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Archive for December 16th, 2011

GREE and PayPal Announce a Strategic Business Alliance to Make Faster, Easier Purchases on Global Mobile Social Gaming Platform

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PayPal(TM) is the faster, safer way to pay on GREE’s mobile social networking service in Japan

TOKYO, Dec. 14, 2011 /PRNewswire-Asia/ — GREE and PayPal, the world’s largest online payment provider, are pleased to announce that they have agreed on a strategic business alliance to facilitate GREE’s global expansion of its mobile social gaming platform to over 103 million active PayPal accounts in 190 markets worldwide. At the same time, PayPal will be a payment option for up to 150 million registered gamers on social networking service (SNS) GREE worldwide. GREE’s users will be able to use PayPal to buy GREE’s virtual currency, “coins”, which can be used to play and make purchases in over 7,500 games for Android(TM) and iOS smartphones. As the first step of the strategic business alliance, PayPal becomes available on SNS GREE for Japanese smartphones from December 14th, 2011. PayPal’s global payment service will be gradually introduced to GREE’s mobile social gaming platform, GREE Platform, in North America and other countries in the future.

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Rupert Keeley, PayPal’s Senior Vice President of Asia Pacific, said, “As the world’s favorite digital wallet, PayPal is leading the charge for mobile commerce with over US$3.5 billion expected in mobile transactions globally this year. We are delighted to have established this strategic business alliance with GREE, the leading mobile SNS in Japan, as it encompasses three major payment trends we are driving today — mobile, social and digital. Through our vision to enable commerce anytime, anywhere and any way, PayPal is the best payment partner for GREE to be a global mobile social gaming platform for millions of users in Japan and around the world.”

Yoshikazu Tanaka, founder and CEO of GREE, said, “GREE is developing a global business to establish a social gaming platform to reach one billion users all over the world. We are expecting to accelerate our global plans through this business alliance with PayPal as it is used by millions of global users as a safer, faster way to pay on mobile devices.”

Through this alliance, GREE will offer PayPal to its customers as it rolls out its new worldwide mobile social gaming platform, GREE Platform, to expand its business overseas. With the rapid growth of smartphones such as Android and Apple iOS devices, mobile users can now have access to a greater variety of digital content worldwide. The integration of PayPal’s more convenient and secure payment solution, along with its worldwide user base and international brand recognition, is an integral part of GREE’s strategy to provide the world’s best mobile social gaming experience.

PayPal, on the other hand, aims to expand its user base in Japan by integrating its faster, safer digital wallet on Japan’s leading mobile social network. According to a recent PayPal survey on online shopping behavior, 52% of Japanese mobile shoppers said “the mobile screen size is too small” and 25% of Japanese mobile shoppers said “the mobile transaction is not safe enough”, highlighting convenience and security as key areas to improve for mobile commerce in Japan. Using PayPal, GREE’s users in Japan can now make purchases on their smartphones in as little as two taps and avoid the inconvenience of entering their credit card details on a small mobile screen. At the same time, PayPal does not share its users’ credit card details with any merchants and no financial info is stored on the mobile device, providing a more secure mobile payment transaction.

To celebrate the business alliance, GREE and PayPal will be running a joint month-long marketing campaign, giving 200 users each 10,000 “coins” in a lucky draw if they purchase “coins” using PayPal from January 11, 2012 to February 10, 2012 (terms and conditions apply).

The impact of this announcement on the business performance is currently being reviewed and any material impact identified will be disclosed in a timely manner.

About GREE, Inc.

GREE provides Japan’s leading mobile social network, and is at the forefront of mobile technology. GREE was ranked as Japan’s fastest-growing tech company by Deloitte Touche Tohmatsu Ltd. in 2009 and 2010. GREE, following its acquisition of OpenFeint in April 2011, is expanding globally and will soon offer a single, worldwide mobile social gaming platform. Combined, GREE reaches over 150 million players and offers over 7,500 game applications for smartphones. GREE aims to build the leading mobile social gaming ecosystem for users and developers worldwide.

About PayPal

PayPal is the faster, safer way to pay and get paid online. The service allows members to send payments without sharing financial information, with the flexibility to pay using their account balances, bank accounts (where available*), debit cards and credit cards in various markets. PayPal is an eBay company and enables global e-commerce with more than 103 million active accounts** in 190 markets and 25 currencies around the world. More information about the company can be found at .

PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore.

*At present, bank accounts are not available as a funding source in some countries and territories including Japan.
**Active accounts are those that have had activity in the past 12 months

GREE and the GREE logo are registered trademarks of GREE, Inc.
PayPal and the PayPal logo are either trademarks or registered trademarks of PayPal, Inc. or its licensors.
Android is trademark of Google Inc.
All other trademarks are the property of their respective owners.

Media Contacts:

Dickson Seow
PayPal Asia Pacific

Idran Junadi
The Hoffman Agency


Written by asiafreshnews

December 16, 2011 at 11:30 am

Posted in Uncategorized

Richard Chandler Corporation Expresses Disappointment with Sino-Forest Board Decision Not to Honour its Bond Commitments in Spite of Healthy Cash Position

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Richard Chandler Corporation Disappointed with Sino-Forest Board’s Decision Not to Pay Bond Interest

SINGAPORE, Dec. 15, 2011 /PRNewswire-Asia/ — Richard Chandler Corporation is the largest shareholder in Chinese forestry company Sino-Forest. It is disappointed with Sino-Forest Board’s decision to not make a US$9.78 million interest payment on the 2016 convertible notes.

Sino-Forest has generated profitable growth since 1994 and the Richard Chandler Corporation continues to have confidence in the underlying business of Sino-Forest. Based on the Independent Committee’s findings to date, Sino-Forest is a going concern, with real assets and a strong balance sheet.

Alan Kelly, Senior Advisor to the Richard Chandler Corporation, said, “Sino-Forest clearly has the financial strength and liquidity to meet its bond commitments. It is disappointing and regrettable that the Board has made this decision. In view of its strong cash reserves and liquidity, and excellent bond repayment track record, we urge the Sino-Forest Board to reconsider meeting its bond commitments, as it has always done.”

About the Richard Chandler Corporation

The Richard Chandler Corporation is a private investment group based in Singapore and founded by New Zealand-born entrepreneur Richard F. Chandler. The Richard Chandler Corporation’s mission, Building Prosperity for Tomorrow’s World, adopts a holistic approach to building sustainable prosperity through investments in financial and social enterprises. Since 1986, the Richard Chandler Corporation has provided capital to companies and governments from Asia and Africa to Latin America and Eastern Europe, and invested in a wide range of industries, such as telecoms, power, steel, banking and energy.

For more information, please visit:

For media enquiries please contact:

Richard Barton
Kreab Gavin Anderson
Tel: +852 2523 7189
Mob: +852 9308 1056
SOURCE The Richard Chandler Corporation

Written by asiafreshnews

December 16, 2011 at 10:38 am

Posted in Business & Finance