SINGAPORE, Sept. 30, 2024 /PRNewswire/ — The Esteemed Chairman and Standing Director of CPC Corporation, Taiwan, Lee Shun-Chin, has been recognized as a Master Entrepreneur at the Asia Pacific Enterprise Awards (APEA) 2024. The awards ceremony took place at the Grand Hyatt Taipei on 13 September.  

The renowned Asia Pacific Enterprise Awards (APEA) honors exceptional entrepreneurs for their leadership while shining light on enterprises demonstrating corporate excellence. This year, in addition to honoring its chairman, the APEA also recognized CPC Corporation, Taiwan under the Inspirational Brand category for its outstanding achievements and ESG-centric approach.

CPC Corporation, Taiwan has established a strong presence throughout Taiwan and is involved in everything from importing petrochemical materials to supplying finished consumer goods. As it caters to various oil products, the company has implemented a few production and sales models as well as established many offices for effective oversight and governance.

CPC is shifting its focus from traditional energy to sustainable energy. The company aims to produce valuable fuel materials, reduce carbon emissions and fight climate change by introducing strategies that aim to produce valuable petrochemicals, reduce carbon emissions, and use renewable energy. Strategies implemented include improving its refining processes, adding value to chemicals, and carbon capture and reuse. The company also uses its expertise in carbon fiber composite materials to design special space-grade composite.

CPC aims to provide the people of Taiwan with a green, safe, and healthy social environment. It believes that sustainable growth needs balance in the economy, society, and environment. Hence, the company plans to focus on national development, improving its business practices, and promoting green energy to achieve low-carbon development. It aligns with ESG principles to promote “High-value Petrochemical, Low Carbon Emission, Lean-Renewable Energy” in order to realize sustainable development.

The company is dedicated to improving energy efficiency and promoting renewable energy to achieve net zero carbon emissions. With the goal of reducing carbon emissions by 40.6% and 49.5% by 2025 and 2030, 62 measures will be implemented to reduce carbon emissions by 262,000 metric tons, saving 74,000 metric tons of oil equivalent. CPC will also develop geothermal and hydrogen energy and build hydrogen refueling demonstration stations and hydrogen energy transmission and storage facilities to promote clean energy.

Through his “High-value Petrochemical, Low Carbon Emission, Lean-Renewable Energy” transformation strategies, Chairman Lee Shun-Chin’s transformation strategies for CPC Corporation, Taiwan has enabled the organization to build resilience in areas of governance excellence, environmental friendliness, and social prosperity. His admiral leadership skills and vision for the company make him truly deserving of the APEA’s Master Entrepreneur recognition.

PR Newswire is the Official News Release Distribution Partner of Asia Pacific Enterprise Awards 2024.

About Enterprise Asia

Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are an investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplift the economic status of people across Asia, and ensure a legacy of hope, innovation, and courage for future generations. Please visit www.enterpriseasia.org for more information.

About Asia Pacific Enterprise Awards

Launched in 2007, the Asia Pacific Enterprise Awards is the region’s most prestigious award for outstanding entrepreneurship, continuous innovation, and sustainable leadership. The Award provides a platform for companies and governments to recognize entrepreneurial excellence, hence spurring greater innovation, fair business practices, and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation-only networking powerhouse. The program has grown to encompass 16 countries/ regions and markets all over Asia. For further information, please visit www.apea.asia.

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SOURCE Enterprise Asia

TORONTO, Sept. 29, 2024 /PRNewswire/ – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, today announced that its Board of Directors has initiated, with the assistance of outside legal and financial advisors, a comprehensive and thorough strategic review process to explore and evaluate a broad range of potential options for the Company to enhance value.

The foundation, funding, and execution of Payfare’s ongoing programs remain secure with a robust pipeline of potential new opportunities in the gig economy and EWA space. To support conversion of these new opportunities and alleviate concentration risk, the Board has decided to initiate a strategic review to accelerate these goals. During this process, Payfare remains focused on executing its current business strategy and will continue to provide industry-leading financial solutions for its clients and cardholders. This review process will assess strategic alternatives that may include, but are not limited to strategic partnerships, strategic investments, accretive acquisitions, a potential sale, merger or other business combination.

In conducting the strategic review, the Company’s Board and management team are committed to acting in the best interests of the Company, its shareholders and its stakeholders. There is no deadline or definitive timetable for the completion of the strategic review and Payfare does not intend to comment further unless the Board has approved a specific transaction or otherwise determined that disclosure is necessary or appropriate. There can be no assurances that the strategic review will result in any specific transaction or outcome.

Advisor

The Board has engaged Keefe, Bruyette & Woods Inc. (KBW) as financial advisor to assist with the strategic review process.

Support for DasherDirect Program and Cardholders Through Early 2025

Payfare is proud to have built DasherDirect, an award-winning digital banking solution providing cardholders with free instant pay, cashback rewards, and other meaningful benefits. Since inception, the program has successfully serviced millions of cardholders and processed billions of dollars of transactions. The level of adoption, user reviews, and app store ratings, including its consistent position as the top finance app as ranked by unitQ, demonstrates both the value proposition to cardholders and Payfare’s ability to deliver a best-in-class user experience. Payfare will continue its role as a good partner supporting the DasherDirect program and cardholders through early 2025.

Long-Term Client Renewals with Uber and Lyft Executed in 2024

On July 25, 2024, the Company announced the long-term renewal of its agreement with Lyft Inc. to power the Lyft Direct program. The renewal allows drivers on the Lyft platform to continue benefiting from free instant pay, a feature-rich digital banking product and cashback rewards for years to come. Subsequent to the extension, Payfare also announced new value-added product enhancements to Lyft Direct including Balance Protection, Lyft Direct Savings, and more. Active Lyft Direct users have increased by more than fifty percent year to date, demonstrating the ongoing success of the program.

On March 5, 2024, the Company announced the launch of the Uber Pro Card, a new program with Uber providing free instant payouts after every trip or delivery, enhanced loyalty features for drivers and delivery people, and backup balance for qualifying users on the Uber platform in Canada, powered by Payfare’s leading digital banking app. Active users of the Uber Pro Card have increased by more than five times compared to the legacy program.

Well-Funded to Support Future Growth

Payfare has over $100 million in cash, cash equivalents, and guaranteed investment certificates and is well capitalized to fund ongoing operations and new strategic initiatives. Although the loss of the DasherDirect program will have a substantial impact on the Company’s revenue profile, Payfare intends to right size its operating expenses to align with the near to mid-term reduction in revenues while providing the flexibility to execute on new business and initiatives to build long-term value.

About Payfare (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access (“EWA”) company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.

Cautionary Statement Regarding Forward Looking Information

Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Payfare’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation the strategic review process and timing and length of such process, exploring potential options including strategic partnerships, strategic investments, accretive acquisitions, a potential sale, merger or other business combination, execution of Payfare’s current business strategy and continued provision of industry-leading financial solutions for its clients and cardholders, support for the DasherDirect program and cardholders through early 2025, the impact of the loss of the DasherDirect program to the Company’s revenue profile, intentions to right size operating expenses and impacts to Payfare’s liquidity position, and executing on new opportunities and initiatives. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.

Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such risks include the factors discussed from time to time in Payfare’s filings with the Canadian Securities Authorities, copies of which can be found under Payfare’s profile on the SEDAR+ website at www.sedarplus.ca. In addition, there is risk that opportunities identified through the strategic review may take longer than anticipated or may not be a fit or appropriate for the Company or will not be at terms that are acceptable to the Company, and right sizing efforts may not have the intended impacts as expected by management on its liquidity.

Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Payfare undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

View original content:https://www.prnewswire.com/news-releases/payfare-initiates-strategic-review-process-to-enhance-value-302261975.html

SOURCE Payfare Inc.

BEIJING, Sept. 29, 2024 /PRNewswire/ — The 75th anniversary of the founding of the People’s Republic of China is a momentous occasion, not only for the over 1.4 billion Chinese people but also with global significance and historical importance. 

Over these 75 years, the journey of Chinese modernization has profoundly transformed China and influenced the world, truly realizing that “our work will be written in the annals of human history.” 

This year also marks the 70th anniversary of the Five Principles of Peaceful Coexistence. Amid a changing international landscape, China has steadfastly maintained an independent and peaceful foreign policy, upholding international fairness and justice. As China increasingly approaches global center stage, it continues to make new and greater contributions to the cause of peace and development for humanity.

Seventy-five years ago, when this ancient nation in the East opened a new chapter in its history, the world was just beginning to recover from the devastation of two wars. From a struggling agricultural country, China has evolved into the world’s second-largest economy, the world’s leading manufacturing power, the top trader of goods, and the holder of the largest foreign exchange reserves. This historical elevation in national strength matches China’s significant contributions to global development. 

From 1979 to 2023, China’s average annual contribution to global economic growth reached 24.8 percent, with an average of over 30 percent from 2013 to 2023. For 12 consecutive years, China’s outbound direct investment in foreign countries has ranked among the top three globally, holding over 10 percent of the global share for eight years. China’s “new three items” – electric vehicles, lithium-ion batteries, and solar cells – are facilitating the globe to accelerate their green and low-carbon transitions, while its infrastructure projects span over 190 countries and regions worldwide. Today, averagely speaking, China engages in approximately 80 million yuan ($11.4 million) worth of trade with the world every minute, invests approximately 112 million yuan abroad every hour, and attracts about 3.377 billion yuan in foreign investment daily. The development of China is intricately linked with global progress, achieving mutual success, and driving the world toward greater progress and prosperity.

A great nation with over 5,000-year-old civilization stands majestically in the East, as over 1.4 billion people stride forward on the path to modernization. Such a vast scale itself is one of the main powerful driving forces for the progress of the entire world and human society. The practices of Chinese modernization teaches us that development is the key to solving all problems. China has proposed the Global Development Initiative to support the development and revitalization of countries in the Global South. By the end of 2023, China’s direct investment in countries participating in the Belt and Road Initiative had exceeded $300 billion. Chinese companies have built the first ultra-high voltage direct current transmission line in the Americas, the first electrified railway, the first digital mine, and numerous infrastructure and livelihood projects in Africa, making an indelible contribution to global infrastructure construction.

From “seek knowledge even if you have to go as far as China” to “seek peace even if you have to go as far as China,” peace is a valuable public good that China offers to a turbulent world. Over the past 75 years, China has never initiated any war or conflict and has never occupied an inch of another country’s territory. In the face of numerous international security challenges, China has proposed the Global Security Initiative. It has mediated the reconciliation between Saudi Arabia and Iran, facilitated a historic reconciliation among Palestinian factions, and promoted a political resolution to the crisis in Ukraine. Today, China has become the second-largest contributor to the UN regular budget, the second-largest contributor to peacekeeping operations, and the largest troop-contributing country among the permanent members of the UN Security Council. China has always been committed to promoting world peace and development.

To leave behind achievements worthy of being engraved in world history, a nation and its people must not only be judged by their material accomplishments but also by the amount of spiritual wealth they have contributed. The latter often holds more profound significance than the former. 

In today’s world, where the destinies of nations are closely intertwined, China has proposed the Global Civilization Initiative, advocating cultural exchanges that transcend estrangement, mutual learning that transcends clashes, and coexistence that transcends feelings of superiority. It addresses significant questions, such as how different civilizations can coexist and where human civilization is headed, offering Chinese wisdom and solutions to promote cultural exchanges and the advancement of human civilization.

Over the past 75 years, China has demonstrated an uncommon empathy in the political arena of major powers throughout human history. From proposing the Five Principles of Peaceful Coexistence, emphasizing equality and non-interference in other countries’ internal affairs, to the new era’s initiatives like jointly building the Belt and Road Initiative, building a community with a shared future for mankind, and the promotion of solidarity and cooperation among the Global South, China has advocated that the sovereignty of all countries are equal regardless of size on global arena while showing respect and support for the development of other countries. 

China has provided the worldview of “shared future” and the methodology of “jointly building and win-win cooperation” for all mankind. This is rare in the history of human civilization and is urgently needed in today’s world. 

The 75-year journey through challenges has underscored the invaluable role China plays in global peace, development and progress. The modernization China has promoted, which embodies justice, openness, mutual benefit, people-first policies, diversity, inclusiveness, eco-friendliness, and peace and security, will only become more significant and valuable to the world as time progresses.

View original content:https://www.prnewswire.com/news-releases/in-75-years-china-has-become-increasingly-prominent-in-driving-global-development-global-times-editorial-302261976.html

SOURCE Global Times