U Mobile encourages 5G adoption by providing solutions that leverage AI, automation, and MEC, unlocking enterprise potential and value.

SAN ANTONIO, Dec. 19, 2024 /PRNewswire/ — Frost & Sullivan recently assessed the mobile services industry and, based on its findings, recognizes U Mobile with the 2024 Malaysian Company of the Year Award. The company recognizes the local community’s need for fast and reliable connectivity and its role in promoting digitalization for the next generation. As part of its vision to be Malaysia’s favorite mobile and digital services provider, U Mobile is committed to bringing the benefits of 5G technology to consumers, enterprises, and the public sector, and enabling the digital infrastructure needed to drive digital adoption. U Mobile innovates so that its products and services offer unbeatable value at accessible price points. It provides seamless, unlimited connectivity to the masses with various options tailored to different needs and budgets. The company has maintained its prepaid stronghold for many years, ranking high with consumers and evidenced by its consecutive awards for its prepaid plans.  U Mobile’s revised data speeds and Fair Usage Policy for its award-winning prepaid range push boundaries with seamless streaming, gaming, and browsing, raising industry standards in customer experience. In East Malaysia, U Mobile launched U Borneo plans specifically designed to meet the needs of East Malaysian subscribers with up to 2,000 GB 5G data for only RM15 monthly. Across all its product offerings, U Mobile has successfully provided the best value for the price despite market challenges, as seen by its increasing revenue, postpaid subscribers, and broadband subscriber numbers.

For enterprises, U Mobile constructed a product offering portfolio that looks into the needs of big and small businesses. A highlight and critical differentiator is the monthly complimentary global roaming, which is capped only after 15 GB and incoming calls from 63 destinations. This enables its micro-SME customers to stay connected with their partners without incurring bill shock or incurring high travel claims. Other innovative enterprise service offerings include its U Biz Fibre 10Gbps offering, which provides uninterrupted connectivity with complimentary secure DNS. As Malaysia’s fastest business fiber plan, U Biz Fibre 10Gbps aligns with U Mobile’s ambition to drive digitalization for enterprises by providing a plan designed to handle data-intensive tasks that support technologies like artificial intelligence (AI) and immersive high-definition media. Further leveraging its network and emerging technologies, U Mobile also has a portfolio of enterprise solutions aimed at reaping the benefits of digital transformation for businesses, such as U Biz dedication internet access (DIA) service, U Biz P2P (point-to-point), and U Biz Private Network.

Mei Lee Quah, director of ICT research at Frost & Sullivan, observed, “By leveraging 5G technology, U Mobile has shown effort and dedication to shaping a digitally inclusive future with enterprises and supporting Malaysia’s ambition to be a digitally enabled and technology-driven nation is starting to bear fruit, with early results showing promising outcomes.”

U Mobile’s collaboration with global technology players increases its leadership edge in 5G, helping it accelerate 5G adoption within the enterprise segment and elevate the customer experience. It can more effectively and efficiently explore the potential of 5G innovation and how it can digitally transform various industries, particularly with 5G solutions and use cases for the enterprise segment. An equally critical enabler is the opportunity for U Mobile to upgrade its technology to better support enterprises. Its partnerships foster greater efficiency, speed, and agility for both consumer and enterprise segment applications and help improve the intelligence of U Mobile’s network with autonomous network development and deployment and with AI/machine learning adoption. This leads to more efficient and reliable mobile network operations and better performance.

“Over the past year, U Mobile rolled out many new plans to address market needs and entered into multiple partnerships to tap into 5G’s potential. The company’s efforts to innovate will likely receive a boost from technology upgrades; with better technological capabilities and a wider scope, the company can make an even bigger impact on the local community and the country’s growth,” added Quah. By constantly pushing boundaries and creating competitive differentiators, U Mobile is quickly becoming a formidable participant in the Malaysian mobile services market. With its strong overall performance, U Mobile earns Frost & Sullivan’s 2024 Malaysia Company of the Year Award in the Mobile Services industry.

Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.

Contact:

Tarini Singh
E: tarini.singh@frost.com

About U Mobile
U Mobile’s vision is to be Malaysia’s most favourite digital services partner through innovations that constantly make things possible. To realise this, we are committed to providing unbeatable quality connectivity experiences that are best-in-class and 5G speeds that are ultra-fast at no extra cost. We believe our accessible quality connectivity narrows the digital divide by providing Malaysians access to the right skills and tools to unleash their unbeatable potential. For more information on U Mobile, please visit www.u.com.my.

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Major Home-Ownership Expenses Consume 34 Percent of National Average Wage;

IRVINE, Calif., Dec. 19, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property data, and real estate analytics, today released its fourth-quarter 2024 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the fourth quarter of 2024 compared to historical averages in 98 percent of counties around the nation with enough data to analyze. The latest trend continues a three-year pattern of home ownership requiring historically large portions of wages as U.S. home prices keep reaching new heights.

The report also shows that major expenses on median-priced homes currently consume 34 percent of the average national wage. That level marks an increase of more than one percentage point both quarterly and annually, pushing the figure even farther above the common 28 percent lending guideline preferred by lenders.

The downturns in current and historic affordability represent the latest measures of how home ownership remains a financial stretch for average workers around the nation. They come as the national median home price has climbed to $364,750 this quarter and mortgage rates, while declining, remain over 6 percent. Combined, those forces are helping to keep the ratio of ownership expenses to wages in the unaffordable range.

Fourth-quarter trends also have reversed a slight improvement during the third quarter of this year that had signaled a possible step in the right direction for homeowners. The portion of average wages nationwide required for typical mortgage payments, property taxes and insurance now stands almost 13 points beyond a low point reached early in 2021, right before home-mortgage interest rates shot up from the lowest levels in decades.

“The U.S. housing market continues to generate great profits for most home sellers but also more and more financial stress for would-be buyers. Average workers now must shell out a larger portion of their wages for major home-ownership expenses than at any time since right before the housing market tanked in the late 2000s,” said Rob Barber, CEO for ATTOM. “Despite recent declines in mortgage rates, down payments on typical home purchases have reached four times the average national wage.”

He added that “at some point, something’s got to give, or a growing number of buyers will have no choice but to toss in the towel and wait for home ownership to become more affordable. But we clearly are not there yet.”

The latest numbers reflect yet another period when year-over-year changes in major expenses on typical single-family homes and condos have outrun changes in average wages around the country. Expense totals have either grown faster or declined less than wages during 14 of the last 15 quarters dating back to late 2020, pushing affordability in the wrong direction for house hunters.

The report determines affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage payments, property taxes and insurance — on a median-priced single-family home and condo, assuming a 20 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio. That required income is measured against annualized average weekly wage data from the U.S. Bureau of Labor Statistics (see full methodology below).

Compared to historical levels, median home ownership costs in 556 of the 566 counties analyzed in the fourth quarter of 2024 are less affordable than in the past. That is virtually unchanged from both the third quarter of 2024 and the fourth quarter of 2023.

Historic measures remain negative as the portion of average local wages consumed by major home-ownership expenses on typical homes are considered unaffordable during the fourth quarter of 2024 in about 70 percent of the 566 counties in the report, based on the 28 percent guideline. Counties with the largest populations that are unaffordable in the fourth quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL.

On the flip side, the most populous of the counties with affordable levels of major expenses on median-priced homes during the fourth quarter of 2024 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA, and Cuyahoga County (Cleveland), OH.

View Q4 2024 U.S. Home Affordability Heat Map

National median home price up quarterly and annually amid mixed picture at county level
The national median price for single-family homes and condos has risen to a record high of $364,750 in the fourth quarter of 2024. The latest figure represents a 2.1 percent increase over the third quarter of this year and is 11.4 percent above the typical price in the fourth quarter of 2023.

At the county level, the pattern is more varied. Median home prices have increased since the fourth quarter of last year in 503, or 88.9 percent, of the 566 counties included in the report. Quarterly, however, typical values they have risen in only 210, or 37.1 percent of those markets. That is a sign that the latest jump in national median price may be driven more by larger numbers of sales in markets with bigger increases.

Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2024 with sufficient data.

Among the 47 counties in the report with a population of at least 1 million, the biggest year-over-year increases in median prices during the fourth quarter of 2024 are in Bronx County, NY (up 13.3 percent annually); Wayne County (Detroit), MI (up 12.9 percent); Cook County (Chicago), IL (up 12.1 percent); Suffolk County (Long Island), NY (up 11.5 percent) and Santa Clara County, CA (up 11 percent).

The only counties with a population of at least 1 million where median prices remain down from the fourth quarter of 2023 to the same period this year are New York County (Manhattan), NY (down 3.3 percent) and Kings County (Brooklyn), NY (down 1 percent).

Prices improving more than wages in three-quarters of U.S.
As home values keep rising throughout most of the U.S., year-over-year price changes have outpaced changes in weekly annualized wages during the fourth quarter of 2024 in 429, or 75.8 percent, of the counties analyzed in the report. That has helped push affordability levels down for average workers around the country.

The latest group of counties where prices have increased more than wages annually include Los Angeles County, CA; Cook County, (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles).

On the other side of the spectrum, year-over-year changes in average annualized wages have bested price movements during the fourth quarter of 2024 in just 137 of the counties analyzed (24.2 percent).

Home ownership consuming larger portion of wages in majority of U.S.
Despite falling mortgage rates in recent months, the portion of average local wages consumed by major expenses on median-priced single-family homes and condos has risen quarterly in 357, or 63.1 percent, of the 566 counties analyzed, although it is still down annually in slightly more than half.

Nationwide, the typical $2,092 cost of mortgage payments, homeowner insurance, mortgage insurance and property taxes is up 4.6 percent quarterly and 6.1 percent annually to a new all-time high. That has outpaced the 1 percent quarterly and 3.1 annual gains in the average national wage.

The latest expense total commonly consumes 34 percent of the average annual national wage of $73,918. That is up from 32.5 percent the third quarter of 2024 and from 32.7 percent in the fourth quarter of last year. The current level is nearly 13 percentage points more than a recent low point of 21.3 percent hit in the first quarter of 2021.

The cost-to-wage ratio exceeds the 28 percent lending guideline in 436, or 77 percent, of the counties analyzed, assuming a 20 percent down payment. That percentage is unchanged from the third quarter of 2024, based on the same group of counties, but is up slightly from 75.4 percent a year ago. It is far above the 31 percent figure recorded in early 2021.

In about one-third the markets analyzed around the U.S., major expenses consume at least 43 percent of average local wages, a benchmark considered seriously unaffordable.

Affordability downturns over the past year have hit hardest in low- and mid-priced markets, where prices fall below $350,000, with concentrations in the Northeast and Midwest. Those areas generally have been among the more affordable for local wage earners – a sign that they could be headed into the same difficult territory as more expensive markets.

Home ownerships on Northeast and West coasts still pose biggest financial burden for buyers
All but two of the top 25 counties where major ownership costs require the largest percentage of average local wages in the fourth quarter of 2024 are on the Northeast or West coasts, extending past trends. The leaders are Santa Cruz County, CA (115.5 percent of annualized local wages needed to buy a single-family home or condo); Maui County, HI (114.6 percent); Marin County, CA (outside San Francisco) (109.7 percent); Kings County (Brooklyn), NY (106.5 percent) and San Luis Obispo County, CA (96.2 percent).

Aside from Kings County, those with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the fourth quarter of 2024 include Orange County, CA (outside Los Angeles) (96 percent required); Queens County, NY (79.4 percent); Alameda County (Oakland), CA (77.2 percent) and San Diego County, CA (72.9 percent).

Counties where the smallest portion of average local wages are required to afford the median-priced home during the fourth quarter of this year are Cambria County, PA (east of Pittsburgh) (11.5 percent of annualized weekly wages needed to buy a home); Schuylkill County, PA (outside Allentown) (12.8 percent); Macon County (Decatur), IL (13.3 percent); Peoria County, IL (13.4 percent) and Mobile County, AL (13.6 percent).

Wage needed to afford typical home 21 percent above U.S. average
Major home ownership expenses on typical homes sold in the fourth quarter of 2024 require an annual income of $89,649 to be affordable. That is 21.3 percent more than the latest average national wage of $73,918.

Annual wages of more than $75,000 are needed to pay for major costs on median-priced homes purchased during the fourth quarter of 2024 in 325, or 57.4 percent, of the 566 markets in the report. That continues to pose major obstacles as average wages exceed that amount in just 13.6 percent of the counties reviewed.

The 20 counties with the highest annual wages required to afford typical homes remain along the east or west coasts, led by San Mateo County, CA ($404,277); Santa Clara County (San Jose), CA ($377,190); Marin County, CA (outside San Francisco) ($360,875); New York County (Manhattan), NY ($357,923) and San Francisco County, CA ($346,004).

The lowest annual wages required to afford a median-priced home in the fourth quarter of 2024 are in Cambria County, PA (east of Pittsburgh) ($20,235); Schuylkill County, PA (outside Allentown) ($24,415); Robeson County, NC (outside Fayetteville) ($26,656); Mercer County, PA ($27,390) and Mobile County, AL ($29,356).

Home ownership still unaffordable by historical standards throughout U.S.
Home ownership is less affordable in the fourth quarter of 2024 compared to historic averages in 98.2 percent of the 566 counties analyzed. That is about the same as the level in both the third quarter of 2024 and the fourth quarter of last year, but more than 20 times higher than the 4.6 percent portion in the first quarter of 2021.

Historical indexes have worsened quarterly, mostly by small amounts, in about two-thirds of the counties reviewed. That had dropped the nationwide index to its lowest point since 2007.

Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered historically less affordable) include Wayne County (Detroit), MI (index of 61); Fulton County (Atlanta), GA (65); Mecklenburg County (Charlotte), NC (65); Broward County (Fort Lauderdale), FL (65) and Hillsborough County (Tampa), FL (66).

Overall, counties with the worst affordability indexes in the fourth quarter of 2024 are Jasper County (Carthage), MO (index of 54); Jackson County, MS (56); Beaver County, PA (outside Pittsburgh) (56); Navajo County, AZ (Holbrook), AZ (57) and Muskegon County, MI (57).

The nationwide index of 74 is worse than in the third quarter of this year (78) and the fourth quarter of last year (77).

Report Methodology
The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 566 U.S. counties with a combined population of 250.7 million during the fourth quarter of 2024. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments.

The report determined affordability for average wage earners by calculating the amount of income needed for major home-ownership expenses on median-priced homes, assuming a loan of 80 percent of the purchase price and a 28 percent maximum “front-end” debt-to-income ratio. For example, affording the nationwide median home price of $364,750 in the fourth quarter of 2024 requires an annual wage of $89,649. That is based on a $72,950 down payment, a $291,800 loan and monthly expenses not exceeding the 28 percent barrier — meaning wage earners would not be spending more than 28 percent of their pay on mortgage payments, property taxes and insurance. That required income is more than the $73,918 average wage nationwide, based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers.

About ATTOM
ATTOM provides premium property data and analytics that power a myriad of solutions that improve transparency, innovation, digitization and efficiency in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications – AI-Ready Solutions.

Media Contact:
Megan Hunt
Megan.hunt@attomdata.com

Data and Report Licensing:
949.502.8313
datareports@attomdata.com

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SOURCE ATTOM

India is one of the top three countries globally for financial inclusion uplift.

MUMBAI, India, Dec. 19, 2024 /PRNewswire/ — Real-time payments boosted India’s GDP by $50 billion in 2023, making it the world’s largest market in terms of GDP growth, according to the Real-Time Payments: Economic Impact and Financial Inclusion report published by ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, in collaboration with The Centre for Economics and Business Research (Cebr). This is equivalent to the output of approximately 6.8 million workers.

The report leverages data from 40 countries and reveals—for the first time—an empirical link between real-time payments and financial inclusion. According to the report, real-time payments are forecast to contribute $76.5 billion of additional GDP to India’s economy by 2028, equivalent to 1.5% of GDP, or the output of 8.0 million workers. India is on track to become the world’s third-largest economy by 2030–31, according to S&P Global. Real-time payments play a pivotal role in supporting this trajectory, driving unparalleled economic efficiency and growth.

Real-time payments are driving unprecedented growth in enabling financial access for unbanked and underserved communities, accelerating remittance flows and creating opportunities for economic participation. The phenomenal surge in real-time payments and the resulting rise in financial inclusion present a significant growth opportunity for banks. The report reveals that by 2028, real-time payments are expected to add 25.5 million new bank account holders. The projected growth in new account holders presents a $24.6 billion profit opportunity for financial institutions, derived from the typical customer lifetime value estimated at $963.

“India dominates the global real-time payments market, with 129.3 billion transactions in 2023. The rise of real-time payments in India has revolutionized banking access, bringing millions of Indians into the formal financial system and empowering them with fast and seamless transactions. As India leads the charge in real-time payments adoption, banks and financial institutions have a unique opportunity to align profitability with purpose, fostering inclusion while capturing untapped growth,” said Santhosh Rao, Senior Vice President, Sales – MEASA, ACI Worldwide.

Globally, real-time payments are expected to contribute $285.8 billion in additional GDP growth—a 74.2% increase over five years—and create more than 167 million new bank account holders by 2028. The report highlights how real-time payments create a win-win scenario, driving benefits not only for the financial sector but also for the broader economy. India has emerged as a shining example of how real-time payments can drive global connectivity and inclusion, setting a benchmark for building a more integrated and empowered world.

About ACI Worldwide

ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.

© Copyright ACI Worldwide, Inc. 2024

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay, and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries, or both. Other parties’ trademarks referenced are the property of their respective owners.

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