Founders and Executives at Nine India-Based Companies will Present at Algorand’s Decipher Conference in Dubai, 28-30 November


Nine India-based companies building Web3 products on Algorand will be featured this week at the annual Decipher conference hosted by the Algorand Foundation at Madinat Jumeirah in Dubai, 28-30 November.

The strong regional representation reflects strong community-building and education efforts in India led by AlgoBharat, including developer hackathons, educational sessions at technical universities, and more. These initiatives have been aimed at increasing interest and adoption in Algorand and the broader blockchain industry among developers at both startups and established corporations in India.

Featured companies from the AlgoBharat ecosystem include:

  • Contrato is a solution for smart contracts and finance management for Small Medium Businesses and Startups, is the world’s first KYC embedded contracting solution powered by blockchain smart contract. Contrato is building the next generation of business transactions based on trust and decentralized finance.
  • is an App Store for decentralized apps but with additional layers of communication / notifications, commerce (paid apps & in-app purchases), ratings, and DIDs, aims to bring seamlessness to the Web 3.0 experience.
  • Dygnify is a DeFi protocol that delivers digital asset liquidity to Small Medium Business (SMB)-focused credit Fintechs while enabling global digital asset investors to discover and invest debt capital in creditworthy SMB-focused credit fintechs/lenders across high-growth emerging markets.
  • EKO India Financial Services is an established Indian fintech company, which enables digital product brands to tap and collect digital payment from customers through a unique platform of deeply embedded-in-the-community micro-entrepreneurs. Over the last 15 years Eko has serviced over 50 million customers through a network of over 300k micro-entrepreneurs. Eko desires to leverage the advantages of blockchain to further democratize access to services for customers with a distributed identity solution.
  • Fragments is a platform that enables users to create on-chain vaults to set up a fund, define its goals and governance, raise capital from retail investors and invest together based on the decided governance framework. It effectively offers a collective investment DeFi product with multichain fundraising, four forms of governance, and trading history of user profiles.
  • Kalga Labs is a Web 3.0 platform that enables more efficient collaboration between content makers and creators. Kalga Labs’ first product, InFiction, is a first-of-its-kind solution for TV and film writers to showcase their work through a decentralized database with built-in tools, analytics, and creative capabilities.
  • NFTVerse is a white label, SAAS-based platform designed to bridge the gap between Web 2.0 and Web 3.0. The platform enables enterprises, brands, celebrities, influencers, and creators to launch their own fully customizable Web 3.0 apps including NFT stores, Marketplace, Crypto wallets, and Crypto tokens by integrating with their existing Web 2.0 apps and websites.
  • Nowigence is a knowledge management company that uses its Web 2.0-based Pluaris™ technology to help enterprise employees augment knowledge with information and training materials from multiple data sources. Nowigence is now transitioning to an Algorand-based blockchain solution to verify and recognize skill acquisition through decentralized proof of knowledge and proof of experience, which includes social learning, community driven peer-to-peer learning, personalized learning, gamification and reward system, and hybrid learning models utilizing events.
  • Wize is a one-stop NFT infrastructure and API toolkit that can deliver a personalized and secure digital experience for businesses, DAOs, and developers, offering POAP (Proof of Attendance Protocol) NFTs, Identity NFTs, Certificate NFTs, Event Ticketing, and more. Wize enables NFT Tokenization as a Service for B2B applications and solves the Web 3.0 adoption challenges across various industry verticals with its powerful dashboard, no-code application, SDKs and APIs.

“We’re thrilled to have such strong representation from India at this year’s Decipher event,” said Anil Kakani, Head of AlgoBharat. “Each of these companies recognizes the significant advantages of the Algorand blockchain and they are just a sampling of the use cases we expect to drive the organic diffusion of Algorand in our region. India has the best developers in the world, poised to harness the power of blockchain to tackle some of the most challenging problems we face. These companies featured at Decipher are just a few of the many leading the way into Web 3.0 on Algorand!”

The following presentations will be available to livestream for free via the Algorand Foundation YouTube channel:

  • 29 November @ 11:25 AM – 12:05 PM (GMT +04): EKO cofounder Abhinav Sinha will appear alongside leaders from VISA CEMEA, FlexFinTx, and AgroToken, on the topic of “Financial Inclusion at Scale: A World Tour”
  • 29 and 30 November @ 1:00 – 2:00 PM (GMT +04): Founders and executives at ContratoDappsDygnifyFragmentsWizeKalga LabsNFTVerse, and Nowigence will present during the Decipher pitch competitions
  • 30 November @ 11:00 – 11:40 AM (GMT +04): Nowigence Acting CEO Krishna Tammireddy will participate in “Delivering Web2 to Web3 (and Beyond),” alongside leaders from Napster, TravelX, and the Global Crypto Council

The following presentation will be recorded and published on the Algorand Foundation YouTube channel following the event:

  • 30 November @ 10:30 – 11:00 AM (GMT +04): Kalga Labs founder Abhisar Srivastava and NFTVerse founder Neel Kamal will speak on “India’s Creator Economy is Booming! How Web3 is Accelerating It.”

Learn more about Decipher, and download the full agenda at

For media interested in a press pass for Decipher, please contact [email protected].


FM urges startups to focus on climate change solutions


Vananam Ventures Pvt Ltd, a Bengaluru- based alternative investment platform, held a Start-Up Inclusion Summit on Saturday, Nov 26, where the Honourable Minister of Finance and Corporate Affairs, Government of India, Smt. Nirmala Sitharaman was the Chief Guest. She appealed to the start-ups to focus on climate change and farming solutions.

Addressing the national-level summit organised by Vananam to promote inclusion in the start-up ecosystem in India, she said, “Atmanirbhar Bharat is not just for defence or strategic matters, food security or manufacturing areas. It is also self-sufficiency to be able to transition to a better climate in India.”

She urged the start-ups and investors to look beyond fintechs, Software as a Service start-ups, and also give importance to less glamorous areas such as climate change solutions, improving the conditions of farmers and millet production.

“You have already touched upon defence production, renewable energy, nuclear space, satellites, space technologies, etc. I’m asking you to explore some of those less glamorous areas as well,” she added.

Emphasising on climate change solutions, Sitharaman said, “More and more innovations for dealing with climate and climate change are going to be absolutely precious. Climate issues have a direct bearing on farming as well as on the supply chain in the country.”

“The challenges that emerge out of unpredictable climatic conditions have a bearing on agriculture, urban living, water management, disaster management, construction of houses, industries, and national security, she added.

The finance minister cautioned that if the issues related to climate change are not addressed, then it will cost a lot to the Indian economy, which will not be affordable to all. “The across-the-board damages that adverse climate and weather conditions can create is going to be big for any country to subsume, absorb or take on board,” she warned the gathering.

Elaborating on the gravity of the situation, she said, “The rainfall that used to happen in the entire monsoon season is now being witnessed within a couple of days, which no city or rural area can handle. All these are making farmers rethink about how they’re going to be ploughing, sowing, readying the land and also looking at when the crop is going to be coming for harvest.”

She added that people can see farmers trying to change their cropping patterns. The sowing of seeds is being pushed further due to the unpredictable monsoon months.

Further, she said, “Karnataka is one of the biggest producers of diverse varieties of millets and the United Nations General Assembly had declared the year 2023 as the International Year of Millets. Millets offered a way of healthy eating, especially for the urban population. There are plenty of opportunities for start-ups, including helping farmers realise better prices for their millet produce through value addition.

Making further important announcements at the Vananam Summit, Ms. Sitharaman said, “India would be chairing the G20 summit and one of the sessions involving the Finance Ministers and the Central bank governors would be held in February in Bengaluru.

Panel Discussions on the Inclusion Theme

Three panel discussions were held at the Vananam Start-up Inclusion Summit. The panellists discussed how to successfully transform students from academics to entrepreneurship, encourage women entrepreneurs and how to support founders in Tier-II, III cities.

Speaking at the event, Keshav Inani, Vananam Ventures CEO, said, “It is our great privilege that the Honourable Finance Minister Smt. Nirmala Sitharaman graced the occasion and addressed the audience. She gave us, the entrepreneurs, food for thought about the issues of national importance that need attention. We express our gratitude for her to support us in our drive to create an inclusive start-up ecosystem.”


Fintech Global Market to Reach $385.93 Billion by 2027 at a CAGR of 19.71%


The “Fintech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to’s offering.

The global fintech market size reached US$ 131.14 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 385.93 Billion by 2027, exhibiting a CAGR of 19.71% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Fintech, or financial technology, involves the integration of technology with financial services to enhance or automate banking and investing operations. It includes retail banking, education, asset management, insurance investment, fundraising, digital lending, credit scoring, and mobile banking. Fintech helps companies, business owners, and consumers better manage their financial processes by utilizing specialized software and algorithms on smartphones and computers. It also employs various technologies, such as artificial intelligence (AI), machine learning, and robotic processing automation (RPA), to automate and improve the delivery of financial services. As compared to traditional banking, fintech is more cost-effective, offers enhanced risk management, streamlines financial operations, and enables faster payments.

Fintech Market Trends:

Rapid digitization of the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Fintech is transforming the banking system by increasing productivity and customer retention through speed and convenience. In line with this, the widespread technology adoption to process large volumes of data in a short period, enhance efficiency, and minimize the chances of human error is favoring the market growth.

Apart from this, the integration of fintech solutions with artificial intelligence (AI) to detect and prevent fraud in digital banking channels is providing an impetus to the market growth. In line with this, the utilization of machine learning (ML), big data, and evolutionary algorithms in fintech to detect unusual activity and enhance monitoring of financial transactions, speech recognition, risk management, and secured network access to the banking institutions is positively influencing the market growth. Other factors, including increased collaboration between national regulators and financial institutions, extensive research and development (R&D) activities, and the implementation of various government initiatives toward expanding the fintech sector, are supporting the market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global fintech market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on deployment mode, technology, application and end user.

Breakup by Deployment Mode:

  • On-premises
  • Cloud-based

Breakup by Technology:

  • Application Programming Interface
  • Artificial Intelligence
  • Blockchain
  • Robotic Process Automation
  • Data Analytics
  • Others

Breakup by Application:

  • Payment and Fund Transfer
  • Loans
  • Insurance and Personal Finance
  • Wealth Management
  • Others

Breakup by End User:

  • Banking
  • Insurance
  • Securities
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

5 Global Fintech Market

6 Market Breakup by Deployment Mode

7 Market Breakup by Technology

8 Market Breakup by Application

9 Market Breakup by End User

10 Market Breakup by Region

11 SWOT Analysis

12 Value Chain Analysis

13 Porters Five Forces Analysis

14 Price Analysis

15 Competitive Landscape

Companies Mentioned

  • Adyen N.V.
  • Afterpay Limited (Block Inc.)
  • Avant LLC
  • Cisco Systems Inc.
  • Google Payment Corp.
  • International Business Machines Corporation
  • Klarna Bank AB
  • Microsoft Corporation
  • Nvidia Corporation
  • Oracle Corporation
  • Paypal HoldingsInc
  • Robinhood Markets Inc.
  • SoFi Technologies Inc
  • Tata Consultancy Services.

Taipei Entrepreneurs Hub (TEH) Links Resources Across Taipei to Help International Startups Connect with Taipei Enterprises


On November 18th, Taipei Entrepreneurs Hub (TEH) held their Demo Day 2.0 during Meet Taipei, inviting 10 international startups that won the two pitch contests previously and three local startups to pitch in front of investors and corporate partners on trending topics such as Fintech, Blockchain, ESG, and Web3.

The Department of Economic Development at Taipei City Government stated that to assist the city’s industrial upgrading with key technologies and research and development energy, and to attract international startups to communicate and collaborate with local enterprises, the “international startup soft landing program was initiated with “TEH” the brand community service platform. Its primary purposes are to promote Taipei’s startup environment and resources to the global startup community and to strengthen the connections between international startups and enterprises, investors, government, and other related organizations in Taipei. It is hoped that by inviting international startups to Taipei for a Demo Day, the startups could explore potential collaboration opportunities and soft land in Taipei.

Commissioner Chung-Chieh Lin of the Department of Economic Development welcomed the startups on behalf of the city government. President and General Manager of GlobalTown Development Jeff Tsai, Head of Blockchain at Cathay Financial Holdings Nicholas Yang, Chief Investment Officer at Lion Travel Ryan Shen, and close to a hundred investors, enterprise owners, and startup community partners all attended the event.

Nicholas Yang, Head of Blockchain at Cathay Financial Holdings said that decentralized technology brings disruptive innovation opportunities to the financial industry, and Blockchain technology is the center of attention these days. Startups bring new business models to the banking industry, creating opportunities for collaboration with Cathay Financial Holdings. He looks forward to working with startups to accelerate the digital transformation of the financial industry. Jeff Tsai, General Manager of GlobalTown Development also said that the commercial real estate system is large-scaled and traditional. However, with the rise of the ESG trend, the industry has a strong demand for digital transformation. He looks forward to working with startups for opportunities in the commercial office field. Ryan Shen, Chief Investment Officer at Lion Travel believes that after the pandemic, the tourism industry is about to rise and shine. The industry will also take advantage of the situation and get linked up with technological innovations, which will result in a significant impact on the industry. From the Internet to the success of mobile applications, Blockchain and Web3 will become the next turning point. He looks forward to what the startups can contribute to the tourism industry.

During their visit to Taiwan, the 10 international startups also expanded the network needed for further development in Taiwan. They also attended startup events and went on corporate visits to obtain the required resources. Among them, Singaporean startup HedgeSPA will locate a team in the city’s most prominent startup incubation base t-Hub. The German team MotionsCloud has already accepted invitations from Cathay Financial Holdings and the Center of Industry Accelerator and Patent Strategy (IAPS) at National Chiao Tung University to demonstrate their proof of concept (POC) and is in discussion with Lion Travel and GlobalTown to evaluate the feasibility of collaboration. The Japanese startup Tsunagaru Edutech is in communication with Lion Travel about a possible collaboration. The Malaysian startup Soft Solvers Solutions has arranged several meetings with Cathay Financial Holdings to discuss the implementation of POC.

In addition, through the program, startups from Taipei also was able to connect with international startups in the same field, including potential collaborations between travel tech startup TUBUUD with Like It Formosa and Lion Travel, and prop tech startup Rootie Robot with JGB Smart Property and GlobalTown Development.

In the future, TEH will continue to integrate resources and provide international entrepreneurs with relevant information to expand to Taipei. Follow TEH’s Facebook page and LinkedIn Profile for the latest information!


Vayana Network begins operations of its ITFS platform, Vayana TradeXchange (VTX), Initiates the first transaction in partnership with VoloFin


Vayana TradeXchange, the International Trade Financing Services (ITFS) platform facilitating cross-border trade finance under the supervision of the International Financial Services Centres Authority (IFSCA), GIFT City, announced the completion and disbursement of its first set of export financing transactions.

Vayana TradeXchange (VTX) is built and operated by Vayana (IFSC) Pvt. Ltd., a 100% subsidiary of Vayana Network, the largest Supply Chain Finance platform in India.

The first set of transactions on VTX have been financed by VoloFin, a global fintech company offering invoice and supply chain finance solutions to SME businesses. The first cross-border transaction between an Indian Exporter and the USA Buyer was successfully financed on VTX by VoloFin.

VTX, the auction-based electronic platform, will facilitate the financing of international trade flows by introducing various trade financing products at competitive terms. This will help exporters and importers in India and across the globe to convert their receivables into cash or obtain financing for payments of imports of goods & services.

Through this platform, exporters and importers will gain timely access to trade finance seamlessly across geographies, opening avenues to new business opportunities. The rates are discovered through a transparent bidding mechanism, with funds available in the currency of trade.

VTX has already onboarded State Bank of India, Yes Bank, India Factoring, VoloFin and Drip Capital as financiers and is envisaging to onboard another 10 financiers soon. The platform is seeing a lot of early traction with more than 10 exporters/importers at various stages of registration on the platform.

Commenting on the success of the first transaction on VTX, Ram Iyer, Founder and CEO of Vayana Network, said, “We are delighted to commence the first transaction on Vayana TradeXchange, and bring to the market innovative solutions to facilitate cross-border trade finance.”

Mr. Kalyan Basu, MD & CEO, Vayana TradeXchange, said, “It gives us great pleasure to announce the successful initiation and completion of the first set of export financing transactions on the Vayana TradeXchange platform. We are glad to welcome the first participants and believe this marks the beginning of a pathbreaking journey in global trade. The platform is one of its kind implemented and operationalized across the globe. It has immense potential in terms of capability, innovation and reach to be the go-to platform for digitised cross-border trade finance in the days to come. We are aiming to do over USD 100 million worth of transactions in the first quarter of operation after successful completion of sandbox.”

Mr. Mohit Agarwal, Co-founder & CEO, VoloFin, said, “We look forward to a successful collaboration with VTX, this partnership will enable quick and easy access of finance to SMEs. With VoloFin’s next-gen platform and wider global coverage combined with VTX’s large network in India, we hope to benefit a large number of SMEs and help their business grow.”




In 1998, Mountasser Hachem founded Monty Holding, which has since become a giant in the telco sector, achieving unprecedented global penetration. His first go-to-market company was Monty Mobile, adapting various cutting-edge technologies to provide 4G and 5G wireless solutions and Value Added Services, Messaging, Omnichannel, eSim and many other solutions which have been greeted enthusiastically by markets all over the world.

Today, Hachem is taking a giant leap into Fintech with MyMonty, a digital bank which, in his own words, will soon become the largest digital bank in the world. “In this digital era where everything evolves at a very fast pace, our responsibility is to keep up with the latest trends. We provide state-of-the art solutions in communication and financial services to operators and offer software as an end-to-end solution turning traditional banks, MNOs and startups into digital banks. We also provide them with a banking license as an added value”, he explains.

MyMonty’s Founder and Chairman has a vision that has always been close to his heart: MyMonty represents an opportunity to bring almost 2 billion unbanked people into an uplifted, empowered future. As part of its mission to drive financial inclusion and cater to meet the needs of unbanked, underserved, and unsatisfied communities, MyMonty offers an empowering digital banking experience allowing people to send, receive, or request money, anytime anywhere and without any hidden fees, in an affordable, accessible, and seamless way.

In addition to democratizing access to financial services, the digital era is now in the driving seat of the financial sector, reducing the high dependency on brick-and-mortar branches of traditional banks, as well as the need to simplify highly complex cost structures. Today, is live in more than 40 countries where it operates under the umbrella of local banks, and is ready to provide businesses with the needed coverage to launch quickly and easily.

“MyMonty does not only offer a full end-to-end core banking system, it also enables you to be fully digital and go live in your desired market within 90 days,” explains Hachem. “Furthermore, you will be able to scale your business and tap into new territories. MyMonty will help you expand your reach wherever you are in the world thanks to its global connections, hence sparing you the hassle of the first contact and the whole commercial approach. Keep in mind we do the commercial networking on your behalf. Plus, we offer both the solution and implementation, and we only charge you once you go live,” he adds.

Some are still wondering if now is the right time to venture into digital, knowing that in many countries’ central banks and financial regulators still haven’t issued any regulations in this regard; the answer is: Yes… the time for digitization is now!

“It is better to anticipate the need and think about ways to take your services to the customers because the more digital the journey, the higher customer retention and satisfaction. MyMonty offers you the full solution at zero cost for 1000 accounts to be used for testing purposes, so that when you get your license, you will be able to go live immediately. So get your engine warmed up, otherwise, you might lose your market share to digital giants”, states Hachem.

Banking is not the only sector to benefit from fintech solutions. MyMonty can guarantee the sustainability of all MNOs fighting to survive in this very competitive landscape, by helping them reimagine their services and upgrade their offerings, so they can address customers’ needs and expectations. MyMonty can also actively contribute to enhancing their customer experience, helping mobile operators retain their clients and gain their loyalty.

Even though mobile operators hold a real asset in their hands – which is customer data, there are various requirements when it comes to the payment and banking space that remain unfamiliar to most of them. This is where MyMonty steps in, to help them leverage this data and offer an unbeatable customer experience, by providing them with everything they need, and more, to act as a bank and avail a full suite of financial services.

As the world has turned into a global village, the number of expats and citizens holding another passport, or resident permit, is still rising. In the absence of local banks digitizing their services to meet their needs, they are turning to global digital banks. To put this into perspective, the need to access financial services outweighs the security and regulatory aspects raised by central banks, thus heavily impacting local economies and causing major money leakage.

“Countries that are not embracing innovation are missing out on many opportunities. The lack of digital financial facilities is having a major impact on their economy, causing them huge losses”, comments Hachem. “Once customers get used to digital convenience and the luxury of managing their finances wherever they are in the world, they will never accept to go back to the old banking ways, so it’s better to ride the wave now before it’s too late”, he adds.

The clock is ticking. Traditional banks are losing popularity to startups that have already boarded the digital wave and transformed their services to meet their customers’ needs. “You either embrace innovation or lose your market share. And this specifically applies to traditional banks, MNOs, startups, or any financial entity looking to survive in this digital era”, he emphasizes.

Today, MyMonty are ready to lay the foundation for a holistic digital transformation. “I can see the collapse of the banks that are not going digital, coming quickly, as was the case with Nokia”, observes Hachem. The once mighty Nokia didn’t adapt to the market invasion of smartphones in 2011, which drove this multi-billion business to near bankruptcy, because they didn’t acknowledge the digital shift. “You don’t need foresight to avoid a Nokia-type disaster. You just need to know your markets,” Hachem concluded.


Givex Launches Digital Gift Cards in Malaysia and Singapore for Notable Global Luxury Retailer


Global fintech company Givex Information Technology Group Ltd. (“Givex”) (TSX: GIVX) announced today the launch of a digital gift card program for a major U.S.-based luxury retailer in Malaysia and Singapore. This partnership began in late 2021 with physical gift card programs in AustraliaHong Kong, Korea, Malaysia and Singapore.

“Our continued partnership with this storied retailer illustrates Givex’s scalability, seamless integrations and ability to support multiple currencies,” said John Sydoruk, managing director of Givex Asia. “The Givex team worked hard to integrate our leading gift card program with the websites for the various countries to ensure a seamless user experience.”

Givex Asia has celebrated other recent client wins, including agreements to provide gift cards and Customer WebSuite (CWS) to sell digital gift cards online for fast food, full-service, and fine dining restaurants.

“2022 has been an incredible year for Givex as a whole, and we are proud of the growth coming out of the Asia office,” said Sydoruk. “We look forward to expanding our relationships with existing clients for additional products, and bringing new clients on board in 2023.”

In addition to online and physical gift cards, Givex offers an end-to-end solution that can support multi-unit, multi-national chains, including leading point-of-sale system GivexPOS, loyalty programs, Kitchen Display System (KDS), GivexPay and more. The global company has 118,000 active client locations in more than 100 countries.


Squared Financial Group Appoints New Chief Commercial Officer to Bolster Business Development


Leading global brokerage firm Squared Financial appoints Andreas Lazarou as its new Chief Commercial Officer, strengthening business planning and catalyzing business development.

Lazarou’s hire is another step in the Group’s efforts to scale the business and become a one-stop shop for traders and investors around the world. The firm is in the process of revamping its website and updating its mobile trading apps. The technology, infrastructure and support it has built to optimize its customers’ trading experience have drawn it closer to marking its presence in the trading arena. Lazarou will spearhead business development and marketing. His passion for marketing trends will drive expansion and increase sales volumes, grow brand image and presence, and maintain online and offline reputation. He brings 20 years of experience in marketing, communications, and business development strategy.

Andreas Lazarou, CCO at Squared Financial, commented: “I’m very excited to join Squared Financial at a time when the Group is thriving to mark milestone after milestone. The trading scene is crammed with brokerage companies, and this is when Squared Financial wants to stand out with its avant-garde vision of trading. I am sure that the team and I will use what was already built as a springboard to greater future success.”

Husam Al Kurdi, CEO at Squared Financial Group, added: “Andreas’s proven experience and strategic acumen driving growth and strengthening brand image is what we need here at Squared Financial. As we aim at becoming investors’ long-term partner, we see our team grow, our offerings increase, our jurisdictions expand, and our strategy adapt to the ever-changing challenging world. Andreas’s addition to the team will make a difference.”


Global Times: Financial Street Forum, a bellwether of China’s financial reform, highlights robustness, openness


China’s vibrant financial sector, a solid underpinning of the economic prowess and a crucial part of the country’s reform and opening-up, is set to anchor the world’s second-largest economy toward higher-quality growth and amplify its role as a stabilizer of the global markets amid varied uncertainties, senior officials and prominent domestic and foreign industry leaders told an influential financial forum in Beijing on Monday.

The Financial Street Forum 2022, an annual event widely viewed as the bellwether of China’s financial reform and opening-up, opened in the capital city on Monday and will run through Wednesday.

Coming shortly after the successful conclusion of the 20th National Congress of the Communist Party of China (CPC), which stressed high-quality growth and continued opening-up, this year’s event, also marking the 30th anniversary of the construction and development of the capital’s Financial Street, further cements Beijing’s indispensable role of China’s financial sophistication and innovation as well as the nation’s leading role in championing a more open global economy, analysts said.

Rising prominence

The Beijing Financial Street’s rising to prominence in the country’s financial landscape that has earned it the name of the national financial management hub is seen epitomizing the country’s financial reform and innovation at large.

In a speech at the forum on Monday, Yi Gang, governor of the People’s Bank of China (PBC), the country’s central bank, praised the great achievements in the construction and development of Beijing Financial Street over the past three decades.

“The Financial Street adheres to the road of financial development with Chinese characteristics, and has played an important role in serving the country’s economic construction and social development,” Yi said, adding that the PBC will put into practice the spirit of the 20th CPC National Congress to build a modern central banking system, implement prudent monetary policies, serve the real economy, prevent financial risks and deepen financial reforms.

Home to the country’s financial regulators and a rising number of domestic and foreign financial institutions, Beijing has made great progress and contributed a lot to China’s financial industry in recent years. Beijing’s financial sector saw its added value amount to about 287 billion yuan ($40 billion) in 2021, up 160.6 percent compared with 10 years prior.

In particular, the Beijing Financial Street located in Xicheng district, dubbed as the “brain” of China’s finance and sometimes referred to as China’s Wall Street, has contributed nearly 40 percent of the city’s financial added value since 2012.

It hosts the central bank, the securities, banking and insurance regulatory commissions, as well as headquarters of large domestic and foreign financial institutions. Known as the national financial management center, the street serves as a confluence of financial policymaking, supervision and asset management, among other aspects of the capital’s financial functionalities.

There have been a series of major developments in the rise of the Beijing Financial Street in recent years. For example, the Beijing Stock Exchange, which officially opened in November 2021 to support small and medium-sized enterprises, is also located at the block of Financial Street.

In a major move, the Beijing Stock Exchange (BSE) on Monday officially launched a benchmark index – the BSE 50, which rose by 2.55 percent on its first day, highlighting investors’ confidence in the performance of the capital’s stock bourse.

The capital where the famed financial street is located is reputed to become an important part of the country’s financial reforms.

“I think it is already [an important part] by many aspects because many decisions are taken in Beijing and those decisions quite often are financial decisions,” Hugues de la Marnierre, Group Country Head for French bank Societe Generale in China, told the Global Times on the sidelines of the forum on Monday.

The country has done a lot in opening its financial sector to overseas institutions and “the trend is good,” he said.

“Precisely the topic we had today was to exchange ideas between us and brainstorm. And I think that’s very good. It’s why I’m delighted to be here because it also gives an international flavor to the discussions.”

Unwavering opening

Apart from the feat of the Beijing Financial Street over the past decades, the forum on Monday, which also marks its 10th anniversary and drew nearly 400 industry heavyweights from around the world, was also focused on China’s financial opening, amid turmoil in global markets.

China has committed to opening wider at a high standard and said it will not change its commitment to an economic globalization that is more open, inclusive, balanced and beneficial for all, Chinese officials said.

As part of the unwavering opening push, China will deepen reforms and innovation of the over-the-counter market, known as the New Third Board, as well as push high-quality expansion of Beijing Stock Exchange, Yi Huiman, head of the China Securities Regulatory Commission (CSRC), said at the forum on Monday.

In the process of opening to the world, China has coordinated opening-up with security, strengthened risk monitoring on cross-border funds to make it visible and manageable, the CSRC head noted.

As one of the latest moves of the country’s unswerving effort to expand all-around opening-up, China on Friday unveiled cash management rules for overseas institutional investors looking to the country’s bond market. From June, qualified overseas institutional investors were allowed to invest in the exchange bond market either directly or through the connectivity.

China has basically put in place a management system of pre-establishment national treatment together with a negative list in the financial sector. It has completely lifted restrictions on foreign ownership in the banking, securities, fund, futures and life insurance sectors. The country has promoted the connectivity of cross-border securities markets and improved the qualified institutional investor system.

The promulgation and implementation of a series of measures have fulfilled the commitment to a greater financial opening-up.

Despite sluggish global investment sentiment, China remained a strong magnet for foreign companies backed by these endeavors. In the first 10 months of 2022, China saw an increase of 17.4 percent year-on-year in actualized foreign direct investment, totaling $168.34 billion, official data showed.

A global stabilizer

Guided by the 20th CPC National Congress, the 2022 Financial Street Forum will discuss how finance will serve the real economy, industrial chain, green development, digital infrastructure, the country’s development and revitalization, energy security, as well as international cooperation and financial globalization.

On the premise of ensuring energy security, the orderly promotion of green and low-carbon transformation will become an important growth point for high-quality development, and bring unprecedented huge opportunities to the financial sector, so as to realize a virtuous circle between the financial sector and the real economy, according to the forum.

According to the report delivered to the 20th CPC National Congress, China must continue to focus on the real economy in pursuing economic growth.

China’s financial industry has made great contributions to helping real economy transform to higher quality, while supporting the growth of many companies through fundraising.

Analysts also noted that the global economic recovery is fragile and faces serious challenges from high inflation, supply chain disruptions, and energy and food crises. With steady economic growth, wider opening-up of the financial sector and a vibrant market, China has become a rare factor of certainty in the current international environment.

While global financial volatility is increasing, China’s financial market remains dynamic and stable. China has made substantial progress in financial opening-up and integration into the global market, and such a strong momentum is expected to continue in the future, they said.

Besides, China’s rapid and healthy development of the financial industry is also making great contributions to the world’s financial stability, at a time when market volatility is increasing globally as a result of geo-political tensions and irresponsible monetary policies launched by certain countries, experts noted.

This year’s annual conference of the Financial Street Forum focuses on fintech, which is generally based on how the financial sector will serve the real economy, Pan Helin, co-director of the Research Center for Digital Economics and Financial Innovation at Zhejiang University, told the Global Times on Monday.

“The 2022 forum is more pragmatic, touching upon financial innovation, the difficulties and pain points in the practice of financial sector, and discussing feasibility and offering more diversified solutions. In addition, this year’s annual conference also put more emphasis on the collaboration of cross-border financial innovation,” said Pan.

SOURCE Global Times


Quant and UST Partner to Accelerate the Adoption of Institutional Digital Assets Across Financial Services


Quant, the blockchain for finance pioneer, has partnered with UST, a leading digital transformation solutions company, to provide technical integration and tokenisation services to central and commercial banks and capital markets participants.

These services will help financial institutions adopt digital assets, as they increasingly realise the benefits of distributed ledger technologies by issuing digital money and tokenising existing asset classes for greater settlement speed and access to new markets and clients

Quant will provide the foundational technology, and UST will provide support through user interface design and integration via its Sandbox based in their London Innovation Lab. The partnership facilitates the issuance of central bank digital currencies, digital money in the form of commercial stablecoins, and digital securities onto major distributed ledger networks. By working with the two firms, financial institutions can shorten the lifecycle of their blockchain projects to just a few weeks.

Quant utilises low-code APIs to issue highly secure and externally validated digital assets and tokenised currencies. Its Overledger gateway enables business flows used by banks for accounts, payments and settlement, and can plug into exchanges and venues for asset management.

The global tokenisation market was valued at $2 billion in 2021; compounding growth of 24 percent is expected over the next eight years, according to Grand View Research. Additionally, CBDC pilots are now taking place worldwide, which will unlock new capabilities for governments, businesses, and consumers. Today, more than 50 countries are in an advanced phase of exploration for CBDCs, and 19 of the G20 countries are considering a digital currency.

Gilbert Verdian, Founder and CEO of Quant, said, “UST has been at the forefront of blockchain services for almost a decade and their customer focus is aligned with our approach. The partnership will ensure that financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenise existing asset classes.”

Daniel Field, Global Head of Blockchain, UST, said, ”We have partnered with Quant because of the flexibility and agility inherent in its technology. Built with financial institutions in mind, Quant’s Overledger API gateway is the perfect foundation to bring the benefits of blockchain to a multitude of businesses in this sector.”