At a glance

business July 17, 2017 01:00

By The Nation

TMB and FWD renew Bancassurance Collaboration



TMB and FWD renew Bancassurance Collaboration

TMB Bank Public Company Limited (TMB) and FWD Life Insurance Public Company Limited or (FWD) have announced the renewal of their collaboration in life bancassurance business with an initial term of 15 years effective from January 1 of this year onwards. 

FWD will gain access to the TMB distribution network and work closely with the bank to develop life insurance products that meet the needs of TMB customers. The renewed life bancassurance collaboration reiterates the strength of synergies between TMB and FWD over the previous years.

With TMB bancassurance premium growth more than three times the overall market growth over the past three years, the collaborating companies said they are confident that the renewal will leverage the key strengths of both parties in delivering the highest value to TMB customers.

As part of the process, TMB has appointed Bank of America Merrill Lynch as a financial advisor, and Towers Watson Singapore an actuarial advisor, in relation to the renewal of bancassurance collaboration. 

Unabated climate change ‘would reverse gains’ in Asia

Unabated climate change would bring devastating consequences to countries in Asia and the Pacific, including severely affecting their future growth, reversing hardearned develฌopment gains, and degrading quality of life, according to a report produced by the Asian Development Bank (ADB) and the Potsdam Institute for Climate Impact Research (PIK).

Under a businessasusual scenario, a 6degree celsius temperature increase is projected over the Asian landmass by the end of the century. Some countries in the region could experience significantly hotter climates. Temperature increases in Tajikistan, Afghanistan, Pakistan, and the northwest part of the People’s Republic of China (PRC) reaching 8C degrees, according to the report titled “A Region at Risk: The Human Dimensions of Climate Change in Asia and the Pacific.”

These increases in temperature would lead to drastic changes in the region’s weather system, agriculture and fisheries sectors, land and marine biodiversity, domestic and regional security, trade, urban development, migration, and health. 

To mitigate the impact of climate change, the report highlights the importance of implementing the commitments laid out in the Paris Agreement. These include public and private investments focused on the rapid decarbonisation of the Asian economy as well as the implementation of adaptaฌtion measures to protect the region’s most vulnerable populations.

ADB approved a record US$3.7 billion (Bt124.9 billion) in climate financing in 2016 and has committed to further scale up its investments to US$6 billion by 2020.

Wedge Holdings to publish Osamu’s work in Burmese 

Wedge Holdings Co Ltd has signed a sales license agreement with Tezuka Productions Co Ltd, a company that manages the copyright of Tezuka Osamu, a famous Japanese cartoonist. This agreement allows the company to acquire the right to publish his work as ebooks in Burmese. 

The company will proceed publishing the artist’s work in cooperation with Bagan Innovation Technology Co Ltd (BIT) in Myanmar. BIT is owned by Group Lease PCL, a subsidiary of Wedge Holdings. 

As the first step, it will publish the first edition of Tezuka Osamu Magazine weekly around October 2017, after translation into Burmese and editing with BIT. 

BIT currently has over 5.5 million of their IT Platform users in Myanmar, including over 700,000 ebook users. They aim to expand throughout Asia together with Wedge Holdings.