Day: September 2, 2021

Development bank established by BRICS begins membership expansion

SHANGHAI, Sept. 2, 2021 /PRNewswire/ — The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has admitted the United Arab Emirates (UAE) as a new member.

NDB’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB is increasing its global outreach with the announcement of the UAE, Uruguay and Bangladesh as the first countries admitted into the Bank.

“We warmly welcome the UAE into the NDB family. It’s a particular honor that the UAE joins us on the occasion of its Golden Jubilee celebration. These 50 years have seen the UAE rise as one of the world’s most innovative and dynamic economies”, said Mr. Marcos Troyjo, President of NDB.

“The United Arab Emirates membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development. This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies”, said H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE.

The UAE will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members. Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.

Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totaling a portfolio of US$ 30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.

NDB’s membership expansion is in line with the Bank’s strategy to become the premier development institution for emerging economies.

Background information

NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has an authorized capital of US$ 100 billion, which is open for subscription by members of the United Nations.

BEIJING, Sept. 2, 2021 /PRNewswire/ — Innovation is the core competiveness of high-tech companies while research and development investment is often regarded as one of the key indicators for measuring the growth potential of these firms. Joy Spreader Group Inc. (HKG:6988, “the Group”, “Joy Spreader”), a leading marketing technology company listed in Hong Kong, revealing details of surging R&D investment through its interim results of 2021.

Joy Spreader achieved revenue of HK$624 million (approx. US$79.8 million) during the first half of 2021, an increase of 62.37 per cent from the same period of the previous year. Gross profit (excluding foreign exchange gains or losses) for the period grew 105.15 per cent YoY to HK$214 million (approx. US$27.4 million), while net profit for the period increased 102.26 per cent YoY to HK$137 million (approx. US$17.5 million).

Joy Spreader also increased investment in data analysis and modeling of algorithms during the reporting period. R&D expenses showed a YoY gain of 712.5 per cent to HK$29.9 million (approx. US$3.73 million). With plans to expand into foreign markets, the firm is seeking to build first mover advantage and competence in technologies in the mobile media performance-based marketing sector outside of China, including e-commerce marketing and interactive entertainment, by putting substantial R&D resources into data analysis and algorithm modeling for video content on international mobile new media platforms such as TikTok.

At the same time, the company further increased its R&D spend in the domestic market. As of June 30, 2021, the number of covered marketing points included in the Group’s marketing ecosystem had climbed to 1,561,601, up 208.65 per cent from a year prior. The company also added to its collection of data models. As of June 30, the number of models had expanded to 169 units, up 14.19 per cent from 148 units at the end of 2020.

The continued R&D investment has further consolidated Joy Spreader’s leadership in the marketing technology sector in which data accumulation has been known to have a decisive impact on the building and performance of models. With massive, structured data that spans a meaningful period of time and supports real-time interactions, marketing technology firms can better test, build and improve their algorithm models while delivering outstanding marketing services, and by doing so, enhance the quality of services.

Being a technology company that provides performance-based marketing services and boosts consumption across platforms through data analysis and algorithm capabilities, Joy Spreader expects to continuously optimize its automatic transaction matchmaking system and related technology platform, allowing the system to better facilitate transactions by accurately matching products from clients with covered marketing points on mobile new media platforms via precision analysis of products and mobile new media content as well as through structured processing of information.

Going forward, Joy Spreader plans to continue strengthening its competence in key technologies in a move to improve the quality of services while enhancing competitiveness by fully exerting the potential of data assets, with the aim of further consolidating its leadership in the industry and assuring the long-term growth of the company by virtue of innovative, premium services.

For more information about Joy Spreader Group Inc., please visit here.