Procap Insurance innovative business model is the first of its kind in the insurance industry

LONDON, April 29, 2023 (GLOBE NEWSWIRE) — ProCap Insurance is taking the insurance industry by storm. The ProCap Insurance Manila office will officially open in the month of May. Prior to this, ProCap Insurance had signed partnership agreements with partners in various different countries. Subsequently, ProCap Insurance will set up official agency offices in these respective countries.

All the regional partners strongly agreed that ProCap has a great business model and an experienced management team that is uniquely positioned to capitalise on the evolving insurance environment. As the industry transits through consolidation and technological disruptions, ProCap’s avant-garde operating model is well-positioned to provide the most competitive and cost-effective products. The amalgamation of ProCap, Policyholders, and Gaming Operators seamlessly is an industry first. The company has tremendous growth potential to be an industry leader with this revolutionary business model.

They further emphasised that both the insurance and gaming industry have 4 critical success factor in common. There are 1. Longevity 2. Sustainability 3. Law of large numbers 4. Recession Proof

  1. Longevity – Both industries have been in existence for more than three hundred years. They have subsequently adopted and evolved with times and embraced technology to keep them competitive and stay relevant. In fact, both industries are leaders in the adoption of cutting edge technologies to enhance the competitive advantages and maintain their relevancy in a fast moving world.
  2. Sustainability – Despite two world wars and numerous pandemic, they are still around to serve their clients faithfully without disruption.
  3. Law of large numbers – Both industries thrive on large numbers or big data. By having large numbers, they are able to better manage risks pooling and risks sharing more efficiently and effectively. This ensures that the interests of the policy holders are well covered and protected.
  4. Recession Proof – Contrary to popular belief, the recent pandemic had no negative impact on their revenues. In fact, both industries have registered double digits growth.

The partners are confident that ProCap Insurance has tremendous growth potential to be an industry leader with this revolutionary business model.

About ProCap Insurance

ProCap Insurance is a leading provider of capital insurance which insures the underlying fixed and current capital assets of enterprises and/or individuals. The company also offers consulting and pay-out analysis services for capital asset insurance to empower individuals and/or businesses to achieve better financial planning and financial freedom.

www.procap.insure

Media Relationships Manager

Steve Hughes

Steve.hughes@procap.insure

GlobeNewswire Distribution ID 8828626

Delegation of Metropolitan of Singapore and Southeast Asia, Patriarchal Exarch of Southeast Asia Visits Cambodia

The Most Reverend Metropolitan Sergy of Singapore and Southeast Asia, Patriarchal Exarch of Southeast Asia, paid visits to some parishes of the Russian Orthodox Church, during his stay in Cambodia.

According to a press release of the Russian Embassy in Phnom Penh AKP received this morning, on April 29, he celebrated the Divine Liturgy at Parish of the Holy Great-Martyr Panteleimon in Sihanoukville, as well as met with the Orthodox community living in this coastal city. On its behalf, the congregation presented him with a an icon of Holy Great-Martyr Panteleimon.

On April 30, the Metropolitan visited the Parish of the Holy Great-Martyr George, built in 2017 in Phnom Penh and performed its consecration. V.Rev. Archimandrite Oleg Cherepanin, secretary of the Diocese of Thailand and rector of the St. Nicholas Cathedral in Bangkok, priestmonk Paisiy Ipate, Holy Great-Martyr George, and rector of St. George’s Church priest Roman Postnikov acted as co-celebrants of this ceremony.

During the event, the choir of the St. Nicholas Cathedral in Bangkok chanted psalms and hymns.

The Patriarchal Exarch congratulated the parishioners on Easter and gave them a parting speech.

The event was also attended by officials of the Russian diplomatic mission in Cambodia and their families, led by Ambassador H.E. Mr. Anatoly Borovik and his spouse. A delegation headed by H.E. Mr. Seng Somoni, H.E. Mr. Sea Sopheak, Secretaries of State of the Ministry of Cults and Religions, was among the distinguished guests.

Source: Agence Kampuchea Presse (AKP)

Third Wastewater Treatment Plant Construction Project to Complete in June

The 3rd wastewater treatment plant construction project, located in Village 4, Sangkat 4, Sihanoukville, Preah Sihanouk coastal province, is expected to complete in June this year as scheduled.

The information was shared during the inspection visit by Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen, to the construction site this morning.

Implemented by XWATER Technology Co., Ltd., the construction process would take 22 months and cost about US$20 million.

Built with Membrane Aerated Biofilm Reactor (MABR) technology, the latest Israeli technology, the three wastewater treatment plants are part of many achievements, such as the 37-road infrastructure, high-rise buildings and other new infrastructure, invested by the Royal Government to turn Sihanoukville into a Smart City and Preah Sihanouk province into an important multi-purpose model special economic zone in the country.

The 1st wastewater treatment plant has the capacity to treat 5,200 cubic metres of wastewater per day, the 2nd some 7,200 cubic metres, and the 3rd around 20,000 cubic metres a day.

Besides, there are seven wastewater pumping stations in Preah Sihanouk province, four of which have been built by the National Committee for Coastal Management and Development of Cambodia and the other three by the Ministry of Public Works and Transport.

Source: Agence Kampuchea Presse (AKP)

PM Highlights Cambodia’s Remarkable Labour Achievements

Cambodian Prime Minister has noted the country’s labour and employment progresses and achievements and lauded joint effort by key players.

Samdech Techo Prime Minister Hun Sen made the note in his open letter to cheer the 137th International Labour Day, themed ‘Peace, Stability, Career, and Job’, to fall on May 1.

According to the Prime Minister, the country’s work condition, occupational safety and health, the prohibition of severe form of child labour and forced labour, and labour union right and freedom have improved significantly.

To witness their actual life-work condition, Samdech Techo Prime Minister convened 77 get-togethers with almost one million Cambodian workers from Aug. 20, 2017 to May 1, 2019.

As a result, he proposed 10 recommendations which the Ministry of Labour and Vocational Training in cooperation with other stakeholders have carried out to address the issues faced by the workers.

During the peak of COVID-19 pandemic, the government successfully launched and implemented ten rounds of intervention measures to maintain jobs and stabilise workers’ livelihood, and necessary measures are being continued.

Minimum wage of workers in textile, garment, footwear, and travel goods sector for 2023 has been increased to US$200, excluding their severance pay and other benefits.

He added that human development has been top on the priority list of all phases of the government’s strategy, especially to meet the changing national and global economic structure, industrial technologies, and labour market.

Starting from this year, the government is providing skill training to 1.5 million youth from poor and vulnerable families wherein they will receive cash subsidies during the capacity building period.

While working with partner countries to employ about 1.3 million Cambodian workers, the government has also launched series of career fair, especially to link youth and jobs.

Samdech Prime Minister spoke highly of the endeavour of the Ministry of Labour and Vocational Training, development partners and other key players for the accomplishments and driving Cambodia’s employment rate to as high as 99.3 percent.

Source: Agence Kampuchea Presse (AKP)

Foreign Ministry to Deliberate Accounting and Auditing Law with Foreign NGOs

The Ministry of Foreign Affairs and International Cooperation of Cambodia will convene the 3rd Consultative Meeting between the Royal Government of Cambodia and Foreign Non-Governmental Organisations (FNGOs) on May 3 at the ministry.

H.E. PRAK Sokhonn, Deputy Prime Minister, Minister of Foreign Affairs and International Cooperation, will preside over the opening session of the meeting themed “Strengthening the Implementation of the Law on Accounting and Auditing,” said a press release of the Cambodian Ministry of Foreign Affairs and International Cooperation.

Attended by representatives of relevant ministries, stakeholders, and FNGOS, this forum aims to further raise the FNGOS awareness and enhance their implementation of the Law on Accounting and Auditing as well as pertinent obligations, it pointed out.

Among them are accounting reporting, preparation of financial statements in accordance with Cambodia’s accounting standards, and independent auditing of those statements, all of which contribute to the non-profit organisations accountability, transparency and efficiency, the source added.

Source: Agence Kampuchea Presse (AKP)