I N D U ST RY NEW S Vanpac GroupAsia NEWS IN BRIEF claims industry first PANDEMIC PAUSE FOR FINANCIAL MOVES for crypto payments Many financial sector relocations from London to the EU were postponed because of the pandemic, according to EYs Financial Services Brexit Tracker. The report said that there had been growth in the percentage of financial service businesses planning to move UK-based employees into the EU region, the actual number of movers had fallen year on year. More than 200 companies in the financial sector said they had already moved, or planned to move, staff from the UK into Europe. EXXONMOBIL TO MOVE HQ ExxonMobil is moving its head office from Irving in Texas to its facility in the north of Houston, involving the relocation of 250 staff. The international energy provider is a significant user of relocation services. It plans to complete the move by the middle of next year. NEW BREXIT RULES MAY TRIGGER DELAYS The introduction of planned changes to import regulations could cause further delays in movements of goods between the UK and the EU. In January 2022, import regulations were altered so all customs documentation must be provided up front or goods would be refused entry to the UK. There was previously a 175-day grace period for paperwork and tariffs and most other charges must be paid up front. According to a study reported by courier service Speedy Freight, three in 10 of the leaders of firms that import from the EU polled by the Institute of Directors (IoD) said they were not at all prepared for the change, with 37 per cent of small businesses and nearly a quarter of large ones saying they were not ready. NEW FIDI AFFILIATES l AMJ Campbell International Toronto, Toronto, Canada l ISS Relocations, Dubai, UAE (see feature, p79) AFFILIATE CANCELLATIONS l QGo Group Cargo, Kuwait City, Kuwait l Sancalsa International Services, Mexico City, Mexico AFFILIATE RESIGNATIONS l Fry Wagner, Kansas City, US l Gamblin, Paris, France l Haakull, Stavanger, Norway l J.Logicom Corporation, Chiryu, Japan l Settelen A.G., Basel, Switzerland 16 FF305 Mar_May 22 pp10-16 News.indd 16 Vanpac GroupAsia has announced it is enabling crypto payments, in a move designed to speed up transaction time and reduce costs for its customers. The company is implementing this in partnership with licensed payment gateway TripleA. In a statement, Vanpac GroupAsia said: With very few players in this segment, the companys goal is to be one of the first to revolutionise the experience of expatriates that wish to relocate to a different country by giving them the option to pay with cryptocurrency. Expensive transaction fees and bank charges are a key concern for international businesses and their clients, with loss of exchange rates being a contributing factor. By accepting crypto payments, the company and its clients and partners are able to leverage seamless transactions, send and receive payments swiftly, and reduce costs. The company added accepting crypto payments would give it a competitive advantage by simplifying cross-border transactions, while improving efficiency, security, and transparency. Cryptocurrency payments help simplify the process of multiple intermediaries and order processes without interference, it said. Eric Barbier, CEO of TripleA, said: The moving and relocation industry is an excellent niche for crypto payments and were happy that Vanpac GroupAsia decided to partner with us in helping revolutionise the processes of payments and transactions. This gives more opportunities for consumers to utilise their crypto investments and for Vanpac GroupAsia to access more clients that prefer to transact using crypto. Andrew Chng, Country Manager at Vanpac GroupAsia Singapore, said he believes the company is the first in the industry to accept crypto payments. New regulations proposed for US shipping fines The US Federal Maritime Commission (FMC) has proposed regulating how shipping companies charge customers for delays in picking up and dropping off containers. An Advance Notice of Proposed Rulemaking (ANPRM) approved by the agency, asks for public comments to help set reasonable standards for the billing of demurrage and detention, after dramatic increases in the practices, amid worldwide congestion and delays affecting the sea freight industry - and associated complaints from affected customers. Demurrage is charged when full containers are not picked up by customers within a specified time limit; and detention when customers are late returning empty containers to a terminal. The FMC said that demurrage and detention charges should serve the primary purpose of incentivising the movement of cargo and promoting freight fluidity and that such charges have substantially increased during the past two years. Announcing the consultation, it said: Specifically, the commission is considering the merits of establishing regulations mandating certain minimum information be included in bills issued for demurrage and detention charges and prescribing the maximum period in which an invoice can be sent. Potential new rules could include the requirement for additional information including ensuring the bill is being issued to the correct party, specifying the time period for demurrage and detention and including information on the dispute resolution process. WWW. F I D I FOC U S . OR G 11/03/2022 16:35