Edison: EBITDA and net profit grow in Q1 driven by renewable production

MILAN, Italy, May 08, 2023 (GLOBE NEWSWIRE) — Edison closed the first quarter of 2023 with revenues of €6.1 billion, EBITDA and profit up to €544 million and €288 million respectively, thanks to a strong operating performance.

Edison’s Board of Directors reviewed the Interim Report on Operations at March 31, 2023, which showed a solid performance across all lines of business. In the first quarter of the year, EBITDA grew to EUR 544 million (+52.4%) from EUR 357 million in Q1 2022.

Driving the growth was the contribution of renewable generation and the good performance of sales in the Gas&Power segment in the end market, after a very difficult 2022.

The Edison Group ended the first quarter of 2023 with a net profit of €288 million, an increase from €27 million in the first quarter of 2022, which included an initial estimate of the extraordinary contribution provided for in the ‘Price Cuts’ decree. Financial debt at March 31, 2023 stood at €169 million from €477 million at December 31, 2022, an improvement thanks to good operating results that consolidate the Group’s position in the energy transition business.

In terms of context, electricity demand in Italy stood at 77.4 TWh in the first quarter of 2023, down 4% compared to the same period in 2022. All sources of production declined: thermoelectric generation, which remains Italy’s leading source, showed the most marked contraction (-13.9% to 45.1 TWh from 52.4 TWh in Q1 2022), hydroelectric generation was also down (-1.5% to 5.7 TWh from 5.8 TWh), while renewable generation from wind and photovoltaic power was broadly in line at 12.1 TWh. On the other hand, imports rose during this period to 13.7 TWh (+43.4% from 9.6 TWh). Overall, domestic production contributed around 82.4% of total electricity demand.

More decisive was the reduction in domestic gas consumption, which fell by 18.9% to 20.7 billion cubic metres from 25.6 billion cubic metres in Q1 2022.

Edison ended the first quarter of 2023 with sales revenues of €6,120 million from €7,111 million in the same period last year, impacted by the contraction in volumes of natural gas sold, which brought the revenues of the Gas Operations to €4,317 million (down 23.5% compared to Q1 2022). Revenues of the Electric Power Operations increased by 15% compared to Q1 2022, to €2,620 million, mainly due to an increase in the average contracted price.

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Three Acronis Leaders Honored on CRN’s 2023 Women of the Channel List

This exclusive recognition is awarded to Florence Jule, Fernanda Silva, and Kelsey Buller for their constant dedication to channel excellence

Acronis Women of the Channel Winners

Three Acronis Leaders Honored on CRN’s 2023 Women of the Channel List

BURLINGTON, Mass., May 08, 2023 (GLOBE NEWSWIRE) — Acronis, a global leader in cyber protection, announced today that CRN®, a brand of The Channel Company, has named three Acronis leaders to its Women of the Channel (WOTC) list for 2023: Florence Jule, Senior Director of Americas Marketing; Fernanda Silva, Senior Manager, Channel Sales; and Kelsey Buller Partner Marketing Manager. Every year, CRN recognizes women from vendor, distributor, and solution provider organizations whose expertise and vision are leaving a noticeable and commendable mark on the technology industry.

“I am truly honored to be recognized for my contribution in the channel to build programs to help our partners grow,” said Jule. “Listening carefully to our partners and understanding their unique challenges on how to go to market, we can create tailored channel programs to help them grow. This approach allows us to build strong, collaborative relationships with our partners, based on mutual trust. I’m so proud of what my peers and I have accomplished this year, and can’t wait to see what the future holds for the channel and Acronis.”

The CRN 2023 Women of the Channel honorees bring their creativity, strategic thinking, and leadership to bear in a variety of roles and responsibilities, but all are turning their unique talents toward driving success for their partners and customers. With this recognition, CRN honors these women for their unwavering dedication and commitment to furthering channel excellence.

“Thank you to CRN and my peers for recognizing the hard work we put into our channel offerings,” said Silva. “Our partnerships are what make Acronis successful, and we wouldn’t be where we are today without our robust and well-orchestrated channel program and partnership benefits.”

The extraordinary women recognized on the 2023 CRN WOTC list go above and beyond to ensure the success of Acronis and its partners. With their strategic visions and channel advocacy, they directly impact the growth of the channel and help Acronis achieve its strong bonds with its partners. Together, these women have streamlined the managed service provider (MSP) recruitment services, transformed how Acronis conducts partner marketing, and created an innovative MSP questionnaire that expedites onboarding and assists in customizing partnerships based on personalized goals and action plans.

“This recognition means a lot to me, and I’m happy to accept this accolade,” said Buller. “I hope my efforts and successes continue to inspire future generations of women tech leaders. I thank CRN and congratulate the fellow women of the channel recognized on this renowned list.”

The Acronis women leaders of the channel have successfully created a channel framework to align Acronis sales and marketing teams with each partner’s unique business and marketing strategy. The objective is to understand the needs of each partner to better strategize business and marketing plans, encourage feedback, increase consumption and product adoption while driving an increase in revenue.

“We are ecstatic to announce this year’s honorees and shine a light on these women for their significant achievements, knowing that what they’ve accomplished has paved the way for continued success within the IT channel,” said Blaine Raddon, CEO of The Channel Company. “The channel is stronger because of them, and we look forward to seeing what they do next.”

To learn more about the 2023 CRN WOTC achievement, check out our blog herehttps://www.acronis.com/en-us/blog/posts/three-exceptional-acronis-women-recognized-on-crns-2023-women-of-the-channel-list

The 2023 Women of the Channel list will be featured in the June issue of CRN Magazine, with online coverage starting May 8 at www.CRN.com/WOTC.

About Acronis
Acronis unifies data protection and cybersecurity to deliver integrated, automated cyber protection that solves the safety, accessibility, privacy, authenticity, and security (SAPAS) challenges of the modern digital world. With flexible deployment models that fit the demands of service providers and IT professionals, Acronis provides superior cyber protection for data, applications, and systems with innovative next-generation antivirus, backup, disaster recovery, and endpoint protection management solutions powered by AI. With advanced anti-malware powered by cutting-edge machine intelligence and blockchain based data authentication technologies, Acronis protects any environment – from cloud to hybrid to on premises – at a low and predictable cost.

Acronis is a Swiss company, founded in Singapore. Celebrating two decades of innovation, Acronis has more than 2,000 employees in 45 locations. Acronis Cyber Protect solution is available in 26 languages in over 150 countries and is used by 18,000 service providers to protect over 750,000 businesses.

About The Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequalled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelcompany.com

Follow The Channel Company: Twitter, LinkedIn, and Facebook.

© 2023 The Channel Company, LLC. CRN is a registered trademark of The Channel Company, LLC. All rights reserved.

The Channel Company Contact:
Natalie Lewis
The Channel Company

Acronis Media Contact:
Karl Bateson

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Recursion Enters into Agreements to Acquire Cyclica and Valence to Bolster Chemistry and Generative AI Capabilities

SALT LAKE CITY and TORONTO and MONTRÉAL, May 08, 2023 (GLOBE NEWSWIRE) — Recursion (NASDAQ: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, today announced it has signed agreements to acquire two companies in the AI-enabled drug discovery space: Cyclica and Valence.

“Recursion has pioneered the massive, parallel generation of -omics data with machine learning in order to map and navigate biology to discover new medicines faster. The strategic acquisitions of Cyclica and Valence add industry-leading capabilities in digital chemistry, as well as machine-learning and artificial intelligence, which combined with our large-scale automated wet-laboratories and supercomputing capabilities, enables us to deploy what I believe is the most complete, technology-enabled drug discovery solution in the biopharma industry. We look forward to showing the world proof of the compounding benefit of this full-stack approach through the rapid acceleration of our pipeline and partnerships. Amidst a rapidly accelerating global race for technology talent, these acquisitions cement Recursion as the center of gravity for the best and brightest in ML and AI who want to reimagine how drugs are discovered,” said Chris Gibson, Ph.D., Co-Founder and CEO of Recursion. “I am so excited to welcome the Cyclica and Valence teams to Recursion, especially at such a dynamic moment in history when machine learning and artificial intelligence are creating so much rapid change across every industry.”

Cyclica, headquartered in Toronto, has built two highly differentiated products in the digital chemistry space which will be integrated into the RecursionOS. MatchMaker™ is an AI-enabled deep learning engine that predicts the polypharmacology of small molecules as the foundation for small molecule drug discovery. It is able to generalize across the proteome and uses both AlphaFold2 structures and homology models. POEM™ (Pareto Optimal Embedding Model) is a unique similarity-based property prediction model. In contrast to other AI prediction models, POEM uses multiple types of molecular fingerprints to describe molecules, providing a much richer measure of similarity that leads to greater accuracy.

“Cyclica and Recursion both believe in the value of industrializing drug discovery,” said Naheed Kurji, CEO and Co-Founder of Cyclica. “Combining our proteome-wide prediction of small molecule-target interactions into Recursion’s data universe will create one of the largest fit-for-purpose biological and chemical datasets in the drug discovery space. Together, I believe Recursion will have an immense impact on human health in the years to come.”

Valence, headquartered in Montréal at Mila, the world’s largest deep learning research institute, is committed to unlocking the full potential of deep learning in the drug discovery process. The company has pioneered the application of low-data learning in drug design, unlocking the ability to design differentiated small molecules with improved properties and function from datasets too small, sparse, or noisy for traditional deep learning methods. Valence has an unparalleled track record of innovation in molecular machine learning, including best-in-class methods for AI-enabled structural biology, generative chemistry, and multi-parametric optimization, ultimately enabling the design of best-in-class or first-in-class chemistry against challenging biology.

“The integration of Valence’s powerful AI-based chemistry engine into Recursion’s diverse and data-rich operating system will help unlock the true power of AI-first digital chemistry and drug discovery,” said Daniel Cohen, CEO and Co-founder at Valence Discovery. “Recursion is a leader in technology-enabled drug discovery with a proven track record of leveraging data to uncover novel biology, and I’m thrilled for our teams to join forces and combine our respective strengths to rapidly advance new medicines to patients who need them.”

Joining forces with Recursion’s Montréal deep learning research office, Valence will become an artificial intelligence and machine learning research center to be led by Daniel Cohen with continued advisory from Yoshua Bengio.

“The acquisition of Valence gives Recursion the opportunity to create a true center of excellence for some of the most compelling AI/ML research in the world,” said Yoshua Bengio, deep learning pioneer and scientific advisor to both Recursion and Valence. “With this newly integrated group housed in the Mila ecosystem, Recursion’s team of researchers in AI and ML for drug discovery reaches a critical mass at a crucial time in the development of new AI algorithms for scientific discovery.”

Terms of the Acquisitions

Recursion has entered into agreements to acquire Cyclica for a purchase price of $40 million and Valence for a purchase price of $47.5 million, in each case subject to customary closing and post-closing purchase price adjustments. The purchase price in the acquisitions will be payable in the form of shares of Recursion Class A common stock, shares of a subsidiary of Recursion exchangeable for shares of Recursion’s Class A common stock and the assumption of certain outstanding Valence and Cyclica options. In certain limited circumstances, Recursion may pay nominal cash consideration to Valence and Cyclica shareholders in lieu of such exchangeable shares or Recursion Class A common stock. Recursion expects no material change to its cash runway as a result of these acquisitions. Recursion expects both acquisitions to be completed in the second quarter of 2023, subject to applicable closing conditions.

About Recursion
Recursion is a clinical stage TechBio company leading the space by decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.

Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montréal and the San Francisco Bay Area. Learn more at www.Recursion.com, or connect on Twitter and LinkedIn.

About Cyclica
As a neo-biotech, Cyclica is efficiently advancing an industry-leading, robust and sustainable drug discovery portfolio focused on CNS, oncology, and auto-immune diseases. Cyclica has built the only generalizable platform across the entire proteome, expanding the target space for low-data targets, including AlphaFold2 structures, PPIs, and mutant oncogenic targets. Cyclica has brought together a diverse and experienced team of biologists, chemists, computer scientists, and business professionals who are collectively passionate about changing the drug discovery paradigm. By exploring the unexplored, and drugging the undrugged, Cyclica strives to impact patient health like never before. For more information, please visit: www.cyclicarx.com.

About Valence Discovery
Valence is harnessing a revolution in computation to improve human health. The company is a leader in developing and deploying AI and physics-based technologies to enable the design of differentiated small molecules with improved properties and function. Following successful partnerships with leading biotech and pharmaceutical companies, and an unparalleled track record of innovation featured in top AI journals and conferences, Valence has built a team of interdisciplinary industry veterans and computational experts focused on rapidly advancing a portfolio of internal drug discovery programs. Valence launched publicly in 2021, is supported by leading biotech and deeptech investors, and is headquartered in Montréal. To learn more, please visit www.valencediscovery.com.

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Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding the timing and completion of the Cyclica and Valence acquisitions and the outcomes and benefits expected from such acquisitions; Recursion OS and other technologies; business and financial plans and performance, including cash runway; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

GlobeNewswire Distribution ID 8833750

Arbor Metals Observes Westward CV-5 Extension Advancing Toward the Jarnet South Block

Map Image of Arbor Metals’ Jarnet Lithium Project

The Jarnet lithium project, located in the James Bay region of Quebec, comprises 47 map-designated claims, covering an area of approximately 3,759 hectares.

VANCOUVER, British Columbia, May 08, 2023 (GLOBE NEWSWIRE) — Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) announces that according to Patriot Battery Metals Inc.’s (“PMET”) recent press release (May 1st, 2023), the CV5 Pegmatite’s western extension has expanded by 550 metres. Consequently, Arbor’s Jarnet South Block is now situated less than 1.7 kilometres North-Northwest from the CV-5 western expansion. The Jarnet South Block is included in the ongoing long-wave infrared survey (“LWIR”) and interpretation of high-resolution satellite images, executed by DIRT Exploration of Cape Town, South Africa.

Employing proprietary processing of satellite data, the LWIR analysis can map or pinpoint mineral distribution across large vegetated areas and shallow cover through reflectance spectroscopy against known standards. The ground-penetrating capability of long-wave infrared radiation enables the observation of mineral spectra at shallow depths. The LWIR and satellite image evaluation will integrate data and recognized pegmatite occurrences from the Company’s 2022 reconnaissance-scale field program. The survey is being conducted across the entire Jarnet lithium claim blocks, encompassing 70 map-designated claims and covering around 3,759 hectares.

Arbor Metals is in the process of developing its 2023 exploration program, taking into account the Company’s previous exploration findings, ongoing satellite imagery, and publicly accessible results from PMET’s activities and other entities in the region, as part of this emerging high-profile lithium district. The Company will share more information about its 2023 work program as it becomes available.

Note: The Company advises that discoveries and observations on nearby properties do not necessarily imply the existence of similar mineralization or geological features on the company’s properties.

Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.

About Arbor Metals Corp.

Arbor Metals Corp. is a mining exploration company focused on the development of high-value, geographically significant mineral projects around the world. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes. Arbor currently oversees three outstanding mineral projects.

Map Image of Arbor Metals' Jarnet Lithium Project

The Jarnet lithium project, located in the James Bay region of Quebec, comprises 47 map-designated claims, covering an area of approximately 3,759 hectares. The Jarnet project is contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization, and represents one of the highest-profile lithium exploration projects in the sector.

For further information, contact Mark Ferguson, Chief Executive Officer, at info@arbormetals.com, or visit the Company’s website at www.arbormetalscorp.com.

On behalf of the Board,

Arbor Metals Corp.

Mark Ferguson, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Jarnet Lithium Project, the assessment of samples from that Project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

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GlobeNewswire Distribution ID 8833410

SomaLogic opens their first-ever proteomics grant program to APAC life sciences researchers

Two winners will be awarded 40 human plasma or serum samples to be processed on the SomaScan® Platform at Genomax’s Singapore lab

SINGAPORE & BOULDER, Colo., May 07, 2023 (GLOBE NEWSWIRE) — SomaLogic, Inc., a global leader in proteomics technology, today announced that it is sponsoring the Genomax Research Grant Award for researchers in Singapore. This effort is SomaLogic’s first grant in the APAC region. The winners of the award will receive proteomic data from SomaLogic’s 7,000-plex assay, which will be run at Singapore-based Molecular Genomics, a Genomax Technologies company. The Genomax site, opened in November 2022, was the first SomaLogic authorized site in Asia to offer the SomaScan® Platform.

The grant program, which was launched at the Asia Oceana Human Proteome Organisation (AOHUPO) meeting in Singapore, requires that researchers in academic, medical centers, pharmaceutical companies, and contract research organizations in life sciences, submit a proposal outlining how they will use the SomaScan Platform to expand their research goals in health or in a specific disease area. Two winners will be awarded 40 human plasma or serum samples to be processed on the SomaScan Platform at Genomax’s Singapore lab. Researchers can apply on SomaLogic’s website: http://somalogic.com/genomaxgrant2023.

While experts across the region have long embraced the value of genomics, life science researchers in Asia are now increasingly appreciating the power and the promise of proteomics in their discovery efforts. SomaLogic’s proprietary protein detection and analysis technology measures how proteins function and interact, supporting researchers in drug research and development, and biomarker identification efforts.

“Asia is an incredibly important and rapidly growing market because of their increasing focus on translational work in life sciences and clinical research,” said SomaLogic Chief Executive Officer Adam Taich. “We are excited to bring this inaugural grant program to researchers in Singapore who can advance their studies through our partnership with Molecular Genomics, which has been accelerating biodiscovery in Southeast Asia for more than a decade.”

About SomaLogic 
SomaLogic is catalyzing drug research and development and biomarker identification as a global leader in proteomics technology. With a single 55 microliter plasma or serum sample, SomaLogic can run 7,000 protein measurements, covering more than a third of the approximately 20,000 proteins in the human body and twice as many as other proteomic platforms. For more than 20 years we’ve supported pharmaceutical companies, and academic and contract research organizations who rely on our protein detection and analysis technologies to fuel drug, disease, and treatment discoveries in such areas as oncology, diabetes, and cardiovascular, liver and metabolic diseases. Find out more at www.somalogic.com and follow @somalogic on LinkedIn.

Forward Looking Statements Disclaimer
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues, projections, prospects, plans and objectives of management are forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “forecast,” “guidance,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “continue,” “will likely result,” “possible,” “potential,” “predict,” “pursue,” “target” and similar expressions, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including factors which are beyond SomaLogic’s control. You should carefully consider these risks and uncertainties, including, but not limited to, those factors described under Part I, Item 1A – “Risk Factors” in our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SomaLogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company will not and does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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ASEAN hastens regional payment connectivity

ASEAN will work on a roadmap to expand its regional payment connectivity to encompass all member states, according to the bloc’s chair Indonesia.

Earlier, the ASEAN-5, including Indonesia, Malaysia, the Philippines, Thailand, and Singapore, inked an agreement on linking their QR code payment systems.

Speaking at a press conference on May 7, Indonesian Minister of Economic Affairs Airlangga Hartarto said ASEAN would discuss the time frame for other member states to join the region-wide payment connectivity.

According to the Bank Indonesia, six Thai banks have connected to Indonesia’s Quick Response Code Indonesian Standard (QRIS), namely Bangkok Bank, Bank of Ayudhya (Krungsri), CIMB Thai, Kasikornbank, Krungthai Bank, and Siam Commercial Bank.

The 22nd ASEAN Economic Community (AEC) Council meeting agreed on a leaders’ declaration on advancing regional payment connectivity and local currency transaction mechanism for ASEAN to be adopted in the upcoming summit in Labuan Bajo.

The ASEAN-5 already have their respective instant payment systems: for instance, Indonesia with the QRIS and the Bank Indonesia Fast Payment. Vietnam is likely to be the next to join the connectivity. Brunei, Laos, and Cambodia would follow later on./

Source: Vietnam News Agency