TheFintechBuzz.com – Page 65

Trade Ledger supercharges business loan approval speeds, delivering 90% reduction in ‘time to yes’ in ScotPac asset finance pilot

September 6, 2021 Published by TheFintechBuzz.com

Global digital lending platform innovator, Trade Ledger, has joined forces with ScotPac, Australia and New Zealand’s largest non-bank SME lender, to create a market-leading origination and underwriting experience for business funding. The partnership demonstrates the game-changing scope of the Trade Ledger platform for business lenders and their customers, dramatically reducing application turnaround times.

ScotPac is using Trade Ledger’s data-driven lending platform to unlock all types of working capital and business lending products for SMEs who cannot always easily access finance. The Trade Ledger platform was piloted on ScotPac’s asset finance offering and has been a hit with business owners and brokers, achieving a 90% reduction in application turnaround time and a 300% growth in new business volume in the past 12 months.

“Our technology and business data insight, paired with business finance experts like ScotPac, is accelerating and transforming business finance – focusing in particular on the SME and mid-market lending experience, unlocking economic growth with better lending products,” said Martin McCann, co-founder and CEO of Trade Ledger. “Our platform puts the customer experience at the heart of the process and expands credit distribution without increasing risk, unlocking a £1.2 trillion un-served segment of the £7 trillion global SME credit market. The ScotPac partnership demonstrates how effectively our platform can help a lender grow their business.

“Trade Ledger’s platform goes beyond Open Banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with ScotPac and transforms how business finance can be accessed.”

“ScotPac and Trade Ledger have created a fully digital experience that is simple for the end user, whether they are a small businesses or large corporation. The goal is to transform business funding so it’s easily accessible for SMEs,” ScotPac CEO Jon Sutton said.

“SMEs can quickly access multiple products (including our debtor finance, asset finance and trade finance), to solve their most bespoke or complex funding problems. The value of speed and consistency is massive for business owners, and for our broker and accountant partners.”

Trade Ledger technology sits at core of ScotPac’s new digital lending experience

A digital credit assessment and onboarding experience built on scalable native cloud architecture, with microservices that allow lenders to rapidly create tailored workflows, rules and logic
A platform with best-practice compliance and security integrated with external data sources, for data-driven analysis and fast funding decisions
Daily use of AI and data analytics within the business that improve customer experience and provide growth and efficiency metrics
Tailored workflows and user workspaces that allow lenders to perform credit assessment tasks with speed and at scale
A Partner Portal that makes lending decisions super-quick for brokers, accountants and other ScotPac partners, and that also provides them with real-time deal progress and handy templates and resources to make it easier to do business

Using data and tech to reimagine the world of lending for SMEs

“The Trade Ledger partnership will completely digitise the front door to every channel and product for ScotPac, with supercharged and secure digital processes that don’t hold business owners back when they are looking for funding,” Mr Sutton said.

“The investment in cutting-edge technology is part of our ‘best of both worlds’ approach of providing business owners with a quick, easy digital decision on whether we can fund them, while preserving the deep, relationship-based funding reputation we’ve built since the 1980s. It provides ScotPac clients and introducers with the technology and speed of a fintech, giving each business more control and visibility over their funding deals, but unlike fully online lenders we remain able to handle complex transactions.”

He said the partnership with Trade Ledger is an important tech initiative, one of several planned for ScotPac, who have invested heavily in technology and expanded their product offering and executive team. This is driving ScotPac’s transformation from what has been for more than 30 years primarily a debtor finance business, to become a significant leader in working capital lending in Australia and New Zealand.

“Even with great digital experiences, businesses want and need flexibility – they don’t want to deal with a lender that is a ‘one size fits all’ sausage factory. ScotPac’s investment in technology is allowing us to make nimble decisions to quickly understand each business and make an accurate call on funding,” added Mr Sutton. “ScotPac can handle complex requests to get deals done, and really partner with clients, rather than just make algorithm-based digital decisions about whether or not to fund them.”

Laiye and KPMG China Announce Strategic Partnership to Promote Intelligent Automation Transformation in Finance Industry

September 3, 2021 Published by TheFintechBuzz.com

Laiye and KPMG China announce a strategic partnership to accelerate Intelligent Automation in the finance industry. The two parties will collaborate by integrating Laiye’s AI-powered RPA technology with KPMG’s professional services to empower more enterprises to realize Intelligent Automation.

The two companies have been in partnership since 2020 and together, they have achieved continuous customer success. KPMG endorsed Laiye with its vote of confidence by listing Laiye in 2020 China Leading FinTech 50.

“KPMG’s consulting service is top notch in a wide range of industries such as banking, insurance and securities. We shall join force to develop the most comprehensive solutions for customers from both the business and technology perspectives. We truly appreciate being enlisted in KPMG’s China Leading FinTech 50 last year,” said Guanchun Wang, Chairman and CEO of Laiye. “Laiye has also gained international recognition in Intelligent Automation and is selected as a new entrant in Gartner ‘2021 Magic Quadrant for Robotic Process Automation’. We are committed to becoming one of the top intelligent automation platforms worldwide and this strategic alliance with KPMG will surely accelerate this journey”.

Reynold Liu, Head of Management Consulting, KPMG China said, “KPMG has been dedicated to digital transformation and technology innovation. Meanwhile, KPMG is gradually building a large-scale digital center integrating innovation and R&D capabilities, to create, implement and deliver digital solutions of KPMG and its partners. With Laiye’s AI integrated suite of intelligence solutions such as Chatbot, Natural Language Processing (NLP), Intelligent Document Processing (IDP) and Machine Leaning (ML),we expect to explore more and provide profound insights to the industry. KPMG also attaches great importance to the development of local partners and we hope to help partners thrive not only in China but globally.”

“Financial sector is one of our top priorities. We have been assisting financial companies in digital transformation and have the best practices in industries like banking, insurance, and asset management. Besides, we combine digitization with technology to provide more innovative services and hope KPMG and Laiye could work together to further expand the market,” said Tony Cheung, Head of Financial Services, KPMG China.

The cooperation marks a new beginning. Laiye and KPMG will leverage the advantages of each other and bring customer-centric Intelligent Automation solutions to finance and more industries.

Broadridge Expands Global Proxy Sub-Custody Market Services

September 1, 2021 Published by TheFintechBuzz.com

Broadridge Financial Solutions, Inc. (NYSE:BR) today announced the significant expansion of its Direct Market Solutions (DMS), a custodian focused local market “golden copy” event sourcing and vote execution service extension to Broadridge’s leading Global Proxy solution. The innovation in DMS services is across three areas:

Grows coverage to 20 key markets in 2021 (which represents the significant majority of client holdings and ~50% of global meetings) with more markets to follow in 2022 and 2023. This complements Broadridge’s existing leading voting solutions that already provide 100% coverage across 100+ markets
Improves market deadlines and extends voting windows by up to three days, allowing investors more time to make their elections
Reduces costs to custodians due to Broadridge’s ability to mutualise event sourcing and execution across the industry, and pass those savings to participating clients

DMS enables issuer market “golden copy” meeting information to be communicated to investors on the day of the meeting announcement, where required. It also extends the voting window by up to 3 days for investors by removing market inefficiencies in the traditional voting process, allowing votes to be placed directly from the investor to the issuer or its agent in these markets.

“Today’s announcement is part of our ongoing innovation to enable higher standards of corporate governance and investor stewardship,” said Demi Derem, GM, International Investor Communication Solutions at Broadridge. “Broadridge has long advocated and invested in more efficient and innovative local market models through its DMS service launched in 2015. Shareholder Rights Directive II (SRD II) obligated European issuers to provide the market with “golden copy” machine readable issuer meeting information. Since SRD II was put into effect in September 2020, we have completed over 300 new retail and institutional client implementations and processed over 89,000 meetings for clients that trust in our global proxy credentials and ability to continually drive the market forward for the benefit of all participants.”

DMS markets covered in 2021 include Australia, Belgium, Canada, Denmark, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand, Saudi Arabia, Singapore, Spain, Switzerland, Taiwan, UK and US.

With its track record of over 30 years leading the industry in voting-related managed services, Broadridge has the scale, global coverage, and the ability to provide an iron-clad, multi-lingual 24/7 client service solution that enables every vote to get to the right place at the right time. The investments involved in building this infrastructure are substantial, but Broadridge is deeply committed to making sure its clients always get the most advanced voting service possible.

Former Vice-Chairman of Nasdaq, Sandy Frucher, joins OwlTing’s board of directors

August 31, 2021 Published by TheFintechBuzz.com

OwlTing Group, a blockchain technology company, announces that Meyer Sandy Frucher, a former Vice-Chairman of Nasdaq, has joined the company’s board of directors. OwlTing’s success in its home market in Taiwan has proven the company has a compelling value proposition that is ready for international competition. Mr. Frucher’s appointment comes as the firm focuses on scaling globally.

Mr. Frucher’s service with Nasdaq began in 2008 when, as CEO of the Philadelphia Stock Exchange (PHLX), he negotiated it’s acquisition by Nasdaq. Continuing on as Vice-Chairman of Nasdaq, he led Nasdaq’s relationships with international exchanges, representing Nasdaq on the board of directors of the World Federation of Exchanges. He continues to represent Nasdaq on the board of the Options Clearing Corporation (OCC), where he is the longest-serving board director.

“Stock Exchanges have enabled capital formation and job growth in the most developed countries, but far too many companies in the developing world have been left behind, unable to absorb the enormous costs of public listing or Environmental, Social and Governance reporting capabilities, and in some cases, simple payment systems. OwlTing’s affordable blockchain solutions are game-changing for growing companies around the world. I’m excited to support the management team’s global ambitions,” Mr. Frucher stated.

“Blockchain are systems of automated trust. This industry is in its infancy. Consumers and regulators alike are changing their expectations. Consumers want proof that their goods did not exploit vulnerable people and investors want proof that their portfolio companies are reducing their carbon emissions. Shortages and trade disruptions are causing companies to reconsider their supply chains and whether automation via smart contracts can improve their bottom line. Distributed ledgers and blockchain have transformative potential for a world with new expectations,” said Mr. Frucher.

OwlTing provides easy access to blockchain solutions for industries such as finance, hospitality, agriculture, logistics and mobility that share needs for cost-effective resilience and transparency in the digital era.

OwlTing’s strategic partners include SBI Holdings, the leading Japanese financial technology company, which placed a significant investment in OwlTing in 2018.

“SBI Group has been deeply engaged in the blockchain, fintech and asset management space,” stated Yoshitaka Kitao, CEO of SBI Holdings. “Investor demand in the blockchain sector has remained strong, and this reflects the growth potential and investment opportunities in the digital economy. OwlTing has been at the forefront of revolutionizing the blockchain landscape. I look forward to having Sandy on board and believe that his unparalleled experience will accelerate the company’s growth and expedite the development and delivery of various blockchain innovations around the world.”

Darren Wang, Founder and CEO of OwlTing said, “It is our pleasure to welcome Sandy to the OwlTing Group. Sandy’s embrace of technology at PHLX was visionary, and his leadership at Nasdaq and in the global exchange community guided the transformation of capital markets in the internet era. We are very early in the blockchain era, only recently moving from predictions and ‘hype’ to applications in production. Sandy’s experience in transforming capital markets and his global relationships will guide our growth strategy and add to our momentum.”

Futu reaches 15 million global users, reflecting strong international expansion

August 31, 2021 Published by TheFintechBuzz.com

Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading, tech-driven online brokerage and wealth management platform, has announced its unaudited financial results for the second quarter ending June 30, 2021 (“Q2”).

In Q2, Futu reached several key milestones. The total number of Futu’s paying clients increased to one million, including 100,000 paying clients that came from Singapore. Another major milestone was that the Company’s stock was added to the MSCI Hong Kong Index. In the same quarter, the Company obtained an investment grade long-term issuer credit rating “BBB-” from S&P Global Ratings, becoming the first online broker in the Asia-Pacific region to have obtained this international rating.

Futu’s corporate services experienced strong growth this quarter. Futu I&E’s IPO and IR clients climbed to 186, with its ESOP solution clients reaching 263 as of June 30, 2021. During the first half of 2021, Futu participated in the underwriting or distribution of all Chinese ADR’s secondary listings in Hong Kong, as well as numerous HK$100-billion Hong Kong IPOs, namely Kuaishou Technology, Baidu Inc., Bilibili Inc. and JD Logistics, Inc.

This quarter, Futu’s wealth management business Money Plus partnered with 50 world-renowned asset managers, establishing seven new partnerships in Q2. Total client asset balance under Money Plus was approximately HK$13.8 billion ($1.77 billion USD), up 59.2% YoY as of June 30, 2021.

^[1] Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

Paying clients reached one million, with 80% of newly acquired clients originating from Hong Kong and other overseas markets

In Q2, Futu’s momentum in revenue growth remained strong with a 129.3% year-over-year increase to $203.1 million, reflecting triple-digit growth for six consecutive quarters. Non-GAAP adjusted net income also saw 126.7% YoY growth, reaching $70.9 million.

Brokerage commission and handling charge income increased by 94.8% YoY to $102.7 million; interest income reached $78.6 million, representing an increase of 193.6%; and other income (including wealth management, enterprise services, etc.) increased by 140.5% YoY to $21.7 million.

As of Q2, Futu reached 15.5 million global users, representing a 66.8% increase YoY; the number of registered clients increased by 142.5% YoY to 2.32 million; and the number of paying clients increased by 230.2% YoY, reaching one million. Futu’s client retention rate remained strong at 98% during the first half of 2021.

It is worth noting that net paying clients tripled YoY to approximately 211,000 (Q2 2020: 65,000). With international expansion continuing to accelerate this past quarter, about 80% percent of newly acquired paying clients resulted from the exponential growth Futu has realized in Hong Kong, Singapore and other overseas markets. As of quarter end, total client assets hit a new high of $64.8 billion (approximately HK$503.2 billion), representing a 253.5% increase YoY. Average client asset balance climbed to about $64,700 (approximately HK$500,000).

The brokerage business maintained steady growth, with total trading volume increasing 104.3% to $169.4 billion. Daily average revenue trades (DARTs) increased by 105.4% YoY to 540,988.

International expansion continued to accelerate, with the number of paying clients in Singapore soaring to 100,000

In Q2, Futu maintained market leadership in Hong Kong, and international expansion continued to accelerate.

In Hong Kong, Futu reinforced its leading position with its diverse investment products, convenient online account opening services, seamless investment experience and trusted reputation among investors of all ages. The number of paying clients in Hong Kong surged by 270% YoY, reflecting three-digit YoY growth for several consecutive quarters. During Hong Kong’s latest round of iBond subscription, Futu received massive support from the market, sharing 12% of total valid applications and 7.5% of the total subscription amount of bonds.

In the US, Futu successfully launched its customized “moomoo Ambassadors” campaign this quarter, as well as other omni-channel marketing strategies. In May, moomoo secured the title sponsorship for Yahoo Finance’s exclusive livestream of the 2021 Berkshire Hathaway Shareholders Meeting. moomoo has gained recognition in the US market for providing a platform where users can join live conversations with industry experts.

Since launching the moomoo app in Singapore in March, Futu has invested in product and service enhancements, including rolling out a local customer support hotline that allows users to stay connected with the market 24 hours a day on trading days and 12 hours per day on non-trading days. To better serve its growing client base, Futu continued to hire local talent to assist in carrying out its global expansion strategy.

Now moomoo is already considered one of the fastest-growing online trading platforms in Singapore and will continue to focus on raising brand awareness among local retail investors and growing its user and client base. In the three months since launching moomoo in Singapore, Futu has amassed over 220,000 users and 100,000 paying clients. Now moomoo has gained tremendous popularity among the local community in Singapore, consistently dominating the top three finance apps in both the App Store and Google Play.

“As an international, tech-driven online brokerage, Futu puts the user experience and needs of its clients first. We are dedicated to driving innovation and providing more user-friendly and state-of-the-art FinTech services to investors. We feel immensely proud of the strong growth we’ve achieved in Singapore and are thankful for all the support we have received from their investing community. Singapore is a key focus of our international expansion strategy, and we are humbled to see that moomoo has attracted such a large customer base in such a short period of time. We are proud of the market traction we’ve gained globally, thanks to our industry-leading products and services,” said Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee.

He adds, “Looking ahead, we are devoted to catering to the evolving needs of the Singapore market and look forward to deepening our relationship with local industry partners, while promoting financial literacy and driving innovation within the FinTech industry.”

Supported new enterprises in their IPO or secondary listing journeys, serving nearly 450 corporate clients to date

Our enterprise business, Futu I&E, continued to support corporate clients by connecting companies to investors throughout their entire IPO journey—from IPO distribution to IR & PR services, ESOP services, and building brand trust.

As of quarter end, Futu has provided IPO distribution and IR services to 186 companies, reflecting its competitive strengths in IPO distribution and capturing the upsurge of the IPO frenzy in Hong Kong. Futu I&E participated in the underwriting or distribution of all HK$100-billion IPO listings and Chinese ADRs secondary listings in Hong Kong. As of this quarter, there are 26 companies on Futu’s HK$10B+ ($1.28B+ USD) Subscriptions IPO Roster, including JD Logistics Inc., Angelalign Technology Inc., Nayuki Holdings Ltd. and CARsgen Therapeutics Holdings Ltd.

Futu’s collaborative and engaged community rose to the forefront in Q2, with 600 companies joining the Futu Page, Futu’s enterprise accounts for listed companies, including Haidilao International Holdings Ltd., Sunac China Holdings Ltd., Angelalign Technology Inc., China Unicom (HK) Ltd., and China Gas Holdings Ltd.

“Futu is committed to deepening its presence in the Hong Kong market and has demonstrated its strengths in IPO distribution and IR services. Our mission is to better serve promising Chinese enterprises seeking an IPO or secondary listing in Hong Kong, made possible through our unparalleled solutions and services, which range from IPO subscription, setting up their Futu Page accounts, running virtual roadshows and facilitating briefing sessions. Futu is well-positioned to connect listed companies with high-quality retail investors and facilitate meaningful exchanges about corporate values and business prospects. As more companies look to gain a foothold in the Hong Kong market, working with us will allow those enterprises to step into the spotlight, which will further amplify the value and advantages of the Hong Kong stock market,” said Mr. Li.

As of quarter end, Futu I&E has provided ESOP solutions to 263 corporate clients from various sectors, namely healthcare, consumer retail and leading technology. Futu also added market leaders, such as Yidu Tech Inc., Simcere Pharmaceutical Group Ltd., Pop Mart International Group Ltd., and Nayuki Holdings Ltd. to its client roster. By providing one-stop ESOP services that support companies with scheme design, trust building, vesting and exercising, and foreign exchange registration, Futu I&E has become the preferred ESOP solutions provider in the market.

Wealth management business experienced surge in growth from teaming up with 50 reputable financial institutions

Thanks to the diverse product offering of Futu’s Money Plus—including transparent fund reports, an unparalleled investing experience and zero subscription fees—Futu’s wealth management business has continued to earn clients’ trust. As a result, Futu experienced significant growth, becoming a popular wealth management platform across Hong Kong and other markets. As of quarter end, total client asset balance under Money Plus grew to $1.77 billion, up 59.2% YoY.

In Q2, Futu Money Plus teamed up with 50 reputable financial industry partners and established new partnerships with seven asset managers, including Goldman Sachs Asset Management, Eastspring Investments, UBS Asset Management, Principal Global Investors, Matthews Asia, Columbia Threadneedle Investments and Man Investments.

Additionally, Futu became the sole distributor for the sale and distribution of an exclusive fund last quarter—the ChinaAMC Select Greater China Technology Fund—for those seeking investment in China-related technology companies. Following the exclusive sale of the Hong Kong dollar share of Fullgoal China Small and Medium-Cap Growth Fund, Futu once again obtained the exclusive right to sell products from well-known fund companies, confirming Futu Money Plus’s platform strength and market recognition.

Futu partnered with 11 fund companies to conduct a live roadshow this past quarter, which generated over 2.4 million views. Money Plus also successfully held its first Investment Strategies Webinar, which brought together a group of investing and research experts from several world-renowned asset management institutions, including BlackRock, China Asset Management, Baring, and Harvest, to share investment news, strategies, and perspectives to more than 20,000 viewers.

Futu Money Plus also upgraded its services to further enhance the fund investment experience. Most notably, Futu developed an auto-redemption feature for money market funds, which can be directly used for IPO subscription, trading stocks and funds, paying financing interests and currency exchanges and more seamlessly transitioning idle cash between investing and trading.

China Pacific Insurance Announces 2021 Interim Results

August 30, 2021 Published by TheFintechBuzz.com

China Pacific Insurance (Group) Co., Ltd. (the “CPIC” or the “Group“; Stock code: 601601.SH, 2601.HK, CPIC.LSE) is pleased to announce interim results of the Group for the six months ended 30 June 2021 (the “Reporting Period“).

CPIC reported solid business performance in the first half of 2021. During the reporting period, Group operating income amounted to RMB252.512 billion, a growth of 7.2% year on year. Group net operating profits (OPAT) was RMB18.279 billion, a growth of 4.9% year on year. Group embedded value (EV) amounted to RMB474.431 billion, an increase of 3.3% from the end of 2020. Group assets under management (AuM) amounted to RMB2,565.483 billion, an increase of 5.3% from the end of 2020. Group number of customers amounted to nearly 160 million, and what is worth noting is the Group acquired over 10 million new customers for the first time in half a year.

In the first half of the year, CPIC’s Life insurance new business sales grew rapidly, Property and casualty maintained underwriting profitability, with sustained fast growth of non-auto business. Gross written premiums (GWPs) of CPIC Life amounted to RMB141.449 billion, up by 2.1%. Of this, first year premiums (FYPs) from the agency channel of the individual business realised a growth of 18.5%. OPAT of life insurance reached RMB14.293 billion, up by 6.7%; the residual margin of life insurance amounted to RMB357.713 billion, a growth of 1.9% from the end of 2020. GWPs of CPIC Property and casualty (Consolidated data of CPIC P/C, CPIC Anxin Agricultural and CPIC HK) amounted to RMB82.761 billion, an increase of 6.4%. Of this, non-auto business grew by 28.3% and accounted for 46.1% of total property and casualty insurance GWPs, up by 7.9pt. Automobile insurance enhanced customer retention to push for a shift of growth drivers. Emerging business lines such as health, agricultural and liability insurance maintained rapid development.

In the first half of the year, CPIC persisted in asset allocation through economic cycles and based on profiles of liabilities, with solid investment results. Group AuM amounted to RMB2,565.483 billion, an increase of 5.3% from the end of 2020. Of this, third-party AuM amounted to RMB813.367 billion, an increase of 3.2%.

Specifically, CPIC Property and casualty insurance pro-actively adapted to the comprehensive reform of automobile insurance, pushed for integration of automobile and non-auto insurance business and delivered rapid top-line growth while maintaining underwriting profitability. CPIC Life insurance recorded FYPs growth of high double digits on the back of well-planned and executed business promotion activity and continued innovation in “products + services” focusing on customer demands, with sustained increase in residual margin. As for investment, CPIC made wise decisions, based on a Group-centralised investment research platform, and realised stable investment results amid a volatile market. The Group also established a private equity firm and obtained the qualification for fund management, enhancing deployment in asset management.

Value and long term have been ingrained into our culture and business philosophy. When faced with hard choices, the Group would choose to do the “practical”, “difficult” and “right” thing.

The implementation of the health business strategy got underway. Guangci-CPIC On-line Hospital went operational and launched its first product “CPIC Family Doctor”, a proprietary online management platform for doctors so that each of our customers can access high-quality family doctor services. Our health insurance subsidiary completed shareholding restructuring, and is currently working on “new channels, new products, new technology” to drive transformation. As for industrial investment in health care, on the back of market-based platforms, CPIC established a dedicated equity investment fund focusing on innovative drug, medical equipment and appliances and medical services, with a number of projects underway.

The Group initiated and moved ahead with the big data strategy. A unified data management policy was formulated, with the establishment of a multi-tiered organisational structure from the Group to subsidiaries. The Group proceeded with platform building, data governance and data applications based on an overall blueprint. The mechanism of technology marketisation went operational. CPIC Fintech, which is still in the preparatory stage, signed shared service agreements with other subsidiaries so that it could be more pro-active and efficient in serving their needs. The building of R&D centres also delivered initial success. The centres in Shanghai, Chengdu and Wuhan combine specialisation with collaboration. Going forward, CPIC will establish an innovation R&D centre in the Greater Bay Area, and its construction plan is being reviewed for feasibility. The Group also set up the Data and Intelligence Institute, stepped up recruitment of top-notch talent in the industry, with 7 leading experts now on board. CPIC put in place task forces in 6 areas such as big data, AI, cyber-security, Internet operation, cloud computing and block chain, responsible for development of core technologies with incubation mechanisms initially in shape.

The Group continued to deepen “CPIC Service”. The institution of “Service Officer” was put in place, which covers 5,800 branch offices and stretches across 4 levels of hierarchy, from the Group to key sub-branches. Over 700 senior managers were appointed as Service Officers, working at the front-line of customer service and shouldering the responsibility of “integrating CPIC Service into transformation initiatives”. “Blue Friends”, or CPIC employees in blue uniforms can be seen at the forefront of the fight against the pandemic, on the venue of the China International Import Expo and the Flower Expo, and the site of relief and rescue of heavy rains in Henan Province. “Responsible, intelligent and caring” have become the label of “CPIC Service”.

The Group made progress with sustainable development. Under the leadership of the board, the Group completed the top-level ESG design, and have started to incorporate ESG sustainable development philosophy into daily business operation. The Group vigorously supported motor vehicles running on renewal energy via automobile insurance to encourage green travelling, and provided insurance cover for 424.6 thousand new energy vehicles; the Group tailor made insurance solutions for environmental treatment, green ship-building, advanced manufacturing and new infrastructure, and launched a number of products to boost sustainable development of the ecosystem; the Group conducted green investment in renewable energy, water conservation and environmental protection area by means of debt securities, equity investments and industry funds. The Group is in the process of formulating a Group-level sustainable development strategy covering liabilities, assets and our own operation, so as to attain a new level of sustainable development.

Future Fintech Holds Operations Update Meeting

August 30, 2021 Published by TheFintechBuzz.com

Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as “Future FinTech”, “FTFT” or “the Company”), a leading blockchain-based e-commerce business and a fintech service provider, announced today that the Company held an operations update video conference call on August 20, 2021. It was attended by CEO Shanchun Huang, COO Yang Liu, CIO Xiaochen Zhao, Head of FTFT’s Future Commercial Group Ltd. Jie Han, and Honorary Chief Economist of the Company Dr. Finn E. Kydland, Nobel Laureate in Economics.

Future FinTech COO Yang Liu hosted the call and commented on FTFT’s recent operations, “As of mid-August, we have made significant progress in implementing our global strategic plan. We completed the acquisition of Hong Kong-based Nice Talent Asset Management Limited (“NTAM”), incorporated a new subsidiary, Future Fintech Digital Capital Management LLC (“Future Fintech Digital Capital”), in Connecticut, established an R&D center -Future FinTech Labs Inc. (“Future FinTech Labs”) in New York, registered a new subsidiary FTFT Capital Investments LLC (“FTFT Capital Investments”) in Dubai, and incorporated a new subsidiary -FTFT UK Limited (“FTFT UK”) in United Kingdom, as an operating base to develop fintech business in Europe.”

As a core element of its strategic plan, FTFT plans upon developing an array of diversified financial products and services for global institutional investors and high net worth investors through its subsidiaries which are approved to provide such services. To achieve this goal, the Company plans upon forming an operational matrix to include Future FinTech Labs, Future Fintech Digital Capital, FTFT Capital Investments, FTFT UK, NTAM and other subsidiaries with appropriate licenses to provide such services. Through the integration of its R&D center, institutional investment management and fintech, the Company intends to become a leading financial services firm that provides users with a wide range of personal online financial products and services. It is planned that these will include mobile payments, international transfers, wealth management services, member rewards, and other non-traditional proprietary applications that we believe will positively disrupt the financial services sector.

The Company believes that its core competency through its blockchain application capabilities, strong technical team and deep experience in blockchain projects provides superior support for its asset management and online financial services businesses as well as for future business development.

FTFT Honorary Chief Economist Dr. Kydland Supports Company’s Corporate Strategy

Dr. Kydland expressed support for the Company’s strategic plan of its financial services business. Dr. Kydland observed that FTFT’s core plans in online financial services will enable it to succeed at its highly enterprising initiative to disrupt traditional banking by using financial technology and that this course represents the direction of future financial services.

Dr. Finn E. Kydland commented, “I am optimistic about the competitive prospects of FTFT’s use of cutting-edge financial technology and its applications for the traditional banking business. I look forward to sharing my resources, knowledge and experience in the macroeconomic, financial and monetary fields, and applying research to help guide FTFT’s assessment of the long-term trends of the financial industry to optimize the Company’s strategic plan.”

Dr. Kydland continued, “Although I could only meet the FTFT team by video conference, once the pandemic moderates, I will plan to visit FTFT offices in New York, Dubai, Hong Kong, London and Beijing, and conduct in-depth exchanges to facilitate the support of macroeconomic theory with the strategic direction of the Company.”

OTC Markets Group Welcomes Investview Inc. to OTCQX

August 30, 2021 Published by TheFintechBuzz.com

OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced Investview Inc. (OTCQX: INVUP), a diversified financial technology company that operates throughout the world through its wholly-owned subsidiaries, has qualified to trade its Series B Preferred stock on the OTCQX® Best Market. Investview Inc. upgraded its Series B Preferred stock to OTCQX from the Pink® market.

Investview Inc. begins trading its Series B Preferred stock today on OTCQX under the symbol “INVUP.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

“We are pleased to have our Preferred Shares now trading on the OTCQX. This is another critical step in our plan to expand and establish Investview as a leader in the FinTech space. Our preferred shares pay an annual dividend of 13% which is paid quarterly. In today’s low interest rate environment, a 13% annual yield represents our continued commitment to our investors and our confidence in our company,” said Mario Romano, Director of Finance.

Joseph Cammarata, Investview’s CEO added, “In December of 2019 we established a new direction for Investview Inc. We have reduced our debt, increased our revenues, expanded our products and services, reached profitability, increased our cash position, and refocused the charter of the Company to FinTech and the global advancements it can provide. Our Preferred Shares not only pay a healthy 13% annual dividend, but we were the first company to offer Preferred Shareholders that hold their stock the ability to receive their dividends in USD, or in the digital currencies Bitcoin (BTC) and ndau. Investview – forging the future of FinTech.”

B. Riley Securities, Inc. acted as the company’s OTCQX sponsor.

Ideanomics in Transformative Deal, to Acquire VIA Motors Valued at Up to $630MM

August 30, 2021 Published by TheFintechBuzz.com

Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on driving the adoption of commercial electric vehicles and associated energy consumption, today announced it has entered into an agreement to acquire VIA Motors International, Inc. (“VIA”) in an all-stock transaction for a 100-percent ownership stake, subject to customary closing conditions, including Ideanomics’ shareholder approval.

VIA Motors, headquartered in Orem, Utah, will manufacture electric commercial vehicles including Class 2 through Class 5 cargo vans, trucks, and buses. The company has deep experience in the vehicle electrification market and continues to develop business relationships with commercial fleets and distributors in the United States, Canada, and Mexico. VIA Motors is also working with an autonomous technology company to provide electrification of autonomous trucks for short-haul and mid-mile delivery.

VIA utilizes a scalable and flexible electric skateboard platform for Class 2, 3, 4 and 5 vans and trucks, along with a modular body approach that enables a capital-light single design for its platforms, drive systems and vehicle models. VIA’s intellectual property portfolio extends to proprietary software and control systems featuring embedded diagnostics and telematics to significantly improve fleet operating costs, uptime, and routing for superior life cycle economics.

“This is a transformative deal for Ideanomics,” said Shane McMahon, Executive Chairman of Ideanomics. “As we continue to grow into a leader in the commercial EV space VIA Motors adds valuable brand cachet and an exceptional manufacturing discipline to our portfolio. Bob’s proven executive leadership has helped establish VIA as a market disruptor and we are excited to welcome him and his team to the Ideanomics family.”

“This acquisition is aligned with our long-term strategy and provides us an immediate leadership position in a rapidly growing market and yet another path to accelerate EV adoption and Ideanomics’ market share. said Ideanomics Chief Executive Officer Alf Poor. “It also provides Ideanomics a full OEM manufacturing capability which are synergistic to our other operating businesses.”

“VIA Motors is changing last and mid-mile delivery with innovative electric commercial vehicles that fleets can afford,” said Bob Purcell, CEO of VIA Motors. “Combining VIA with Ideanomics facilitates significant synergies, while Ideanomics’ financial and personnel resources provide the backing we need to pursue an array of exciting growth prospects we have identified. All of us at VIA Motors are delighted to join the team to usher in the new era of electric commercial vehicles and further the long-term growth strategy at Ideanomics.”

Transaction Details

The agreement values VIA at $450 million. Under the terms of the agreement, after the application of certain purchase price adjustments, VIA shareholders will receive approximately 162 million shares of Ideanomics common stock based on the 30-day VWAP of Ideanomics’ common stock of $2.34 as of August 27, 2021. VIA shareholders are expected to own approximately 25% of the combined company, excluding the potential earnout payment. Ideanomics is separately advancing $50 million of financing to VIA in the form of a secured convertible note issued by VIA to fund its growth, which will be subject to the purchase price adjustment described above.

VIA shareholders are eligible for potential earnout consideration of up to $180 million. The earnout is contingent upon pre-established vehicle delivery volume thresholds through 2026. Earnout consideration will be paid in Ideanomics stock.

The transaction is subject to regulatory approval, Ideanomics shareholder approval, and other customary closing conditions and is expected to close immediately following the Ideanomics shareholders’ meeting. The agreement has unanimous support from the Ideanomics Board of Directors. Following the closing of the transaction, VIA Motors will operate as a distinct business unit reporting to Alf Poor, Ideanomics CEO and the Ideanomics Board of Directors.

Advisors

Morgan Stanley & Co. LLC acted as exclusive financial advisor to Ideanomics, with Venable LLP acting as Ideanomics’ legal advisor, Han Santos LLP acting as intellectual property counsel, UHY Advisors acting as accounting and taxation advisor, and BJ Arnold acting as business consultant. Blue Sea Advisors acted as industry consultants to VIA, with Evercore acting as financial advisor, and White and Case, LLP as legal advisors.

Conference Call Details

Ideanomics will host a conference call at 8:30am ET on Monday, August 30, 2021 to discuss the transaction. A live audio webcast and supplemental presentation will be available online at https://78449.themediaframe.com/dataconf/productusers/ssc/mediaframe/46459/indexl.html. The conference call can also be accessed by dialing +1 877-407-3107. A replay will be available via webcast on-demand listening shortly after completion of the call, at the same web link, and will remain available for 30 days.

Search underway for India’s Most Innovative Assistive Tech Startups in 2021 with Prosus Social Impact Challenge for Accessibility (SICA)

August 30, 2021 Published by TheFintechBuzz.com

This year’s search for India’s most innovative assistive technology startups is underway with the launch today of Prosus SICA 2021.

Created last year by Prosus – in partnership with Invest India, Social Alpha and the World Health Organization – the initiative invites Indian startups with the most promising solutions in the assistive technology space to compete for an annual grant and access to the Prosus SICA mentorship programme.

With more than 70 million Indians estimated to live with some form of disability* the societal impact of improving lives and empowering people through assistive technology can be immense. Prosus SICA was recognised earlier this month as “CSR Initiative of the Year” by the AssisTech Foundation.

Prosus has committed INR 16,500,000 to the initiative over three years, and each year awards grants to three successful startups. Partners including Invest India and Social Alpha provide additional mentoring and financing opportunities, while WHO supports the programme with technical assistance.

In its inaugural edition in 2020, Prosus SICA received over 200 applications from 25 states and seven union territories across India. The top three startups recognised for their ingenuity and impact across a range of assistive technologies were Sohum Innovation Lab (Bengaluru), NeoMotion (Chennai) and Stamuri (New Delhi).

In addition to the top startups, two other finalists were enrolled into the SICA mentorship programme to benefit from Prosus’s experience in supporting entrepreneurs and helping them to succeed: Cogniable (Delhi) and Thinkerbell Solutions (Delhi).

For Prosus SICA 2021, an expert panel of judges will assemble to identify innovative startups with the most potential to positively impact the lives of persons with disabilities. (Information on the 2020 panel here). Eligible startups can submit their applications from now until 19^th October. The top startups will be announced in December to mark the International Day of Persons with Disabilities.

Commenting, Sehraj Singh, India Managing Director, Prosus, said: “Enabling entrepreneurs across the world to improve people’s daily lives is our mission at Prosus. Here in India, the needs of 70 million persons living with some form of disability have remained under-served despite a vibrant startup ecosystem. We believe that there can be a thriving market for assistive technologies and last year’s excellent response to our inaugural Prosus SICA initiative validated this belief. We are so proud to continue the journey this year and I encourage all entrepreneurs in the assistive technology space to join our mission by entering Prosus SICA 2021.”

Deepak Bagla, MD & CEO, Invest India, said: “The excellence of Indian ingenuity has been at the forefront. The ability of our entrepreneurs to pivot and develop impactful frugal solutions is India’s strength. This challenge will lead the way in transforming assistive technologies in the country and propel India to become a world leader in the field.”

Chapal Khasnabis, Head (a.i) Access to Assistive Technology and Medical Devices, WHO, Geneva, said “Entrepreneurs across the country are attempting to innovate in a cost-effective and scalable manner to solve for the unique needs and requirements in healthcare aided through assistive technology. Prosus SICA is a unique programme that brings together industry expertise, financing and executional capabilities. We are proud to support the programme to transform India’s healthcare landscape aided by Made-In-India assistive technology for her own population and beyond.”

Manoj Kumar, Founder and CEO, Social Alpha, said, “Assistive technologies is a 25 billion dollar market globally but affordability and user experience issues hinder the market development in India, despite having a large population that needs access to high quality assistive solutions. Over the last few years, Social Alpha has been actively developing the sector through innovation curation, venture development, and financial innovation to facilitate market access and customer adoption. I am optimistic that Prosus SICA 2021 will unlock more opportunities and resources for innovators and help them go to market as they create world class solutions.”

Interested startups can learn more about Prosus SICA 2021 and the application process on https://www.startupindia.gov.in

The top three startups will be awarded grants of:

First prize: INR 25 Lakhs
Second prize: INR 18 Lakhs
Third prize: INR 12 Lakhs

In addition to the grant award, eligible startups receive an opportunity to work with Social Alpha, an incubator that promotes innovation and entrepreneurship across India. As incubation partner, Social Alpha can also provide up to $40,000 in equity to the top startups.

The top five finalists are also inducted into the Prosus SICA mentorship programme where they will benefit from Prosus’s experience in supporting entrepreneurs and helping them to succeed.

Author: TheFintechBuzz.com

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