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Southeast Asia Industrial RTU Market to Grow by USD 83.8 Million (2024-2028) as Modular RTUs Gain Popularity; AI-Powered Market Evolution Report – Technavio

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NEW YORK, Oct. 29, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Industrial remote terminal unit (RTU) market in southeast asia size is estimated to grow by USD 83.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.7%  during the forecast period. Rising popularity of modular RTUs is driving market growth, with a trend towards application of RTUs in smart city expansion. However, deployment and communication reliability issues of RTUs poses a challenge.Key market players include ABB, Advantech Co. Ltd., Beckhoff Automation, Brodersen Systems AS, Delta Electronics Inc., Emerson Electric Co., General Electric Co., Hitachi Energy Ltd., Hollysys Automation Technologies Ltd., Honeywell International Inc., ICP DAS CO. LTD., Kalki Communication Technologies Pvt. Ltd., Mitsubishi Electric Corp., Phoenix Contact GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Terma AS, Toshiba Corp., and Yokogawa Electric Corp..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Industrial Remote Terminal Unit (RTU) Market In Southeast Asia Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.7%

Market growth 2024-2028

USD 83.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.2

Regional analysis

Southeast Asia

Performing market contribution

Southeast Asia at 100%

Key countries

Singapore, Thailand, Malaysia, Indonesia, and Rest of Southeast Asia

Key companies profiled

ABB, Advantech Co. Ltd., Beckhoff Automation, Brodersen Systems AS, Delta Electronics Inc., Emerson Electric Co., General Electric Co., Hitachi Energy Ltd., Hollysys Automation Technologies Ltd., Honeywell International Inc., ICP DAS CO. LTD., Kalki Communication Technologies Pvt. Ltd., Mitsubishi Electric Corp., Phoenix Contact GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Terma AS, Toshiba Corp., and Yokogawa Electric Corp.

Market Driver

The industrial Remote Terminal Unit (RTU) market in Southeast Asia is experiencing notable growth due to the increasing development of smart cities in the region. A prime example is Indonesia’s new capital, Nusantara, which began construction in May 2024. This ambitious project, located on Borneo Island, highlights the importance of digital transformation in modern urban planning. Nusantara, designed as the world’s first smart forest city, showcases the rising demand for RTUs in managing and monitoring urban infrastructure. With the deployment of high-speed Internet networks and advanced technology, the city’s efficient functioning relies on RTUs for data acquisition, control, and communication across various sectors, including utilities, transportation, and environmental monitoring. The global push towards smart city development positions the industrial RTU market in Southeast Asia for substantial growth. This trend is expected to continue as investments in smart city projects increase worldwide. Consequently, the application of RTUs in smart city expansion will significantly impact the market during the forecast period. 

The Industrial Remote Terminal Unit (RTU) market is experiencing significant growth, particularly in sectors requiring emissions monitoring, mine sites, air traffic equipment, hydro-graphic projects, electrical power transmission, natural gas networks, outdoor warning sirens, and the Power Generation Industry. Key manufacturers include prominent vendors of Wireless and Wired Industrial RTUs. Trends include infrastructure upgrades for grid efficiency, voltage levels, and automation control systems. Deployment types span power sector applications such as oil and gas, offshore platforms, onshore oil wells, pump stations, wastewater collection, and environmental monitoring. Monitoring technologies cover electrical devices, sensor signals, and digital signals. Data security is paramount, with microprocessor-controlled, electronic devices and distributed control systems like SCADA and telemetry data essential for master system remote monitoring. The economic, political, and social landscapes influence market dynamics. Emissions monitoring addresses pollution concerns, while voltage levels ensure grid reliability. Automation and control systems improve operational efficiency. In the Power Sector, RTUs play a crucial role in managing electrical power transmission and natural gas networks, ensuring grid efficiency and reducing pollution. 

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Market Challenges

Industrial operations rely heavily on Remote Terminal Units (RTUs) for efficient and reliable data collection and control in remote or harsh environments. However, deploying RTUs comes with significant challenges. Communication reliability is a major concern, as wireless signals can be disrupted by physical obstructions, weather conditions, and electromagnetic interference, leading to data transmission delays or losses. Power management is another issue, with RTUs relying on battery power or solar energy, which have their limitations. Battery-powered RTUs require regular maintenance and replacement, while solar-powered ones depend on consistent sunlight exposure. To overcome these challenges, industries must invest in advanced communication technologies and power management solutions, such as resilient communication protocols, signal boosters, and redundant communication pathways. Innovations in energy storage and management, like efficient batteries and hybrid power systems, can also help mitigate power-related issues. Addressing these challenges is crucial for the success of RTUs in industrial operations and the growth of the RTU market.The Industrial Remote Terminal Unit (RTU) market encompasses various industries including emissions monitoring, mine sites, air traffic equipment, hydro-graphic, electrical power transmission, natural gas networks, outdoor warning sirens, and the Biosphere II project. Prominent vendors offer both wired and wireless RTUs to cater to diverse deployment types. Key industries like power generation, oil and gas, and waste water collection rely heavily on RTUs for automation and control systems, infrastructure upgrades, grid efficiency, and voltage level management. Challenges in this market include data security, economic, political, and social landscapes. Monitoring technologies must ensure reliable transmission of sensor signals and digital signals from electrical devices. RTUs must be microprocessor-controlled, electronic devices capable of distributed control systems, SCADA, and telemetry data processing. The power sector, including onshore and offshore oil platforms, pump stations, and wastewater collection, requires real-time remote monitoring for environmental monitoring, pollution control, and air quality management.

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Segment Overview 

This industrial remote terminal unit (rtu) market in southeast asia report extensively covers market segmentation by  

Product 1.1 Wireless industrial RTU1.2 Wired industrial RTUEnd-user 2.1 Oil and gas2.2 Power generation2.3 Chemicals and petrochemical2.4 Water and wastewater industry2.5 OthersGeography 3.1 Southeast Asia

1.1 Wireless industrial RTU-  The Industrial RTU market refers to the sale and deployment of Remote Terminal Units in industrial settings. These devices enable remote monitoring and control of industrial processes, enhancing efficiency and reducing operational costs. Key players in this market include Siemens, Schneider Electric, and Honeywell. The market is driven by the increasing demand for automation in industries and the need for real-time data monitoring. Growth is expected to continue, with a focus on advanced features such as data analytics and cybersecurity.

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Research Analysis

The Industrial Remote Terminal Unit (RTU) market refers to microprocessor-controlled electronic devices used in industrial automation for remote monitoring and control applications. These units are integral components of distributed control systems (DCS) and Supervisory Control and Data Acquisition (SCADA) systems. RTUs collect telemetry data from various sensors and transmit it to the master system for processing and analysis. They find extensive use in various industries, including oil and gas (onshore and offshore platforms, pump stations), wastewater collection and environmental monitoring (pollution, air quality, emissions monitoring), mine sites, air traffic equipment, hydro-graphic, electrical power transmission, natural gas networks, outdoor warning sirens, and the Biosphere II project. RTUs come in both wired and wireless versions to cater to diverse industrial requirements. The Power Generation Industry is a significant consumer of RTUs due to the need for remote monitoring and control of power plants.

Market Research Overview

The Industrial Remote Terminal Unit (RTU) market refers to microprocessor-controlled electronic devices used in distributed control systems for monitoring and controlling industrial processes. These RTUs are integral components of Supervisory Control and Data Acquisition (SCADA) systems, enabling remote monitoring and automation of various industries. Applications span across sectors such as oil and gas (offshore platforms, onshore oil wells, pump stations), wastewater collection, environmental monitoring (pollution, air quality, emissions monitoring), mine sites, air traffic equipment, hydro-graphic, electrical power transmission, natural gas networks, outdoor warning sirens, and the Biosphere II project. The economic landscape of the RTU market is driven by infrastructure upgrades, grid efficiency, and power sector growth. The political landscape includes regulations and policies influencing data security and emissions monitoring. Social factors include the increasing demand for automation and control systems. Two main types of RTUs exist: wireless and wired. Key monitoring technologies include sensor signals and digital signals. Prominent industries include power generation and wastewater collection. Key manufacturers focus on developing advanced RTUs with enhanced data security features. The market is expected to grow due to the increasing need for real-time monitoring and automation in various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductWireless Industrial RTUWired Industrial RTUEnd-userOil And GasPower GenerationChemicals And PetrochemicalWater And Wastewater IndustryOthersGeographySoutheast Asia

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Lazada Announces Suite of GenAI Features to Transform Shopping and Seller Experiences in Southeast Asia

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The GenAI features will transform four key dimensions of eCommerce shopping, termed 4Ds, including discovery, dependability, deals, and decision making, to deliver a more personalised and interactive experienceLazada is also leveraging Alibaba’s newly-launched improved iteration of its AI translation tool, Marco MT, to support language localisation needs in the diverse region of Southeast AsiaIn parallel, Lazada has partnered with Kantar to launch its inaugural “Artificial Intelligence Adoption in eCommerce in Southeast Asia” whitepaper on consumer preferences, sentiments and behaviour towards AI

SINGAPORE, Oct. 30, 2024 /PRNewswire/ — Lazada, Southeast Asia’s pioneer eCommerce platform, today announced a major leap in online shopping with the launch of all-new GenAI-powered in-app features. These enhancements promise to revolutionise the shopping journey by offering shoppers a more personalised, engaging, and dynamic experience. Alongside this, Lazada also launched its Artificial Intelligence Adoption in eCommerce in Southeast Asia whitepaper, jointly developed with Kantar, to better understand AI awareness, trust and preferences, shopping behaviour, and consumer pain points in the region.

 

Lazada’s GenAI features include an AI-powered personal shopping assistant – AI Lazzie, smart recommendations, AI-generated product information, and even AI-generated models, which position the platform at the forefront of a rapidly evolving eCommerce landscape in Southeast Asia. Lazada is also leveraging Alibaba’s newly-launched improved iteration of its AI translation tool, Marco MT, to support language localisation needs in the diverse region of Southeast Asia. The AI translation tool is based on Alibaba’s proprietary model Qwen, and is designed to help sellers create product pages in the language of their target market. The improved version – Marco MT, is powered by large language models, with the ability to interpret contextual clues such as cultural and industry-specific terms.

As AI and GenAI continue to serve as major growth catalysts, Lazada is addressing the four critical dimensions (4Ds) that are transforming online shopping:

1.     Discovery: Enhancing Product Search and Shopping Inspiration

AI is reshaping how shoppers discover products by providing personalised recommendations and improving search efficiency. The whitepaper reveals that nine out of ten respondents in Southeast Asia believe that AI enhances their search efficiency when shopping online. Lazada’s AI tools, such as the personal shopping assistant, AI Lazzie, are designed to help shoppers not only find products, but also discover new ideas and lifestyle additions, offering 24/7 tailored assistance to enrich and elevate the shopping experience.

2.     Dependability: Building Trust and Loyalty through Tailored Experiences

With the new GenAI updates, Lazada will now be able to offer more dynamic and engaging content on its platform. For instance, AI-generated product descriptions and images can be tailored to different regions, languages, and cultural nuances, ensuring that shoppers feel a deeper connection with the products they are browsing. This capability is particularly valuable in Southeast Asia, where linguistic and cultural diversity are both varied and vast.

Insights from our whitepaper also revealed an exceedingly high level of trust towards AI-powered platforms, where a majority of shoppers trust and rely on AI for personalised recommendations (92%) and product summaries (90%). Here, Lazada’s GenAI features such as its AI-powered smart reviews and personalised product recommendations based on shopping habits and past purchases can enhance shopping experience by offering shoppers quick, comprehensive, and reliable product insights. These tools foster customer loyalty by enabling dependable and seamless interactions that build trust, while helping shoppers make more informed decisions.

Given the impact that AI delivers, we are witnessing a huge majority of shoppers using AI features on eCommerce platforms at least once a week (80%), with a high willingness to pay more for AI-powered shopping experiences (83%).

3.     Deals: Helping Shoppers Find the Best Value

The whitepaper highlights that approximately a third of Southeast Asian shoppers are price-conscious and actively seek out deals (41%). In fact, more than half of the respondents identify competitive pricing (54%) and the availability of vouchers and discounts (51%) as key factors that influence repeat purchases.

Lazada’s AI-curated offers, exclusive vouchers, and the integration of LazCoins as a rewards mechanic further ensure that shoppers can access the best value for every purchase. By leveraging AI, Lazada helps shoppers discover deals tailored to their personal preferences, habits, and interests to ensure that the best deal is secured.

Going above and beyond, the humanised aspect of GenAI means that Lazada is also able to gamify the shopping experience, by rewarding positive behaviour such as high user engagement rate with additional surprise discount voucher codes and bundle deals.

4.     Decision-Making: Smarter Shopping Choices

Lazada’s findings reveal that an overwhelming 88% of respondents in Southeast Asia make purchase decisions using AI-generated content and product recommendations, and over half (51%) indicate that product and seller reviews are key features they prioritise when shopping online. Harnessing this insight, Lazada’s GenAI update is designed to create unique content by harnessing product reviews, product key selling points, as well as tailored product recommendations to optimise the shopper research process and support their purchasing decisions with facts and data.

To further expedite the decision-making process, AI Lazzie can answer shopper queries promptly to address concerns, which can result in increased order conversion rates, as well as enhanced customer satisfaction and loyalty.

James Dong, Chief Executive Officer of Lazada Group, commented, “At Lazada, we have embraced GenAI as part of our customer-centric, long-term growth strategy to enhance customer experiences, as we stribe to stay ahead and steer into a new era of online shopping. We foresee that GenAI will accelerate an eCommerce revolution and reshape the way we currently shop, sell, and engage. Our goal is to make every experience sharper, more individual, efficient, and enjoyable. Through these innovations, we’re not only supporting our shoppers, but also empowering our sellers to make smarter, data-driven decisions, from product positioning to customer engagement.”

Dong added: “As Lazada implements AI at scale, we strive to create win-win scenarios for all eCommerce players, while maintaining the human touch that remains essential in fostering authentic, lasting relationships with our shoppers, sellers, and partners in the ecosystem. By embracing GenAI, we aim to create a more accessible, inclusive, and personalised shopping experience for all.”

About the Whitepaper

 

The Artificial Intelligence Adoption in eCommerce in Southeast Asia whitepaper is derived from the research conducted in partnership with Kantar in six Southeast Asian markets – Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines – which surveyed more than 6,000 eCommerce users between the ages of 18 and 60 in September 2024.

Download the Lazada app: Apple App Store | Google Play Store

About Lazada Group

Lazada Group is Southeast Asia’s pioneer eCommerce platform. For the last 12 years, Lazada has been accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. Today, a thriving local ecosystem links about 160 million active users to more than one million actively-selling sellers every month, who are transacting safely and securely via trusted payments channels and Lazada Wallet, receiving parcels through a homegrown logistics network that has become the largest in the region.

 

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SOURCE Lazada Group

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Close to 90% of people have never heard of ‘robocalls’

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Survey on robocalls conducted in response to the rapid global expansion of risks, such as fake phone calls during the US presidential election

PLANO, Texas, Oct. 30, 2024 /PRNewswire/ — Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world’s largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks has conducted a survey on robocalls (automated voice calls) in Japan.

Machine-generated robocalls, also known as automated voice calls, often utilizing AI technology. While these calls can enhance operational efficiencies and reduce manpower requirements, they are frequently misused for fraudulent activities, such as obtaining personal information or conducting scams.

Earlier this Spring, robocalls mimicking President Biden’s voice using generative AI technology were used to dissuade voters from participating in the New Hampshire electoral primary ahead of the November 5th presidential election. Globally, robocalls have become a significant social issue. In Japan there has been a sharp increase in fraudulent robocalls, including scams involving false claims of unpaid fees.

Key survey findings include:

Awareness Gap: Approximately 90% of respondents had never heard of robocalls. However, among those who were aware, approximately 85% recognized their use in fraudulent activities around the world.Suspicious Calls: One in five respondents reported receiving suspicious robocalls soliciting personal information or suspected of being scams, suggesting that despite limited public awareness, fraudulent robocalls are currently being made in Japan.Impact on Daily Life: Over 90% of those who received suspicious robocalls felt uncomfortable answering their phones, indicating that the impact of suspicious robocalls extends into everyday life.Limited countermeasures: 70% of respondents believe that individuals only have limited options in fighting against unwanted calls.As generative AI continues to evolve, the potential for damage caused by abusive robocalls is likely to increase. This underscores the need for companies and telecom providers to deploy robust tools to combat the misuse of robocalls are abused.

Comments by Yoshikazu Kuwabara, Senior Manager, Systems Engineering Department, Ribbon Communications
Robocalls have been increasing around the world over the past few years, and while not all robocalls are malicious, thery are contributing to a growing loss of trust in telephony. More and more, people refuse to answer calls from unknown numbers, blocked numbers, or avoid answering the phone altogether.

As robocalls are not a daily occurrence in Japan at present, many people are unaware of them. However, as 42% of respondents have experienced robocalls (automated voice calls), indicating that robocalls do exist in Japan and could become more common in the future. In the USA, where robocalls have become a major issue, call verification (STIR/SHAKEN) has already been mandated by the FCC and Congress.

In this context, Ribbon Communications offers Ribbon Call Trust as a solution for assuring the identity of callers (Identity Assurance Solution). It provides caller Reputation scoring, robocall and fraudulent call detection with anomaly analysis, STIR/SHAKEN services (Caller ID authentication, signing and verification), blocklisting, encryption, CAC, policy routing and CVT (Call Validation Treatment). functions, contributing to the creation of a safe and secure telephony environment.

Survey Summary

90% of people have never heard of ‘robocalls’!Of those who know about robocalls, about 85% know of cases where they have been used fraudulently.Around 42% of respondents have experienced robocalls!One in five people have experienced a suspicious robocall!Approximately 94% of those who experienced a suspicious robocall had negative feelings about the call they subsequently received.When a call comes in from an unknown number, the countermeasure taken by around 70% of people is: ‘I don’t answer unknown numbers’.About 71% of respondents feel that there are limited measures that individuals can take against unwanted phone calls!

Survey Overview

 Survey Method             

:Internet

Research Organization

:JustSystems Corporation

Study Period                 

:22 to 24 of July 2024

Survey Area                   

:Japan

Subject of a Survey       

:Men and women aged 20~65 years

Number of People           

:330

Almost 90% of people have never heard of ‘robocalls’!
When asked if they had heard of robocalls, close to 90% of respondents said they had not heard of them or did not know about them. Although robocalls are a problem worldwide, they are still not well recognised in Japan. (n=330)

About 85% of those who know about robocalls are aware of cases where they have been used fraudulently.
Approximately 85% of those who are aware of Robocalls, know that they are being used fraudulently around the globe, including for various scams. Those who were aware of robocalls were also aware of a high percentage of cases of abuse. (n=39)

Around 42% of respondents have experienced robocalls!
When asked if they had received robocalls to their mobile or landline, around 42% said they had.(n=330)

The survey also found that more than half of those aged 50-65 years had been targeted by robocalls.

One in five people have experienced a suspicious robocall!
Of those who said they had experienced robocalls, around 46% said they had experienced suspicious robocalls that attempted to ask for personal information or were suspected of being a scam. These results show that one in five people have experienced a suspicious robocall. (n=138)

In terms of age, the most frequent experience of suspicious robocalls was in the 30s, at around 70%, followed by those in their 50s at around 50%.

Approximately 94% of those who experienced a suspicious robocall had negative feelings about the call they subsequently received
Of those who had experienced a suspicious robocall, around 94% said that they felt uncomfortable or did not pick up the subsequent call because they felt uncomfortable. This suggests that abusive and suspicious robocalls are having an impact on daily life. (n=63)

When a call comes in from an unknown number, the countermeasure taken by around 70% of people is: ‘I don’t answer unknown numbers’.
When asked what they do when they receive a call from an unknown number, the most common response was that they do not answer unknown numbers, at around 70%. A certain number of people do not take any countermeasures, with around 20% of respondents saying they have not thought about it. (Multiple answers) (n=325)

About 71% of respondents feel that there are limited measures that individuals can take against unwanted phone calls!
Around 71% of respondents felt that there are limited measures that individuals can take against unwanted calls, indicating that most people feel that this is a challenge. (n=325)About Ribbon Call Trust®
Ribbon Call Trust is an Identity Assurance Solution (Identity Assurance Solution) designed to guarantee the  identity of the caller. To prevent excessive robocalls and fraudulent calls, it is important to understand the caller’s intentions and reputation. To this end, it provides Reputation Score, robocall and fraudulent call detection through anomaly analysis, STIR/SHAKEN services (Caller ID authentication, signature and verification), blocking, encryption, CAC, policy routing and CVT (Call Validation Treatment), Ribbon Call Trust is widely used by telecom operators, mainly in the US and Canada, but also in France and other countries where STIR/SHAKEN is mandatory.

Providing a comprehensive Robocall Reputation Score in real-time using ML (Machine Learning) from multiple data sources, including external fraud information databases, telecom operators’ own databases and statistics from analytics, to enable telecom This enables operators to perform appropriate CVT (Call Validation Treatment), such as announcement connection, activation of CAPTCHA authentication and call disconnection, for calls deemed to have a high potential for robocalls or fraud.

Ribbon Call Trust® website
https://learn.rbbn.com/jp/identity-assurance

About Ribbon
Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today’s smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon, please visit rbbn.com.

Japanese website https://learn.rbbn.com/jp

Important Information Regarding Forward-Looking Statements 
The information in this release contains forward-looking statements regarding future events that involve risks and uncertainties. All statements other than statements of historical facts contained in this release, including those regarding the expected benefits from use of Ribbon Communication’s products, are forward-looking statements. The actual results of Ribbon Communications may differ materially from those contemplated by the forward-looking statements. For further information regarding risks and uncertainties associated with Ribbon Communications’ business, please refer to the “Risk Factors” section of Ribbon Communications’ most recent annual or quarterly report filed with the SEC. Any forward-looking statements represent Ribbon Communications’ views only as of the date on which such statement is made and should not be relied upon as representing Ribbon Communications’ views as of any subsequent date. While Ribbon Communications may elect to update forward-looking statements at some point, Ribbon Communications specifically disclaims any obligation to do so.

Media Contact
Ribbon Communications Public Relations Office(Within Kyodo Public Relations Co.)
Kanno, Otsuka、Kikuchi
TEL: 03-6260-4856 E-mail: ribbon-pr@kyodo-pr.co.jp

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Matrixport’s subsidiary Fly Wing Receives In-Principle Approval for Major Payment Institution License in Singapore

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SINGAPORE, Oct. 30, 2024 /PRNewswire/ — Fly Wing Technologies Pte Ltd (“Fly Wing”), a wholly owned subsidiary of Matrixport, the world’s leading and largest one-stop crypto financial services platform in Asia, today announced that it has received an in-principle approval (“IPA”) from the Monetary Authority of Singapore (“MAS”) for its Major Payment Institution License (“MPI license”) application.

As a leading global financial centre, Singapore is a key market and jurisdiction in Matrixport’s Global regulatory licensing strategy. The IPA marks an important milestone for Fly Wing’s journey towards obtaining the MPI license, further strengthening its leading position as the premium Over-the-Counter (OTC) desk in Singapore.

John Ge, Co-founder and CEO of Matrixport, said, “Singapore, as one of the world’s leading financial centers, has a positive and open attitude toward the emerging Web 3.0 industry and provides clear and definite regulatory framework for digital payment token services. We are very optimistic about Singapore’s strong potential in the Web3 field. This will continue to empower us to provide more compliant and innovative financial products and services to eligible clients worldwide, and to fulfill our commitment to achieving the highest compliant operational standards in the jurisdictions where we operate.”

Fly Wing can offer innovative Digital Payment Token services in a compliant and responsible manner, and will continue to optimize blockchain-driven Digital Payment Token services, helping more users easily enter the Web 3.0 industry. The company will also continue to work with global benchmark regulatory agencies to jointly create a compliant and secure blockchain financial ecosystem.

About Fly Wing Technologies Pte Ltd

Founded in 2019, Fly Wing Technologies Pte. Ltd. (“Fly Wing”) is a wholly owned subsidiary of Matrixport, a leading digital asset financial services platform in Asia. Fly Wing serves a diverse clientele, including crypto miners, trading firms, investment firms, and high-net-worth individuals from both crypto and traditional finance. The company engages in OTC market making, facilitating over $100 million in monthly transactions and providing liquidity for major cryptocurrencies, as well as fiat on- and off-ramps.

Fly Wing has received the IPA from MAS for an MPI License to provide digital payment token service for OTC trading in Singapore.

Fly Wing official website: https://www.flywing.com/

About Matrixport

Founded in 2019, Matrixport is the world’s leading all-in-one hub for crypto financial services. The platform is committed to providing every user with a personalized Super Account that integrates crypto trading, investment, loan, custody, RWA, research and more. With $6 billion in AUM (assets under management), Matrixport offers global users diverse crypto-financial solutions designed for optimal capital efficiency and sustainable returns.

As a Group and through its local subsidiaries, Matrixport has received the Trust and Company Service Provider (TCSP) / Money Lender Licenses in Hong Kong, and the FINMA Asset Management License in Switzerland. The company operates as an Appointed Representative in the UK, is registered as an MSB in the US, and is a member of Switzerland’s FINMA SRO-VFQ. It was recognized by CB Insights as one of the “50 Most Promising Blockchain Companies” and featured in the Hurun “2024 Global Unicorn List.” Additionally, Matrixport’s subsidiary, Fly Wing, has obtained IPA for the MPI License in Singapore.

Matrixport official website: https://www.matrixport.com

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