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Southeast Asia Leads Global Market in Chinese App Installations, Driven by High Demand Across Sectors, According to Adjust

Southeast Asian (SEA) countries have emerged as the top global market for Chinese app installations, according to a new study released Monday by measurement and analytics firm Adjust in collaboration with Sensor Tower. The report highlights that SEA countries account for a significant share of Chinese app installs worldwide, with Indonesia (22%), the Philippines (21%), Malaysia and Thailand (both 19%), Vietnam, and Singapore (both 18%) among the leading markets.

April Tayson, Regional Vice President for INSEAU at Adjust, noted that the rapid ascent of Chinese apps globally reflects their transformative influence on digital user experiences, particularly through innovations in gamification, artificial intelligence, and personalization. She observed that the impact of these apps, now deeply embedded in users’ daily lives, continues to grow steadily.

The study points out that SEA leads in several app categories for Chinese install share. Vietnam, Cambodia, and Indonesia dominate the utility category, accounting for 36%, 33%, and 30% of installs, respectively. In the entertainment sector, Singapore leads globally with a 49% share of installs, followed by Pakistan at 36%. For gaming apps, SEA countries such as the Philippines and Indonesia (both 19%) and Singapore (17%) maintain strong global install shares, just behind South Korea at 21%. Malaysia leads the social app category with an 80% install share, followed by Indonesia, Vietnam, and the Philippines with 65%, 64%, and 54%, respectively.

Top downloaded apps in SEA include TikTok (entertainment and social), DANA Dompet Digital Indonesia (finance), Garena Free Fire (gaming), Shopee (shopping), and SHAREit (utility). In terms of revenue generation, Google One stands out in utility app earnings across SEA countries, along with several Western markets, including the United States, United Kingdom, and Germany.

The report also highlights significant growth in shopping and finance app adoption. Finance app installs in SEA surged by 88% year-over-year in Q3 2024, with session activity up 70%. Shopping app installs saw an even larger increase, up by 184% year-over-year, although session frequency decreased by 18%. Social apps showed steady growth as well, with a 27% rise in installs and a 19% increase in sessions.

The study shows that app-tracking transparency (ATT) opt-in rates are rising steadily across SEA. Overall opt-in rates grew from 45% to 49%, with finance apps reaching 53% and gaming apps achieving 51%. Shopping app opt-ins climbed from 33% to 44%, while social apps maintained a 44% opt-in rate, and utility apps increased from 27% to 40%.

The Asia Pacific (APAC) region continues to lead in global Chinese export app installs, with India and South Korea each holding an 18% share. The study also emphasizes that finance and social apps are seeing robust user adoption and engagement not only in SEA but also across North America and EMEA, indicating growing opportunities for Chinese developers.

Adjust’s study underscores the importance of regional preferences as Chinese developers expand internationally. The report suggests that a shift from basic localization to full “culturalization”—which involves incorporating local cultural elements and addressing regional needs—is essential for building deeper, more loyal user bases.

Tayson remarked that insights from the study would help marketers refine their strategies by understanding user preferences and engagement patterns demonstrated by Chinese app successes in SEA.

 

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CEOWORLD magazine – Latest – Tech and Innovation – Southeast Asia Leads Global Market in Chinese App Installations, Driven by High Demand Across Sectors, According to Adjust

Banking and Finance

Latitude Appoints Aurélie Bressollette as CEO to Drive Growth Ahead of First Rocket Launch

French launch vehicle startup Latitude has brought on Aurélie Bressollette, an industry veteran, as its new chief executive as the company approaches its first launch. The announcement, made on Nov. 5, notes that Bressollette succeeds Stanislas Maximin, the company’s co-founder, who will transition to the role of executive chairman.

Bressollette joins Latitude from Rivada Space Networks, where she held the position of vice president of the procurement office. Her experience spans multiple prominent companies, including Redwire, OHB System, and Airbus.

Maximin shared in an interview that he brought Bressollette on board to take over the company’s day-to-day operations, given Latitude’s growth trajectory. Reflecting on his journey as founder, he explained the necessity of delegating key responsibilities, noting that he had already transitioned out of previous roles, such as chief financial officer and salesperson. He elaborated that he found himself trying to juggle the full-time demands of both chief executive duties and strategic and fundraising efforts. The board, he noted, had agreed on the need for a CEO nine months prior and ultimately saw in Bressollette a fitting choice.

For her part, Bressollette explained that she was not initially seeking a position like this. However, after discussions with Maximin, she recognized that Latitude was an ideal fit. She noted that her contributions are particularly relevant now, as Latitude moves from early development into an industrialization phase that requires efficient structuring without heavy bureaucracy.

Based in Reims, France, with a team of 140, Latitude is developing Zephyr, a small launch vehicle intended to carry up to 200 kilograms to low Earth orbit. Maximin shared that the company expects to receive flight hardware this week for the first Zephyr rocket, which is set for a series of engine hot-fire tests later this year. If all goes as planned, the first orbital launch attempt is targeted for late 2025.

Bressollette emphasized the importance of maintaining this timeline while preparing for the transition to production, stressing a need for integrated teamwork between engineers and production teams to support growth.

In his new role, Maximin will focus on securing additional funding. Having raised $30 million in a Series B round in January, he noted that Latitude aims to maintain a lean operation and avoid excessive expansion. The current funding will support the first test launch, though additional funds will be necessary for production scaling. By then, he anticipates that established contracts will make the process smoother, though not without its challenges.

 

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CEOWORLD magazine – Latest – Banking and Finance – Latitude Appoints Aurélie Bressollette as CEO to Drive Growth Ahead of First Rocket Launch

Banking and Finance

Westpac Appoints Peter Herbert as Acting CEO of Business and Wealth

Westpac has announced the appointment of Peter Herbert as acting CEO of its business and wealth division, effective from November 5. Herbert, currently serving as chief operating officer for the same division, will take over from Anthony Miller, who is set to assume the role of Westpac CEO on December 16.

Herbert joined Westpac in 2020 following an 18-year career at HSBC, where he held various senior positions, including chief operating officer of retail banking and wealth management in the Asia Pacific region. His appointment is temporary, and a global search is being conducted to find a permanent CEO for the business and wealth division.

Westpac’s chief executive, Peter King, highlighted Herbert’s leadership qualities, noting that he had fostered a culture of innovation since joining the bank. King expressed confidence that Herbert’s leadership would provide stability and continuity during the transition period as Miller prepares to step into King’s role later this year.

King also noted that the change would allow Miller to spend time with him during the handover before formally starting as CEO.

 

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CEOWORLD magazine – Latest – Banking and Finance – Westpac Appoints Peter Herbert as Acting CEO of Business and Wealth

Banking and Finance

Peter Stern Steps into CEO Role at Peloton, Setting Vision for Growth and Innovation

Peloton Interactive, Inc. has announced the appointment of Peter Stern, a distinguished leader with extensive experience at major brands like Apple, Ford, and Time Warner Cable, as its new CEO and President, effective January 1, 2025. The company anticipates Stern’s appointment to its Board in the near future.

Board Chair Jay Hoag expressed the Board’s confidence in Stern’s potential to drive the company forward, emphasizing his strategic mindset and expertise in technology-driven growth. Stern, Hoag noted, possesses deep knowledge of the health and wellness industry and aligns with Peloton’s core values, including collaborative leadership and a commitment to action. Hoag added that the Board is optimistic about the future Stern will help shape for Peloton, its members, and stakeholders.

Peloton’s Board outlined several key qualities it sought in its next leader: familiarity with the brand, a passion for wellness, operational savvy in subscription-based businesses, and an innovative mindset. Stern, a Peloton member since 2016 and co-founder of Apple Fitness+, met all these criteria. His professional journey includes leadership across hardware, software, content, and services – essential areas for Peloton’s mission to deliver engaging, transformative fitness experiences.

Reflecting on his appointment, Stern shared his enthusiasm for the opportunity to contribute to Peloton’s growth. He expressed his commitment to promoting healthier lifestyles, partnering with Peloton’s leadership team, and connecting with the company’s valued instructors and team members. Stern also thanked the Board for entrusting him with this significant role, underscoring his dedication to enhancing the Peloton experience.

Jay Hoag also extended gratitude to Karen Boone and Chris Bruzzo, who served as Interim Co-CEOs and Co-Presidents, ensuring stability during the search process. With Stern’s arrival, Boone will continue as Interim CEO until the end of the year, while Bruzzo will transition back to his role as a Board member.

Peloton also released its first-quarter financial results for 2025. For more information, please visit Peloton’s investor relations website.

In addition to his new role at Peloton, Stern, 52, is currently President of Ford Integrated Services. His tenure at Ford has been marked by oversight of several subscription services and digital product teams. Before Ford, Stern served as Vice President of Services at Apple, where he directed various high-profile projects, including Apple TV+, iCloud, and Apple Fitness+. Stern’s background includes leadership positions in product and marketing at Apple and Time Warner Cable, along with an early career as a consultant with McKinsey & Co. Stern holds a JD from Yale Law School and a bachelor’s degree in Music and English from Harvard University.

 

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CEOWORLD magazine – Latest – Banking and Finance – Peter Stern Steps into CEO Role at Peloton, Setting Vision for Growth and Innovation

Money and Wealth

Coinbase’s Surge with Crypto Advocate CEO Brian Armstrong Seeing His Fortune Rising by Nearly $2 Billion

The recent Election Day was a game-changer for the crypto industry, and no one benefited more than Coinbase’s CEO, Brian Armstrong. On Wednesday, Coinbase shares soared by an unprecedented 31% as investors rallied around the company’s successful push to elect pro-crypto candidates. Fairshake, a Coinbase-supported political action committee, reported that out of the 58 candidates it endorsed, 46 won, with the results for 12 races still pending.

Armstrong, who co-founded Coinbase in 2012 and led it to a public listing in 2021, holds the largest individual stake in the crypto exchange, controlling more than 10% of outstanding shares. According to the company’s latest filings, Armstrong owned 34.8 million Class A and Class B shares, an investment whose value jumped by approximately $2.1 billion on Wednesday, reaching nearly $9 billion. Meanwhile, Bitcoin surged over 9.5% to a historic high of over $76,400. When asked for further details, a Coinbase spokesperson declined to comment.

As Armstrong navigates Coinbase through a challenging regulatory landscape, he has increasingly integrated politics into his role, advocating for a regulatory environment more favorable to the crypto industry. Following a lawsuit filed by Securities and Exchange Commission Chair Gary Gensler last year, which accused Coinbase of selling unregistered securities, a judge ruled that the matter should proceed to a jury trial. Coinbase has defended itself energetically, underscoring its willingness to work with regulators to establish clear laws for the evolving industry.

In the 2024 election cycle, Coinbase emerged as one of the top corporate political donors, contributing over $75 million to Fairshake and affiliated PACs, along with a new $25 million commitment to support the pro-crypto super PAC in the 2026 midterm elections. Armstrong himself donated over $1.3 million to a range of candidates. Instead of entering the presidential race, Coinbase focused on congressional contests, aiming to build a coalition of crypto-friendly lawmakers.

This post-election rally more than compensated for Coinbase’s recent 15% stock decline after reporting weaker quarterly earnings, driven by reduced transaction and subscription revenue.

 

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CEOWORLD magazine – Latest – CEO Insider – Coinbase’s Surge with Crypto Advocate CEO Brian Armstrong Seeing His Fortune Rising by Nearly $2 Billion

Special Reports

Thailand Aims for BRICS Membership to Boost Economic and Strategic Ties

Thailand has expressed its intention to join the BRICS group, which was originally founded by Brazil, Russia, India, China, and South Africa. The group recently expanded, adding Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia to its ranks. This year, Russia, the host of the BRICS summit, extended an invitation to Thailand to participate in the event scheduled for October, a move seen by the Thai government as a potential stepping stone toward full membership.

In an interview with CGTN correspondent Dusita Saokaew, Thailand’s Deputy Prime Minister, Anutin Charnvirakul, discussed the country’s aspirations for joining BRICS and the potential benefits it could offer. Saokaew noted that Thailand is not yet an official member of the group, but the government has been actively pursuing its bid to become one. She asked why Thailand is seeking BRICS membership and what advantages the country hopes to gain.

Charnvirakul explained that economic and political partnerships can offer mutual advantages, particularly when grounded in mutual understanding and strong relationships. He highlighted that Thailand could contribute significantly to BRICS, especially in areas such as economics, trade, digital innovation, and alternative energy. Moreover, he emphasized that collaboration within BRICS could aid in promoting sustainable development.

He also underscored Thailand’s strategic location at the heart of Southeast Asia, positioning the country as a gateway to the ASEAN market, which boasts over 600 million people. As one of the world’s major food producers, Thailand could play a pivotal role in addressing food security, aligning with the country’s vision to become the “kitchen of the world.” Charnvirakul pointed to Thailand’s vibrant tourism industry as another sector that could foster collaboration, noting that both BRICS countries and Thailand offer unique and exotic experiences to visitors.

Furthermore, Charnvirakul suggested that Thailand could act as a bridge between BRICS and the ASEAN region, creating extensive economic opportunities, especially given China’s prominent role within BRICS. He expressed confidence that Thailand’s journey with the BRICS group would progress smoothly beyond the upcoming summit.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
Thailand Bangkok Maha Vajiralongkorn Srettha Thavisin 512.193 7.298 1.578.452 22.491

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CEOWORLD magazine – Latest – Banking and Finance – Thailand Aims for BRICS Membership to Boost Economic and Strategic Ties

Banking and Finance

Dollar Tree CEO Rick Dreiling Steps Down Amid Challenges for Discount Giant

Dollar Tree, a major player in the discount retail industry, announced on Sunday that CEO and chairman Rick Dreiling has officially resigned. After joining the company as executive chairman in March 2022, Dreiling cited personal reasons for his departure, noting that recent health concerns prompted him to shift his focus toward his own well-being and his family.

This year has been particularly rough for Dollar Tree, which also owns Family Dollar, as the company’s shares have nosedived by over 50%. In a revised forecast this September, Dollar Tree attributed its financial difficulties to “immense pressures” affecting low- and middle-income consumers. Once riding a wave of rapid expansion to serve these customers, Dollar Tree now faces growing competition from retail giants like Walmart, along with setbacks from various strategic missteps.

Following Dreiling’s departure, Michael C. Creedon, Dollar Tree’s COO, has been appointed as interim CEO, with Edward J. Kelly stepping into the role of chairman. The company is actively searching for a permanent CEO and exploring potential “strategic alternatives” for its Family Dollar chain—a review that could result in selling or spinning off the brand. Dollar Tree had acquired Family Dollar in 2015 for $8.5 billion, aiming to broaden its market reach, but the venture has fallen short of expectations. By early 2024, over 900 Family Dollar locations had shuttered in response to continued financial struggles.

 

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CEOWORLD magazine – Latest – Banking and Finance – Dollar Tree CEO Rick Dreiling Steps Down Amid Challenges for Discount Giant

Special Reports

39 Nations Set to Present Progress on Sustainable Development Goals at 2025 UN Forum

In July 2025, 39 countries will deliver their voluntary national reviews (VNRs) to the UN High-level Political Forum on Sustainable Development (HLPF), with most countries presenting their third VNRs. Guatemala, Indonesia, the Philippines, and Qatar will be among the few presenting their fourth reviews, while no nations are scheduled for a first-time presentation.

UN Economic and Social Council (ECOSOC) President Bob Rae shared the final list of presenters in a letter dated October 7, 2024. Twelve nations, including Angola, Bulgaria, Israel, Kyrgyzstan, Malta, Micronesia, Papua New Guinea, Saint Lucia, Seychelles, South Africa, the State of Palestine, and Suriname, are preparing their VNRs for the second time. Meanwhile, twenty-three countries, including the Bahamas, Bangladesh, Belarus, the Czech Republic, Finland, Germany, and Japan, will present their VNRs for a third time.

Rae noted in his letter that VNRs are traditionally presented at the ministerial level, with further logistical details to follow. The UN Secretariat will also reach out to participating countries soon with arrangements for the initial preparatory workshop, scheduled for the first week of December.

The HLPF, convening under ECOSOC’s auspices, serves as the UN’s primary platform for sustainable development, with participation from all UN Member States and representatives of civil society organizations (CSOs). The theme for the 2025 HLPF will be “Advancing sustainable, inclusive, science- and evidence-based solutions for the 2030 Agenda for Sustainable Development and its Sustainable Development Goals for leaving no one behind.” The forum will conduct detailed evaluations of SDG 3 (good health and well-being), SDG 5 (gender equality), SDG 8 (decent work and economic growth), SDG 14 (life below water), and SDG 17 (partnerships for the Goals). Notably, SDG 17 undergoes review each year.

To assist countries in preparing their reports, the UN Department for Economic and Social Affairs (DESA) is revising its VNR handbook, designed to supplement the UN Secretary-General’s reporting guidelines for the HLPF. This resource will be accessible on the HLPF website.

 

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Tech and Innovation

OpenAI’s CEO Sam Altman Comments on Superintelligent AI with New Post

In a recent blog post, OpenAI’s CEO Sam Altman shared his belief that superintelligent AI could emerge within the next few thousand days. Far from painting a dystopian future, Altman envisions a world marked by unprecedented prosperity. While he acknowledged that this transformation might take longer than anticipated, he remained optimistic, suggesting that future technologies will enable feats that would have seemed like magic to previous generations.

Altman’s brief post was dense with predictions about the future. He conceded that the rise of superintelligence could face delays but stressed its inevitability. In contrast to those wary of AI’s potential to widen social inequalities, Altman – and many others invested in AI – sees machines not as replacements for humans but as tools to enhance human capability.

He pointed out that society’s collective intelligence has always been greater than any individual, attributing humanity’s progress not to genetic evolution but to advances in societal infrastructure. He expressed confidence that AI will address pressing global issues, laying the groundwork for a leap toward a brighter future.

In Altman’s ideal world, people will have access to their own AI assistants – virtual teams capable of handling the tasks that complicate modern life. He predicts that these AI systems will work alongside humans, enabling the creation of almost anything imaginable.

Altman also envisions a future where AI-powered tutors will revolutionize education, tailoring learning experiences to each student’s unique needs. According to his forecast, everyone will have access to the education necessary to succeed, ushering in an era of shared prosperity that seems unimaginable today.

However, some remain skeptical of this optimistic outlook. Detractors question whether such utopian visions can be realized, considering the persistent nature of human conflict and self-interest. Critics also wonder if AI can truly address the potential downsides of increased technological dependency, as society is only beginning to understand the effects of social media on mental health and well-being.

Altman did acknowledge potential challenges, particularly disruptions to the labor market. Yet, he maintained that these issues could be resolved, drawing comparisons to utopian ideals of freedom from mundane work. He urged readers to prepare for a future where monotonous tasks are eliminated, allowing people to focus on more fulfilling pursuits.

In concluding his post, Altman described the dawn of the “Intelligence Age” as a pivotal moment, fraught with high-stakes risks but also offering tremendous opportunities. While he acknowledged that the journey wouldn’t be entirely smooth, he emphasized the importance of navigating these challenges for the sake of future generations.

However, prominent AI critic Gary Marcus dismissed the post as a promotional piece rather than a serious scientific analysis, pointing out numerous flaws in Altman’s arguments. In addition, Ed Zitron, CEO of EZPR, was even more scathing, mocking Altman’s predictions as vague and exaggerated, comparing them to political rhetoric.

 

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Banking and Finance

Icona Capital Acquires Cromwell’s European Platform via Stoneweg, Doubles Real Estate Aum to €8 Billion

Icona Capital, a leading alternative investment company, has entered into a binding agreement with Cromwell Property Group to acquire their European fund management platform and associated co-investments via Stoneweg, a real estate manager, which totals up to €3.9 billion of real estate assets under management, for a total consideration of €280 million, this includes:

  • 100% interest in Cromwell Europe Limited
  • 27.8% unitholding in CEREIT, a real estate investment trust listed in Singapore with a €2.2billion portfolio
  • 100% interest in the Singapore-based Manager of CEREIT
  • 50% interest in the Cromwell Urban Italy Logistics Fund

The enlarged group led by Icona’s founder and current CEO, Max-Hervé George (Stoneweg Strategic Shareholder), Stoneweg’s co-founders, Jaume Sabater (CEO) and Joaquin Castellvi (Head of Acquisitions) will manage €8 billion in assets, providing equity and debt investment and development expertise in the residential, light industrial, logistics, hospitality, office, and cultural and leisure sectors across 15 European countries. The combined platform will continue to operate as Stoneweg.

In total, across a mix of core, core+ and value-add funds and mandates, Cromwell’s European platform comprises over 160 assets and 1,600 tenants, with 14 local offices in 12 European countries.

This transformational transaction will build on the strengths and strong track records of both Icona Capital and Cromwell Europe to create a leading European real estate business, with diverse and substantial capital relationships and product offerings.

Max-Hervé George, Founder & CEO of Icona Capital, commented: “Icona joined Stoneweg as a strategic shareholder and investor in 2022, with the clear objective of building the business into a leading global real estate player. We are thrilled to have participated in this transformative transaction, which lays the foundation for both Icona and Stoneweg to achieve this goal by expanding our market presence and deepening our partnership.”

“This milestone will create a real estate powerhouse in Europe, combining deep market insights with a broad geographic footprint. Our shared expertise enables us to deliver unique investment opportunities that will significantly enhance the dynamism of the European real estate markets. With Cromwell’s robust platform, Stoneweg’s innovative strategies, and our financial strength, we are positioned to drive our transformation into a leading global real estate player.”

The transaction remains subject to customary closing conditions and adjustments, including approval by the Monetary Authority of Singapore and the Commission de Surveillance du Secteur Financier in Luxembourg as well as debt change of control consents or waivers. Completion is expected to occur in the forthcoming months.

Swiss Bank and Stoneweg’s shareholder, CBH Compagnie Bancaire Helvétique SA acted as Financial Advisor to the buyer for the transaction.

Stoneweg is a real estate asset manager and investment advisory group established in 2015 and headquartered in Geneva. It identifies real estate opportunities, structures investment products and manages dedicated mandates in Europe and the US. The Group relies on local operating teams to identify, develop and manage real estate investments around the World. To date, Stoneweg has invested more than €5 billion in real estate in various sectors including residential, commercial, logistics and hospitality.

Icona Capital Group, founded by Max-Hervé George, operates in various sectors, including Data Centres, Real Estate, Credit, and the Financial Sector. Icona has more than €2.5bn of gross AUM across different business segments. Icona Capital’s investment strategies are grounded in thorough research, in-depth first-hand knowledge, and the ability to efficiently implement strategies to maximize the greatest return potential. By keeping a keen eye on emerging opportunities and a highly skilled and coordinated team, Icona Capital’s activities stretch across Europe, covering different key capabilities.

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CEOWORLD magazine – Latest – Banking and Finance – Icona Capital Acquires Cromwell’s European Platform via Stoneweg, Doubles Real Estate Aum to €8 Billion