Tag: Fintech

broadridge-extends-capital-markets-franchise-with-acquisition-of-itiviti

Broadridge Extends Capital Markets Franchise with Acquisition of Itiviti

March 29, 2021 Published by

 

Significantly strengthening its capital markets capabilities and enhancing its position as a global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:BR), today announced it has signed a definitive agreement to acquire Itiviti Holding AB (“Itiviti”), a leading provider of trading and connectivity technology to the capital markets industry, in an all-cash transaction valued at €2.143 billion (approximately $2.5 billion) from Nordic Capital.

“The acquisition of Itiviti enhances Broadridge’s position as a global Fintech leader,” said Tim Gokey, Broadridge’s Chief Executive Officer. “By extending our capabilities into the front office and deepening our multi-asset class solutions, Itiviti significantly strengthens our Capital Markets franchise and better enables Broadridge to help financial institutions adapt to a rapidly evolving marketplace. Itiviti’s well-developed footprint in APAC and EMEA will increase our scale outside North America and strengthen our ability to serve our global clients.

“The acquisition is also expected to deliver value to our shareholders in the form of stronger recurring revenue growth, higher margins and higher Adjusted EPS.  This incremental revenue and earnings growth positions us well to deliver at the higher end of our three-year growth objectives for recurring revenue and Adjusted EPS growth,” Mr. Gokey added.

Itiviti is a leading global capital markets technology service provider offering highly scalable solutions that financial institutions use to consolidate their trading infrastructure, driving significant cost savings. With offices in 16 countries, Itiviti serves 24 of the top 25 global investment banks and over 2,000 leading brokers, trading firms and asset managers across 50 countries. Itiviti’s suite of Trading and Connect solutions offer comprehensive tools to support both connectivity and adaptivity to changing market dynamics and regulatory demands. The solutions and services offered provide financial institutions the flexibility and functionality to serve any trading style across asset classes.

Itiviti CEO Rob Mackay stated, “Joining Broadridge represents an exciting next chapter for our business and team by creating a leading front-to-back capital markets technology and operations provider. The combination of our technology, solutions and people will unlock significant value for our clients and drive long-term growth for our combined business.”

With a focus on front-office trade order and execution management systems, FIX connectivity and network offerings, Itiviti is highly complementary to Broadridge’s industry-leading post-trade product suite and other capital markets capabilities. This combination is expected to drive significant value to clients by enabling them to streamline their front-to-back technology stacks, increasing efficiencies, reducing risk and optimizing balance sheet utilization across equities, fixed income, exchange-traded derivatives, and other asset classes. With more than $900 million in combined calendar 2020 revenues, Broadridge’s Capital Markets franchise will be even better positioned to help its clients adapt to increasing electronification and algo-driven trading and to mutualize non-differentiating functions to reduce their total cost of ownership.

In addition, Itiviti’s strong presence in APAC and EMEA will significantly expand Broadridge’s revenues outside of North America and enhance Broadridge’s international footprint in key markets. Itiviti’s blue-chip client base should also provide significant cross-sell opportunities across Broadridge’s product portfolio, further enhancing its long-term growth.

Itiviti generated recurring revenues of approximately €210 million in calendar year 2020. Its subscription-like revenue model delivers growing and high-quality recurring revenues.  Upon closing, Itiviti will become part of Broadridge’s Global Technology and Operations segment and its senior management team, led by CEO Rob Mackay, will remain with the company to drive future growth.

“Itiviti has experienced a journey of growth and transformation during Nordic Capital’s ownership to become a world leading capital markets technology and infrastructure provider,” said Fredrik Näslund, partner at Nordic Capital Advisers. “We are immensely proud of the Itiviti team and it’s now time for them to take the next step with Broadridge, who is the ideal company to help capitalize on its next-generation technology platform and achieve even further growth and expansion.”

The acquisition is subject to customary closing conditions and regulatory approval and is expected to close in the fourth quarter of Fiscal Year 2021.

Broadridge Positioned to Achieve Higher End of Three-Year Growth Objectives

Broadridge is financing the acquisition through a new $2.55 billion term credit agreement. Following the closing, Broadridge expects to maintain an investment grade credit rating and intends to reduce its leverage over the next two years. The Company plans to continue to follow its historical capital allocation priorities, including internal investments, funding a growing dividend, and pursuing additional tuck-in M&A.

The acquisition of Itiviti is expected to be accretive to Adjusted EPS in the first full year after closing and generate attractive financial returns for Broadridge’s shareholders. In addition, the acquisition is expected to contribute 2.5-3 points to Broadridge’s recurring revenue compound annual growth rate (“CAGR”) and 2 points to its Adjusted EPS CAGR over the fiscal year 2020-2023 time period.

As a result, the Company believes it is well-positioned to achieve the higher end of the three-year 7-9% recurring revenue growth and 8-12% Adjusted EPS growth CAGRs that it presented at its December 2020 Investor Day.

Conference Call

An analyst conference call will be held today, March 29, 2021 at 8:00 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge’s Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419.

A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through April 12, 2021, the recording will also be available by dialing 1-877-344-7529 passcode: 10153707 within the United States or 1-412-317-0088 passcode: 10153707 for international callers.

Advisors

Houlihan Lokey Inc. and J.P. Morgan Securities LLC acted as financial advisors to Broadridge on this transaction. In addition, Squire Patton Boggs, Roschier Advokatbyrå, and Covington & Burling provided legal advice to Broadridge on the acquisition, and Cahill Gordon & Reindel LLP provided legal advice to Broadridge on the financing transaction.

Credit Suisse and Morgan Stanley acted as joint financial advisors to Nordic Capital on this transaction.

aevi-and-mastercard-partner-to-simplify-omnichannel-shopping-experience

AEVI and Mastercard Partner to Simplify Omnichannel Shopping Experience

March 29, 2021 Published by

 

AEVI and Mastercard Payment Gateway Services (MPGS) announced an expanded partnership today to use their combined technologies and reach to simplify the omnichannel shopping experience.

AEVI integrates payments and data across all customer channels by providing an open platform that is both device and solution independent. This platform, combined with MPGS’ encompassing digital gateway services, provides merchants another choice that brings payments straight to where the customer is – across multiple touchpoints in-store and online.

The collaboration will see AEVI and MPGS initially focus on Europe, with further expansion opportunities.  By providing easy access to any payment technology and business solution, the partnership will help banks, acquirers, PSPs, ISOs and ISVs drive digital efficiency and innovation across their payment experiences.

In addition to the commercial relationship, Mastercard will become a minority investor in AEVI, along with existing shareholders Diebold Nixdorf, HPE Growth Capital and Schroder Adveq, with Diebold Nixdorf remaining as the majority shareholder. Financial terms of the companies’ investments were not disclosed.

Mike Camerling, AEVI’s CEO commented, “The commercial relationship and equity investment between Mastercard and AEVI will help accelerate AEVI’s goal to become an industry-standard platform for face-to-face payment integration. AEVI will be better positioned to support all of its customers, and to pursue more market opportunities and to do so more rapidly.”

Keith Douglas, EVP of MPGS stated, “More than ever, we see the convergence of digital and physical payment channels as a key driver in enhancing customer experience. We’ll look to lean into this collaboration and expanded relationship to support our shared merchant customers and partners in their efforts to grow and strengthen consumer relationships.”

“HPE Growth invests in outstanding management teams with strong growth ambitions of companies that have developed leading scalable technology.  AEVI is well positioned to accelerate its current growth trajectory and can have a real impact on the fast-changing world of payments”, adds Frederic Huynen, Principal at HPE Growth.

David Caldwell, Diebold Nixdorf SVP Strategy & Corporate Development, said, “We are pleased to welcome Mastercard as a co-investor into AEVI, and for their interest in working jointly on this rapidly developing area. Mastercard’s global perspective will be an important contributor to AEVI’s growing capabilities in meeting the needs of a wide range of its customers’ rapidly growing and evolving needs.”

visa-becomes-first-major-payments-network-to-settle-transactions-in-usd-coin-(usdc)

Visa Becomes First Major Payments Network to Settle Transactions in USD Coin (USDC)

March 29, 2021 Published by

 

Today Visa announced a major industry first in bridging the worlds of digital and traditional fiat currencies: the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum — one of the most actively used open-source blockchains.[1] Visa is piloting the capability with Crypto.com, a Visa partner and one of the world’s largest crypto platforms, and plans to offer the USDC settlement capability to additional partners later this year.

Support for digital currencies as a new type of settlement currency marks an important step forward for Visa’s network of networks strategy, which is designed to enhance all forms of money movement, whether on the Visa network, or beyond. By harnessing its global presence, partnership approach, and trusted brand, Visa is focused on adding differentiated value to the ecosystem and making cryptocurrencies more secure, useful, and applicable for payments.

Visa has spent the last year establishing a pathway for digital currency settlement within Visa’s existing treasury infrastructure, a platform that moves billions of dollars each day across thousands of institutions in more than 200 markets and 160 currencies. Working with Anchorage, the first federally chartered digital asset bank and an exclusive Visa digital currency settlement partner, Visa has launched a pilot that allows Crypto.com to send USDC to Visa to settle a portion of its obligations for the Crypto.com Visa card program.

Visa’s standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies. The ability to settle in USDC can ultimately help Crypto.com and other crypto native companies evaluate fundamentally new business models without the need for traditional fiat in their treasury and settlement workflows. Visa’s treasury upgrades and integration with Anchorage also strengthen Visa’s ability to directly support new central bank digital currency (CBDC) as they emerge in the future.

“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” said Jack Forestell, executive vice president and chief product officer. “The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”

Kris Marszalek, Co-founder and CEO of Crypto.com said: “We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently.  Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stablecoin payments.”

“Anchorage’s platform has been purposefully built for institutions like Visa to build new products in crypto. We’ve been with Visa every step of the way since 2019 and are extremely pleased to see these first stablecoin payment rails come to life through Anchorage APIs,” said Diogo Mónica, Co-Founder and President of Anchorage.

David Puth, CEO of Centre, which oversees the licensing of USDC, said: “Visa is leading the market with its innovative approach to payments in many forms. We are very impressed with their efforts. Having USDC on the Visa network is an outstanding next step in our mission to connect the world using stablecoins built on Centre standards, starting with USDC.”

blackrock-tops-the-first-fund-brand-50-global-asset-manager-rankings

BlackRock Tops the First Fund Brand 50 Global Asset Manager Rankings

March 29, 2021 Published by

 

Fund Brand 50 (FB50), an annual research study by global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), celebrated its 10th anniversary with a global edition – highlighting the world’s best-performing, third-party asset management brands.

The independent study measures asset managers’ relative brand attractiveness based on fund selector perceptions across 10 brand drivers, revealing the best 50 global and regional brands in APAC, Europe and the U.S. Local market brand leaders are also disclosed in APAC’s and Europe’s most significant retail markets for third-party fund distribution.

Asset managers faced extraordinary challenges in 2020, forcing them to rapidly adapt their operating environments and client engagement activity in the wake of a global pandemic. The changing conditions accelerated digital transformation for many managers, creating challenges and opportunities for their brand engagement.

The top-five global brands, led by BlackRock, are all industry giants in terms of assets under management and their operational scale. The diversity of the global top 50 demonstrates that it’s not only scale that matters to fund buyers. Selectors’ favourite companies spanned from niche specialists to the large one-stop-shop ‘supermarket’ providers. In the inaugural global rankings, size varied from the European manager Comgest with $33 billion in assets under management, to U.S. giant Vanguard with U.S. $7.6 trillion.

The optimum mix of the most important elements of brand drivers varied across the regions. European selectors weighted product and client service elements as most important, while in APAC and the U.S., the company’s strength and client focus were marginally more important.

“While the drivers of brand were unique in each region, the most successful asset managers were all able to differentiate themselves to fund selectors. Those with scale and a wrap-around service provided the comfort blanket of robustness and reliability. At the same time, several investment specialist firms thrived with unique, high-conviction strategies drawing attention and recognition from distributors and end-investors,” said Mauro Baratta, Vice President, Distribution Insight, Broadridge.

Top-10 global asset management brands ranked by share of total brand score

Rank

Fund Group

1

BlackRock

2

J.P. Morgan AM

3

Fidelity

4

Capital Group

5

Vanguard

6

PIMCO

7

Pictet AM

8

T. Rowe Price

9

Franklin Templeton

10

Allianz GIobal

Data source: Broadridge Fund Brand 50 2021

Additional findings from this year’s study include:

  • Interest in sustainability and thematic fund providers intensified across all regions, fuelled by end-investor demand and pending regulatory changes. Managers with distinctive ‘green’ credentials were notably popular in Europe.
  • Building brand recognition through digital and social media was increasingly important in APAC to engage with younger tech-savvy audiences.
  • The fastest-rising brands in Europe impressed selectors with strong performances in their most important brand attributes, including appealing investment strategy and client-oriented thinking.
  • U.S. fund selectors tend to place their trust in a relatively small number of product providers with a broad investment offering and that have a product mix that works for the vast majority of their clients.
drip-capital-closes-$40m-committed-warehouse-credit-facility-from-east-west-bancorp-to-facilitate-trade-finance-to-small-businesses

Drip Capital closes $40M Committed Warehouse Credit Facility from East West Bancorp to facilitate trade finance to small businesses

March 26, 2021 Published by

 

Drip Capital, a leading Fintech provider of cross-border trade finance, and East-West Bank (EWB), announce a US$ 40M committed credit facility for the expansion of Drip’s trade finance solutions to small and medium-sized businesses (SMBs).

“Drip is growing at a rapid pace and institutional partnerships are a cornerstone of our capital markets strategy. The partnership with East West Bank represents a significant milestone for our Company. It will further accelerate our ability to provide fast and seamless financing to global exporters and importers. We are excited to work with Mark Parsa and the EastWest team as we scale up our operations to service many more customers,” said Pushkar Mukewar, Co-Founder and CEO at Drip Capital.

“We are pleased to provide financial support to a global fintech company like Drip Capital to help them achieve their growth plan,” said Kristine H. Pfeilsticker, FVP-Relationship Manager of Structured Finance at East West Bank. “We both have extensive experience in cross-border financing and a shared focus on offering innovative solutions to SMBs.”

“This new asset-based credit facility provides Drip with considerable incremental financing capacity to help power the next phase of our company’s growth. We are excited to scale our capital markets programs providing unprecedented access to trade finance assets.  Despite the pandemic and resulting dislocation in capital markets, we have been extremely impressed with the execution and solutions-oriented approach by the East West Bank team,” said Karl Boog, Head of Capital Markets at Drip Capital.

Drip Capital is a market leader in the global trade finance space. The company offers trade financing solutions in the US and developing markets like India and Mexico by giving their clients access to working capital quickly. Drip works with over 1,500 sellers and buyers spread across 80+ countries. The FinTech firm has financed over US$ 1.2B of international trade since its inception in 2016.

In the US, Drip provides buyer financing solutions — supply chain finance and inventory finance — to SMB importers, who further cater to the multinationals across the country. The company acts as a strategic financial partner to these SMBs allowing them to effectively manage their cash flows / working capital to accelerate sustainable business growth.

Drip has raised nearly US$ 200M through venture capital and debt since 2016, including over US$ 45M in equity capital through investors such as Accel Partners, Sequoia Capital, Wing VC, and Y Combinator.

East West Bancorp is a publicly owned company with total assets over US$ 50B and is traded on the Nasdaq Global Select Market under the symbol “EWBC.” The Company’s wholly-owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California and one of the largest minority depository institutions in the United States. The bank provides commercial and consumer banking services that help clients reach further and connect to new opportunities on both sides of the Pacific. East West Bank operates more than 120 locations in key cities in the U.S. and Greater China. The bank’s Structured Finance group provides senior secured lending facilities to specialty finance companies and project finance transactions. For more information about East West Bank, please visit www.eastwestbank.com.

offline-to-online-merchant-platform-‘dotpe’-secures-$27.5-million-series-a-funding-from-payu,-info-edge-ventures-and-google

Offline-to-online merchant platform ‘DotPe’ secures $27.5 million series A funding from PayU, Info Edge Ventures and Google

March 26, 2021 Published by

 

Gurgaon-based offline-to-online commerce platform, DotPe, announced today that it has secured USD 27.5 million in Series A funding, making it the first O2O company in India to receive such a substantial amount within a year of launch. The round was led by its early investor, PayU, the payments and fintech business of Prosus, resulting in an increase in the existing stake in the company. Info Edge Ventures has doubled down on its seed investment in the company made last year and more than doubled its shareholding. Google joins as a new investor.

Started by ex-PayU Founder Shailaz Nag with Gyanesh Sharma and Anurag Gupta in 2020, DotPe stands notably as the only Indian platform to have successfully digitized enterprise as well as SMB merchants through a full stack solution- from giving them an online presence to enabling seamless ordering (in-store and remote), online payments and delivery. On the enterprise side, it has deep integration with 10,000+ restaurants and food courts, including leading global and domestic FnB brands.

On the SMB front, it’s product Digital Showroom has on-boarded over 5 million merchants within 6 months of launch in September 2020 with best-in-class retention and engagement. The product enables merchants to sell online by creating a digital storefront and accepting orders through WhatsApp.

In the last 12 months, over 5 million Indian consumers have switched to the hassle-free way of ordering and buying from DotPe’s merchants using its platform. Over 38% of orders daily are now through repeat consumers.

Commenting on the fresh round of investment and DotPe’s growth trajectory, Shailaz Nag, Cofounder, DotPe, said, “We are thrilled to see our existing investors, PayU and Info Edge Ventures, backing our vision and doubling down on their funding as new business horizons open up. We are pleased to add Google, an innovation leader, as an investor. This new partnership will empower businesses (big or small) to be more discoverable, expand business avenues and conduct commerce like never before. Pandemic or not, we are here to reimagine the way offline businesses work and bring the digital revolution to the doorstep of every entrepreneur.“

DotPe has made some key hires in the recent months. The fresh funding will be deployed towards accelerating product development, market expansion and scaling technology to meet the fast-growing market demand.

Anirban Mukherjee, CEO, PayU India, said, “In a very short time, DotPe has acquired a promising merchant base with its impeccable product experience and innovation. We have always believed in fostering innovation by working with such disruptive, early-stage start-ups. Under Shailaz’s leadership, we believe DotPe is positioned for rapid expansion as it disrupts and transforms the offline to online segment. They also align seamlessly with PayU’s vision of digitising payments in India by enabling merchants of all sizes. We are excited to build on our initial investment and continue to support the company on its journey.”

Kitty Agarwal, Partner, Info Edge Ventures, said, “DotPe has seen rapid adoption by merchants across industries- enterprises and SMBs- within a year of launch. The product experience and merchant and consumer stickiness is best-in-class with many marquee brands now expanding use cases with them and integrating even more deeply. Our significant follow-on investment attests to our belief in the team and the ecosystem play panning out. We see DotPe as an integrated commerce and fintech platform that empowers merchants and enables them to control their digital presence, discoverability, commerce, payments etc. to complete their offline-to-online journey and are excited about the possibilities ahead.“

Sanjay Gupta, VP & Country Head, Google India, said, “In the last few months we’ve seen an acceleration in offline players seeking to move their businesses online. We’re pleased to back young companies like DotPe that are supporting India’s digital transformation by connecting consumers and merchants through helpful, innovative tools. This investment under Google for India digitization fund underlines our belief in working with India’s start-up ecosystem towards the goal of building a more inclusive digital economy that will benefit everyone.”

up-fintech-holding-limited-posts-136%-revenue-growth-in-2020

UP Fintech Holding Limited Posts 136% Revenue Growth in 2020

March 26, 2021 Published by

 

UP Fintech Holding Limited (the “Company”, a NASDAQ-listed company under the ticker “TIGR”, and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.

Fourth quarter revenue rose 136.5% to US$47.2 million, compared with revenue of US$20.0 million in same quarter of 2019. UP Fintech generated US$10.3 million in Non-GAAP net income in the fourth quarter, approximately 29 times higher than the US$0.3 million the company reported in the same quarter of last year. For the full year, the company reported revenues of US$138.5 million, US$77.6 million of which was commission revenue. Commission revenue was bolstered by an increase in the firm’s user base and trading activity. Non-GAAP Net income for the year came in at US$22.3 million, compared with a loss of US$1.8 million in 2019.

Total account balance increased by US$5 billion in the fourth quarter and reached US$16.0 billion, an increase of 215.9% since the end of 2019. The firm added 44,000 funded accounts in the fourth quarter, 3.9 times the number of new funded accounts in the same quarter of last year; the total number of funded accounts more than doubled in 2020.

“We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market,” stated Mr. Wu Tianhua, CEO of UP Fintech. “With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system.”

The company’s flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.

“We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering,” Wu added.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

global-impact-of-srd-ii-and-lessons-learned-highlighted-in-new-whitepaper-from-broadridge

Global Impact of SRD II and Lessons Learned Highlighted in New Whitepaper from Broadridge

March 25, 2021 Published by

 

Despite its new obligations for financial intermediaries taking effect in September 2020, the European Commission’s updated Shareholder Rights Directive (SRD II) is still very much in the early stages of a full and seamless adoption across European regulated markets, according to a new report by global Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR).

Today Broadridge launches its latest industry whitepaper on SRD II. The report extracts learnings from over 350 SRD II client implementations, which should serve as a valuable resource for firms that have yet to implement their SRD II solution, as well as those who met the deadline but continue to refine their processes.

“The implementation of SRD II compliance procedures has created a number of challenges on affected intermediaries, especially those providing voting-related services for the first time,” said Demi Derem, General Manager, International Bank Broker-Dealer Communication Solutions at Broadridge. “Having worked with clients based within and outside of Europe, including both retail- and institutional-focused firms, spanning multiple tier-one banks, brokers and wealth managers, this report will serve as a useful reference and navigation guide”.

SRD II is a key part of the Capital Markets Union agenda and, as such, it remains a high-profile, mandatory requirement subject to deep scrutiny over the coming years, including a formal review of the directive’s effectiveness by the European Commission.

“The risks and penalties are wide-ranging and can be severe for firms, which are yet to be fully compliant,” Derem added. “Firms seeking external support should consider their options carefully. They should pay particular attention to companies that can offer the requisite knowledge and experience of navigating the shareholder communications landscape, and can provide the necessary economies of scale, digital data security and complete market coverage”.

crypto-friendly-fintech-wirex-temporarily-pauses-recruiting-new-uk-customers

Crypto-Friendly Fintech Wirex Temporarily Pauses Recruiting New UK Customers

March 24, 2021 Published by

 

The Fintech company Wirex has announced its decision to voluntarily pause new UK customers of its popular app as of 24th March 2021. The pause is a temporary measure and follows constructive dialogue with the Financial Conduct Authority (FCA), the UK regulator.

From this date, Wirex will temporarily pause accepting new clients who are resident in the UK. The company – which serves nearly 3.5 million customers worldwide – will dedicate resources to further strengthen its 5AMLD (Fifth Anti-Money Laundering Directive) compliance protocols, conforming with the updated best practice guidelines set by the UK regulator. As Pavel Matveev, Co-Founder & CEO of Wirex explains:

“As a fintech with a global outlook, we’re at the frontier of making cryptocurrencies accessible to the widest possible audience. The UK’s ‘5AMLD’ will help increase transparency in financial transactions. The FCA have, in dialogue with us, made suggestions on how we can implement changes to our operational procedures, which we welcome and intend to follow. We believe London is the capital of fintech and the FCA’s recommendations will help us create a stable environment to operate in. We fully endorse the Khalifa Fintech Review findings about growing the UK-based fintech ecosystem and see ourselves as an integral partner in achieving this. UK-based users keen to register for our app and card will be invited to join our waiting list during this temporary pause.”

A global business with offices around the world, Wirex has experienced explosive growth during the last two years, driven by its expansion worldwide and a heightened public interest in cryptocurrencies. The Wirex app allows users to buy, exchange and spend both cryptocurrencies and traditional fiat currencies in conjunction with a multicurrency payment card.

cristobal-conde-appointed-chairman-of-fintech-and-govtech-leader-fimatix

Cristóbal Conde Appointed Chairman of FinTech and GovTech Leader Fimatix

March 24, 2021 Published by

 

Fimatix has announced the appointment of Cristóbal Conde as Non-Executive Chairman effective from 23 March 2021. Formerly Chairman of Calastone, the major global funds network recently sold to The Carlyle Group (NASDAQ: CG), Conde brings a wealth of business, fintech and investment experience. He will work closely with the senior management team as Fimatix continues its growth and M&A drive, identifying opportunities to acquire other fintech and govtech firms.

Conde has a strong track record of accelerating the growth of fintech companies. In 1983 Conde co-founded a financial technology software business, Devon Systems, serving the derivatives markets globally. After SunGard acquired Devon Systems in 1987, Conde ran his business as a division of the parent company, growing it into one of the largest businesses at SunGard. Conde was subsequently promoted to run the entire SunGard business, which he took private in 2005 in a record-breaking $11.3bn LBO transaction. Conde stepped down from SunGard in May 2011, by which time the technology giant had revenues of $5.6bn, employed over 25,000 globally, was ranked 380th on the Fortune 500 list and was the largest privately held business software and IT services company in the world.

Conde’s appointment follows the recent appointment of Tim Howarth as Chief Executive of Fimatix. Together they will work closely with senior colleagues including Stephen O’Sullivan, with a focus on strategy and M&A; Paul James, COO; Jeremy Renwick, – Innovation; and Hugh Ivory, Business Operations and Corporate Governance who is driving the growth of the business in Ireland.

Cris Conde said, on his appointment: “I am delighted to take on the role of Chairman. Fimatix has such strong expertise in delivering innovative products and services, digital transformation, agile coaching and solving problems with innovative tech. This is an exciting time for the business and I am proud to be working with the management team as they execute the roadmap to further growth, through building strong solutions and targeted acquisitions.”

Tim Howarth, CEO of Fimatix, said: “We are honoured that Cris will be taking the role of Chairman. His insight and experience of building successful businesses will be a great asset to Fimatix as we continue to target organic growth and acquisitions. As a company we want to provide technological innovation, and solutions that are relevant to client demands, for the good of society, the economy and people around the world. Chris shares our values and ambition for Fimatix and we are pleased to welcome him to the board.”

Conde joins the company a year since the merger of Fimatix and Agilesphere. With a team of over 150 staff, partners and associates, and offices in London and Newcastle, the combined company has a good foundation from which it offers services at scale. Since the merger, Fimatix has launched ‘Shield’, an independent COVID-19 track and trace system used in schools and workplaces, ‘Talent as a Service’, supporting HR teams and specialist advice services on IR35 and recruitment, Privacy4cars in the UK and continues to provide long term transformation support to the UK Government as a top 20 Digital Outcomes and Specialist supplier.

Fimatix’s purpose is to enhance the productivity of business and governments to the benefit of economies, communities and people around the world. The business has a track record of supporting major banks and e-money fintech challengers within the financial services sector and businesses in the leisure industry. The team enables digital transformation in UK Government including the Department of Health and Social Care, the Ministry of Justice, the Department for Work and Pensions and the Ministry of Housing, Communities and Local Government.

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