Tag Archives: FNT

PR Newswire

INFOBIRD CO., LTD ANNOUNCES NEW BUSINESS COOPERATION IN INFORMATION TECHNOLOGY SYSTEM SOFTWARE DEVELOPMENT

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HONG KONG, Dec. 19, 2023 /PRNewswire/ — Infobird Co., Ltd (NASDAQ: IFBD) (“Infobird” or the “Company”), a software-as-a-service provider of AI-powered customer engagement solutions in China, today announced that a new business cooperation in software development of information technology system has been signed.

Recently, Infobird Technologies Limited (hereinafter referred to as “Infobird HK”) and a company signed a new business contract, aiming to cooperate in software and IT system development, with a total value of US$1.8 million. The principal business of counterparty is Gig Economy Platform of localized life services. Henceforth, Infobird will intensify the investment in research and development of SaaS systems and software technologies and commit to explore more SaaS technologies applicable scenarios to help clients with business expansion.

Infobird will expand its business to the SaaS segmented scenarios, to penetrate the call centre SaaS business into specific scenes and seek better opportunities. Company has already identified new business models and obtained R&D achievements in several sectors, and prefers to focus on high margin market segmentation with more competitive advantage and positive cash flow generation.

About Infobird Co., Ltd

Infobird, headquartered in Hong Kong, is a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions. For more information, visit Infobird’s website at www.Infobird.com. 

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans”, “will,” “future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events, results, conditions or performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date they are made. In evaluating such statements, investors and prospective investors should review carefully various risks and uncertainties and other matters identified in the Company’s filings with the U.S. Securities and Exchange Commission. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

PR Newswire

Fosun Group Implements CCH® Tagetik Expert Solution from Wolters Kluwer for integrated budget management and reporting

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SHANGHAI, Nov. 29, 2023 /PRNewswire/ — Wolters Kluwer, a global leader in professional information, software solutions, and services, today announced that Fosun Group has selected CCH Tagetik Corporate Performance Management (CPM) software to help drive the digital transformation of its group finance operations.

Established in 1992, Fosun has evolved into a global, innovation-driven family consumer industry group over three decades. Fosun Group encompasses four core businesses: Health, Happiness, Wealth, and Intelligence, all experiencing steady growth. Health specializes in pharmaceuticals, medical devices, diagnostics, and health services; Happiness focuses on brand consumption, tourism, and culture; Wealth includes insurance and asset management; while Intelligence encompasses mineral resources, oil and gas, intelligent manufacturing, and high-tech industry expansion.

In response to the company’s rapid expansion, and to further promote its industrial operation, investment and digital strategies, Fosun Group’s finance team is now working to streamline and digitally transform its accounting and budget performance management processes, with the use of CCH Tagetik. Fosun Group will use the CCH Tagetik CPM platform’s intuitive interface, built-in financial intelligence, and automated workflows to fulfill the following objectives: 

  • Establish a standardized financial framework through digital construction.
  • Deliver timely and precise information to support innovation, international expansion, and in-depth industrial operations.
  • Enhance the efficiency of asset management and group-level accounting services, while advancing digital intelligence in financial operations and financial management. 

Tangchen Wu, Director of Financial Informatization Department, Fosun Group, said:
“CCH Tagetik is a powerful, strategic financial intelligence platform, which integrates budgeting and management reporting. CCH Tagetik will empower Fosun Group to collect, analyze and report budget management data, in a way that supports operational growth, internal collaboration and strategic planning.”

Fosun Group has chosen PwC, an internationally renowned financial consulting service provider, as the implementation partner for this project.

Michael Chung, Greater China Managing Director of CCH Tagetik at Wolters Kluwer, said:
“CCH Tagetik is the ideal platform to support Fosun Group’s continuous commitment to innovation, and will accelerate the company’s continued global expansion, by advancing the digital transformation of its business and finance processes. CCH Tagetik’s open architecture seamlessly integrates with Fosun Group’s existing business and finance applications, and will empower Fosun Group to flexibly customize the platform to fulfill its unique business requirements.”

About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in professional information, software solutions, and services for the healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,900 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, and follow us on Twitter, Facebook, LinkedIn, and YouTube.

PR Newswire

Abu Dhabi Finance Week Charts the Rise of the Falcon Economy with the Launch of Abu Dhabi Economic Forum

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  • The Chairman & CEO of JP Morgan Chase & Co praised the economic transformation agendas of Abu Dhabi, whilst announcing plans to expand the bank’s operations in ADGM.
  • Global finance leaders assembled to analyse ADFW’s main theme, ‘Investing in the transition era.

ABU DHABI, UAE, Nov. 28, 2023 /PRNewswire/ — In the presence of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, Abu Dhabi Finance Week (ADFW) commenced its four-day series of over 46 sub-events with a spectacular opening ceremony hosted under a specially designed event dome in the South Plaza of Abu Dhabi Global Market (ADGM) and followed the launch of the inaugural Abu Dhabi Economic Forum (ADEF).

The first day of ADFW brought together distinguished and high-level leaders from over 100+ countries under one roof to witness a range of high-level focused range of sessions, discussing Abu Dhabi’s rise as a global financial centre including keynote speeches, panel discussions, workshops, and presentations.

One of the highlights of the opening ceremony was a thought-provoking keynote speech by the legendary investor Ray Dalio, who delved into the complexities of the Changing World Order, drawing insights from his recent book. The participation of influential leaders and prominent figures such as Mr. Dalio, emphasised the international significance of ADFW and its objective to explore new paradigms in finance and economics.

In his address at the opening ceremony of ADFW, His Excellency Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council and Chairman of ADDED and ADGM welcomed the esteemed crowd to Abu Dhabi, the ‘Capital of Capital’ and the ‘Falcon’s Playground’ and shared his thoughts on the momentous occasion, saying, “Abu Dhabi Finance Week is a testament to our commitment to positioning Abu Dhabi as a global financial hub. The opening ceremony was a remarkable start to a week that promises to be filled with insightful discussions and meaningful partnerships. The ADEF, in particular, symbolises our dedication to fostering economic growth and innovation, in alignment with the changing world order and the rising Falcon Economy of Abu Dhabi and the UAE.”

The inaugural edition of ADEF was conducted in partnership with ADQ. The high-level event engaged in comprehensive discussions surrounding Abu Dhabi’s evolving economy within the changing global context.

The event witnessed the participation of a distinguished group of leaders, including CEOs of Sovereign Wealth Funds such as ADQ and Mubadala and Ministers of Economy and Climate. These discussions provided an international perspective on strategies to foster regional monetary cooperation in support of the Falcon Economy.

ADFW’s theme, ‘Investing in the Transition Era,’ was explored in a dedicated session, featuring prominent leaders from across the globe and deep-dived into the economic consequences and investment opportunities in a transitioning era.

A highlight of ADEF was the appearance of Jamie Dimon, Chairman and CEO of JP Morgan Chase & co, who praised Abu Dhabi’s economic growth planning, whilst announcing a major expansion of the bank’s operations in the Emirate. He stated ”The determination of the emirate that is forging ahead with its reform agendas is extremely impressive, be it their economic, financial and social agendas. These are not easy changes but there is clear progress on all fronts towards the goal to create a safe and secure society and a dynamic Falcon Economy. We’ve continued to add to the team this year and have submitted an application to upgrade our operating licence to a full category one banking entity, signalling our intent and commitment to the size of the opportunity here.”

In her keynote address at the ADEF, Her Excellency Mariam Almheiri, Minister of Climate Change & Environment, Government of UAE highlighted the event’s significance as a premier platform for connecting and problem-solving within the finance and business community in the MENA region. Her Excellency addressed the global challenge of climate change, praising the UAE’s proactive stance and advocating for a pro-climate, pro-growth strategy, and underscored the pivotal role of climate finance in achieving the goals of the Paris Agreement, expressing the UAE’s commitment to kickstarting transformative change at COP28 and making climate financing more accessible, available, and affordable for the world.

ADQ unveiled during ADEF the SWF’s fiver year progress along with a deep-dive into the company’s vision, journey and investment approach.

ADGM also made a milestone announcement, committing to extending the facilities arrangement with the World Bank’s office for an additional five years, signifying a continued collaboration on opportunities, in areas such as research, knowledge exchange, events and policymaking.

Abu Dhabi Finance Week is now in full swing, with its upcoming events Asset Abu Dhabi, Fintech Abu Dhabi, and the R.A.C.E Sustainability Summit scheduled for November 28th, 29th, and 30th, respectively.

PR Newswire

ZETRIX LAUNCHES CROSS-BORDER SUPPLY CHAIN FINANCING PILOT WITH BANK OF CHINA AND DIXCHAIN

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PETALING JAYA, Malaysia, Nov. 4, 2023 /PRNewswire/ — Zetrix, a leading public blockchain platform that is powering digitisation of cross border trade, today announced the commencement of a pilot project to offer supply chain financing products in conjunction with Chinese banks for international importers and exporters.

Starting with the Bank of China as the first financial institution to be onboarded under the project, the end-to-end solution offers a soft landing for trading firms with fully digital onboarding, including registration of a Chinese legal entity, bank account opening and credit assessments. Approved clients will enjoy low-cost financing and quicker release of drawdowns as the service leverages on-chain events recorded and verified on Zetrix.

China has undergone rapid digital transformation in recent years, with most services, including financial services, now being delivered online and capitalising on the advantages of blockchain technology. China is a world leader in blockchain adoption, and the government is actively supporting the development of the blockchain industry.

Zetrix is a public blockchain network that also hosts the international supernode of China’s national blockchain, Xinghuo Blockchain Infrastructure and Facilities (“Xinghuo BIF”). It is focused on enabling global trade through its connection to Xinghuo BIF. Zetrix provides users with access to a secure and reliable blockchain platform that is endorsed by the Chinese government.

Zetrix’s commitment to localisation is further cemented by its partnership with Dixchain, Dixchain is a national level high-tech enterprise in China that integrates financial technology and financial services, focusing on providing comprehensive digital solutions for global cross-border trade and finance.

“This is a game changer on several fronts.  By tracking and verifying the transactions onchain, banks will be able to reduce their risks and enhance their ESG ratings, hence, in turn, reducing the overall cost of financing for end-users.  Trading companies can also leverage on the interest rate differentials their respective countries, as well as widen their financing options,”explained TS Wong, founder of Zetrix.

The pilot will provide more efficient and convenient cross-border financial services for trading enterprises, introduce lower cost overseas RMB funds, help enterprises to  obtain lower cost financing, and increase cross-border trade transaction volume.

About Zetrix 

Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. 

Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).

About DixChain

Dixchain is a national high-tech enterprise in China that integrated financial technology and financial services, focusing on providing comprehensive digital solutions for the global cross-border trade and financial field, with a number of independent R&D platform-level fintech products including the integrated service platform of domestic and cross-border supply chain business, the cross-border financial assets exchange platform, etc,  The core team background comes from Forture Global 500 senior management. The company has the R&D and delivery capabilities of AI, big data, blockchain, biometric identification, identity authentication and other related technology products. At the same time, with the strong experience on international leading cross-border financial service operation and the outstanding capability of internationalization resource integration, the company provides the highly efficient, safety, convenient, and economic cross-border trade data verification, logistics traceability, trade financing, cross-border payment, asset transaction, fund settlement and other services to the global trade enterprises and financial institutions.

About Bank of China

As China’s most globalised and integrated bank, Bank of China (BOC) has institutions across the Chinese mainland as well as 62 countries and regions, and BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets. The BOC has a well-established global service network and an integrated service platform based on the pillars of its corporate banking, personal banking, financial markets and other commercial banking business, which covers investment banking, direct investment, securities, insurance, funds, aircraft leasing, asset management, financial technology, financing leasing and other areas, thus providing its customers with financial solutions featuring global expertise and all-round services accessible at any point of contact.

PR Newswire

Instarem Relaunches Overseas Payments Services in India, Empowering Users with a Convenient and Affordable Solution for International Education Payments

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MUMBAI, India, Nov. 2, 2023 /PRNewswire/ — Instarem, a leader in cross-border payment solutions, introduces the return of its digital remittance services in India. This strategic re-entry into the Indian market aims to deliver an unparalleled remittance experience, with a primary focus on catering to the unique requirements of students and individuals seeking convenient and affordable overseas education payments.

Instarem has been serving customers in India since 2018. However, due to a directive of the Reserve Bank of India to SBM Bank, it paused its operations temporarily in early 2023, along with many other remittance providers in the region.

The Instarem brand, returning to India, is powered by Nium-Forex, an established, regulated provider of financial products and services in India.

Driven by a mission and commitment to make Money Simple for its users, the new solution offered by Instarem (powered by Nium-Forex) focuses on removing the pain points faced by individuals and students in particular, who are trying to find a hassle-free and cost-effective way to finance their education overseas.

A major hurdle that many individuals face with remittances for education, is funding a German blocked account or Canadian GIC account (a necessity if you wish to study in these countries), which is a service provided by only a handful of banks. Instarem (powered by Nium-Forex) is the first remittance provider that streamlines this process by enabling users to directly deposit funds into these accounts, removing unnecessary obstacles.

Furthermore, banks frequently impose transaction limits that can restrict users. The new solution liberates its users from these limitations, enabling them to make large payments of up to 1,90,00,000 Rupees annually, without the necessity of splitting the payment into numerous transactions. This not only simplifies the process, but also makes it more economical for their customers.

In its relaunch, Instarem (powered by Nium-Forex) revolutionises convenience by providing an entirely digital experience. Users can securely and conveniently send funds from the comfort of their own space, eliminating the need to make time-consuming trips to physical locations. This means no more frustrating hours spent in traffic or queuing up at banks or remittance centers, making the entire experience smoother, more efficient, and hassle-free.

With its upgraded service, Instarem (powered by Nium-Forex) continues to maintain its commitment to providing competitive exchange rates, guaranteeing that users benefit from superior value when compared to traditional banks. The outcome is a smooth and economical remittance solution that places the convenience and peace of mind of its users as the top priority.

Discussing the relaunch, Yogesh Sangle, Global Head of Instarem, said, “We’re thrilled to bring back our remittance services in India, powered by Nium-Forex. We understand that sending money abroad from India can be tough, and it’s our unwavering commitment, in line with our mission to make Money Simple, to ensure it becomes easy for our customers. Our relaunch reaffirms our strong dedication to serving the needs of our Indian users, giving them a straightforward, cost-effective and exceptionally efficient way to send money internationally and invest in their education.”

To celebrate its relaunch, Instarem is extending a special offer of 500 Rupees off, to customers making their first transaction and is also holding a contest on their social media channels, giving away Cricket World Cup tickets to matches that will be held in India in October and November.

About Instarem:

Instarem is a global digital cross-border payments platform that enables individuals and businesses to send, spend, and receive money internationally. With a mission to simplify the complexities of cross-border transactions, Instarem provides innovative solutions that empower SMEs and individuals to transcend traditional financial boundaries. Instarem is a brand operated by Nium Pte. Ltd. and its subsidiaries globally.

About Nium Forex

Nium Forex is a regulated provider of financial products and services, as an AD-II licensee (Authorised Dealer in Foreign Exchange – Category II). It is a subsidiary of Nium Pte. Ltd., and part of the Nium Group – a leading global payments company and the first B2B payments unicorn in South-East Asia. With Nium Forex you can buy and sell foreign currency, get prepaid forex cards, and transfer money to 60+ countries easily and securely. 

For more information about Instarem, please visit www.instarem.com.

PR Newswire

MMTEC, INC. TO HOLD ITS 2023 ANNUAL MEETING OF SHAREHOLDERS ON NOVEMBER 10, 2023

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HONG KONG, Oct. 14, 2023 /PRNewswire/ — MMTEC, Inc. (NASDAQ: MTC) (“MMTEC”, “we”, “our” or the “Company”), a China-based technology company that provides access to the U.S. financial markets, today announced that it will hold its 2023 annual meeting of shareholders (the “2023 Annual Meeting”) at its principal executive offices at Room 2302, 23rd Floor, FWD Financial Center, 308 Des Voeux Road Central, Sheung Wan, Hong Kong, on November 10, 2023, at 9:00 a.m. local China time (or 8:00 p.m. Eastern Standard Time). The Company’s board of directors fixed the close of business on October 10, 2023, as the record date for shareholders entitled to receive notice and to vote at the 2023 Annual Meeting or any adjournment or postponement thereof.

About MMTEC, Inc.

Headquartered in Hong Kong Special Administrative Region, our Company mainly focuses on investment banking and asset management business, providing customers with one-stop and all-round financial services.

More information about the Company can be found at: www.haisc.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding its continued growth, business outlook, and other similar statements are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Source: MMTEC, Inc.

PR Newswire

Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges

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  • Major payment delays and high costs of cross-border transactions were listed as the main drivers for local companies to seek improved fintech solutions
  • Among those surveyed, 38% have listed payment digitization as a top priority, with another 29% listing it as one of the top priorities

SINGAPORE, Oct. 10, 2023 /PRNewswire/ — A recent study on B2B cross-border payments by global fintech leader Rapyd has revealed that nearly 1 in 2 businesses in Singapore expressed a strong need for innovative fintech solutions to tackle business concerns.

Despite the accelerated adoption of digital payments across businesses and consumers in recent years, there is a consensus among local businesses that fintech solutions can be further improved to better serve their specific needs. While innovations have been made within consumer payments, they have not been carried over to B2B transactions. Many Singapore businesses making B2B payments still rely on expensive wire transfers and slow bank transfers to make and receive payments overseas, hindering the efficiency of cross-border transactions.

In the latest report by Rapyd, titled “2023 State of B2B Cross-Border Payments in Singapore“, Rapyd dove into the payment preferences and obstacles of 100 B2B businesses in Singapore. The Singapore report is part of a larger global research study by Rapyd, which gathered insights from 715 business proprietors and payment decision-makers across key markets, including Brazil, Canada, Germany, Mexico, Singapore, the UK, and the US. The overarching objective of this research study was to assess the prevailing sentiments regarding market conditions, the cross-border payment complexities confronting B2B enterprises, and the potential role of fintech solutions in addressing these challenges.

Singapore businesses maintain confidence on global outlook

Singapore businesses have emerged as cautious optimists when it comes to their perceptions of market conditions. Approximately 60% of respondents from Singapore expressed confidence in prevailing market conditions, indicating a measured level of trust in their business environment.

Moreover, while the majority of the markets surveyed have listed inflation, increasing interest rates, and market volatility as top concerns, Singapore businesses have taken a different stance. They have rated market volatility and economic stability as the least troublesome, highlighting their confidence in Singapore’s position as a robust global business hub. Conversely, local enterprises have identified increasing interest rates (53%) and a reduction in incoming work (43%) as their primary concerns. This indicates that Singapore businesses are closely tracking financial developments and their potential impact on the demand for their products and services.

Figure 1: Rapyd: Business Concerns
Figure 1: Rapyd: Business Concerns

Payments take a toll: Singapore businesses reported biggest delays and costlier transactions

One of the ways for companies to increase their profits and tackle financial anxieties is by improving business efficiency and cutting down on operational expenses. Notably, payment delays have surfaced as a substantial operational hurdle experienced by businesses throughout the markets surveyed. Among the seven markets, Germany and Singapore reported the greatest payment delay. Singapore businesses reported a 2 to 10 days delay, and in many cases, even more than 10 days delay in sending or receiving payments (refer to Figure 2 below).

Figure 2: Rapyd - Delay in Cross-border payments
Figure 2: Rapyd – Delay in Cross-border payments

The delays could be attributed to the fact that a significant portion of Singapore enterprises still lean on traditional wire and bank transfers for making and receiving payments. Many businesses have deep-rooted relationships with traditional banking methods and, as a result, gravitate toward these long-standing practices. The resulting delays add complexities to cross-border business operations, impacting cash flow, supplier relationships, and overall business efficiency. Such delays underscore the critical need for efficient and reliable payment solutions to facilitate seamless cross-border transactions.

Further, the Rapyd research also highlighted that 43% of B2B companies in Singapore incur cross-border fees ranging from US$10 to US$25 per transaction. This rate is above the average observed across the surveyed markets, where approximately 36% of businesses face cross-border transaction fees within the same US$10 to US$25 range.

These elevated costs can hinder growth, limit expansion opportunities, and strain resources, posing a direct challenge to firms striving to capitalize on cross-border commerce and highlighting larger inefficiencies in the system.

Figure 3: Rapyd - Cross-border transaction fees
Figure 3: Rapyd – Cross-border transaction fees

48% of Singapore businesses hope innovative payment technology can solve their challenges 

A growing number of businesses in Singapore today realize the imperative for change. Digitization is no longer a luxury but an absolute necessity. Nearly half – 48% – of respondents from Singapore identified ‘Better Fintech Solutions’ as the paramount factor in addressing their most pressing business concerns. This percentage surpasses any other category in Singapore and demonstrates that B2B businesses in the country prioritize fintech as a way to solve business problems more than their counterparts in any other country surveyed.

Despite Singapore being one of the world’s most advanced payment markets, many B2B businesses have yet to adopt digital payments. This presents a valuable opportunity for these enterprises to collaborate with innovative fintech firms and embrace modern payment solutions to harness the full benefits of Real-Time Payment networks and streamline payment processes to enhance their operational efficiency.

Figure 4: Rapyd - Easing payment concerns
Figure 4: Rapyd – Easing payment concerns

Moreover, Singaporean businesses themselves are displaying a strong commitment to digitization, particularly for expediting payment processes. Approximately 38% of these businesses consider it a top priority, with an additional 29% identifying it as one of their primary objectives. This approach aligns with local government initiatives, which have introduced numerous schemes to encourage businesses to digitize and integrate financial technology into their operations.

Arik Shtilman, CEO, and co-founder of Rapyd, shared the company’s commitment to addressing evolving business needs through innovative fintech solutions. He mentioned, “Our latest B2B cross-border payment report highlights Singapore’s strong confidence in its business environment, while also showing a widespread desire for efficient and cost-effective fintech solutions. We understand how important it is to be efficient and adaptable in today’s ever-changing business world. With our recent addition of card acquiring services to our Fintech as a Service platform in Singapore, we’re doubling down on our promise to provide the innovative fintech solutions Singapore businesses are looking for that will empower them on their payment journey and help them handle payment complexities with confidence and ease.”

In September 2023, Rapyd expanded its offerings in Singapore by introducing a card acquiring solution, enhancing its comprehensive Fintech as a Service platform. This addition equips businesses with a unified and efficient platform for accepting a wide array of payment methods, including credit and debit cards, popular e-wallets such as ApplePay, GooglePay, and GrabPay, bank transfers through PayNow, and the ability to conduct international money transfers to over 190 countries via the extensive Rapyd Global Payment Network. Rapyd’s swift onboarding process and strong payment capabilities enable businesses to quickly access the market, enhance cost-effectiveness, and efficiently navigate complex business models.

About the Study (THE STATE OF B2B CROSS-BORDER PAYMENTS)

In 2023, Rapyd conducted a research study to understand the payment preferences and challenges faced by business-to-business cross-border companies in seven markets. The study includes responses from 715 business owners worldwide. The Singapore report focuses on insights from 100 B2B cross-border businesses located in Singapore. The survey, which was administered online, was targeted at individuals responsible for payment-related decisions within medium (50 to 499 employees) and large-scale enterprises (500 employees and over) spanning diverse verticals and industries.

For the Singapore report, please visit here.

For the full global report, please visit here.

About Rapyd

Rapyd lets you build bold. Liberate global commerce with all the tools your business needs to create payment, payout and fintech experiences everywhere. From Fortune 500s to ambitious business and technology upstarts, our payments network and powerful fintech platform make it easy to pay suppliers and get paid by customers – locally or internationally. With offices worldwide, including Tel Aviv, Dubai, London, Iceland, San Francisco, Miami, Hong Kong and Singapore, we know what it takes to make cross-border commerce as easy as being next door. Rapyd simplifies payments so you can focus on building your business. Get the tools to grow globally at www.rapyd.net. Follow: Blog, Insta, LinkedIn, Twitter.

PR Newswire

CrossFund Raises Additional $1.5M in Funding at a $47M Valuation, Establishes Itself as Leading Investment Gateway to the Emerging World

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SINGAPORE, Oct. 9, 2023 /PRNewswire/ — Fintech startup, CrossFund, has raised its fourth funding round in two years from family offices in MENA and Asia, BlockBase Ventures, UI Investments, Australian Gulf Capital, BXB Capital, and strategic angels. Founded in 2021 by Ben Cardarelli and Davide Cali, the company has quickly become the equity financing tool of choice for startups in SEA and EMEA with over $40M raised across 80 investments, 15,000 accredited investors, and its first exit to a NASDAQ-listed company. It has also become recognized as a platform for governments to foster innovation and attract FDI through hi-tech startups.

“Having spent nearly 10 years in Asia, we quickly built a strong base of investors and startups here,” says Ben. “These markets we’re in – like Indonesia, India, Vietnam, and Philippines – have large populations, a young, tech-savvy workforce, low labor costs, and an emerging middle class. Our vision has always been to invest early in founders and give people access to valuable startup equity in the economies of the future.”

Ho Chi Minh has become CrossFund‘s strategic base, with the team gaining exclusive access to the most promising startups in Vietnam and SEA. The chance to own equity in international startups with as little as US$5,000, no carry, limited fees, and mentor founders is a value proposition that has resonated with investors.

CrossFund‘s portfolio has grown over 400% in two years and includes an exit, with Edugo’s acquisition. CrossFund‘s portfolio includes high-performers like Clever (APAC), Vulcan (Vietnam), Lipa Later (Kenya), Styched (India), beU (Ethiopia), and Swag Kicks (Pakistan), some of which are raising Series B and backed by leading investors like SOSV, Goodwater, VECTR, i2i, YOLO, YCombinator, and Techstars.

CrossFund‘s success is largely attributed to its use of AI in the vetting, fundraising process, and its Web3 integrations. CrossFund is able to leverage data to rapidly match investors with startups based on sector, stage, geography, areas of expertise, and other granular factors.

“Venture capital is very conservative and traditionally low tech. My background spans over 25 years in IT and I started working with AI in 2002. Our vision was always to leverage technology to disrupt the industry.” says Davide. “The convergence of fundraising with hi-tech is what allows us to scale quickly across different emerging markets.”

With US giants like AngelList, OurCrowd, Republic, and StartEngine having grown into unicorns, backed by VCs like Tiger, SoftBank, and Valor, CrossFund sees similar growth potential in large, emerging markets. US incumbents crave international expansion and are gazing East, seen in Republic’s acquisition of Seedrs and StartEngine’s acquisition of SeedInvest.

“We believe in the rise of Asia and MENA as beacons of innovation,” begins Ben. “Singapore, HK, UAE, and KSA are powerful investment hubs for us. We are leading this vast transition of wealth towards the emerging world and are only at the beginning with what we can accomplish.”

PR Newswire

Tuya Smart to Unveil its Enhanced IoT Technologies and Ecosystem at TUYA Developer Summit in Hong Kong

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NEW YORK, Oct. 7, 2023 /PRNewswire/ — The TUYA Developer Summit will be held on October 14th at the Hong Kong Convention and Exhibition Centre. At this Summit, Tuya Smart (NYSE: TUYA, HKEX: 2391), a global IoT developer service provider, will discuss the future direction and application trends of IoT technology with developers from all over the world with the theme of “The Future Reimagined: Go Beyond Smart”. The summit aims to promote greener, smarter and highly-efficient development of various industries.

So far, the TUYA Developer Summit has been successfully hosted in Shenzhen and Zhongshan in China. The summit’s first overseas stop in Singapore attracted hundreds of developers. To help developers fully understand the summit in Hong Kong, and to accelerate communication and cooperation on site, Tuya has prepared the following highlights for global developers.

Highlight 1: Based on the advantages of Hong Kong’s IoT industry, Tuya will accelerate the speed of smart upgrading in the Asia-Pacific region

As an international financial center, and one of the largest in Asia, Hong Kong unveiled its Smart City Blueprint in 2017. It proposes to build Hong Kong into a world-leading smart city, to improve the effectiveness of urban management with innovative technologies, and to promote Hong Kong’s sustainable development. In 2020, Hong Kong launched the Smart City Blueprint 2.0, further refining plans to build an upgraded version of Smart Hong Kong.

With the development of cutting-edge technologies such as IoT, AI, and big data, the construction of a smart city in Hong Kong has achieved important results. Digital Market Outlook data shows that the scale of Hong Kong’s IoT consumer market is gradually expanding, and it is estimated that the size of Hong Kong’s smart home market will reach US$ 215 million in 2025.

Hong Kong’s deep industrial heritage and technological advantages will undoubtedly provide a fertile cradle for the development of IoT. Based on Hong Kong’s pivotal role in leading smart transformation of industries in the Asia-Pacific region, the TUYA Developer Summit will efficiently integrate the upstream and downstream resources of Hong Kong’s IoT industry, enable developers to bring forth plentiful smart hardware products and scenario solutions, and then take Hong Kong as the hub to radiate and influence the entire Asia-Pacific region to further promote the sustainable development brought by IoT.

Highlight 2: Tuya will attend the Hong Kong Electronics Fair Autumn Edition (hereinafter called Autumn Electronics Fair) and work with developers to promote smart energy development

During the TUYA Developer Summit, Tuya will also participate in the Autumn Electronics Fair organized by the Hong Kong Trade Development Council (HKTDC), with the theme of “Connect the World, Shape the Future of Energy”, bringing Tuya’s latest progress in the field of smart energy to global consumers, enabling customers to create green and low-carbon innovative solutions to help achieve energy conservation and efficiency. Tuya’s booth number is 1F1B-B02.

With a history of 42 years, the Hong Kong Fair is the world’s largest trading platform for electronic products, bringing together thousands of exhibitors from many countries and regions around the world to jointly display various smart technologies, startup products, and cutting-edge electronic components and technologies. It is the best choice to explore new markets and promote brands.

With the bridge built by the Autumn Electronics Fair, Tuya will further work with global developers to jointly build a smart energy ecosystem and accelerate the implementation of global sustainable development.

Highlight 3: Focusing on smart device interaction, Tuya AI assistant will make a blockbuster appearance

Developers are looking forward to the application of AI in smart homes due to the innovation brought by AI technology. At this Summit, Tuya will demonstrate its latest progress in AI interaction.

Tuya is working to build a home AI assistant that can more intelligently help end-users interact in scenarios such as the smart control of home devices. For example, by talking with smart control devices, creating timed tasks, suggesting lighting environment settings based on learning, entertainment, and other scenarios, and calculating energy consumption at home, end-users can fully enjoy the beautiful moments of life.

In addition, in terms of interaction methods, Tuya-enabled smart speakers will also usher in breakthroughs, such as supporting the sending of custom interactive voices to provide end-users with a more convenient and comfortable operation experience.

More interactive experiences and capability upgrades brought by AI will be “unlocked” at the Summit.

Highlight 4: Energy-saving solutions are upgraded, and more new capabilities are expected

As the concept of low-carbon life gradually becomes trendy, coupled with the impact of major trends such as the energy crisis and carbon neutrality in the Asia-Pacific region and the rest of the world, have begun to explore green and low-carbon development paths.

At this Summit, Tuya will introduce some new features for its home energy management system, such as providing the ability to set energy-saving scenarios through one-click on Apps, which has greatly improved the accessibility of energy-saving strategies.

On the other hand, Tuya’s Cube Solution is expected to launch corresponding zero-carbon solutions for the energy-saving needs of vertical industries, enabling customers by industry to establish a circular carbon economy model in the ESG era and achieve zero-carbon transformation.

Highlight 5: Top figures join forces to talk about a sustainable future

At this Summit, Tuya has specially invited several senior executives of leading global technology companies and associations including Alexa, Google Cloud, ABB, CLP Digital, Hong Kong Green Building Council, Momax Hong Kong, German Pool, etc., as well as industry experts, all of whom are confirmed to be present.

Many big names will gather together to discuss the latest trends and future development of the industry through exciting keynote speeches and roundtable forums centered on IoT, AI, and other cutting-edge topics.

In addition, to enhance developers’ experience, each time Tuya will display its enabled hardware products, solutions, etc. for developers and bring the latest technology and products in response to Hong Kong’s IoT market demand, showing consumers the charm of technology.

In the era of the smart connection of all things, IoT technology has become the new engine of the next wave of the industrial revolution. As an IoT industry leader, Tuya is expected to fully stimulate the vitality of the IoT industry and expand more business opportunities through the TUYA Developer Summit in Hong Kong and the Autumn Electronics Fair.

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Tata Communications completes acquisition of Kaleyra, a leading global CPaaS platform player

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NEW YORK and MUMBAI, India, Oct. 6, 2023 /PRNewswire/ — Tata Communications, a global digital ecosystem enabler, today announces completion of the acquisition of Kaleyra, Inc. (NYSE: KLR).

On 28th June 2023, Tata Communications had entered into a definitive agreement with Kaleyra, Inc. to acquire it through Tata Communications Limited. The transaction has now been completed upon receipt of the approval by Kaleyra’s stockholders, necessary regulatory approvals, and fulfilment of other customary closing conditions. Under the terms of the agreement, Tata Communications Limited has paid an aggregate consideration of approximately $100 million in cash and assumed all of Kaleyra’s outstanding debt. With this, Kaleyra, Inc. and its subsidiaries have now become wholly owned subsidiaries of Tata Communications Limited.

The combination of Tata Communications customer engagement solutions and Kaleyra’s stronghold in technology, engineering and research & development will drive growth of global enterprises, powered by hyper-personalised and intelligent customer interactions.

“In today’s hyperconnected world, customer success and loyalty are pivotal to enterprise growth across industries and geographies,” said A.S. Lakshminarayanan, MD and CEO, Tata Communications. “We at Tata Communications are committed to revolutionise how businesses engage with customers, leveraging a digital fabric to harness data insights for delivering seamless, secure, smart and impactful customer interactions. We’re thrilled to welcome Kaleyra in this journey, as together we pave the way for the future of customer experience!”

Mysore Madhusudhan, Executive Vice President, Collaboration and Connected Solutions, Tata Communications added, “In this digital age, businesses require multi-channel customer engagement solutions built for intuitive, intelligent and automated interactions. Together, Tata Communications and Kaleyra form a powerful combination, poised to shape the customer engagement platforms of tomorrow.”

Mauro Carobene, Head of Customer Interaction Suite, Tata Communications, commented, “Together Kaleyra and Tata Communications stand on the brink of a new era, powered by the world-class communications capabilities of Kaleyra.io platform and a determination to drive the future of communications via our intelligent suite of customer interaction solutions. Our joint aspirations are massive, not only in terms of growth, but also in expanding our portfolio that drives value for our customers.”

Dr. Avi Katz, Founding Managing Partner of GigCapital Global said: “As the Chairman of the Board of Directors of Kaleyra since inception in November 2019 by way of combination with GigCapital1, Inc., I am delighted to see this outcome for the Kaleyra team and its stakeholders. This acquisition reflects a global recognition of the leadership of Kaleyra in the CPaaS industry, fruits of hard work of the entire Kalyera team for the last four years and excellent relationship with Tata Communications.”        

About Kaleyra

Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS) is a global group providing mobile communication services to financial institutions, e-commerce players, OTTs, so

ftware companies, logistic enablers, healthcare providers, retailers, and other large organizations worldwide. Through its proprietary platform and robust APIs, Kaleyra manages multi-channel integrated communication services, consisting of messaging, rich messaging and instant messaging, video, push notifications, e-mail, voice services, and chatbots.

Kaleyra’s technology makes it possible to safely and securely manage billions of messages monthly with over 1600 operator connections in 190+ countries, including all tier-1 US carrier.

About Tata Communications  

A part of the Tata Group, Tata Communications (NSE: TATACOMM; BSE: 500483) is a global digital ecosystem enabler powering today’s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 80% of the world’s cloud giants. For more information, please visit www.tatacommunications.com

Kaleyra’s Statutory Information

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, its omnichannel and other product and global customer developments, its expectations, beliefs, intentions, plans, prospects or strategies regarding the business plans of Kaleyra, Inc.’s (“Kaleyra”) management team. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by Kaleyra in light of its experience and perception of historical trends, current conditions and expected future developments and their potential effects on Kaleyra as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Kaleyra will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the mix of services utilized by Kaleyra’s customers and such customers’ needs for these services, including any variability by geography, market acceptance of new service offerings, the ability of Kaleyra to expand what it does for existing customers as well as to add new customers, that Kaleyra will have sufficient capital to operate as anticipated, and the impact that geopolitical and macroeconomic factors such as the war in Ukraine, may have on Kaleyra’s operations, the demand for Kaleyra’s products, global supply chains and economic activity in general. Additional risk factors that that may cause such a difference include, but are not limited to: (i) the ability of Kaleyra and Tata Communications to timely and successfully achieve the anticipated benefits of the proposed transaction; (ii) significant transaction costs associated with the proposed transaction; (iii) potential litigation relating to the proposed transaction; (iv) the risk that disruptions from the proposed transaction will harm Kaleyra’s business, including current plans and operations; (v) the ability of Kaleyra to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (vii) legislative, regulatory and economic developments affecting Kaleyra’s business; (viii) general economic and market developments and conditions; (ix) the evolving legal, regulatory and tax regimes under which Kaleyra operates; and (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the merger that could affect Kaleyra’s financial performance. Therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Tata Communications Statutory Information

Forward-looking and cautionary statements

Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications’ expected financial position, business strategy, the future development of Tata Communications’ operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications’ network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company’s communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications’ industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications’ control, include, but are not limited to, those risk factors discussed in Tata Communications Limited’s Annual Reports. 

The Annual Reports of Tata Communications Limited are available at www.tatacommunications.com. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.

© 2023 Tata Communications Ltd. All rights reserved.

TATA COMMUNICATIONS and TATA are trademarks or registered trademarks of Tata Sons Private Limited in India and certain countries.