Apple's Cook says global corporate tax system must be overhauled

Apple | January 20, 2020

Everyone knows that the global corporate tax system needs to be overhauled, Apple (AAPL.O) Chief Executive Tim Cook said on Monday, backing changes to global rules that are currently under consideration. The growth of internet giants such as Apple has pushed international tax rules to the limit, prompting the Organisation for Economic Cooperation and Development (OECD) to pursue global reforms over where multinational firms should be taxed. The reforms being examined center around the booking of profits by multinational firms in low-tax countries such as Ireland where they have bases - and where Cook was speaking on Monday - rather than where most of their customers are. “I think logically everybody knows it needs to be rehauled, I would certainly be the last person to say that the current system or the past system was the perfect system. I’m hopeful and optimistic that they (the OECD) will find something,” Cook said.

Spotlight

Capital Gains Tax (or CGT) can be very annoying because you have to pay massive amounts of tax on the growth you’re experiencing. So I want to talk about how to legally avoid CGT on investment property. Let’s go through the different exemptions that may apply to you: This cannot be taken as taxation advice and you should always seek the advice of a professional before you do any of this. This is going to help you for general education purposes only.

Spotlight

Capital Gains Tax (or CGT) can be very annoying because you have to pay massive amounts of tax on the growth you’re experiencing. So I want to talk about how to legally avoid CGT on investment property. Let’s go through the different exemptions that may apply to you: This cannot be taken as taxation advice and you should always seek the advice of a professional before you do any of this. This is going to help you for general education purposes only.

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CORE BANKING, FINTECH

TD Bank Business Customers Can Now Pay their Employees in Real Time

TD Bank and DailyPay | September 14, 2022

TD Bank, America's Most Convenient Bank®, announced today the launch of a collaboration with DailyPay, a leading fintech with an innovative on-demand pay solution. This capability enables clients to give employees real-time access to earned pay prior to a scheduled payday. "Many employees wait two weeks, or even a month, for payday to come around, With current pressure from inflation and other issues, this lack of access to earned wages can put workers in a bind. Unforeseen expenses, upcoming bills and day-to-day needs do not wait for payday – and now our clients' employees don't have to." -Paul Margarites, Head of Commercial Digital Platforms for TD Bank Powered by DailyPay, the solution will empower TD clients to offer employees access to their earned pay ― whereby their funds can be deposited in their direct-deposit account and available almost as soon as they clock out of a shift. Behind the scenes, the solution connects with clients' existing payroll systems to convert their employees' time worked into net earnings. Their DailyPay Balance is available to employees anytime, anywhere through their bank account or any card they choose. They can even control the frequency of the solution and portion of their pay received. We are proud to offer this service to our customers to help them deliver a highly desirable benefit to their employees, This service is especially helpful to independent contractors looking for more immediate access to their pay,said Chris Giamo, Head of Commercial Banking at TD Bank. About TD Bank, America's Most Convenient Bank® TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing over 9.8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US. TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". About DailyPay DailyPay, powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry's leading on-demand pay solution with modern, insight-driven pay strategies that help America's leading employers to activate their workforce and build stronger relationships with their employees so they feel more engaged, work harder, and stay longer. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers. DailyPay is headquartered in New York City, with operations based in Minneapolis.

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FINANCIAL MANAGEMENT, FINTECH

Figure Technologies Launches Ready Life Partnership to Increase Mortgage Access

Figure and Provenance | November 11, 2022

Figure Technologies, Inc., a leader in transforming financial services through the power of blockchain technology, announced the launch of its partnership with Ready Life, a rising fintech disrupting the mortgage industry. Through their mobile app, customers of Ready Pay can apply to obtain a mortgage without a credit score, leveling the playing field for many consumers looking to own a home. On the Ready Pay platform, customers who pay their rent on time using the Ready Pay Visa® Debit Card or Ready Pay digital account will qualify for mortgages without a credit score review. The app, powered by Figure Payments Corporation, will be first released to a wait list of customers. "For too long, people who consistently pay their rent on time have been shut out of home ownership, As we make banking and financial services accessible and equitable for all, we are aiming to open homeownership to many more people, providing them a chance at the American dream and fundamentally changing how people view mortgages." -Ashley D. Bell, the CEO of Ready Life In September, Figure announced the launch of its new banking and payment business. Figure Payments Corporation, known as Figure Pay, delivers Banking as a Service (BaaS) offerings through a highly scalable, quickly deployable API-driven platform. Figure Pay offers two platform alternatives, one focused on fintech, non-banks, and retailers, and one for banks. For Fintechs, non-bank lenders, and retailers, Figure Pay offers a comprehensive solution, including the BaaS core system, Visa issuer processing, regulatory support, and a complete back office, including staff, if required. With the launch of Ready Pay, Figure is able to highlight how our technology serves as a banking and payments solution for consumers who have struggled to obtain a traditional mortgage, Our capabilities have proven successful, and we will continue to find new ways to provide services that consumers need,says Tony Morosini, Figure Pay's General Manager. Figure and Ready Life have selected Provenance Blockchain, where all transactions will be recorded. Provenance is purpose-built for financial services, and today more than 50 financial institutions actively issue, manage, and transact real-world assets in natively digital format at scale across alternative assets, capital markets, lending, and payments. About Figure Pay Figure Pay is a one-stop-shop banking and payments solution unlocking material savings and efficiencies. Banking in a Box, Figure Pay's BaaS offering, gives customers a comprehensive foundation for building enterprise banking and payment solutions, all via seamless API integrations. The platform delivers key solutions for retailers, fintechs, and banks. About Figure Figure is transforming financial services through blockchain, continuing to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages Provenance Blockchain for loan origination, servicing, financing, and now private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. About Provenance Provenance Blockchain is built specifically for the financial services ecosystem. Leading financial institutions and fintechs leverage Provenance Blockchain to enable the entire digital asset lifecycle to deliver material business and customer value. Provenance Blockchain is successfully transforming lending, securitization, payments and exchanges, and has supported over $10 billion in transactions. Provenance Blockchain's native utility token, HASH, is used to pay transaction fees and enable governance.

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FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT

Dynasty Financial Partners and Allocate Partner to Give RIAs Access to Venture Capital Investment Opportunities

Allocate and Dynasty Financial Partners | October 06, 2022

Allocate, a digital investment platform that provides investors a streamlined way to access venture funds and co-investments, today announced a partnership with Dynasty Financial Partners, a provider of back and middle-office outsourced solutions for registered investment advisors (RIAs). The partnership will provide Dynasty network partner RIAs with a digital solution that will give them the ability to invest in venture capital funds on behalf of their clients. “Venture capital has increasingly been an appealing investment opportunity for independent financial advisors to offer their high net worth clients, We are thrilled to partner with Allocate to open up access to the private innovation economy for our Network advisors and their private wealth clients without the friction points of high minimums and the burden of having to do their own diligence and discovery.” -Ed Swenson, Co-Founder & COO of Dynasty Financial Partners Launched in late 2021, Allocate is an end-to-end platform that provides qualified investors with a streamlined way to discover, access, and manage venture capital fund manager strategies. The platform is specifically designed for advisors to easily implement private technology-focused products without the normal friction points that exist in the sector. Dynasty believes that the venture firms get their pick of high-quality deals, partner with their choice of founders, and help these founders work to build successful businesses. Unfortunately, access has been limited at best for other non-institutional accredited investors, We believe the venture market is overdue for innovation and are thrilled that the Dynasty-Allocate partnership will widen access to venture managers, while also lessening the administrative burden for those venture GPs attracting capital,said Carter Reum, co-founder of venture firm M13 and Allocate investor. Allocate's platform works by automating product discovery, KYC and AML, subscription documents, capital calls, and investment management. As the platform aggregates investor capital into Allocate feeder vehicles, investors can invest in venture opportunities at low minimums with the purchasing power of institutional investors, enabling them to build venture diversified portfolios. Dynasty Financial is one of the pre-eminent wealth-tech platforms in the world with nearly $70B managed by the wealth advisory firms in the Dynasty network, Their network of RIAs will have a unique opportunity with this new access to the ever growing and exciting private innovation economy,said Samir Kaji, CEO of Allocate. About Allocate Allocate is a digital investment platform that provides investors a streamlined way to access top-tier venture funds and co-investments. Founded by Samir Kaji and Hana Yang in 2021, the founding team is uniquely positioned to unlock access to the new era of venture capital investing. The two co-founders have worked closely with over 1,000 venture and private fund managers in their careers. Before launching Allocate, the team previously had tenures at SVB Financial Group, SVB Capital, Hamilton Lane, AngelList, Bowdoin Endowment, Icapital, Fidelity, First Republic Bank, Morgan Stanley, Kauffman Fellows, CircleUp, Gradifi, and Vistaprint. About Dynasty Financial Partners Dynasty is a provider of technology-enabled wealth management solutions and business services for financial advisory firms primarily focused on serving high net worth and ultra-high net worth clients. Dynasty provides access to a comprehensive platform of software and technology tools, business services and holistic investment management capabilities through an open-architecture platform delivered via a suite of proprietary and third-party technologies. Dynasty’s technology, tools and services provide advisory firms the supported independence to launch their business, scale their operations and grow their firms — both organically and inorganically — while also allowing them to be more focused on and better equipped to serve their clients. Dynasty’s platform and offering have won multiple awards in recent years. For more than a decade, Dynasty has championed the benefits of independent wealth management for high net worth and ultra-high net worth clients and has contributed to the movement of assets from traditional brokerage channels to the independent channels of wealth management. As Dynasty is becoming a recognized industry leader, Dynasty has differentiated itself by developing competitive strengths, including a deep understanding of and strong relationship with its clients, a comprehensive offering of services and technology-enabled solutions, the ability to leverage its size and breadth to invest, the flexibility and seamlessness enabled by a modular technology solution, the entrepreneurial culture and experienced and committed management team. Dynasty is committed to continually growing its business by facilitating existing advisory firm clients’ growth, onboarding new clients, increasing the clients’ use of its broader capabilities, launching additional solutions and carrying out complementary acquisitions.

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