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PR Newswire

Canada’s national bill and tax payment infrastructure operated by Dye & Durham remains unaffected by today’s network outages

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  • Canadians can continue to pay their pre-authorized bills and online tax payments
  • Over a million Canadians use Dye & Durham’s national payment infrastructure daily

TORONTO, July 9, 2022 /PRNewswire/ — Dye & Durham Limited (TSX: DND) (“Dye & Durham” or the “Company”), a leading provider of cloud-based efficient workflow software for legal and business professionals, announced today its online payment platform remains fully operational and unaffected by the wireless and internet service outages being reported across the country.

Dye & Durham’s national payment infrastructure platform plays a critical role in Canada’s financial system, supporting more than 1 million Canadians daily and processing more than $1.3 trillion in transactions annually. Canadians can confidently continue to make transactions such as pre-authorized payments for bills and taxes across all levels of government, in addition to a range of fund transfer services through their financial institutions.

“Our reliable national payment infrastructure remains fully operational, enabling consumers and businesses across the country to make timely and important transfers,” said Dye & Durham Chief Operating Officer Martha Vallance. “Dye & Durham’s technology plays a critical part in facilitating millions of daily transactions that drive Canada’s economy.”

About Dye & Durham 
Dye & Durham Limited is a leading provider of cloud–based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye & Durham provides critical information services and workflows, which clients use to manage their process, information and regulatory requirements. The Company has operations in Canada, the United Kingdom, Ireland and Australia, and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organizations.

Additional information can be found at www.dyedurham.com

Morgan McLellan, morgan@providentcomms.com, 647-802-4825

PR Newswire

Sharing Economy Entered into MOU with Quantron AG to Plan for Joint Venture in the development of New Zero Emission Vehicles

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HONG KONG, June 28, 2022 /PRNewswire/ — Sharing Economy International Inc. (“SEII”) (OTCQB: SEII), announced today that the company has signed an memorandum of understanding with Quantron AG (“Quantron”), planning to form a joint venture company to develop and market for new zero emission vehicles running with electric and hydrogen power.

The European Union has proposed to stop the selling of new fossil-fuel cars by 2035, and the demand for environmental new zero emission vehicles expect to increase.

Under the joint venture plan, Quantron will asupply the products, while SEII shall act as the leasing distributor.

Quantron AG was created in 2019 as a high-tech spin-off of the well-known Haller GmbH & Co. KG with the vision of paving the way for e-mobility in inner-city and regional passenger and cargo transportation.

About Sharing Economy International Inc.

Sharing Economy International Inc., through its affiliated companies, are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. Moreover, the Company will actively pursue blockchain technology in its existing and to-be-acquired business, enabling the general public to realize the beauty of resource sharing. For more information visit www.seii.com

Cautionary Warning Regarding Forward-Looking Statements:

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may, and probably will, differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our ability to raise additional capital to continue our operations; (2) our ability to pay down existing debt; (3) our ability to attract and retain key executive officers and the professional advisors; (4) the effect of the COVID-19 outbreak on our operations; (5) potential litigation with our shareholders, creditors and/or former or current investors; (6) the effect of political instability on our operations; and (7) other factors over which we have little or no control.   Any forward-looking statements speak only as of the date on which they are made, and Sharing Economy International does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.  Information on Sharing Economy International’s website does not constitute a part of this release.

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Source: Sharing Economy International Inc.

PR Newswire

Top Investors Back FalconX as The Need For Reliable Execution & Institutional Conviction In Digital Assets Continues To Soar

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GIC and B Capital Lead $150 Million Series D Funding Round, Valuing FalconX at $8 Billion

SAN FRANCISCO, June 22, 2022 /PRNewswire/ — FalconX, a digital assets platform for institutional investors, today announced a $150M Series D financing round, valuing the company at $8 billion. The round was led by GIC and B Capital, with participation from Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management. This venture round more than doubles the value of FalconX after its Series C raise in August 2021 that valued the company at $3.75 billion. FalconX has now raised $430 million+ from the world’s leading investors, making it one of the most valuable crypto prime brokerages in the world.

Momentum Is Strong Throughout Recent Market Stress Tests

There has been a definitive flight to quality in both the public and private markets – with investors focused on strong, profitable and sustainable companies. In Q1 2022, FalconX had the strongest quarter of customer onboarding in the company’s history, despite the volatile public and private markets. This growth is driven by demand from a diverse range of institutional market customers who are looking for a reliable execution platform in volatile crypto markets, capital efficiency to scale returns and strong risk management.

“FalconX is one of the very few crypto prime brokerages who do not take on market risk, so we’re not in conflict with our clients and their trading strategies. In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider. This investment is a validation of our client-first focus, the health and strength of the crypto industry, and the move towards digital asset transformation,” said Raghu Yarlagadda, CEO and Founder of FalconX.

FalconX At the Forefront of Digital Asset Transformation

We are in the early stages of a shift towards digital asset transformation and crypto is the first use-case. Soon, every asset will go through a transformation, leverage tokenization and become truly global. This will unlock unparalleled value in industries where 24/7 liquidity and credit did not exist previously. From the world’s largest hedge funds to fintech companies, boardrooms are focused on digital asset transformation. FalconX is driving this transformation by creating the underlying infrastructure required to not just access crypto but pave the way for traditional assets such as equities to be tokenized.

“FalconX is a key liquidity provider for Apex Crypto and a key partner that contributes to best pricing,” said Danny Rosenthal, CEO of Apex Crypto. “We are proud to partner with FalconX to provide strong markets for our customers, representing over 4.5 million cryptocurrency accounts, in a seamless and capital efficient manner. We look forward to our future with FalconX.”

Premier Talent Is Hungry to Be Involved in the Early Stages of Crypto

While there has been a public narrative that the current hiring trend across the technology ecosystem is slowing down, FalconX’s growth strategy remains unchanged. The company is currently hiring across departments. As one of the leading talent hubs in the world of crypto, the company recently announced the hiring of key executives like Suzy Walther (formerly of Carta) and Jon Kaplan (formerly of Pinterest). Because the crypto industry is well funded with more capital eager to engage, premier talent is hungry to be involved in these early stages.

“We partner with companies that will have lasting impacts on the industries and customers they serve. As a tech-first digital asset infrastructure platform, FalconX provides a holistic product offering paired with unparalleled execution that supports over 70M+ transactions on a monthly basis. They are well-positioned to lead the ongoing institutional transition to digital assets for years to come,” said Rashmi Gopinath, General Partner, B Capital.

Last month, FalconX became the first CFTC-registered crypto-focused Swap Dealer and one of the first crypto-focused Primary Level Members of the International Swaps & Derivatives Association (ISDA). As a result of adhering to these regulatory and industry standards, U.S. institutions can now engage with this regulated product in a predictable and familiar way.

To learn more or get started with FalconX today, visit https://falconx.io.

About FalconX

FalconX is a fully comprehensive digital asset platform that allows institutions to access and manage all of their crypto strategies through a single interface and seamless workflows, making it easy to execute trading, credit and clearing all in one place. FalconX’s crypto-as-a-service offering powers leading banks, FinTech institutions and investment applications to easily add crypto to their product offerings with a goal of enabling the next billion users to enter the crypto space. The company is backed by investors including Accel, Adams Street Partners, Altimeter Capital, American Express Ventures, B Capital, GIC, Lightspeed Venture Partners, Sapphire Ventures, Thoma Bravo, Tiger Global Management and Wellington Management. FalconX has offices in Silicon Valley, New York, Chicago, Bengaluru and Malta. For more information visit falconx.io  or follow them on Twitter  and LinkedIn.

MEDIA CONTACT: 
Kasey Christolos 
Next PR 
FalconX@nextpr.com

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PR Newswire

SS&C Partners with Xcentuate to Support Customer Digital Transformation Journeys

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WINDSOR, Conn., June 22, 2022 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced a new partnership in the EMEA and APAC regions with Xcentuate, an award-winning international provider of digital productivity and performance solutions to the financial services, agricultural, pharma and public sectors.

The partnership follows SS&C’s recent acquisition of Blue Prism, the leading Robotic Process Automation provider, further demonstrating its commitment to the intelligent automation solutions market. Xcentuate, based in Dublin, Ireland, will serve as a consulting and implementation partner, acting as an extended team to advise, implement, support and deliver complex projects.

“We are delighted to partner with Xcentuate,” said Gautam Moorjani, General Manager, SS&C Intelligent Automation Solutions. “The EMEA and the Asia Pacific regions are markets with a lot of appeal – with resilient and developing economies and talented, skilled workforce. In addition, the potential for operational automation to transform how businesses work is significant.”

The partnership will enable SS&C to leverage Xcentuate’s vast experience to access new potential customers, take new value propositions to market, develop point solutions to address current market needs, and enhance its specialized professional services to our customers.

“The SS&C partnership is of significant strategic importance to us regarding our offer to the market,” said Ray Bowe, Xcentuate founder and CEO. “The breadth and depth of SS&C’s expertise in financial services and healthcare technology are unmatched. In addition, this new partnership further broadens the suite of services we can offer to firms in EMEA and the Asia Pacific with an ambitious digital transformation agenda.”

Learn more about SS&C Intelligent Automation Solutions.

About Xcentuate

Headquartered in Dublin, Ireland, Xcentuate serves a range of industries including financial services, agriculture, pharma and public sector.

Xcentuate works with customers in EMEA and Asia-Pacific regions to transform their business operations using a suite of best-in-class technology to deliver sustainable advantage. Combined with award-winning operational expertise and a track record of delivery, they support businesses in transforming their customer experiences and enabling them to optimise control and productivity while building an engaged, enthused workforce.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

SOURCE: SS&C

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

Follow SS&C on Twitter, LinkedIn and Facebook. 

PR Newswire

How OPay partnered with MasterCard: International Financial Institutions Boost Fintech in Emerging Markets

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LAGOS, Nigeria, June 10, 2022 /PRNewswire/ — More and more international financial institutions are participating in the development of Fintech in emerging markets. MasterCard recently established a strategic partnership with OPay, a Fintech unicorn in emerging markets.

On May 19, 2022, MasterCard and OPay, a fintech company focused on emerging markets, announced a strategic partnership to enable OPay consumers and merchants across the region (including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa, and the United Arab Emirates) will be connected to brands and businesses across the globe through the OPay wallet. The move will open the door to digital commerce for millions of people in the Middle East and Africa, driving wider financial inclusion and economic prosperity.

MasterCard has comprehensively deepened its financial inclusion initiatives around the world, promising to empower 1 billion people to enjoy the dividends of the digital economy by 2025, including helping 50 million small and medium-sized enterprises and providing solutions to the business development needs of 25 million female entrepreneurs solution.

Over the past three years, OPay’s business has grown rapidly, covering markets such as Nigeria, Egypt, and Pakistan, becoming one of the largest fintech companies in Africa and the Middle East. OPay provides customized services for different users, including financial services such as offline payment, online payment, and digital wallet. Currently, OPay serves more than 15 million wallet users, and more than 600,000 merchants, and has a monthly transaction volume of more than $6 billion.

In Nigeria alone, where OPay has had a significant market share since its inception in 2018, users have saved billions of dollars over the past four years through credit-linked savings accounts in mobile wallets and microloans provided by the platform. At present, OPay’s business map has expanded to most of the emerging markets, in addition to Nigeria and Egypt, it also includes Indonesia, Pakistan, Mexico, and other countries.

OPay continues to gain the favor of capital. The latest round of C round of financing was completed in August 2021, with a total amount of 400 million US dollars. The investment was led by SoftBank Vision Fund II. Since then, OPay has become a fintech unicorn in emerging markets. valued at $2 billion.

OPay not only provides mobile payment services but also brings advanced financial technology into the financial ecology of emerging markets in the fields of technology services, artificial intelligence, software, and information services. With the power of science and technology, we will help financial inclusion in emerging markets, and bring services to everyone. In the future, OPay plans to land in more markets within three to five years, vigorously promote digital popularization and e-commerce expansion, and at the same time bring more OPay users into the global economy.

Cision View original content:https://www.prnewswire.com/news-releases/how-opay-partnered-with-mastercard-international-financial-institutions-boost-fintech-in-emerging-markets-301565659.html

PR Newswire

Digital payments in India projected to reach $10 trillion by 2026: PhonePe Pulse and BCG release report on digital payments

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Highlights of the report:

  • Value of digital payments in India to increase three-fold from US$3 trillion today to US$10 trillion by 2026
  • Digital payments will constitute nearly 65% of all payments by 2026, up from 40% today
  • UPI adoption will surge from 35% in FY 21 to 75% in the next five years
  • 7x growth in digital merchant payments – from US$ 0.3-0.4 trillion today to US$ 2.5-2.7 trillion by 2026

BENGALURU, India, June 4, 2022 /PRNewswire/ — PhonePe, India’s leading digital payments company, in collaboration with  Boston Consulting Group (BCG), today unveiled a report titled, “Digital payments in India: A $10 trillion opportunity”. The report leverages BCG’s industry expertise in payments and the fintech domain, along with PhonePe’s deep insights and expertise as the market leader in Indian digital payments and its extensive Pulse database to look at top digital payments trends in India.

Digital payments in India projected to reach $10 trillion by 2026: PhonePe Pulse and BCG release report on digital payments
Digital payments in India projected to reach $10 trillion by 2026: PhonePe Pulse and BCG release report on digital payments

India’s digital payments landscape has witnessed a phenomenal growth over the past five years. As per the report, India’s digital payments market is at an inflection point and is expected to increase more than threefold from the current US$3 trillion to US$10 trillion by 2026. As a result of this unprecedented growth, digital payments (non-cash) will constitute 2 out of 3 payment transactions by 2026.

The report also talks about how the digital payments ecosystem has been positively disrupted by the entry of multiple new players with diverse offerings driving digital payments adoption at scale. Leading global and Indian fintech players have been key drivers of UPI adoption in India among end users, aided by buildout of a large QR-code based merchant acceptance network, and further supported by user-friendly interfaces, innovative offerings and an open API ecosystem.

The report goes on to list the levers for further growth of digital payments in India which include – simplified customer onboarding, continued push for consumer awareness, expanding merchant acceptance, merchants getting greater access to credit, infrastructure upgrades and the setting up of a financial services marketplace driving growth in underpenetrated regions. It also talks about how IoT, 5G & CBDC will provide further impetus to growth.

Commenting on the launch, Karthik Raghupathy, Head of Strategy, and Investor Relations, PhonePe, said, ”We are excited to partner with BCG to release Digital payments in India: A $10 trillion opportunity. The report is an in-depth commentary on the growth of digital payments in India and looks at factors and enablers that will help unlock the massive growth potential going forward. This report is part of the PhonePe Pulse initiative, which was launched last year, in our effort to give back to the Fintech ecosystem. PhonePe Pulse has been very well received by all the key stakeholders in the ecosystem and has emerged as India’s go to destination for insights and trends on digital payment in the country.

Karthik further added, “‘As India’s largest Fintech platform we have seen the growth of UPI over the last few years. UPI has supercharged India’s transition to non-cash payments when it comes to both person-to-person (P2P) and person-to-merchant (P2M) transactions. Not surprisingly, UPI saw about 9x transaction volume increase in the past 3 years, increasing from 5 billion transactions in FY19 to about 46 billion transactions in FY22: accounting for more than 60% non-cash transaction volumes in FY22. This indicates that digital payment has truly gained ubiquitous acceptance across the country. While Tier 1-2 cities have witnessed high acceptance of digital payments, penetration in Tier 3-6 cities shows headroom for growth. The next wave of growth will now come from Tier 3-6 locations, as evidenced in the past two years wherein Tier 3-6 cities have contributed to nearly 60-70% of new customers for PhonePe.”

Prateek Roongta, Managing Director & Partner, Boston Consulting Group said, “India is set to become a digital payment economy as source of payments invert with 65% transactions being done digitally by 2026, as opposed to 40% transactions today. Merchant payments will emerge as the most powerful driver of this growth, especially in the offline segment due to growing QR code deployments. We expect that merchant payments will soon outpace person-to-person fund transfers.”

Prateek further added, “We will increasingly observe digital payments get embedded in all forms of commerce, we will also witness the progression from embedded payments to embedded finance. As more and more merchants begin to accept digital payments, it will unlock a significant change in access to credit for small merchants due to the creation of a digital transaction trail.”

To download the report, visit: pulse.phonepe.com or https://www.bcg.com/en-in/publications/2022/future-of-digital-payments-in-india 

About PhonePe: 

Founded in December 2015, PhonePe has become a homegrown success story, with its meteoric growth powered by India’s emerging digital ecosystem, particularly in the Unified Payments Interface (UPI) space. The company builds products and offerings tailored for the Indian market and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 380 million registered users, one in four Indians are now on PhonePe. The company has also successfully digitized over 30 million offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is proud to help lead India’s country-wide digitization efforts and believes that this powerful public-private collaboration has made the Indian digital ecosystem a global exemplar.

About PhonePe Pulse – Trends and insights on digital payments in India:

To demystify data on the Indian digital payments landscape and in an effort to give back to the ecosystem, PhonePe Pulse was launched in September 2021. Pulse is a novel interactive platform that is India’s go-to destination for accurate and comprehensive data on digital payment trends. As the market leader in Indian digital payments, PhonePe’s data is representative of the country’s payment habits. With its rich repository of trends, insights, and in-depth analysis, Pulse showcases India’s beat of progress in the digital payment landscape. 

About Boston Consulting Group (BCG):

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fuelled by the goal of helping our clients thrive and enabling them to make the world a better place.

PR Newswire

PingPong enters partnership with BNP Paribas to expand acquiring service capabilities

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NEW YORK, May 27, 2022 /PRNewswire/ — PingPong Payments, one of the world’s leading end-to-end payment solutions for global cross-border businesses, has entered into a partnership agreement for acquiring services with BNP Paribas, the largest European bank. PingPong Payments is the first cross-border payments company in the industry to support the EU’s DTC (Direct-to-Consumer) market, adding to their suite of innovative payment solutions.

As e-commerce enters into a new development cycle, independent online sellers and DTC models have become increasingly prevalent in a global e-commerce market expected to reach $5.5 trillion in 2022. Global DTC sales grew 17 percent year-on-year in 2021, and European e-commerce sales are set to almost double from 2019 to 2025, heralding an unprecedented opportunity for DTC brands and independent sellers to achieve record levels of growth.

BNP Paribas is a leading acquiring bank in Europe, with the Blue Card issued by the banking giant representing the most important payment brand in France. Since 2017, PingPong has partnered with the bank, supporting accounts, collections, payments, foreign exchange, among other services, to build upon their payments infrastructure.

“By establishing a more comprehensive partnership with BNP Paribas, PingPong Payments will be integrated into the mainstream European financial system, providing greater access to a variety of local payment methods, and helping merchants with acquiring needs in the EU to quickly expand to the local market”, VP Head of Global Institution Group, Aaron Xu stated.

Merchants can access PingPong’s platform directly or integrate via API, to process payments to vetted suppliers, collect and convert payments at lower costs, and provide more transparency through their closed-loop payments ecosystem. At present, PingPong can support online card payments for the top 5 card brands worldwide and local payment methods such as online banking transfers, various e-wallets and Buy Now Pay Later (BNPL).

“Based on BNP Paribas’ financial tools and infrastructure in the EU market, we will deeply integrate with PingPong’s digital platform, risk control system and other fintech capabilities to help merchants conduct cross-border businesses with lower costs, higher success rates and lower payment risks.” BNP Paribas stated.

PingPong Payments is one of the few companies to have obtained the European EMI (Electronic Money Institution) license in Luxembourg, and is qualified to provide services such as payment, prepaid cards, acquiring, and e-wallets in the EU market. Xu also states, “Based on our innovative payment technology and global licenses, we will soon release a one-stop digital payment service worldwide, including the EU. With these features, we will accelerate the globalization of SMEs, creating greater opportunities for businesses to scale internationally and expand beyond borders.”

About PingPong Payments

PingPong Payments was founded in 2015 with the mission of helping global e-commerce sellers keep more of their profits, by beating the rates traditional banks offer. The company acts as a multi-dimensional growth partner to more than (1 million online sellers) worldwide: it has processed more than $90 billion in cross-border payments for e-commerce merchants to date, and transfers more than $150 million a day on behalf of international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT and supplier payments, and more. PingPong works with reputable brands such as Citibank, J.P. Morgan and Wells Fargo that have won licenses to operate efficiently and are being subject to strong regulatory and supervisory frameworks across the U.S., Europe and Asia.

About BNP Paribas

BNP Paribas is the European Union’s leading bank and a key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.

BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

Cision View original content:https://www.prnewswire.com/news-releases/pingpong-enters-partnership-with-bnp-paribas-to-expand-acquiring-service-capabilities-301556433.html

PR Newswire

New Bite Investments Report Reveals High Expectations for Digital Growth in the Private Capital Industry

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New study finds that the pandemic encouraged large firms to enhance technological capacity and smaller firms to capitalize on a first-mover advantage

LONDON, May 23, 2022 /PRNewswire/ — Bite Investments released a report in association with Mergermarket concluding that enhanced data access and operational efficiencies are the main drivers for digitalization among investment firms. The report, titled “The Tech’s Factor: The digitalization of private markets in 2022 and beyond,” reveals how digitalization is shaping the private capital industry and how fund managers are adopting to tech, for what purposes and how the size of a firm can be a determining factor in speed, success, and satisfaction.

The report surveyed US senior executives from middle market, boutique funds, and asset managers on the topic of digitalization of the private markets. The research revealed that it is crucial to be ahead of the game when it comes to digital adoption. 90% of firms with AUM of more than US$1bn agree that keeping ahead of the game in regard to technological capabilities at their organization is a top priority.

“Investors are arguably the most important part of the private capital ecosystem. Therefore, catering to their desires and demands is an absolute priority for alternative asset managers. Digital adoption is needed to help enhance this client onboarding,” said William Rudebeck, CEO, Bite Investments.

“There are great expectations for digital growth. We found that big firms are much further along in terms of digital adoption and how this will be applied to their value chains. This means that smaller firms can still capitalize on a first-mover advantage among peers,” said John West, Managing Editor EMEA at Mergermarket.

“The pandemic has been a catalyst for digital adoption in the private capital industry. But regardless of what happens with Covid-19, the realized benefits of this change are here to stay. We are not going back to the old ways of doing business,” Rudebeck added.

The report demonstrates what a digital future would look like for the private markets industry. Key findings include:

  • External digital investments are expected to increase. Over three-quarters (80%) of larger firms expect to make external digital investments (e.g., to advisors and services providers) north of US$1m, with 33% anticipating investments of between US$5m and US$10m. Smaller firms with AUM of less than $1bn expect to make commensurately smaller investments into external digital investments.
  • Portfolio/fund management and analysis, and investor profiles ranked first as firms’ top digital priorities. Larger firms also identified that digitalization investments will improve investor onboarding, relationship management and communication whereas smaller firms listed due diligence as a top business function to digitalise.
  • Cloud/Software-as-a-Service (SaaS) will have the largest impact on how private equity firms operate over the next ten years. For this reason, increased investment in cloud/SaaS solutions are deemed necessary to improve operations. A majority of firms are expecting to invest further into areas in which they have already made progress and investments. These include cloud/SaaS solutions (78%–80%) and social media, mobile and collaborative digital technologies (75%–83%). The primary benefit of using cloud/SaaS platforms is to streamline operations.
  • Third party service providers are used for a wide variety of services. The size of the company often dictates the services needed and prioritised. For instance, 81% of larger firms use a specialist third party software service provider for their due diligence. However, smaller firms are more likely than larger ones to say they currently use third parties for their portfolio/fund management, analysis, and investor profiles.
  • Operational efficiencies will be the single most important long-term effect of digitalization. Operational efficiencies at the portfolio company level are essential to a private capital firm’s value creation playbook. Other long-term benefits respondents most commonly expect from their digital investments include access to enhanced quality and quantities of data (78% of all respondents). Digitalization projects will not succeed without good, clean data.

“These insights reaffirm that as digitization accelerates, fund managers will have to adapt to continuous tech evolution. Our mission at Bite Investments opens possibilities in alternative investment markets with digitization, and a new forward-thinking approach, enabling firms to configure their own digital platform to improve the experience for existing and prospective investors and limited partners,” Rudebeck concluded.

Methodology:

In Q4 2021, Acuris Studios, on behalf of Bite Investments, surveyed 80 senior executives from middle market, boutique funds and asset managers based in the US on the topic of digitalization of the private markets. Forty respondents were from firms with Assets Under Management (AUM) of US$1 billion or more and 40 respondents were from firms with AUM of less than US$1 billion.

Download the report here: https://www.biteinvestments.com/newsroom/Insights/white-paper–the-techs-factor-the-digitalization-of-private-markets-in-2022-and-beyond

About Bite Investments: Bite Investments is a financial technology company created to expand access to alternative investments. The company’s enterprise solution helps fund managers utilize a digital platform to streamline their client’s diligence, compliance, distribution, client onboarding, and investor relations processes and workflows. Bite’s investment solutions bring alternative investments out of the institutional market, making them accessible to a larger audience. Bite Investments is a fintech company led by an international team with extensive experience in alternative investments, financial services, and technology. Bite has offices and customers in Asia, Europe, and North America. Learn more at https://www.biteinvestments.com.

PR Newswire

FXTRADING.com Posts Strong Growth in Account Openings for Q1 2022

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SYDNEY, May 19, 2022 /PRNewswire/ — FXT is pleased to report that it saw robust improvements to its business performance during the first quarter of 2022.

FXTRADING.com(FXT) records strong growth in Q1 2022
FXTRADING.com(FXT) records strong growth in Q1 2022

Trading volume in Q1 2022 rose 18% compared to the preceding quarter, while active clients increased by 13% and account openings lifted 22%.

We forecast further strong growth in active users in Q2 on the back of FXT’s acquisition of one offshore brokerage and one ASIC-regulated brokerage.

All of these indicators point to a year of strong growth for FXT in 2022.

Arbidyne Outperforms S&P 500 and Nasdaq in January, February

FXT’s fund manager Arbidyne Capital saw a strong performance in the first quarter, amidst economic uncertainty created by the Covid pandemic and breakneck inflation.

In the first two months of the year Arbidyne massively outperformed the world’s leading stock indices, including the S&P 500 and the Nasdaq Composite Index.

Arbidyne’s gross return was 3.06% in January, as compared to a 5.2% decline in the S&P 500 that month, and a 9% plunge in the Nasdaq.

In February Arbidyne’s gross returns sharply accelerated to above the double-digit threshold to 10.66%, while the S&P 500 fell 3% and the Nasdaq 3.4%.

Arbidyne is an Australian-licensed funds manager with a primary focus on delivering strong risk-adjusted returns for retail clients. With a strategy developed from extensive proprietary trading experience, Arbidyne has partnered with FXT to offer an innovative investment opportunity.

FXT Incorporates Trading Central’s Powerful Analytics

FXT incorporated Trading Central’s powerful analytics into its service offerings in Q1 2022, as part of ongoing efforts to acquire new tools that transform our clients into better traders.

First established in 1999, Trading Central (TC) is a premium one-stop shop for investment decision support, and an award-winning provider of automated AI analytics and senior analyst expertise to investors.

Its fintech-driven tools promise to further empower FXT’s clients by giving them access to unique insights and analysis, as well as in-depth knowledge and timely market updates.

Ditto’s Michael Berman Joins FXT as Head of Products

FXT is excited to announce that Michael Berman, Ph.D., CEO and Co-founder of Ditto Trade, has joined the team as our new Head of Products, following Ditto’s acquisition by FXT and its rebranding as FXTHub.com.

Michael brings a wealth of experience in trading and innovative product development to FXT, alongside remarkable psychological and quantitative insights.

He is a leading expert in the field of copy trading innovation, as well as the coaching and incubation of new trading talent.

Michael has more than two decades of experience in the allocation of capital, with his areas of expertise lying in psychology, economics, trading and investing.

Prior to founding Ditto Michael served for six years as the CEO of PsyQuation – an Australian-domiciled cloud-based software platform for traders, brokers and capital allocators.

FXT Hub is a smart platform that gives retail clients access to proprietary, institutional-calibre analytics, as well as a talent incubator that provides promising traders with invaluable social recognition and a potential career path in fund management.

About FXTRADING.com

Founded in 2014, FXTRADING.com is an Australian foreign exchange (FOREX) trading brokerage firm based in Sydney Australia. FXTRADING.com, as the registered name of Gleneagle Securities, serves the diverse needs of sophisticated market participants and institutions ranging from retail clients, funds managers and high net worth clients to registered investment firms and funds. We aim to remain at the forefront of what is demanded by the markets, with an open mind of stay focused, stay driven.

PR Newswire

FinVolution Provides Update on its Status under the Holding Foreign Companies Accountable Act

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SHANGHAI, May 7, 2022 /PRNewswire/ — FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading fintech platform, today provides an update on its status under the Holding Foreign Companies Accountable Act (the “HFCAA”). The Company is aware that it has been identified by the United States Securities and Exchange Commission (the “SEC”) under the HFCAA as a Commission-Identified Issuer on May 4, 2022, New York time, following the Company’s filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021.

FinVolution understands that the SEC made such identification pursuant to the HFCAA and its implementation rules issued thereunder, and this indicates that the SEC determines that the Company used an auditor whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board (the “PCAOB”) to issue the audit opinion for its financial statements for the fiscal year ended December 31, 2021.

In accordance with the HFCAA, a company will be delisted from a U.S. stock exchange if such company has been identified by the SEC for three consecutive years due to PCAOB’s inability to inspect auditor’s working paper.

FinVolution has been actively exploring possible solutions. The Company will continue to comply with applicable laws and regulations in both China and the United States.

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2021, the Company had over 140.3 million cumulative registered users.

For more information, please visit https://ir.finvgroup.com

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com   

In the United States:
The Piacente Group, Inc.  
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

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