforce Technology + IFM + AI + Automation + Robotics

The Company believes this model can support improved workforce deployment, service consistency, operating efficiency and scalability. The newly awarded contracts provide an expanded operating base through which YYForce can continue developing and deploying technology-enabled solutions within its facility services operations.

About YYForce Inc.

YYForce Inc. (Nasdaq: YFOR) is an AI-enabled workforce management and integrated facility management provider headquartered in Singapore and operating across Asia and beyond. Through its workforce technology and IFM businesses, YYForce provides workforce deployment, management and facility services solutions across multiple service industries.

The Company’s workforce platform, YY Circle, supports workforce deployment and management across sectors including hospitality, food and beverage, retail and other service industries. Within its IFM operations, YYForce combines frontline facility services with technology solutions designed to improve workforce productivity and operational efficiency.

YYForce’s long-term strategy is centered on building an integrated future workforce ecosystem in which human workers, intelligent software, automation and robotics increasingly work together to deliver services more efficiently.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by words such as “may,” “will,” “should,” “expects,” “anticipates,” “estimates,” “believes,” “plans,” “intends,” “projects,” “predicts,” “potential,” “continue,” “target,” or similar expressions.

These forward-looking statements include, among other things, statements regarding anticipated contract performance and revenue recognition, the Company’s integrated facility management strategy, the integration of workforce technology, artificial intelligence, automation and robotics into its operations, operational efficiency, scalability and future growth strategy.

Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, customer requirements, contract commencement and performance, labor availability and costs, competitive conditions, economic and market conditions, technology implementation, regulatory developments and other risks described in YYForce’s filings with the U.S. Securities and Exchange Commission.

Readers are encouraged to review the Company’s filings with the SEC, including the “Risk Factors” section of its most recent annual report on Form 20-F and subsequent filings. YYForce undertakes no obligation to publicly update or revise any forward-looking statements except as required by applicable law.

Investor Relations Contacts

Jason Zhi Yong Phua
Chief Financial Officer
YYForce Inc.
enquiries@yyforce.ai

Piacente Financial Communications
yfor@thepiacentegroup.com 

SOURCE: YY Group

AM Best Assigns Credit Ratings to Beibu Gulf Property & Casualty Insurance Company Ltd.

HONG KONG, Sept 30 (Bernama-BUSINESS WIRE) -- AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Beibu Gulf Property & Casualty Insurance Company Ltd. (Beibu Gulf Insurance) (China). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Beibu Gulf Insurance’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Established in 2013, Beibu Gulf Insurance is a non-life insurance company headquartered in Guangxi province, China. It was founded through a joint partnership comprising of 10 state-owned enterprise shareholders and three private sector investors. Its ultimate controlling shareholder, Guangxi Investment Group Co., Ltd., a provincial-level state-owned capital investment company in Guangxi, holds a 29.73% equity stake through its subsidiaries.

Despite being a small-to-medium sized non-life insurer in China, Beibu Gulf Insurance holds a prominent position in Guangxi province, capturing 9% of local market share, in terms of premium income in 2025. The company maintains a diversified product mix, with motor insurance making up nearly half of its gross written premiums. Leveraging strong relationships between its shareholders and local governments, Beibu Gulf Insurance gains access to business opportunities in policy driven agricultural insurance and has continued to expand its liability lines in recent years. While its risk profile is concentrated in certain geographical areas, this risk is partially mitigated by approximately one-quarter of its business originating outside of Guangxi, namely Guangdong (including Shenzhen), Sichuan and Guizhou province.

Beibu Gulf Insurance’s strong balance sheet strength assessment is underpinned by its strongest level of risk-adjusted capitalisation as at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR), which is supported by organic capital accumulation and controlled expansion in underwriting and investment risks. Nevertheless, the company’s absolute capital size remains modest with a relatively high underwriting leverage. Beibu Gulf Insurance demonstrated its financial flexibility by successfully issuing capital supplementary bonds (CSB). Adjusted financial leverage, including equity credit for CSB, was positive at 17.4% despite a low interest coverage ratio in 2025. An offsetting factor is its highly dispersed shareholding structure, which may be subject to further changes; as such, the execution of the company's future capital plans may introduce uncertainty to the fundamentals of its balance sheet strength.

After posting two years of net loss, Beibu Gulf Insurance turned around to profitability in 2023, and sustained momentum to deliver mid-single-digit return-on-equity across both 2024 and 2025. Although Beibu Gulf Insurance has been recording underwriting losses since its establishment, it has achieved narrowing loss trend in recent years from the management’s effort of portfolio restructuring. The company maintains a well-diversified and liquid investment book, dominated by bonds, fixed-income wealth management instruments and cash. The investment portfolio generated a low-single-digit investment return, which was above the average level of the domestic non-life industry in 2025.

Negative rating actions could occur if there is a material decline in Beibu Gulf Insurance’s balance sheet strength fundamentals. A sustained deteriorating trend in underwriting and/or operating performance also may result in negative rating actions. Positive rating actions could occur if the company has a material improvement in balance sheet strength fundamentals while maintaining positive operating performance.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20260929995234/en/

Contact

Stephanie Mi
Senior Financial Analyst
+852 2827 3402
stephanie.mi@ambest.com

James Chan
Director, Analytics
+852 2827 3418
james.chan@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

--BERNAMA

Abaxx’s Gold Singapore Futures Wins 2026 FOW Asia Pacific Awards

KUALA LUMPUR, Sept 28 (Bernama) -- Abaxx Technologies Inc (Abaxx), a financial software and market infrastructure company announced that Abaxx Exchange’s Gold Singapore (GKS) futures contract has been named Best Innovation by an Exchange or Clearing House at the 2026 FOW Asia Pacific Awards.

Abaxx Exchange Chief Business Development Officer, Russell Robertson said the company launched GKS futures in June 2025 to support growing demand for regional price discovery for gold kilobars.

He added that the contract could support Singapore's development as a global precious metals hub and facilitate arbitrage across Asia.

According to Abaxx in a statement, the FOW Asia Pacific Awards recognise innovation and performance across the Asian derivatives industry, with winners selected by an independent panel of industry experts.

The judges said Abaxx had made progress in launching products aimed at contributing to the commodity market and creating more accurate regional benchmarks, particularly amid continued volatility in the sector.

The recognition follows Abaxx Exchange’s Newcomer of the Year award at the 2026 Energy Risk Awards in May.

Abaxx develops financial technologies and market infrastructure aimed at improving trading and transactions. It is the majority shareholder of Abaxx Singapore, the owner of Abaxx Exchange and Abaxx Clearing.

-- BERNAMA

VOCALBEATS.AI REINFORCES COMMITMENT TO AI INNOVATION AT FCGF 2026

KUALA LUMPUR, Sept 28 (Bernama) -- Vocalbeats.AI, a Singapore-based artificial intelligence (AI) innovation company, continued its support for the FutureChina Global Forum 2026 (FCGF 2026), reinforcing its commitment to practical AI innovation and Singapore’s AI ecosystem.

Organised by Business China, the two-day FCGF 2026 was held at the Sands Expo & Convention Centre in Singapore from Sept 24 to 25 under the theme “Strengthening Resilience, Rebuilding Trust”. The forum’s guests of honour included the country’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Senior Minister of State for Digital Development and Information and Health Tan Kiat How.

“We are pleased to support the FutureChina Global Forum and contribute to the wider discussion on how AI can be applied responsibly and translated into real-world value,” said Vocalbeats.AI Chief Executive Officer, Marco Lai Jinnan in a statement.

The forum featured a dedicated AI Track for the first time, highlighting the growing importance of AI in business and society, with discussions exploring AI deployment to improve productivity and deliver tangible business and societal value, drawing on applications ranging from enterprise software to robotics.

As AI systems become more capable and widely adopted, speakers also highlighted the importance of workforce skills, workflow redesign and viable business models, alongside safety, accountability and trust.

Vocalbeats.AI said these discussions reflect its belief that the next stage of AI development will be defined by its ability to address real-world needs and deliver tangible value to users.

The company develops AI-powered applications for productivity and communication, including Owll, an AI note-taking and productivity app, and Owll Translator, an AI-powered real-time translation app.

Vocalbeats.AI’s support for the forum forms part of its broader engagement with Singapore’s AI and technology ecosystem. Over the past year, the company has expanded its collaborations with universities, public-sector organisations and AI communities.

Its initiatives include the Vocalbeats.AI Scholarship at the National University of Singapore, the Vocalbeats.AI–Turing AI Scholarship at Nanyang Technological University, Singapore; internship opportunities for students; and AI learning workshops for children and youth in local communities.

-- BERNAMA

TEMPO SOFTWARE CPO HIGHLIGHTS AI SPENDING ACCOUNTABILITY AT REUTERS CONFERENCE

KUALA LUMPUR, Sept 25 (Bernama) -- Tempo Software Chief Product Officer (CPO), Kevin Nanney highlighted the growing need for enterprises to connect artificial intelligence (AI) spending with measurable business outcomes at the Reuters Momentum AI Conference in Austin, Texas.

Nanney discussed how enterprises can manage AI adoption while tracking its costs, outcomes and alignment with strategic priorities. He also shared examples from his experience at Tempo, including how competing initiatives can reveal underlying efficiency issues and how changes in measurement can help guide resource-allocation decisions.

In his keynote, titled “Spend Is Tracked. Outcomes Are Not. The AI Accountability Distance Nobody Has Closed”, Nanney outlined three areas for enterprise leaders: tracking the cost and contribution of AI agents, establishing a governed operating model for human and AI work, and adopting more adaptive planning to identify and address strategic drift.

Tempo’s 2026 State of AI in Portfolio Management report found that 91 per cent of surveyed organisations are piloting or actively using AI in project delivery, while 26 per cent use AI to prioritise or reprioritise work.

In a statement, Tempo said the findings highlight a gap between AI adoption and AI-informed decision-making, reinforcing the need to align strategy, investment and execution across human and AI workforces.

Nanney’s presentation followed Tempo’s launch of Loop, an AI-native Intelligent Portfolio Orchestration platform designed to provide enterprises with a continuously updated view of time, capacity, cost and execution across existing work systems.

The company also recently launched Workforce Intelligence, which attributes AI activity to Jira work items, epics and initiatives.

Tempo said these capabilities are designed to help enterprises coordinate human and AI work while improving visibility into portfolio execution and resource allocation.

The 2026 Reuters Momentum AI Conference, held in Austin from Sept 24 to 26, brought together enterprise leaders focused on AI implementation, business value and investment returns. More than 500 senior executives were expected to attend.

-- BERNAMA