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Due diligence increasingly critical for Canadian businesses reconfiguring supply chains amid U.S. tariffs

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1 year ago

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Switching suppliers requires robust due diligence as fraud and cybersecurity risks are on the rise, KPMG forensic and cybersecurity specialists warn

TORONTO, March 6, 2025 /CNW/ – With the recent implementation of 25 per cent, across-the-board tariffs on Canadian goods, Canadian businesses that are considering or already making changes to their supply chain must remain extra vigilant for increased fraud and cybersecurity risks, KPMG in Canada specialists warn.

A recent KPMG in Canada survey of Canadian businesses found that in anticipation of tariffs, nearly half (44 per cent) of respondents said they are already reconfiguring their supply chains to divert U.S.-destined exports to these third-party countries, with another 44 per cent exploring that option.

Changing suppliers and reconfiguring supply chains can introduce numerous fraud risks, says Myriam Duguay, Partner and National Forensic Leader at KPMG in Canada.

“With U.S. tariffs now in place for Canadian exporters, many businesses might rush to switch suppliers, and in doing so, they might not do the rigorous due diligence that’s needed to reduce third party risks,” she says.

“Businesses must be vigilant about engaging new suppliers that make illegitimate or overstated claims about their capabilities,” she adds.

Hartaj Nijjar, KPMG in Canada’s National Cybersecurity Leader adds that engaging new suppliers increases an organization’s cybersecurity risks.

“If the new suppliers do not have robust cybersecurity measures in place, they could become a weak link in an organization’s supply chain, potentially leading to data breaches,” he says.

“Businesses should also be aware of fake suppliers that appear legitimate but are actually threat actors in disguise. This is becoming more prevalent now with the rise of AI-powered deepfakes,” he adds. 

KPMG’s forensic and cybersecurity specialists recommend Canadian organizations consider the following points when changing suppliers.

Supplier Due Diligence: When switching suppliers, conducting an integrity due diligence is the first and most critical step. This includes verifying the legitimacy and integrity of the new suppliers, checking their financial stability, and assessing their reputation. Skipping this critical step could lead to partnerships with potentially fraudulent entities that might engage in practices such as overcharging, delivering substandard goods, or even disappearing with prepayments.Contractual Risks: New contracts with suppliers can be a source of fraud if not carefully reviewed. There may be hidden clauses that could be exploited, or the supplier may misrepresent their capabilities or the quality of their products. Legal experts must review contracts to mitigate these risks.Payment Fraud: Changing suppliers often involves new payment processes. This can create opportunities for fraud, such as invoice fraud, where a fraudulent invoice is submitted for payment. According to Payments Canada, one in five Canadian businesses experienced some form of payment fraud in the past six months. Implementing strict controls and verification processes for invoices can help reduce this risk.Supply Chain Visibility: A reconfigured supply chain may lead to reduced visibility over the entire process. If there are multiple intermediaries involved, it can be challenging to track the flow of goods and payments, increasing the risk of fraud. Utilizing technology such as AI-powered digital twins or blockchain can enhance transparency and traceability in the supply chain.Internal Controls: Changes in suppliers and supply chain configurations may also affect internal controls. If these controls are not updated or reinforced, it can create vulnerabilities that fraudsters may exploit. Regular audits and assessments of internal controls are necessary to ensure they remain effective.Cybersecurity Risks: Engaging new suppliers could expose organizations to cybersecurity risks. If new suppliers do not have robust cybersecurity measures in place, they could expose an organization to a security breach. Before onboarding new suppliers, organizations should conduct rigorous risk assessments to evaluate their cybersecurity posture. Deepfake Risks: Deepfakes could be used to create false narratives about a supplier’s reliability or capabilities, which could lead to further risks and supply chain disruptions for organizations. Investing in advanced verification technologies and educating employees on how to identify deepfakes could help mitigate these risks. Employee Training: Employees in the supply chain and accounting departments should be trained to recognize potential fraud and cybersecurity risks associated with new suppliers. This includes understanding red flags and knowing the proper procedures for reporting suspicious activities.Regulatory Compliance: Depending on your industry, changing suppliers may also involve compliance with various regulations. Non-compliance can lead to legal issues, corruption and potential fraud if suppliers are not adhering to the necessary standards.

“While changing suppliers and reconfiguring supply chains can help businesses mitigate the added cost of tariffs, they need to be aware of the associated fraud and cybersecurity risks. Implementing robust due diligence, maintaining strong internal controls, and ensuring compliance with regulations can help mitigate these risks,” Ms. Duguay adds.

For more resources on fraud prevention, visit: Fraud prevention – KPMG Canada

Tune in to KPMG in Canada’s upcoming DX Coffee Chat, Outsmarting Fraud in a Digital World: Outsmarting fraud in a digital world Registration

For more resources on U.S. tariffs, visit: Navigating tariffs – KPMG Canada

About KPMG in Canada
KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs more than 10,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada’s top employers and one of the best places to work in the country. 

The firm is established under the laws of Ontario and is a member of KPMG’s global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. For more information, see kpmg.com/ca 

For media inquiries:
Roula Meditskos
National Communications and Media Relations
KPMG in Canada
416-549-7982
rmeditskos@kpmg.ca

SOURCE KPMG LLP

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Air Products to Expand Integrated Gas Supply Network for Semiconductor Manufacturer in Taiwan

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45 minutes ago

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July 22, 2026

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New investment to support next-generation facility expansion

TAIPEI, July 22, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company, today announced Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer’s expansion in Taiwan. The project will supply multiple new semiconductor fabs and back-end packaging facilities, supporting growing demand driven by artificial intelligence and high-performance computing.

Air Products San Fu will build, own, and operate four large state-of-the-art air separation units and bulk gas supply systems with new underground pipeline systems. The company will supply a range of industrial gases, including nitrogen, oxygen, argon, and helium to support the customer’s semiconductor operations.

The new underground pipeline systems will be connected to Air Products’ existing pipeline network in Taiwan, further enhancing supply reliability, operational efficiency, and resilience.  

“Air Products is honored to be selected by our strategic customer to support their continued growth, building on our proven track record and strong long-term partnership,” said Paul Yang, President, Air Products San Fu. “This project further reinforces our role as a trusted supplier in Taiwan and reflects our long-term commitment to grow with our customers. It also underscores our world-class performance in safety, reliability and operational excellence, which are critical to meeting the increasingly demanding requirements of the electronics industry.”

Air Products has been serving the Taiwan market through Air Products San Fu for more than 70 years and has established leading supply positions across key science parks with extensive pipeline networks. The company operates one of the world’s largest ultra-high purity nitrogen pipeline systems in Southern Taiwan and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications. 

This latest project further strengthens Air Products’ integrated supply footprint across both front-end semiconductor manufacturing and back-end advanced packaging, reinforcing its position as a key supplier to the electronics industry in Taiwan.

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world’s largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/air-products-to-expand-integrated-gas-supply-network-for-semiconductor-manufacturer-in-taiwan-302831489.html

SOURCE Air Products and Chemicals, Inc.

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Technology

Air Products to Expand Integrated Gas Supply Network for Semiconductor Manufacturer in Taiwan

Published

45 minutes ago

on

July 22, 2026

By

New investment to support next-generation facility expansion

TAIPEI, July 22, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company, today announced Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer’s expansion in Taiwan. The project will supply multiple new semiconductor fabs and back-end packaging facilities, supporting growing demand driven by artificial intelligence and high-performance computing.

Air Products San Fu will build, own, and operate four large state-of-the-art air separation units and bulk gas supply systems with new underground pipeline systems. The company will supply a range of industrial gases, including nitrogen, oxygen, argon, and helium to support the customer’s semiconductor operations.

The new underground pipeline systems will be connected to Air Products’ existing pipeline network in Taiwan, further enhancing supply reliability, operational efficiency, and resilience.  

“Air Products is honored to be selected by our strategic customer to support their continued growth, building on our proven track record and strong long-term partnership,” said Paul Yang, President, Air Products San Fu. “This project further reinforces our role as a trusted supplier in Taiwan and reflects our long-term commitment to grow with our customers. It also underscores our world-class performance in safety, reliability and operational excellence, which are critical to meeting the increasingly demanding requirements of the electronics industry.”

Air Products has been serving the Taiwan market through Air Products San Fu for more than 70 years and has established leading supply positions across key science parks with extensive pipeline networks. The company operates one of the world’s largest ultra-high purity nitrogen pipeline systems in Southern Taiwan and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications. 

This latest project further strengthens Air Products’ integrated supply footprint across both front-end semiconductor manufacturing and back-end advanced packaging, reinforcing its position as a key supplier to the electronics industry in Taiwan.

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world’s largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/air-products-to-expand-integrated-gas-supply-network-for-semiconductor-manufacturer-in-taiwan-302831489.html

SOURCE Air Products and Chemicals, Inc.

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UOB partners Visa to launch new Visa Infinite tiers across ASEAN in landmark multi-market launch of such scale

Published

45 minutes ago

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July 22, 2026

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More than 300,000 cardholders will enjoy expanded suite of premium benefits as UOB strengthens its regional leadership in premium payment solutions.

SINGAPORE, July 22, 2026 /PRNewswire/ — UOB has partnered with Visa, a global leader in digital payments, to relaunch several card products across its five key markets (Singapore, Malaysia, Thailand, Indonesia and Vietnam) under Visa’s newly introduced premium card tiers, Visa Infinite Privilege and Visa Infinite Private.

UOB is progressively upgrading its suite of affluent and high-net-worth (HNW) card solutions to the new Visa Infinite tiers, reinforcing the Bank’s leadership in premium card innovation. With the relaunch, more than 300,000 UOB Visa Infinite cardholders across ASEAN will be upgraded to higher card tiers, giving them access to an expanded suite of premium benefits. All other cardholders will continue to enjoy their existing privileges, with no downgrades across the portfolio. Eligible UOB Visa Infinite cardholders will be notified of their new card tiers via UOB’s official channels from September onwards, with no action required from them.

UOB is currently Visa’s largest card issuer in ASEAN[1] and brings an unparalleled regional footprint and customer base, serving over 8.5 million customers across the region. As the first Visa issuer across ASEAN to execute a launch of this scale across multiple markets, UOB and Visa are setting a new benchmark for regional card offerings, delivering elevated privileges and experiences to affluent cardmembers in the region. This collaboration is timely as affluent spending in ASEAN experiences strong growth. The number of new UOB affluent cardholders[2] grew over 10 per cent year-on-year in 2025, while card billings for this segment surged more than 25 per cent in the same year.

Visa unveiled its refreshed Visa Infinite offering in Asia Pacific on 16 July 2026, reimagined for the evolving needs of today’s affluent consumers. Anchored in a three-tier card suite, the enhanced platform introduces greater flexibility, personalisation and differentiated benefits across the affluent spectrum. In addition to Visa Infinite, the portfolio now includes the newly launched Visa Infinite Privilege and Visa Infinite Private, enabling issuers to deliver more tailored value propositions, experiences and rewards to distinct customer segments within a unified premium framework.

Selected top-tier UOB cardholders across the region will enjoy access to enhanced platform privileges and UOB-exclusive curated experiences, tailored to their respective Visa Infinite tiers. This aligns with UOB’s sharpened customer segmentation approach and enhanced card value propositions, aimed at serving the unique needs of customers by offering exclusive privileges tailored to their lifestyle preferences.

Mr Pratik Bhattacharjee, Head of Group Cards and Payment Products, UOB, said, “As UOB continues to sharpen our customer-centric operating model, we are focused on serving our customers more holistically across the wealth spectrum. Our partnership with Visa marks a significant milestone in this journey, allowing us to deepen our engagement with affluent customers by curating exclusive experiences that money cannot buy. As we continue strengthening our offerings to cater to each customer’s aspirations and lifestyle, our goal is to connect with them through life moments and opportunities that truly matter.”

Mr. T.R. Ramachandran, Head of Products & Solutions for Asia Pacific, Visa, said, “The affluent segment is one of the fastest-growing consumer segments in Asia Pacific, with expectations evolving alongside it. Today’s affluent consumers are seeking experiences that are more personalised, seamless and relevant to their lifestyles. The refreshed Visa Infinite portfolio is designed to meet these changing expectations, and through our partnership with UOB, we are extending these enhanced experiences to affluent customers across Southeast Asia.”

Greater personalisation through tiered privileges

With Visa’s enhanced Infinite tier segmentation, selected cardholders will benefit from more tailored services, differentiated privileges and elevated experiences that reflect their evolving lifestyle needs. This includes access to curated regional and global lifestyle offers as well as premium destination-based travel and dining privileges worldwide as part of the base membership. In addition, selected cardholders will get exclusive access to top-tier concerts and global sporting events like FIFA World Cup™, and reserved entitlements to key lifestyle offerings under Visa Infinite Privilege. At the highest tier, Visa Infinite Private offers bespoke invitation-only experiences highly personalised for ultra-high-net-worth individuals.

Leveraging its deep understanding of affluent customers across the region, UOB will complement Visa’s refreshed benefits with exclusive privileges, curated experiences and value-added offerings tailored to the unique preferences of its cardmembers. For example, selected cardholders will be able to enjoy specially-customised luxury travel experiences and privileged access to curated series of rare timepieces.

Paired with the Bank’s unparalleled regional connectivity, advisory excellence and One Bank ecosystem, this partnership with Visa aligns with UOB’s aim to bring together banking, wealth and lifestyle holistically to all customers. This also furthers the Bank’s ambition to become the Bank of Choice for aspiring customers across ASEAN.

-END-

About UOB

UOB is a leading Asian bank with a global network in Southeast Asia, Asia Pacific, Europe and North America. Operating through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, we have a global network of more than 470 branches and offices in 19 markets. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For more than nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.com.sg 

[1] Largest card issuer by total billings

[2] Includes UOB Reserve Card, UOB Zenith Card and UOB Visa Infinite cards

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/uob-partners-visa-to-launch-new-visa-infinite-tiers-across-asean-in-landmark-multi-market-launch-of-such-scale-302830578.html

SOURCE UOB

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