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Globant Reports 2024 Third Quarter Financial Results

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Strong, Broad Based Results

Third quarter revenues of $614.7 million, up 12.7% year-over-yearIFRS Diluted EPS of $0.98 for the third quarter Non-IFRS Adjusted Diluted EPS of $1.63 for the third quarter

LUXEMBOURG, Nov. 14, 2024 /PRNewswire/ — Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, today announced results for the three and nine months ended September 30, 2024.

Please see highlights below. Note that reconciliations between IFRS and Non-IFRS financial measures are disclosed at the end of this press release.

Third Quarter 2024 Financial Highlights

Revenues rose to $614.7 million, representing 12.7% year-over-year growth.IFRS Gross Profit Margin was 36.2% compared to 36.4% in the third quarter of 2023.Non-IFRS Adjusted Gross Profit Margin was 38.5% compared to 38.2% in the third quarter of 2023.IFRS Profit from Operations Margin was 10.6% compared to 9.7% in the third quarter of 2023.Non-IFRS Adjusted Profit from Operations Margin was 15.6% compared to 15.3% in the third quarter of 2023.IFRS Diluted EPS was $0.98 compared to $0.98 in the third quarter of 2023.Non-IFRS Adjusted Diluted EPS was $1.63 compared to $1.48 in the third quarter of 2023.

Nine months ended September 30, 2024 Financial Highlights

Revenues rose to $1,773.2 million, representing 17.0% year-over-year growth.IFRS Gross Profit Margin was 35.8% compared to 36.1% in the first nine months of 2023.Non-IFRS Adjusted Gross Profit Margin was 38.2% compared to 38.2% in the first nine months of 2023.IFRS Profit from Operations Margin was 9.4% compared to 9.5% in the first nine months of 2023.Non-IFRS Adjusted Profit from Operations Margin was 15.2% compared to 15.1% in the first nine months of 2023.IFRS Diluted EPS was $2.88 compared to $2.68 in the first nine months of 2023.Non-IFRS Adjusted Diluted EPS was $4.67 compared to $4.12 in the first nine months of 2023.

Other Metrics as of and for the quarter ended September 30, 2024

Cash and cash equivalents and Short-term investments were $213.5 million as of September 30, 2024, a decrease of $109.8 million from $323.3 million as of December 31, 2023, driven mainly by the expansion into new geographies and a number of M&A earnout payments. As of September 30, 2024, we had a total amount of $165 million drawn from our credit facility.Globant completed the third quarter of 2024 with 29,998 Globers, 27,927 of whom were technology, design and innovation professionals.The geographic revenue breakdown for the third quarter of 2024 was as follows: 55.7% from North America (top country: US), 21.8% from Latin America (top country: Argentina), 17.6% from Europe (top country: Spain) and 4.9% from New Markets1 (top country: Saudi Arabia).Globant’s top customer, top five customers and top ten customers for the third quarter of 2024 represented 9.1%, 21.0% and 30.1% of revenues, respectively.During the twelve months ended September 30, 2024, Globant served a total of 969 customers (with revenues over $100,000 in the last twelve months) and continued to increase its wallet share, with 331 accounts generating more than $1 million of annual revenues, compared to 305 for the same period one year ago.In terms of currencies, 66.6% of Globant’s revenues for the third quarter of 2024 were denominated in US dollars.

“As we reflect on another remarkable quarter, I am thrilled to share that Globant continues on a trajectory of strong growth, solidifying our role as an industry leader. The level of demand we are witnessing across verticals and markets fuels our optimism for continued expansion in 2024. Our strategic investments in AI have lead to year-to-date AI-related initiatives increasing by 120% compared to the same period last year, enhancing our capabilities and driving productivity gains that translate into unique client experiences. With a strong pipeline and a commitment to redefining industries through our Studios, we are well-positioned to lead in this new era of digital innovation,” said Martín Migoya, Globant’s CEO and co-founder.

“As we conclude this quarter, I am pleased to report that Globant has achieved another quarter of record revenues, at $614.7 million, reflecting strong sequential growth driven by our top client and several key accounts. This performance aligns with our guidance and showcases our ability to enhance profitability while maintaining a prudent balance sheet. Our healthy margins are a reflection to our focus on profitability, while we see early recovery signs in specific verticals that previously faced headwinds. We are confident in our ability to sustain this momentum and build on our strong performance as we approach 2025,” explained Juan Urthiague, Globant’s CFO.

2024 Fourth Quarter and Full Year Outlook

Based on current market conditions, Globant is providing the following estimates for the fourth quarter and the full year of 2024:

Fourth quarter 2024 Revenues are estimated to be in the range of $642.0 million to $648.0 million, or 10.6% to 11.6% year-over-year growth.Fourth quarter 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 16.0%.Fourth quarter 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $1.71 to $1.75 (assuming an average of 44.7 million diluted shares outstanding during the fourth quarter).Fiscal year 2024 Revenues are estimated to be in the range of $2,415.0 million to $2,421.0 million, implying a 15.2% to 15.5% year-over-year revenue growth.Fiscal year 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 15.5%.Fiscal year 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $6.37 to $6.43 (assuming an average of 44.5 million diluted shares outstanding during 2024).

Conference Call and Webcast

Martin Migoya, Globant’s CEO and co-founder, Juan Urthiague, Globant’s CFO, Patricia Pomies, Globant’s COO, and Diego Tártara, Globant’s  CTO, will discuss the third quarter 2024 results in a video conference call today beginning at 4:30pm ET.

Video conference call access information is:
https://more.globant.com/F3Q24EarningsCall
Webcast http://investors.globant.com/ 

About Globant (NYSE:GLOB)
At Globant, we create the digitally-native products that people love. We bridge the gap between businesses and consumers through technology and creativity, leveraging our expertise in AI. We dare to digitally transform organizations and strive to delight their customers.

We have more than 29,900 employees and we are present in more than 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.

We were named a Worldwide Leader in CX Improvement by IDC MarketScape report. We were also featured as a business case study at Harvard, MIT and Stanford. We are a member of the Cybersecurity Tech Accord.

For more information, please visit www.globant.com

Non-IFRS Financial Measures

While the financial figures included in this press release have been computed in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”), applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The financial information in this press release has not been audited.

Globant provides non-IFRS financial measures in addition to reported IFRS results prepared in accordance with IFRS. Management believes these measures help illustrate underlying trends in the company’s business and uses the non-IFRS financial measures to establish budgets and operational goals, communicated internally and externally, for managing the company’s business and evaluating its performance. The company anticipates that it will continue to report both IFRS and certain non-IFRS financial measures in its financial results, including non-IFRS measures that exclude share-based compensation expense, depreciation and amortization, acquisition-related charges, and the related effect on income taxes of the pre-tax adjustments. Because the company’s non-IFRS financial measures are not calculated according to IFRS, these measures are not comparable to IFRS and may not necessarily be comparable to similarly described non-IFRS measures reported by other companies within the company’s industry. Consequently, Globant’s non-IFRS financial measures should not be evaluated in isolation or supplant comparable IFRS measures, but, rather, should be considered together with its condensed interim consolidated statements of financial position as of September 30, 2024 and December 31, 2023 and its condensed interim consolidated statements of comprehensive income for the three and nine months ended September 30, 2024 and 2023, prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”.

Globant is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted Profit from Operations Margin or Non-IFRS Adjusted Diluted EPS to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, share-based compensation expense, acquisition-related charges, and the tax effect of non-IFRS adjustments. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

Forward Looking Statements

In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to maintain current resource utilization rates and productivity levels; our ability to manage attrition and attract and retain highly-skilled IT professionals; our ability to accurately price our client contracts; our ability to achieve our anticipated growth; our ability to effectively manage our rapid growth; our ability to retain our senior management team and other key employees; our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; our ability to retain our business relationships and client contracts; our ability to manage the impact of global adverse economic conditions; our ability to manage uncertainty concerning the instability in the current economic, political and social environment in Latin America; and other factors discussed under the heading “Risk Factors” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission and any other risk factors we include in subsequent reports on Form 6-K.

Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

 

Globant S.A.
Condensed Interim Consolidated Statements of Comprehensive Income
(In thousands of U.S. dollars, except per share amounts, unaudited)

Nine Months Ended

Three Months Ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Revenues

1,773,206

1,515,234

614,667

545,282

Cost of revenues

(1,139,161)

(967,794)

(392,392)

(346,980)

Gross profit

634,045

547,440

222,275

198,302

Selling, general and administrative expenses

(460,877)

(390,064)

(154,178)

(142,531)

Net impairment losses on financial assets

(8,994)

(13,979)

(3,667)

(2,621)

Other operating income and expenses, net

2,738

614

777

—

Profit from operations

166,912

144,011

65,207

53,150

Finance income

3,876

3,500

1,349

1,324

Finance expense

(20,536)

(15,063)

(7,034)

(5,661)

Other financial results, net

7,341

11,473

1,735

3,044

Financial results, net

(9,319)

(90)

(3,950)

(1,293)

Share of results of investment in associates

161

185

105

170

Other income and expenses, net

6,142

4,075

(4,464)

2,774

Profit before income tax

163,896

148,181

56,898

54,801

Income tax

(34,401)

(31,067)

(11,357)

(10,978)

Net income for the period

129,495

117,114

45,541

43,823

Other comprehensive income, net of income tax effects

Items that may be reclassified subsequently to profit and loss:

– Exchange differences on translating foreign operations

(20,458)

(28,761)

22,555

(30,013)

– Net change in fair value on financial assets measured at FVOCI

1,019

(2,316)

—

15

– Gains and losses on cash flow hedges

(12,768)

117

365

(3,762)

Total comprehensive income for the period

97,288

86,154

68,461

10,063

Net income attributable to:

Owners of the Company

127,324

116,405

43,606

42,993

Non-controlling interest

2,171

709

1,935

830

Net income for the period

129,495

117,114

45,541

43,823

Total comprehensive income for the period attributable to:

Owners of the Company

94,864

85,278

64,266

10,251

Non-controlling interest

2,424

876

4,195

(188)

Total comprehensive income for the period

97,288

86,154

68,461

10,063

Earnings per share

Basic

2.94

2.74

1.00

1.01

Diluted

2.88

2.68

0.98

0.98

Weighted average of outstanding shares (in thousands)

Basic

43,248

42,474

43,419

42,696

Diluted

44,271

43,442

44,442

43,664

 

Globant S.A.
Condensed Interim Consolidated Statements of Financial Position as of September 30, 2024 and December 31, 2023
(In thousands of U.S. dollars, unaudited)

September 30, 2024

December 31, 2023

ASSETS

Current assets

Cash and cash equivalents

199,031

307,223

Investments

14,425

16,070

Trade receivables

631,632

499,283

Other assets

24,033

31,753

Other receivables

60,417

54,786

Other financial assets

3,795

15,418

Total current assets

933,333

924,533

Non-current assets

Investments

2,212

1,833

Other assets

6,358

4,088

Other receivables

28,634

26,475

Deferred tax assets

67,528

60,777

Investment in associates

1,587

1,426

Other financial assets

37,010

34,864

Property and equipment

152,440

162,736

Intangible assets

286,161

285,661

Right-of-use assets

124,159

119,400

Goodwill

1,259,622

1,105,073

Total non-current assets

1,965,711

1,802,333

TOTAL ASSETS

2,899,044

2,726,866

LIABILITIES

Current liabilities

Trade payables

102,202

124,545

Payroll and social security taxes payable

225,193

221,843

Borrowings

186,284

156,916

Other financial liabilities

105,473

68,750

Lease liabilities

29,744

47,852

Tax liabilities

25,858

33,229

Income tax payable

11,043

11,287

Other liabilities

465

896

Total current liabilities

686,262

665,318

Non-current liabilities

Trade payables

2,627

2,981

Borrowings

1,220

2,191

Other financial liabilities

117,132

135,238

Lease liabilities

90,421

70,884

Deferred tax liabilities

18,381

21,098

Income tax payable

6,526

—

Payroll and social security taxes payable

5,050

5,139

Provisions for contingencies

17,367

28,336

Total non-current liabilities

258,724

265,867

TOTAL LIABILITIES

944,986

931,185

Capital and reserves

Issued capital

52,286

51,705

Additional paid-in capital

1,087,711

1,022,918

Other reserves

(74,508)

(42,048)

Retained earnings

824,413

697,089

Total equity attributable to owners of the Company

1,889,902

1,729,664

Non-controlling interests

64,156

66,017

Total equity

1,954,058

1,795,681

TOTAL EQUITY AND LIABILITIES

2,899,044

2,726,866

 

Globant S.A.
Selected Cash Flow Data
(In thousands of U.S. dollars, unaudited)

Three Months Ended

September 30, 2024

September 30, 2023

Net Income for the period

45,541

43,823

Non-cash adjustments, taxes and others

76,819

53,723

Changes in working capital

(31,823)

(10,141)

Cash flows from operating activities

90,537

87,405

Capital expenditures

(20,810)

(26,758)

Cash flows from investing activities

(89,596)

(140,663)

Cash flows from financing activities

41,044

7,931

Net increase/decrease in cash & cash equivalents

41,985

(45,327)

 

Globant S.A.
Supplemental Non-IFRS Financial Information
(In thousands of U.S. dollars, unaudited)

Nine Months Ended

Three Months Ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Reconciliation of adjusted gross profit

Gross profit

634,045

547,440

222,275

198,302

Depreciation and amortization expense

25,415

20,612

9,457

7,579

Share-based compensation expense – Equity settled

18,010

10,976

5,109

2,198

Adjusted gross profit

677,470

579,028

236,841

208,079

Adjusted gross profit margin

38.2 %

38.2 %

38.5 %

38.2 %

Reconciliation of selling, general and administrative expenses

Selling, general and administrative expenses

(460,877)

(390,064)

(154,178)

(142,531)

Depreciation and amortization expense

74,751

61,501

24,244

21,012

Share-based compensation expense – Equity settled

42,722

41,442

16,008

16,447

Acquisition-related charges (a)

17,230

14,488

1,646

5,370

Adjusted selling, general and administrative expenses

(326,174)

(272,633)

(112,280)

(99,702)

Adjusted selling, general and administrative expenses as % of revenues

(18.4) %

(18.0) %

(18.3) %

(18.3) %

Reconciliation of adjusted profit from operations

Profit from operations

166,912

144,011

65,207

53,150

Share-based compensation expense – Equity settled

60,732

52,418

21,117

18,645

Acquisition-related charges (a)

42,668

32,577

9,788

11,435

Adjusted profit from operations

270,312

229,006

96,112

83,230

Adjusted profit from operations margin

15.2 %

15.1 %

15.6 %

15.3 %

Reconciliation of net income for the period

Net income for the period

127,324

116,405

43,606

42,993

Share-based compensation expense – Equity settled

60,618

52,377

21,192

18,628

Acquisition-related charges (a)

41,334

30,639

14,954

9,878

Tax effect of non-IFRS adjustments

(22,516)

(20,380)

(7,399)

(6,720)

Adjusted net income

206,760

179,041

72,353

64,779

Adjusted net income margin

11.7 %

11.8 %

11.8 %

11.9 %

Calculation of adjusted diluted EPS

Adjusted net income

206,760

179,041

72,353

64,779

Diluted shares

44,271

43,442

44,442

43,664

Adjusted diluted EPS

4.67

4.12

1.63

1.48

(a)      Acquisition-related charges include, when applicable, amortization of purchased intangible assets included in depreciation and amortization expense line on our consolidated statements of comprehensive income, interest charges on acquisition-related indebtedness, external deal costs, acquisition-related retention bonuses, integration costs, changes in the fair value of contingent consideration liabilities, and other acquisition-related costs. We cannot provide acquisition-related charges on a forward-looking basis without unreasonable effort as such charges may fluctuate based on the timing, size, and complexity of future acquisitions as well as other uncertainty inherent in mergers and acquisitions.

 

Globant S.A.
Schedule of Supplemental Information (unaudited)

Metrics

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Total Employees

27,505

29,150

28,991

29,112

29,998

IT Professionals

25,575

27,116

26,933

27,133

27,927

North America Revenues %

58.9

57.4

56.0

56.3

55.7

Latin America Revenues %

21.6

22.9

22.9

23.0

21.8

Europe Revenues %

15.9

15.8

17.2

16.9

17.6

New Markets Revenues %

3.6

3.9

3.9

3.8

4.9

USD Revenues %

72.5

68.6

68.4

67.1

66.6

Other Currencies Revenues %

27.5

31.4

31.6

32.9

33.4

Top Customer %

8.7

8.2

8.3

8.3

9.1

Top 5 Customers %

22.5

21.4

21.8

21.0

21.0

Top 10 Customers %

32.2

30.8

30.1

30.3

30.1

Customers Served (Last Twelve Months)*

889

930

955

958

969

Customers with >$1M in Revenues (Last Twelve Months)

305

311

318

329

331

(*) Represents customers with more than $100,000 in revenues in the last twelve months.

 

Investor Relations Contact:
Arturo Langa, Globant 
investors@globant.com
+1 (877) 215-5230

Media Contact:
Wanda Weigert, Globant
pr@globant.com
+1 (877) 215-5230

1Represents Asia, Oceania and the Middle East.

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Regional Business Growth (2026): Registered Agents Inc Analyzes Business Formation Trends Across the U.S. by Better Business Advice

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NEW YORK, Nov. 13, 2026 /PRNewswire/ — Better Business Advice has recognized Registered Agents Inc for its analysis of regional business growth through the company’s Business Formation Report, which tracks new business registrations across the United States. The monthly report provides state-level data on business formation activity, offering insights into changing entrepreneurial trends and the geographic distribution of new business entities.

The October 2026 report recorded 576,818 new business formations nationwide. The findings also showed that approximately 5.9 million business entities have been formed during the first ten months of 2026, a 16% increase compared with the same period in 2025.

The Registered Agents Inc Business Formation Report  provides a timely view of business creation across all 50 states and Washington, D.C. By tracking monthly formation totals and year-over-year changes, Registered Agents Inc helps economists, policymakers, journalists and entrepreneurs examine where business activity is increasing and where regional trends are shifting.

Business Formation Data Highlights Regional Growth

The October 2026 findings demonstrate that business formation activity remains substantial across the country. The national total increased approximately 8% compared with the 532,456 formations recorded in October 2025. Monthly activity saw a jump, with October formations increasing 4.5% compared to September.

Registered Agents Inc reported that 37 of the 51 tracked jurisdictions posted year-over-year growth in October, pointing to broad-based gains in business formation across the country. Looking beyond national totals offers a clearer picture of where entrepreneurial activity is taking hold and how growth varies by state.

Registered Agents Inc projects approximately 6.7 million business formations for 2026, compared with 5.9 million in 2025. The projection reflects the elevated pace recorded during the first ten months of the year, although final totals will depend on activity during the remaining months.

State-Level Differences Reveal Changing Formation Patterns

The October report highlights significant differences in business formation activity across the country. Florida led with 62,687 new formations, followed by Texas with 46,446 and California with 41,156. Delaware and Wyoming rounded out the top five, with 32,193 and 25,935 formations, respectively.

All three of the nation’s leading states posted year-over-year growth in October. Florida increased 6.6%, Texas gained 11.8% and California rose 2.2%. While these established markets continue to attract the largest share of new registrations, growth across other states reveals a broader shift in where entrepreneurial activity is gaining momentum.

Growth Gains Momentum Beyond the Largest Markets

Several states outside the traditional high-volume markets posted notable year-over-year gains in October. Colorado led with a 46.7% increase, followed by Kentucky at 38.7%, Louisiana at 34.9% and Missouri at 32.6%.

Some of these increases coincide with developments that may be creating a more favorable environment for business ownership. In Kentucky, for example, an individual income tax reduction from 4% to 3.5% took effect in January 2026, potentially offering additional financial flexibility to entrepreneurs and owners of pass-through businesses. The state also maintains tax incentives aimed at encouraging business investment and job creation.

Colorado’s growth comes amid continued investment in advanced industries, workforce development and rural business expansion. Meanwhile, Louisiana’s expanding industrial investment and new entrepreneurial support initiatives are creating opportunities for smaller businesses, contractors and service providers.

Missouri has also maintained strong formation activity, with a 32.6% year-over-year increase in October. State efforts to attract business investment, including new incentives for qualifying capital projects, add context to the state’s broader economic development landscape.

Although these developments do not establish a direct cause for increased business registrations, they illustrate how tax policy, investment and entrepreneurial resources can shape the environments in which new businesses emerge. Together, these state-level trends show that business formation growth is extending beyond the country’s largest markets.

Monthly Reporting Provides an Ongoing View of Entrepreneurship

Registered Agents Inc publishes its Business Formation Report on the second Tuesday of each month, covering formation activity from the preceding month. The report draws on filings from Secretaries of State and equivalent agencies across all 50 states and Washington, D.C.

The company cross-references its formation data with U.S. Census information. Its methodology counts newly formed legal entities when formation documents are filed, including single-member LLCs, holding companies and entities that may never hire employees.

This approach differs from datasets that focus on business applications associated with employer activity. The measures reflect different stages and definitions of business creation, so their totals should not be treated as directly interchangeable.

Monthly reporting allows readers to monitor changes over time and compare state-level formation activity across reporting periods. Consistent comparisons can help distinguish temporary movements from patterns that continue over several months.

The report is available to economists, journalists, policymakers, entrepreneurs and other stakeholders interested in current business formation trends. Historical reports also provide context for assessing whether recent changes represent a departure from earlier activity.

Supporting Business Formation and Long-Term Compliance

Registered Agents Inc provides complete identity services that help entrepreneurs establish and maintain legitimate business entities. Its offerings include business formation assistance, registered agent services, compliance support, professional websites, domain names, business addresses and phone numbers.

These services address administrative requirements that can arise when establishing a business and maintaining its legal standing. The company’s broader mission centers on making business ownership more accessible to entrepreneurs from different backgrounds. The Business Formation Report complements that focus by documenting where new entities are being established and how formation activity changes across the country.

As additional monthly data becomes available, continued monitoring will help clarify whether these patterns persist or shift. The Business Formation Report provides a recurring resource for understanding the geographic distribution of new business entities and examining regional changes in American entrepreneurship.

The full review is available at Better Business Advice website.

About Registered Agents Inc

Registered Agents Inc (RAI) is the largest registered agent service provider in the U.S. helping millions of entrepreneurs start and maintain their businesses every year nationwide. The company also offers complete identity services, including websites, domains, professional address and phone number, mail service and more. Because of its extensive internal database, RAI is able to deliver real-time trends and insights about the small business economy through its monthly formation report.

About Better Business Advice: Better Business Advice covers the news and strategies driving modern business success. The information provided by Better Business Advice does not, and is not intended to, constitute legal advice; instead, all information, content, and materials are for general informational purposes only. As an affiliate, Better Business Advice may earn commissions from services mentioned in the links provided.

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VKAISS 2026 Strengthens Vietnam and South Korea Cooperation in AI and Semiconductors

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HANOI, Vietnam, Nov. 13, 2026 /PRNewswire/ — The first Vietnam – Korea AI – Semiconductor Summit (VKAISS 2026) attracted more than 400 delegates representing over 50 semiconductor companies, research institutes, universities and local authorities from both countries, with the participation of leaders from Vietnam’s Ministry of Science and Technology, the Embassy of the Republic of Korea in Vietnam, Bac Ninh City, KAISA and FPT among others.

The event was held under the auspices of the Ministry of Science and Technology and jointly organized by the Department of Digital Technology and Artificial Intelligence, FPT Corporation, the Korea AI Semiconductor Fabless Industry Association (KAISA), and the VINASA Semiconductor Industry Development Committee (VSID).

The event featured two high-level sessions focusing on workforce development and Vietnam–South Korea cooperation policies in AI and semiconductors, alongside a series of keynote presentations and panel discussions.

The conference witnessed the signing of eight MOUs, nearly 100 business matchmaking sessions, and a technology exhibition featuring leading organizations from both countries, including FPT, HanelPT, VSAP Lab, Dnotitia, HyperAccel, ITDA Semiconductor and KAISA.

The eight MOUs covered three key areas: business and supply chain connectivity, technology development, and workforce training. Key partnerships included KAISA and the Bac Ninh Semiconductor Association to connect South Korean semiconductor companies with local businesses; FPT’s cooperation with HANA Micron, Supergate and EdgeAI in semiconductor packaging and testing; and FPT’s partnership with SKAIChips to explore AI and semiconductor applications. Educational cooperation was also established between FPT Polytechnic College, Soongsil University, EdgeAI and the Posts and Telecommunications Institute of Technology with the Institute of Semiconductor Engineers (ISE).

Speaking at the summit, Mr. Tran Trung Tinh, Deputy Minister of Science and Technology emphasized that Vietnam’s ambitions extend beyond attracting investment to mastering technologies and participating more deeply in global value chains. KAISA Chairman Kyungho Kim emphasized that combining Korea’s semiconductor technology and industrial capabilities with Vietnam’s skilled workforce and growing market could create strong synergies, and expressed his hope that VKAISS would develop into a sustainable platform for Korea–Vietnam cooperation in AI and semiconductors.

Senior Executive Vice President of FPT Corporation – Mr. Nguyen The Phuong stressed that the success of cooperation depends on translating agreements into concrete outcomes, including joint research, practical workforce training and commercially viable products. He also highlighted VKAISS 2026 has strengthened Vietnam–South Korea cooperation in technology development, capability building and integration into global semiconductor supply chains.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/vkaiss-2026-strengthens-vietnam-and-south-korea-cooperation-in-ai-and-semiconductors-302938861.html

SOURCE FPT Corporation

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Weixin Pay Enables Pix QR Code Payments for Chinese Travelers in Brazil

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Weixin Pay makes it easier for Chinese visitors to spend at local businesses during their travels in Brazil

GUANGZHOU, China, Nov. 13, 2026 /PRNewswire/ — Weixin Pay today announced that, through collaboration with local payment partners, Chinese travelers can now scan Pix QR codes via Weixin and pay at participating merchants in Brazil, just as they would when making everyday purchases at home.

For participating Brazilian merchants, the service makes it easier to serve Chinese tourists: they receive payments in Brazilian reais without any additional steps at checkout. Visitors pay in renminbi through Weixin Pay, allowing them to shop and dine locally without having to exchange cash in advance or handle change.

Launched by the Central Bank of Brazil in 2020, Pix is Brazil’s national instant payment system and operates around the clock, every day of the year. According to the central bank, more than 170 million individuals, equivalent to around 80% of Brazil’s population, have used Pix.

Pix is accepted by around 15 million merchants in Brazil, with QR codes commonly found in shopping malls, restaurants, neighborhood stores and beachside stalls.

The service complements Brazil’s efforts to welcome Chinese tourists, including visa-free entry for valid ordinary passport holders through December 31, 2026, for cumulative stays of up to 30 days without extension. A smoother payment experience can make travel more convenient for Chinese visitors and support the development of Brazil’s tourism sector.

About Weixin Pay 

Weixin Pay is a mobile payment solution within Weixin/WeChat app and one of the leading mobile payment methods in China. It is dedicated to providing users and businesses with secure, convenient and professional payment services. In China, Weixin Pay touches almost every aspect of everyday life, providing both online and offline services and giving users a highly efficient and intelligent payment experience. Currently, Weixin Pay’s cross-border payment service is also available in 86 countries and regions, supporting settlement in 39 currencies. It covers a wide range of scenarios including dining, retail, transportation, attraction, and tuition payments, empowering overseas merchants to better connect with the vast China market.

View original content:https://www.prnewswire.com/apac/news-releases/weixin-pay-enables-pix-qr-code-payments-for-chinese-travelers-in-brazil-302938863.html

SOURCE Weixin Pay

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