Tag: Fintech

siply-launches-affordable-gold-savings-scheme-with-high-returns-for-the-masses

Siply Launches Affordable Gold Savings Scheme with High Returns for the Masses

March 24, 2021 Published by

 

Micro-savings fintech platform Siply, which offers ‘sachet financial services’ for 40 crore underserved Indians, today announced the launch of the Siply Guaranteed Gold Savings Scheme. Available to all users on their app, this is a one-of-a-kind scheme with many distinct features, as follows:

  • Investment can be as low as Rs. 100 per week
  • Duration of the scheme is three months
  • An investor can earn an extra 10% gold in three months compared to the prevalent market rate of 8.33% offered by most jewellers (11-12 month schemes)
  • Pan-India access, available across urban and rural areas
  • Highest purity gold of 24 carats offered

Gold as an investment option is considered safe as well as aspirational by most Indians. The prohibitively high price of the metal, however, makes it almost impossible for financially weaker sections of society to trade in or invest in Gold. Tapping into this huge unmet demand, Siply has introduced the Guaranteed Gold Savings Scheme, which addresses the specific requirements of underserved Indians. The entry point has intentionally been kept at a very low level (minimum Rs 100 per week), facilitating participation by blue and grey collar workers, gig workers, micro entrepreneurs and small business owners, among others. Customers from the remotest parts of India now have access to a 24-carat gold scheme, which is designed to be financially inclusive, flexible and convenient for all.

Speaking about the Siply Guaranteed Gold Savings Scheme, Sousthav Chakrabarty, Co-Founder and CEO, Siply, observed, “With this scheme, we have moved one step ahead in our vision of creating a more financially-inclusive India. A large chunk of Indians, who were till now unable to save or invest due to their limited financial means and a lack of convenient options, can now do so through Siply’s micro-financial offerings. This Guaranteed Gold Savings Scheme is one of them. We will continue to introduce more such pioneering financial solutions aimed at the 40 crore Indians who have not yet been able to reap the benefits of the different financial products available in the market today.”

Anil Bhat, Co-Founder and CTO, Siply, offered insights into the technology behind the platform that is bringing such products to life. He said, “To make this even more accessible, Siply is building a platform which enterprises can easily connect to and offer micro-savings options directly to their workforce. We are also building voice and SMS based capabilities to make this further accessible to feature phone users.”

The Siply app is available to download on the Google Play Store, in English and other regional languages. It is easy to use, with users having no need to provide additional documents, as the Siply Guaranteed Gold Savings Scheme is linked directly to their phone numbers. Siply’s Mutual Fund offering also has a fully digital sign-up process based on eKYC. Since its launch in late 2020, there are already 80,000 users registered on the Siply app. Business worth Rs. 25 crore has already been carried out on the Siply platform and the number of transactions has crossed 3 lakh.

kingswood-us.-launches-digital-alternative-investments-platform,-powered-by-wealthforge-and-altigo

Kingswood U.S. Launches Digital Alternative Investments Platform, Powered by WealthForge and Altigo

March 24, 2021 Published by

Kingswood U.S., a network of wealth management firms that oversees more than $2.1 billion in client assets, today announced the launch of its enhanced retail alternative investments platform. The new platform is part of the firm’s broader strategy for investing in cutting-edge resources that elevate the financial advisor service experience, while enabling its advisors to seamlessly deliver the widest possible array of institutional-quality investment solutions that align with their clients’ needs and goals. The fully digitized platform is powered by fintech leader WealthForge’s industry-leading alternative investments subscription solution, Altigo.

Mike Nessim, President and Managing Partner of Kingswood U.S., said, “Through our new strategic partnership with WealthForge, we are delivering significant value add to our financial advisors in the form of our new, fully digitized retail alternative investments platform. With interest rates nearing zero and extreme valuation swings across public equity markets, retail investors are increasingly demanding investment solutions from their financial advisors that generate yield, create increased diversification and drive enhanced risk management. By streamlining access to institutional-quality alternative investments, we are providing advisors with the tools they need to more effectively serve their clients and grow their business on a scalable basis.”

Built by financial technology provider WealthForge, Altigo provides financial advisors and their clients an online portal to enter information and upload required documents that automatically generates customized subscription documents and delivers them via DocuSign to all relevant parties for signature. The all-digital process integrates every aspect of alternative investment procurement and compliance, while significantly reducing the administrative burden associated with initiating subscriptions and mitigating the risk of not-in-good-order (NIGO) errors and related delays.

“Alternative Investments are surging in popularity, and advisors are being asked more and more to include them in client portfolios,” said Kingswood U.S. Managing Director Douglas Blake, who also leads Benchmark Investments Inc.’s Alternative Investments and Insurance Services arm. “However, the laborious processes that regulators require to participate in these assets can discourage both advisors and investors from considering them, and the extensive due diligence and intricate integration of these products can discourage broker-dealers and RIAs from carrying them. With Altigo, Kingswood U.S. has the technology to reduce the burden on compliance and operations professionals, as well as advisors and investors. This broadens the scope of investments our firm can provide, empowering our advisors to better help their clients attain their financial goals.””

The Kingswood U.S. retail alternative investments platform, with Altigo’s help, includes the following key features:

  • The ability to list all of Kingswood U.S.’s approved alternative investments in one place. The lack of a comprehensive list of all available strategies can be one of the barriers to greater participation in alternative investments.
  • The technology to incorporate Kingswood U.S.’s operational workflow and internal documents into the subscription process, ensuring the submission of alternative investment business follows all guidelines and procedures
  • Tracking tools to monitor the progress of outstanding subscriptions from start to finish and eliminate delays in the workflow.

WealthForge CEO Bill Robbins said, “Our mission is to reduce the friction traditionally associated with alternative investments and connect advisors with a broader range of products and sponsors that can help investors attain their financial goals. We are excited that Kingswood U.S. advisors are now able to help their clients more easily explore the potential of crucial alternative asset classes.”

we-fight-fraud:-covid-makes-criminals-go-cashless

We Fight Fraud: Covid Makes Criminals Go Cashless

March 24, 2021 Published by

 

We Fight Fraud (WFF) has used its unique access to the criminal underworld to discover how Covid-19 is transforming business within the illicit economy. The findings, announced today, include a move towards transacting the proceeds of crime via bank transfers and trading illegal goods on social media. This will alarm legitimate businesses, especially banks and FinTech organisations, who are being used to launder money, in breach of the regulations governing them. Legitimate businesses are also being used to facilitate fraud. The implications of the findings will be published in a whitepaper, to be discussed at the WFF Live conference on 28th April – a free to attend, virtual event for business professionals, supported by fraud prevention specialists, LexisNexis® Risk Solutions.

Dr Nicola Harding, WFF Advisor and academic specialising in fraud, is lead author of the whitepaper. She explained: “The operational changes we found mirror those experienced by legitimate businesses during the pandemic, who reported a dramatic decrease in the use of cash. We found that the preferred option for criminals is now bank transfers, while some are also using PayPal or premium rate telephone numbers to send funds.”

The whitepaper’s findings also demonstrate how significant social media has become in connecting the legitimate economy with the underworld. Simon, who works in IT, shared with the researchers the process of buying cannabis from a page on Instagram. He paid by bank transfer and the drugs were delivered to his house via Royal Mail – all within 36 hours.

The WFF team will all be speaking at the event and include: Tony Sales – dubbed ‘Britain’s Greatest Fraudster’ by the Sun newspaper – who now helps household-name brands avoid fraud; Andy McDonald, former head of counter terrorist, organised crime and fraud teams at New Scotland Yard; and Solomon Gilbert, former child hacker, who has since worked with the National Crime Agency.

Tony Sales explained: “Criminal behaviour has adapted, innovated and evolved during the current crisis. We Fight Fraud uniquely talks to criminals to understand their activities. There was an assumption that the decline of cash would make life more difficult for criminals. Our findings show that the reverse is true.”

Ellie Burns, a Fraud and Identity specialist with lead sponsors, LexisNexis Risk Solutions, explains the significance of the conference and the report: “The pandemic has had a profound impact on the way all businesses operate. The WFF findings show that it is no different with the criminal underworld. In order to keep pace with the constantly shifting cybercrime landscape, we must come together to share trends, insights and knowledge. We Fight Fraud Live is a unique opportunity to do exactly that and we are delighted to be involved.”

To book a seat at the free conference go to www.wefightfraud.org/live. The virtual conference will be sending delegate packs to 500 people registering to attend from the industry and the media. These will include a copy of the whitepaper, offers and goods.

logiq-partners-with-comviva-to-offer-digital-wallet-and-payment-services-to-millions-of-mobile-users-across-indonesia

Logiq Partners with Comviva to Offer Digital Wallet and Payment Services to Millions of Mobile Users Across Indonesia

March 23, 2021 Published by

 

Logiq, Inc. (OTCQX: LGIQ), a global provider of award-winning eCommerce and fintech solutions, has joined forces with Comviva, a global leader in digital financial solutions, to offer digital wallet and payment services across Indonesia. The services based on  Logiq’s PayLogiq digital wallet will be powered by Comviva’s mobiquity® Pay platform.

Logiq also recently partnered with Yabx, a fintech venture of Comviva to offer credit-based financial services such as cash advance for merchants and ‘buy now, pay later’ (BNPL) options for consumers.

mobiquity® Pay is one of the world’s largest digital wallet solutions, powering over 70 digital financial services across more than 50 countries and will play an essential role in Logiq’s new partnership with Koperasi Mona Santoso Berjaya (KMSB).

Together with KMSB, Logiq is providing micro-lending services to members of Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK), the social security agency that provides retirement and pension plans on behalf of Indonesian government entities.

The new micro-lending services will benefit BPJSTK’s 48 million members and 600,000 small-and-medium sized businesses (SMBs). The partnership with Comviva will allow Logiq to extend swift, convenient and secure digital wallet services to BPJSTK members and SMBs.

Using Logiq’s digital wallet, BPJSTK members and SMBs will be able to perform multiple financial transactions quickly and securely, including money transfers, receiving and repaying loans, accessing insurance, buying airtime or data, paying bills or merchants—all on their mobile phone, anytime, anywhere.

“Our partnership with Comviva enables us to provide best-in-class digital wallet services to thousands of individuals and SMBs in Indonesia,” said Matthew Brent, Chief Strategy Officer at Logiq. “Digital is quickly becoming the preferred method for transactions, and the global pandemic has only accelerated that transition. By providing digital access to an array of financial services instantly from the convenience of a mobile device, we see our combined platform enhancing the lives of many people, helping to grow their businesses and boosting the country’s economic activity.”

Srinivas Nidugondi, COO and EVP of Digital Financial Solutions at Comviva, commented: “Our mobiquity Pay is a feature-rich, scalable and flexible digital wallet platform that has been deployed across five continents. We will bring our global expertise in digital wallets to this deployment with Logiq. The platform will enable Loqiq to accelerate the growth of digital wallets in Indonesia by introducing innovative digital financial services to transform the way Indonesians save, borrow, transfer and make payments.”

freetrade-announces-$69m-series-b-round

Freetrade announces $69m Series B round

March 23, 2021 Published by

Freetrade, the investment platform that is on a mission to get everyone investing, announces that it has raised a Series B round of $69m. This fundraising follows a period of significant growth that saw customer numbers hit 600,000, quarterly trade volumes exceed £1bn, and the opening of offices in Sweden and Australia.

Left Lane Capital, a growth equity firm focused on consumer internet and technology businesses, led the round. The Growth Fund of L Catterton, the largest global consumer-focused private equity firm, and LSE-listed VC, Draper Esprit, also participated. These funds join Freetrade’s existing shareholder register, which includes over 13,000 individual investors. The funds will accelerate Freetrade’s growth in international markets and allow the team to scale its product.

Freetrade’s proprietary brokerage technology offers retail investors access to global stock markets. Freetrade is making investing more accessible to millions of people who could not justify paying high commissions. Freetrade’s goal is to help its customers achieve better financial outcomes through low costs and a strong emphasis on educating new and experienced investors about the benefits of developing long-term investing habits.

The round includes primary and secondary investments. Final completion of the round is subject to FCA approval.

Freetrade Founder and CEO, Adam Dodds, said: “This is a transformational investment that will supercharge our mission to get everyone investing. It’s painful to see millions of investors across Europe stuck paying high fees and bogged down by complex terms and conditions. The costs of offering essential services like share dealing are simply not justifiable and erode valuable returns. Everyone already invests their time and their money on a daily basis, but there is so much more that millions can be doing to get the most out of their money. We are committed to helping everyone to achieve better financial outcomes.”

Harley Miller, Managing Partner of Left Lane Capital, said: “We are honored to partner with Freetrade as they embark on this next chapter of growth, and continue to make investing more accessible for everyone in the UK and Europe. Left Lane has a strong philosophical alignment with management on doing right by the customer, something that is rare in the fintech ecosystem. This sentiment is further corroborated by the robust and loyal community that Freetrade has cultivated over the years, which we found to be fundamentally unique – a true byproduct of instilling trust and integrity in their platform.”

Michael Mitterlehner, Partner, L Catterton, said: “As the financial technology industry grows and evolves, Freetrade has differentiated itself as a trusted, commission-free platform that makes the stock market accessible to everyone. We’re excited to partner with them and leverage our deep knowledge and significant experience in consumer-focused technology to bring it to new heights. Since 2018, Freetrade has amassed a broad and loyal following, and we’re delighted to support the Company’s continued expansion.”

Will Turner, Managing Partner, Draper Esprit, said: “We have seen the impact investment platforms can have on public markets in the last 12 months, but we are proud that Freetrade remained focused on acting in the interests of its customers – everyday investors. We continue to believe in democratising access to the markets and are delighted to welcome Left Lane Capital and L Catterton to the journey, as we fuel the continued explosive growth of Freetrade.”

futu’s-fy2020-net-income-hits-hk$[1],364m,-6.5-times-yoy-growth

Futu’s FY2020 net income hits HK$[1],364M, 6.5 times YoY growth

March 23, 2021 Published by

Operational highlights of the unaudited financial results for the fourth quarter and the full year ended December 31, 2020

  • Total revenue in the fourth quarter was HK$1,186.4 million, an increase of 281.6% year-on-year (“YoY”), achieving a YoY triple-digit growth for four consecutive quarters.
  • For the full year 2020, Futu Holdings’ total revenues increased by 211.9% YoY to HK$3,310.8 million, and Non-GAAP adjusted net income[1] increased 651.1% YoY to HK$1,364.0 million.
  • The number of users reached 11.9 million, an increase of 58.6% YoY; the number of clients reached 1,419,734, an increase of 97.8% YoY; the number of Futu’s paying clients reached 516,721, an increase of 160.5% YoY.
  • During the period, the trading volume of Futu US stocks ballooned to HK$783.6 billion, surpassing the US$100 billion milestone for the first time, accounting for 65% of the total trading volume.

Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ: FUTU), a leading tech-driven online brokerage and wealth management platform, announces its unaudited financial results for the fourth quarter (“Q4” or the “Period”) and full year ended December 31, 2020.

During the period, total revenues reached HK$1,186.4 million, an increase of 281.6% YoY, the fourth consecutive quarter of a YoY triple-digit growth. Non-GAAP adjusted net income was up 10.2 times year-over-year to HK$552.9 million. Brokerage commission and handling charge income increased 373.8% YoY to HK$718.3 million, interest income increased by 163.2% YoY to HK$336.9 million, and other income (including wealth management, enterprise services, etc.) increased by 317.8% YoY to HK$131.2 million.

For the full year of 2020, Futu’s total revenues increased by 211.9% YoY to HK$3,310.8 million. It recorded a non-GAAP adjusted net income of HK$1,364.0 million, an increase of 651.1% YoY.

As of the end of 2020, the total number of users reached 11.9 million, an increase of 58.6% YoY; the number of registered clients increased 97.8% YoY to 1,419,734; the number of paying clients increased 160.5% YoY to 516,721. In the fourth quarter, the Company added 98,632 paying clients on a net basis; the number of paying clients in Hong Kong increased by 260% YoY, setting a record high quarterly since listing, and achieving triple-digit year-on-year growth for four consecutive quarters.

As of December 31, 2020, total client assets reached HK$285.2 billion, a YoY increase of 227.3%. While the number of clients is growing rapidly, the client retention rate continued to be maintained at a high level of 98% in 2020. In the fourth quarter, clients’ active trading activity was also further propelled, as Daily Average Revenue Trades (DARTs) increased 339.9% YoY to 462,261.

US stocks business spikes, quarter trading volume exceeded 100 billion US dollars

During the period, Futu’s total trading volume increased 438.1% YoY to HK$1,210.0 billion, in which trading volume for US stocks was HK$783.6 billion, marking a new milestone of exceeding US$100 billion, and accounting for 65% of the total trading volume. Futu has therefore further consolidated its position as a leading one-stop global investment APP.

Being the one-stop investment platform that integrates investment transactions, up-to-date news, real-time market data, and trading community interaction, Futu has become the preferred platform for portfolio diversification among global investors. From market accessibility perspectives, and after years of endeavor in R&D, Futu was the first online brokerage to offer users free Level 2 market data for US stocks. Futu’s extended trading hour service enabled clients to capture investment opportunities with ease. Meanwhile, Futu News is one of the few platforms providing 24/7 US market updates, where global financial news and stock analysis are all at users’ fingertips. Further propelled by an active investment community wherein tens of millions of users seamlessly exchange thoughts and ideas to help make informed investment decisions, Futu’s US stock business continues to thrive.

Multiple licenses covering extensive areas, enters Singapore market to further expand international presence 

Futu is committed to extending its licenses and qualifications in widening its product and service offerings. During the period, Futu gained approval on providing grey market services to intermediaries on the basis of the “Provide Automated Trading Services (Type 7) License” from SFC, enabling Futu to become the upstream provider of grey market trading services and offering other brokerages access to Futu’s self-developed grey market system. Futu also obtained the Singapore Capital Markets Services (CMS) License in the fourth quarter. Futu Holdings’ subsidiaries have held 35 financial licenses and qualifications in Hong Kong, the United States, Singapore as well as Europe, with footholds across major financial markets worldwide.

With its edges expanding via multiple license acquisition, Futu is vigorously advancing its internationalization strategy. In the first quarter of 2021, Futu officially entered the Singapore market, providing local investors with a seamless one-stop online trading experience, and bridging them to major global financial markets. In support of its international expansion, Futu will continue to ramp up its marketing and further strengthen its presence in the US market.

Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee, said: “Futu sees Singapore as the key market for expansion next. Being well-positioned as the financial hub in Southeast Asia, Singapore provides a cohesive environment for FinTech development, serving as a pivot for Futu to expand our footprints to other SEA countries. We hope to establish a presence in Singapore with the provision of unparalleled investment experience to local users. Indeed, the market structure of Singapore and Hong Kong is similar. Both share the similar advantages of being an international financial center, situated within the same time zone and having dense populations. I am confident that we can make a difference in Singapore by leveraging on the successful experience we earned from the Hong Kong market.”

Enterprise Services continues to grow in prominence, helping 100+ companies listed in Hong Kong and the US

As the preferred Internet brokerage for listing on the US and Hong Kong markets, Futu’s Enterprise Services business brand, FUTU I&E, continued to be the go-to enterprise service partner. During the period, it helped numerous companies including MINISO, Lufax, Yatsen Holding, Blue Moon and JD Health successfully land in the US and Hong Kong stock markets. Futu I&E has provided IPO distribution services and investor relations services for 105 companies. Aggregating over ten million high-quality users with ample client assets, and diversified interaction design, Futu is leading the next-generation of IR services which allow companies to precisely promote their investment values to targeted audiences in an effective manner. 22 companies featured on the Futu HK$10bn+ Subscriptions IPO Roster as of year end 2020.

In the fourth quarter, Futu I&E’s ESOP option management clients accumulated to 159, including industry leaders across various industries such as healthcare & medical, consumer & retail, automotive & logistics, and TMT, namely RemeGen, POP MART, Xpeng Motors and KE Holdings Inc. By providing new economy and traditional enterprises with one-stop ESOP management services from planning, trust and taxation services, data management and exercise, Futu I&E has become the preferred one-stop ESOP services provider for leading companies among different sectors.

Seamlessly integrated wealth management and trading accounts, Money Plus’s AUM marks HK$10 billion benchmark

For its wealth management business, Money Plus has undergone a brand refresh during the period. Total client assets in Money Plus was HK$10.2 billion, highlighted with a cumulative total return of over HK$300 million for clients. As of the end of 2020, a total of nearly 110,000 clients have purchased Futu Money Plus’s fund products. As of the fourth quarter, Money Plus has established partnerships with 39 asset managers around the world, which altogether hosted 39 live-streaming sessions on the Futubull platform in 2020 to conduct fund publicity and investor education.

With rising numbers of clients leveraging on fund products to capture opportunities from equity markets, wealth management positions held continued to grow. Among them, equity fund themes, including Greater China, technology and new energy, were highly sought by clients. Augmented by dedicated in-house research efforts in picking selected funds, multiple funds available on Futu’s platform recorded over 100% returns in 2020, generating considerable returns for clients.

item-9-labs-corp-closes-acquisition-of-leading-us.-cannabis-dispensary-franchisor

Item 9 Labs Corp. Closes Acquisition of Leading U.S. Cannabis Dispensary Franchisor

March 23, 2021 Published by

 

Item 9 Labs Corp. (OTCQX: INLB) (“Item 9 Labs” or the “Company”), a vertically integrated cannabis operator that produces premium products, today announced the closing of its acquisition of ONE Cannabis Group (“OCG Inc.”), parent company of cannabis dispensary franchise Unity Rd. The combination creates a differentiated business model that offers premium products and distribution through an expanding network of dispensary franchises. Resulting synergies and benefits from the transaction include expanded business offering and expertise, operational efficiencies, cost savings, and revenue upside. Additionally, the acquisition creates new opportunities in the cannabis sector by providing solutions to industry challenges commonly faced by existing business owners, prospective entrepreneurs, and consumers.

Item 9 Labs produces award-winning and best-in-class products from its large-scale cultivation site and production facilities. Headquartered in Arizona, the Company is expanding its operations space by 650,000+ square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. It also owns and operates DispensaryPermits.com and DispensaryTemplates.com, leading online platforms for information surrounding cannabis business applications, regulations and state updates. Colorado-based OCG Inc. brings the stability, scalability, and brand continuity of franchising to the budding and fragmented world of cannabis through its retail franchise Unity Rd. Named one of the top cannabis retail leaders in the nation by MJBizDaily magazine and the first cannabis business to earn a Franchise Times Dealmakers award, OCG Inc. helps eager participants enter the complex industry with ease by leveraging its legal cannabis business experience and trusted resources under the distinct Unity Rd. brand.

“Blending our premium, experiential cannabis brand with a true dispensary franchise model puts Item 9 Labs in a unique position to capitalize on opportunities in a dynamic and rapidly evolving regulatory environment. ONE Cannabis Group perfectly complements and enhances our existing offerings by creating a built-in platform for national distribution of our products and brands through the Unity Rd. franchise network,” said Item 9 Labs CEO Andrew Bowden. “Having immediate entry points into states where Unity Rd. is building presence is expected to drive margin expansion across multiple markets and strengthen our profitability.”

This acquisition creates one of the first vertically integrated cannabis franchises in the U.S. The reduced capital expenditure (CapEx) franchise model provides accelerated scale for Item 9 Labs and Unity Rd., while keeping dispensaries locally owned and operated. In contrast to existing multi-state operators (MSOs), the franchise model requires reduced corporate capital requirements for development of the dispensary brand, as franchisees own and operate their own businesses. Unity Rd. franchise partners benefit from the continued guidance and tools provided by the franchisor while being able to scale more rapidly, compared with operating independently.

“Unity Rd. is the safest way for entrepreneurs to enter the cannabis industry,” said Mike Weinberger, Chief Operating Officer of OCG Inc., who is now appointed Chief Franchise Officer of Item 9 Labs Corp. and named to the Company’s Board of Directors with this announcement. “Extending our in-house knowledge in dispensary license applications and operations as well as having direct access to Item 9 Labs’ deep bench of trusted, award-winning products are expanded benefits for Unity Rd. franchise partners, positioning them ahead of any competition.”

Transaction Highlights

The transaction offers differentiation in franchising, retail, cultivation, production, and license application. The combined company is committed to growing the Unity Rd. dispensary franchise network and introducing Item 9 Labs products in states where the franchise is expanding its footprint, while continuing to enhance its production and cultivation sites.

–  Reduced CapEx and Rapid Scalability with Unity Rd. Franchise Model: Franchising offers one of the most viable solution for industry newcomers and existing operators navigating the complex cannabis landscape. Unity Rd. launched in 2018 and currently has multiple agreements signed with 10 entrepreneurial groups that are developing the brand across six states. The franchisor provides the knowledge, resources, and ongoing support its franchise partners need for compliant and successful dispensary operations. Dispensary franchises are expected to drive the cannabis industry forward by mitigating barriers and encouraging local ownership. As a vertically integrated cannabis franchisor, the Company is in a unique position for accelerated scale across both the Unity Rd. and Item 9 Labs brands. Unity Rd. franchise partners sign a 10-year agreement and pay a $100,000 franchise fee up front with 5% gross royalty on top-line revenue and a 2% marketing royalty fee. Further, low corporate capital is required for national development, as franchisees own and operate their own businesses.

–  Retail Footprint Driven by Strong Lead Flow with Experience at Every Step: The combined team has a proven track record of winning cannabis licenses in 15 states. Bringing together the DispensaryPermits.com and DispensaryTemplates.com customer base, which generated nearly 12,000 application and partnership leads in 2020, with the 2,500-plus prospective franchisees Unity Rd. sees annually is expected to escalate franchise development efforts. DispensaryPermits.com and DispensaryTemplates.com customers will now have a solution for long-term guidance and support through the Unity Rd. franchise opportunity. With news of the acquisition as well as increased U.S. cannabis legalization, Unity Rd. has seen a surge in franchise lead activity over the past six months. The dispensary franchise is currently targeting Arizona, Colorado, Maine, Michigan, New Jersey, and Oklahoma among other markets, as part of its strategic franchise expansion plan.

–  Robust National Distribution Platform Supporting In-House Production: Item 9 Labs products are currently available in 43% of Arizona’s cannabis dispensaries. Through this existing retail partner network and the Unity Rd. franchise platform, the combined company will have the most sustainable product distribution platform in cannabis. Unity Rd. franchise partners benefit from direct access to Item 9 Labs’ premium, lab-tested products that have earned more than a dozen industry awards, including multiple top marks in Arizona’s leading cannabis competition. The product suite spans 75-plus active cannabis strains and more than 150 differentiated cannabis products as well as premium concentrates along with Apollo and Orion technologies – next-generation vape systems that provide full-spectrum flower experiences on the go. The Unity Rd. retail footprint eases barriers to entry for currently produced consumer products suites in new markets, allowing for increased revenue in product licensing, wholesale, and franchise royalties.

–  Experienced Leadership Team Delivers Unrivaled Depth of Bench: The combined veteran management team brings a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies. The team collectively has more than 120 years of legal cannabis industry experience and 50-plus years in franchising, in addition to earning 20-plus franchise and cannabis industry accolades. OCG Inc.’s team had previously developed and sold a global 500-unit franchise business to Kahala Brands, awarded 300-plus franchises in more than five countries, and supported the development of 100-plus franchise companies.

The Agreement

Item 9 Labs shall issue 19,080,000 shares of Item 9 Labs Common Stock, subject to deductions indicated in the Agreement and Plan of Merger (the “Merger Agreement”), in consideration for all of OCG Inc.’s Common Stock. The holders of OCG Inc. Shares will hold approximately 25% of Item 9 Labs’ issued and outstanding shares.

Following the merger, Item 9 Labs will continue as parent and OCG Inc. will be a wholly owned subsidiary of the Company. Andrew Bowden will remain as CEO.

alibaba-entrepreneurs-fund-jumpstarter-2021-global-pitch-competition-announces-two-winners-with-investment-of-up-to-us$4-million-in-total

Alibaba Entrepreneurs Fund JUMPSTARTER 2021 Global Pitch Competition Announces Two Winners with Investment of up to US$4 Million in Total

March 22, 2021 Published by

 

JUMPSTARTER 2021 Global Pitch Competition (“JUMPSTARTER 2021”), the world’s largest online startup pitch contest[1] organized by Alibaba Hong Kong Entrepreneurs Fund, has concluded its Grand Finale. After a series of intense pitching sessions, Rice Robotics, an autonomous robot company from Hong Kong, and Lingxi AR Technology, an optical display and AR technology solution company from Beijing (in no particular order, see Appendix I below for details), were named as winners among the top 10 startups.

The two winning startups are entitled to an investment of up to US$4 million in total. Hong Kong Cyberport Management Company Limited (“Cyberport”) and Hong Kong Science and Technology Parks Corporation (“HKSTP”), co-organizers of JUMPSTARTER 2021, are also exploring the possibility of co-investments, so as to step up their support to the startups.

Due to the pandemic, JUMPSTARTER 2021 moved the entire contest online for the first time. It received an overwhelming response with over 2,000 applications from 100 countries and regions around the globe. Startups from Greater China and Asia Pacific are the most active among the applicants. With the support of collaboration partners, more than 220 semi-pitch sessions were held online, attracting more than 126,000 fans and supporters worldwide. The scale of the event was the largest since its inception, showing the passion of startups and their supporters, even amid the pandemic.

The competition has been opened to startups in the retail, fintech, smart city and deep tech industries. Among the top 200 finalists, retail startups made up a relatively high proportion of entries. The judging panel of JUMPSTARTER 2021 believes that due to the popularity among fintech in the last few years, participants in this area will face fiercer competition in the market. By region, startups in the Mainland are concentrating on deep tech such as biotechnology, while startups in Hong Kong are focusing on retail and fintech. Startups in Southeast Asia meanwhile are showing strong interest in the retail sector.

Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund, said, “The Hong Kong and global markets have faced severe challenges over the past year. We are happy to see that many startups still hold on to indomitable, innovative and flexible thinking during their journeys. The support from enterprises is crucial to the growth of startups. With the help of Cyberport, HKSTP, as well as other sponsoring companies and institutions, we will have abundant resources to match startups with mentors to share relevant experiences in entrepreneurship and management.”

Peter Yan, Chief Executive Officer, Cyberport, said, “Under the new normal, innovative technology has become an important driving force for the global economy. In face of current challenges, I look forward to seeing more startups solve real world pain points in innovative ways to create value for society. We are committed to providing comprehensive support to promising startups, and will work with institutions and investors to promote the development of Hong Kong’s startup ecosystem.”

2020-year-in-review:-cvca-venture-capital-canadian-market-overview:-vc-investment-in-2020-closes-at-cad-$4.4b-–-lower-than-2019-but-the-second-highest-on-record

2020 Year in Review: CVCA Venture Capital Canadian Market Overview: VC Investment in 2020 closes at CAD $4.4B – Lower than 2019 but the Second Highest on Record

March 22, 2021 Published by

 

The Canadian Venture Capital and Private Equity Association (CVCA) today released its newly redesigned year-end report focused on Canadian venture capital. Amid the COVID-19 pandemic, VC investment in 2020 was the second-highest level of annual VC investment based on existing CVCA records, with CAD $4.4B across 509 deals, second only to 2019. Total dollars invested in 2020 was higher than the five-year average ($3.8B and 517 deals in 2015-2019) with a lower number of deals.

The momentum of VC-backed exits is on track relative to previous years, with a total of 38 exits in 2020, which is only slightly below the 5-year average of 40 exits. BC-based biotech company Abcellera was the largest exit in 2020, listing on NASDAQ with a market cap of $6.7B, making it the largest exit on record. Also notable is the Newfoundland-based fintech company Verafin acquisition by Nasdaq Inc. which was announced in Q4 2020 for $3.49B CAD.

“The second half of 2020 has demonstrated a real resiliency in the venture capital market,” said Kim Furlong, Chief Executive Officer, Canadian Venture Capital and Private Equity Association. “The long-term health of the Canadian innovation ecosystem, including venture investment, is critical as we continue to navigate the impacts from the COVID-19 pandemic. It is imperative that we continue to grow the capital available to Canadian entrepreneurs. Venture capital is vital to Canada’s economic recovery and future growth.”

Information communications technology (ICT) companies received the majority (55%) of total VC dollars invested in 2020 (CAD $2.4B over 284 deals) while life science companies received 26% of dollars invested (CAD $1.1B over 89 deals) and clean tech companies received 2% (CAD $101M over 22 deals)

In partnership with Prospect, the CVCA is pleased to include employment numbers once again for VC-backed companies in Canada. A total of 26,277 people were employed by VC-backed companies as of Q4 2020. These employment numbers represent only those positions in VC-backed companies that received VC funding as of Q4 2020. Prospect is a free and fully aggregated talent network built by-and-for the Canadian tech startup ecosystem.

broadridge-expands-european-fund-regulatory-reporting-capability,-launches-portfolio-transaction-cost-calculation-service

Broadridge Expands European Fund Regulatory Reporting Capability, Launches Portfolio Transaction Cost Calculation Service

March 22, 2021 Published by

 

Global Fintech leader  Broadridge Financial Solutions, Inc. (NYSE: BR) announces the expansion of its European fund regulatory reporting solution with the integration of transaction cost calculation services from financial products, trading and market-making services provider Virtu Financial (NASDAQ: VIRT). The Broadridge and Virtu offering will provide a more efficient and comprehensive solution for asset managers to disclose transaction costs as they fulfil MiFID II and PRIIPs fund reporting requirements

Since MiFID II and PRIIPs regulations began in January 2018, asset managers have been required to disclose portfolio transaction costs for their funds. This information is intended to provide investors with an understanding of the costs incurred that are attributable to the buying and selling of securities within a fund.

Adding Virtu’s portfolio transaction cost calculation capabilities to Broadridge’s existing MiFID and PRIIPs reporting solutions will address a number of the challenges that asset managers face, including collating arrival price data for their funds in an efficient and effective manner. Based on extensive testing and portfolio modeling, Broadridge anticipates it can improve the coverage of transaction cost data points by over 50% for clients.

“The enhanced portfolio transaction cost calculation service will be of real benefit for our clients who have been searching for a solution to help them more efficiently calculate and disclose transaction costs,” said Paul Poletti-Gadd, Chief Solutions Officer at Broadridge Fund Communication Solutions. “This partnership with Virtu will provide clients with multiple benefits, including a reduction in time and resources for the asset managers internally, improved coverage levels for their funds and more support in meeting their regulatory requirements. For our clients, there is a further advantage in that this enhanced data set can then be utilised across the full range of our fund reporting solutions.”

“We are delighted to have joined forces with Broadridge Fund Communication Solutions to support asset managers with their fund reporting,” said Kevin O’Connor, Global Head of Analytics at Virtu Financial. “We are one of the early innovators and a current market leader in transaction cost analysis and are able to support Broadridge clients not only with their future portfolio transaction costs but also with historical calculations.”

Broadridge Fund Communication Solutions provides a comprehensive digital platform and has a proven track record of supporting the life cycle of fund data, documents and regulatory reporting for the global asset management industry. The team manages and distributes data for over 1,000 global fund groups and supports over 200 million fund data requests each year, in over 35 languages.

Latest Members

Recent AchievementsYou must be logged in to view earned achievements

What is a Wire Coin?

Find connections

Who is online

Latest Hashtags

#artificialintelligence #betting #blockchain #casino #esports #fintech #gaming #hiptherfestival #hipthers #igaming #slots #technology