Digitalization healthcare

Established in 1831, Generali is present in 50 countries around the world with total premium income of more than €69.7 billion ($85.2 billion) in 2019

To mark this occasion and leave a tangible and lasting recognition of the bond between the company and the regions where it was born and has prospered, Generali announces Fenice 190, a €3.5 billion ($4.2 billion) investment plan to support the recovery of the European economies impacted by COVID-19, starting in Italy, France, and Germany and to then targeting all European countries in which Generali operates throughout the five years of the plan.

Fenice 190 will make the extraordinary initiatives launched in 2020 to tackle the effects of the pandemic permanent, which included investments in support of small- and medium-sized enterprises (SMEs) and the real economy already surpassing the established objective of €1 billion ($1.2 billion).

To add to this initial amount, Generali is pledging an annual commitment of €500 million ($611 million) per year, over the next five years, for sustainable growth through international investment funds focusing on infrastructure, innovation, and digitalisation, SMEs, green housing, healthcare facilities, and education.

“Generali is one of the few companies in the world that can boast such a long history. It possesses an extraordinary wealth of knowledge and experience, thanks to which the group is able to face the challenges of today while contributing to a better future for the communities in which it operates, both as an insurer and a social innovator,” said Philippe Donnet, CEO of Generali Group.

“The 190 ^th anniversary falls in a decisive year in which we must overcome the most serious global crisis of the post-war era and lay down the foundations for a wide-scale global recovery. With Fenice 190, we want to be a leader in this journey, leaving a concrete legacy for the future, with significant support for the most innovative, sustainable, and strategic sectors for the restart of the European economy, while at the same time encouraging the inclusion of those most heavily impacted by the crisis.”

The Fenice 190 plan is implemented through the Generali Investments multi-boutique platform and is open to third-party funds and institutional investors as well as all companies of the group, that can participate in investment allocation based on their own objectives.

The selection of initiatives is guided by an investment committee of the Asset & Wealth Management Business Unit, led by CEO Carlo Trabattoni, with experts in real assets, sustainability, private markets, credit, and equity. The CEO of Generali Real Estate, Aldo Mazzocco, is in charge of the committee which uses an approach based on compliance with the 17 United Nations Sustainable Development Goals (SDGs) and the specific objective to generate a positive impact on the economic recovery and the real economy in Europe.

To date, 10 investment opportunities have already been identified for a multifaceted commitment of €1.05 billion ($1.28 billion), ranging from support to European SMEs, green housing, and infrastructure with a particular focus on digital, health, and energy transition that share a strong focus on environmental and social sustainability.

Continuing with the tradition of exploring contemporary issues through the language of advertising posters, Generali will give five young Italian and international artists the task of interpreting five key areas for the group with the “This is Tomorrow” project, creating posters capable of representing reality in a new way.

The more than 70,000 employees of the group will also play a leading role in celebrating the milestone of 190 years of history. Through a global initiative they will be asked to tell their personal “story” of Generali on a dedicated platform, combining personal experience with the company’s rich heritage.

The contest will select the best stories, identifying 190 Lions who will be able to actively participate in Generali’s 190 ^th anniversary initiatives.

On the group’s institutional website, generali.com , a new section dedicated to the anniversary will display the main initiatives as well as a series of editorial content related to the history of Generali.

The Hanoitimes – Cashless payment not only brings benefits to consumers but also helps the government and the society save time and cost. According to the cashless payment plan in Vietnam from 2016 to 2020 recently approved by the Prime Minister, by 2020, cash payment will be reduced to less than 10% of transactions.

Customers paying with credit card at Hanoi Co.opMart.

Not only the power sector but the taxation department, treasury and Hanoi are cooperating to promote digital application  in budget collection. Thu Thanh Hang, an accountant of a big enterprise in Hanoi said that instead of carrying along  hundreds of millions VND in cash with many risks, now with   just a mouse click and all payment procedures are made almost anywhere and atanytime.

According to statistics of the Hanoi Department of Taxation, currently 97% of enterprises in the city  have declared their tax online, with over 95% paying tax electronically. The tax department is increasingly applying IT in administrative procedures such as tax declaration, tax payment, electronic bill acceptance, electronic tax refund and tax collection through Point of Sale (POS). Those applications have reduced cost and saved time for people and businesses.

Hanoi has recently put on trial the  car parking payment using smart phones. The city also rolled out free wifi service on buses with a view to launch the face recognition and card readers on buses for digital payment.

Cashless payment enhances  transaction safety and  supports administrative agencies in monitoring and ensuring transparency of all transactions as well as people’s income, contributing to the fight against corruption and economic crimes.

Demand for cashless payment in Hanoi is calculated to be large, thus requiring the cooperation among administrative agencies to develop cashless payment platforms and support such as internet 4G network, free Wifi hotspots, and POS machines. At the same time, Hanoi has requested agencies in fields of education, healthcare and public service to apply cashless payment.

However, non-cash transaction has been promoted only in public services, while in business, e-commerce is still falling short of expectations. A survey conducted by Vietnam E-commerce and Information Technology Agency (VECITA) shows that there are low rate of online shoppers making online transaction. Moreover, the majority uses ATM card but still keeps the habit of paying in cash after ordering online.

In  Hanoi, experts have identified major targets to promote cashless payment including: the youth; super market chains, restaurants and service points involving international customers; big hospital chains; and the transportation system. To encourage people to involve in payment without cash, experts suggested applying bonus points for those using non-cash payment. In addition to updating and formulating  legal frameworks and policies for electronic payment development, the transparency and security should be promoted. Furthermore, experts suggested the State Bank of Vietnam to increase supervision to enhance people and enterprises’ trust  in the electronic payment system.

Some researches show that if 90% of transactions in an economy are non-cash, the GDP would grow by approximately 1%. In Vietnam, the cashless payment needs to be further promoted, at first in big cities such as Hanoi, Ho Chi Minh City and Da Nang by  encouraging people to open bank accounts -Dr. Le Xuan Nghia, economic expert.

The Hanoitimes – The COVID-19 pandemic has created opportunities for a fairer, more robust and more efficient tax revenue and spending system.

Governments worldwide have responded to the COVID-19 crisis by ramping up public spending and rolling out emergency fiscal response measures in an effort to bolster healthcare systems, strengthen social protection, and boost the economy. By November 2020, more than $25 trillion in financial support was announced by Asian countries to combat the pandemic. At the same time, tax collections are declining everywhere.

Even prior to the pandemic, tax revenues in many Asian developing countries were below the level needed to achieve the Sustainable Development Goals (SDGs). The COVID-19 pandemic has driven these revenues further down, and brought socio-economic hardship on a scale not seen before.

This is expected to push tens of millions of people in the region into extreme poverty, sharpen pre-existing inequalities and roll back decades of progress on sustainable development. How can governments finance the response to these challenges?

Governments will need to raise taxes once the pandemic abates. A possible solution lies in taxing property and wealth. Over the past two decades, the Asia-Pacific region has undergone a remarkable economic transformation. However, it has also brought with it a surge in income inequality.

A widening wealth gap between the “haves” and the “have-nots” and the concentration of wealth and power in the hands of a few, could erode social cohesion, threaten political and economic stability and, consequently, undermine investors’ confidence.

Reforming property taxes are one way that Southeast Asian countries can speed pandemic recovery. Photo: Andreas Brucker

Inequality also makes a greater proportion of the population vulnerable to external shocks and possibly deepens pockets of poverty. Taxing the wealthy, many of whose incomes have been largely unaffected or even enhanced by the crisis, needs to be part of the solution.

To this end, taxes on property, such as recurrent taxes on immovable property, recurrent taxes on net wealth, taxes on estates, inheritances and gifts, as well as progressive income taxes should be considered as part of countries’ medium and long-term revenue strategies.