| |AUGUST 20269KGM has obtained a $75 million strategic investment from China's Chery Automobile for the Korean automaker's upcoming vehicles and future mobility innovations, according to reports.KGM stated that the investment signifies the most recent advancement in a partnership that has grown from product collaboration to a lasting strategic alliance aimed at future expansion.The accord comes after a platform licensing arrangement established by the two firms in October 2024 and a collaborative development agreement for mid-sized and large SUVs finalized in April 2025.Both automakers intend to enhance collaboration in areas such as software-defined vehicles (SDVs), electrical and electronic systems, autonomous driving, and electrification.KGM Chairman Kwak Jea-sun characterized the strategic partnerships as essential for car manufacturers aiming for sustainable development.The Favara-UPI cross-border payment corridor was launched, connecting the Maldives and India after integrating the Maldives Instant Payment System, 'Favara', with India's Unified Payments Interface (UPI).The Maldives Monetary Authority (MMA) announced the successful implementation of the integration on July 30, 2026, as stated by the Ministry of Finance.The initiative signifies a pivotal development in transnational digital financial integration and economic collaboration between the two countries.With the new mechanism, people in the Maldives can use Favara to send money instantly to beneficiaries in India. Transactions commence in Maldivian Rufiyaa (MVR) and are credited directly to recipients in Indian Rupees (INR) using the UPI network. The service launched with a chosen group of financial organizations in the island country.KGM SECURES $75 MILLION FUNDING BOOST FROM CHERYMALDIVES LAUNCHES FAVARA-UPI PAYMENT SERVICE WITH INDIA
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