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PAObank Announces FY2024 Annual Results Achieves Record-Breaking Performance Amplifies Resources to Expand Retail Banking Services

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Loan Assets Reach a Record High of HK$3.13 billion Customer Deposits Have Significant Growth of 74% Net Interest Income Surged 70% to over HK$130 million

  • In 2024, PAObank achieved outstanding performance across key operational indicators, with net interest income increasing significantly by 70% year-on-year to over HK$130 million.
  • Dedicated to empowering SMEs, PAObank remains committed to supporting their upgrade and transformation. In 2024, total loans and advances to customers sustained an upward trend to over HK$3.13 billion, representing a year-on-year increase of 49%.
  • PAObank became a subsidiary of Lufax Holding Ltd., embarking on a new business strategy. PAObank is further expanding its retail banking services. The Bank offers attractive deposit interest rates by passing cost savings on to individual customers, total customer deposits for the year have increased significantly by 74% to HK$4.35 billion. Following the launch of bancassurance products this year, PAObank will roll out more retail banking services to create greater value for individual customers.

HONG KONG SAR – Media OutReach Newswire – 29 April 2025 – PAO Bank Limited (“PAObank”), announced its annual results for the year ended 31 December 2024. As Hong Kong navigates a period of economic transformation, SMEs are confronted with significant funding needs to facilitate their upgrades and transitions. PAObank, as the first digital bank dedicated to SMEs in Hong Kong, has remained a steadfast presence to its clients. In 2024, PAObank achieved substantial business growth, reflected in its sustained improvements in core profitability. Net interest income for the year surged by 70% year-on-year to over HK$130 million, with a net interest margin increased to 3.17%.

Leveraging our forward-looking market strategies and solid business management, key operational indicators of PAObank in 2024 have shown significant growth. During the year, total loans and advances to customers increased by 49% year-on-year, surpassing HK$3.13 billion. Total customer deposits for the year rose by 74% to HK$4.35 billion, with loan-to-deposit ratio remaining at a stable level of 72%. In April 2024, PAObank officially became a subsidiary of Lufax Holding Limited (“Lufax”) (06623.HK, NYSE LU), embarking on the next phase of its business direction and strategy. PAObank is now focusing on expanding retail banking services while channelling more resources into product development and technology advancement. Meanwhile, the Bank passes cost savings on to individual customers in the form of attractive deposit interest rates. The related investments are reflected in the FY24 annual results.

Despite increased credit loss among SME customers due to economic instability last year, PAObank remains committed to its mission of supporting SMEs. The Bank has introduced more loan products to alleviate financial burdens of SMEs. Following the launch of the “Business Secured Loans” in the fourth quarter of 2024, which offers instalment loans and revolving loans for SMEs to facilitate their business growth and transformation, PAObank introduced “Cross-border e-Commerce Revolving Loan” in early 2025. This product targets the rapidly growing e-commerce market and supports SMEs in expanding their e-commerce business presence. Besides, PAObank proactively participated in the Government’s SME support measures and The Taskforce on SME Lending, contributing to broader efforts that support SMEs. PAObank is proactively addressing SME financing needs, our robust risk management system manages to maintain assets quality at healthy level. As of 31 December 2024, about 25%[1] of SMEs borrowing from PAObank have not obtained bank loans before, and about 8.2%[2] of start-ups operating for less than 3 years received unsecured loan, reflecting that PAObank is assisting SMEs in unlocking their full potential.

In addition, PAObank is proactively expanding its retail banking services and investing resources in products enhancement and development. In March 2025, PAObank obtained an Insurance Agency Licence and officially ventured into the insurance sector. PAObank has established strategic partnership with China Ping An Insurance (Hong Kong) Company Limited and FWD Hong Kong to provide general and life insurance respectively. By utilising cutting-edge fintech and Application Programming Interface (API) technology, PAObank integrates with the platform of insurance companies to offer seamless online bancassurance experience. PAObank will continue to broaden its range of financial services for individual customers this year by introducing more offerings beyond time deposits and insurance, and providing attractive deposit interest rates to reward customers, thereby fully advancing its retail banking business.

Looking ahead, leveraging its leading fintech advantages, PAObank is dedicated to providing more comprehensive and personalised financial solutions to both SMEs and individual customers. Amid global market volatility, PAObank will continue to closely monitor the portfolio’s credit performance and maintain robust credit quality. Staying true to the original mission of promoting financial inclusion, PAObank remains committed in delivering innovative solutions to address the service gaps in banking sectors and thus promotes the development of financial inclusion both locally and across the Greater Bay Area.

For the full report of PAObank’s 2024 financial statements, please visit www.paob.com.hk


[1] As of 31 December 2024, about 25% of SMEs borrowing from PAObank have not obtained bank loans before amongst the approved loan cases of PAObank.

[2] As of 31 December 2024, about 8.2% of SMEs were start-ups operating for less than 3 years amongst the approved loan cases of PAObank.

Hashtag: #PAObank

The issuer is solely responsible for the content of this announcement.

PAO Bank Limited

PAO Bank Limited (“PAObank”), a wholly-owned subsidiary of Lufax Holding Ltd (“Lufax”) (SEHK: 6623; NYSE: LU) and a member of Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) (SEHK: 2318; SSE: 601318), is committed to fostering financial inclusion and establishing a digital banking ecosystem by leveraging its extensive experience in SME banking services and its leading financial technology advantages. PAObank was granted a banking licence by the Hong Kong Monetary Authority in May 2019 to offer banking services via virtual channels. PAObank is expanding diverse business segments including retail banking and SME banking.

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Credo Assurance Earns ESG Certification to Support Sustainability Reporting

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SINGAPORE – Media OutReach Newswire – 11 December 2025 – Credo Assurance, an ACRA-registered audit firm in Singapore, has obtained the ISCA Professional Certification in Sustainability Assurance. The recognition has reflected its readiness to conduct independent reviews of environmental, social and governance (ESG) reporting in accordance with established standards.

Credo Assurance Earns ESG Certification to Support Sustainability Reporting

A Response to a Changing Regulatory Environment
Singapore’s corporate sustainability environment has undergone a major transformation in recent years. What began as voluntary corporate social responsibility is now transitioning into a regulated requirement driven by new disclosure mandates. The Singapore Exchange (SGX) requires all listed companies to publish sustainability reports, with climate-related disclosures to be aligned with the International Sustainability Standards Board (ISSB) framework.

These developments mirror global trends, including the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the proposed climate disclosure rules by the US Securities and Exchange Commission (SEC). Notably, these frameworks are influencing supply chains and investment decisions worldwide.

A Commitment to Rigorous Standards and Responsible Practice
The certification was issued by the Institute of Singapore Chartered Accountants (ISCA) under the Professional Certification in Sustainability Assurance programme, which focuses on the International Standard on Sustainability Assurance (ISSA 5000). The curriculum also covers key frameworks, such as ISAE 3000, ISO 14064-3, and the reporting principles set out by the Sustainability Reporting Advisory Committee (SRAC).

Participants undergo six months of structured e-learning and a three-day capstone assessment module, which includes a comprehensive 65-question examination. The programme integrates the Task Force on Climate-related Financial Disclosures (TCFD), European Sustainability Reporting Standards (ESRS), Global Reporting Initiative (GRI), Carbon Disclosure Project (CDP), the Sustainability Accounting Standards Board (SASB), and other global reporting standards.

“The certification demonstrates our firm’s dedication to professional rigour and to supporting Singapore’s transition toward a sustainable, transparent economy,” as revealed by Ethan Ong, Director of Credo Assurance. “We aim to strengthen stakeholder confidence and enhance the quality of ESG reporting.”

New Sustainability Assurance Services to Support Businesses Across Sectors
Building on this certification, Credo Assurance has launched its sustainability assurance service. The firm will provide assurance on ESG disclosures, assess internal data controls, and advise on alignment with recognised frameworks such as GRI, ISSB, TCFD, and SASB. In addition, the service covers climate audit and reporting, ESG data verification, and training programmes to help companies integrate sustainability practices into daily operations.

Credo Assurance’s new offering aims to support a wide spectrum of organisations, from listed companies preparing for upcoming SGX requirements to SMEs participating in global supply chains. Industries with significant environmental or social footprints, such as energy, construction, manufacturing, transport, and real estate, are expected to benefit most from independent verification. These services also extend to firms seeking ESG-linked financing or those aiming to enhance their brand credibility and investor trust through transparent reporting.

Shaping the Future of ESG Assurance in Singapore
As Singapore moves toward mandatory climate-related disclosures in 2025, ESG assurance is set to become essential in the audit and accounting sector. Independent verification of non-financial information, such as carbon emissions, labour practices, or governance metrics, helps ensure sustainability reports present accountable and measurable performance.

“ESG assurance is the next evolution of trust in business reporting,” said Mr Ong. “It applies the principles of audit integrity to sustainability, enabling companies to demonstrate both their financial performance and their broader responsibility to society and the environment.”
Hashtag: #CredoAssurance #AccountingFirmSingapore #ESGAssurance


The issuer is solely responsible for the content of this announcement.

About Credo Assurance

Credo Assurance LLP is an ACRA-registered public in Singapore. They provide audit, accounting, and advisory services to both businesses and individuals, helping clients navigate complex regulatory requirements and economic challenges.

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Understanding Credit Exemptions at SIM: A Guide for Polytechnic and SIM GE Diploma Graduates

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SINGAPORE – Media OutReach Newswire – 11 December 2025 – For Polytechnic and SIM GE diploma graduates aspiring to pursue a degree, one common consideration is the time required to complete their studies. SIM Global Education (SIM GE) offers credit exemptions and advanced standing options that may shorten the duration of selected programmes, subject to prior qualifications and programme-specific requirements.

Understanding Credit Exemptions

Credit exemptions enable students to receive recognition for modules previously completed during prior studies. This eliminates the need to repeat similar content, allowing eligible students to focus on new areas of learning. This practice, widely adopted in higher education, ensures students build upon existing knowledge while meeting the academic standards of their chosen degree programme.

Eligibility and Assessment

Credit exemptions at SIM GE are not granted automatically. Each application undergoes a rigorous evaluation to maintain academic integrity. The assessment considers several factors, including the relevance of previous qualifications to the chosen degree, the level and content of prior modules compared to the programme requirements, and the accreditation and recognition of the awarding institution. Through these measures, SIM GE ensures flexibility for students with diverse educational backgrounds while upholding academic excellence.

Types of Exemptions Available

SIM offers several pathways for credit exemptions, depending on prior qualifications and programme requirements. Holders of relevant Polytechnic or equivalent diplomas may receive exemptions that can reduce the overall study duration by up to one year, subject to programme-specific criteria and GPA requirements. Students who have completed SIM GE diplomas or other recognized qualifications may be eligible for advanced standing when enrolling in selected partner university programmes offered through SIM Global Education. For applicants with qualifications outside standard frameworks, exemptions are assessed individually on a case-by-case basis to ensure alignment with academic standards and programme requirements.

Key Information for Applicants

Credit exemptions are designed to acknowledge prior learning while ensuring that all students meet the academic standards of their chosen programme. They are not guaranteed and vary based on factors such as the relevance of previous qualifications, programme requirements, and institutional recognition. Applicants are encouraged to review the specific exemption policies for their intended programme and seek guidance from SIM Counsellors to understand their options.

References:

  1. SIM GE University Partners – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge

Hashtag: #SIMGlobalEducation #SIMGE #GlobalEducation #InternationalDegree #CareerReady #FutureSkills

The issuer is solely responsible for the content of this announcement.

About SIM Global Education

SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.

SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.

For more information on SIM Global Education, visit

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30 Million Strong: China Changan Automobile Group Hits Historic Production Milestone, Ushering in New Era of User-Centric, Tech-Driven Global Growth

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CHONGQING, CHINA – Media OutReach Newswire – 11 December 2025 – China Changan Automobile Group today celebrated a historic achievement as its 30 millionth vehicle—an AVATR 12 Quad-Laser Edition—rolled off the line at the AVATR Digital Intelligence Factory. The milestone signals Changan’s evolution into a global intelligent mobility technology company.

“Changan remains committed to delivering smarter, greener, and more fulfilling mobility, meeting the aspirations of global users for a better future.” said Zhu Huarong, Chairman of China Changan Automobile Group.

Uncompromising Safety: The “Safe Journey Home”

Safety is Changan’s top priority, a commitment dating back to 1999 with China’s first minivan crash test. Since then, the company has advanced its protective capabilities from passive safety structures to today’s active safety interventions. Backed by the industry’s only State Key Laboratory of Intelligent Vehicle Safety Technology, Changan uses its proprietary CA-ITVS verification system to subject vehicles to over 5 million kilometers of testing—guaranteeing a lifespan of 10 years or 260,000 kilometers.

In the smart era, Changan is redefining protection with its newly launched “SDA Intelligence”. Moving beyond physical defense, SDA Intelligence introduces a holistic safety ecosystem that secures both passengers and their data, ensuring a “Safe Journey Home” in every dimension.

Tech-Driven: Innovations That Matter

Driven by its Green and Intelligent strategies, Changan is bringing tangible innovations to market. The Green Plan targets electrification, battery safety, and new energy vehicle ecosystems, while the Intelligent Plan advances vehicle intelligence, autonomous systems, and connectivity. Key breakthroughs include the Golden Shield Battery system for superior safety, and the high-frequency pulse heating for cold-weather efficiency. The BlueCore 3.0 powertrain delivers hybrid and ICE solutions, balancing high performance with exceptional fuel economy. These technologies ensure that every journey is efficient and reliable.

A Bold Future: Smart Mobility and Global Reach

Looking ahead to 2030, Changan has unveiled a visionary roadmap to rank among the world’s top 10 automotive brands with annual sales of 5 million units. By 2030, Changan expects over 60% of sales to be new energy vehicles and 30% to come from overseas markets, solidifying its place on the world stage.

The issuer is solely responsible for the content of this announcement.

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