Central banks join forces to look at future digital currencies

Reuters | January 21, 2020

Major central banks are looking at the case for issuing their own digital currencies, the Bank of England and European Central Bank said on Tuesday, amid a growing debate over the future of money and who controls it. The central banks of Britain, the euro zone, Japan, Sweden and Switzerland will share experiences in a new group headed by former European Central Bank official Benoit Coeure and assisted by the Bank of International Settlements, they said. “The group will assess ... economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies,” the central banks said in a statement.

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The BIS launches a public, online and interactive repository of studies on the effects of financial regulations, called FRAME. Stijn Claessens, Head of Financial Stability Policy and Deputy Head of the Monetary and Economic Department


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FINANCIAL MANAGEMENT, FINTECH

Finastra and Modefin partner to provide best-in-class fintech solutions for banks in Africa and selected Indian subcontinent markets

Finastra | November 14, 2022

Finastra, a global provider of financial software applications and marketplaces, and Modefin, a global fintech solution provider helping banks to thrive in the digital age, today announced their partnership to offer Finastra's Fusion Trade Innovation and Fusion Essence solutions to banks in Africa and several Indian subcontinent markets. With Finastra's solutions, Modefin will help its customers embrace open finance today and future-proof their banking and global trade operations. "We are excited to partner with Finastra and bring its proven solutions to our current and future customers, We have a longstanding relationship, having partnered previously to bring our own solution to market via its FusionFabric.cloud platform. It's a pleasure to continue strengthening our relationship, and I look forward to bringing together Finastra's solutions and expertise with our knowledge of the regional market and strong customer base." -Amit Darda, Co-Founder and Director at Modefin Finastra supports banks as they continue to adapt to changing market requirements and customer expectations – while futureproofing for tomorrow. Fusion Essence, the cloud-enabled next-generation core banking solution, combines sophisticated functionality and advanced technology to increase enterprise agility and operational efficiency, while using AI to unlock data for smarter business decisions. The SaaS offering covers every stage of the user journey, enabling financial institutions to deliver end-to-end experiences for differentiation. Fusion Trade Innovation is Finastra's end-to-end solution with industry-leading capabilities for frictionless trade and supply chain finance. It uses straight-through processing, digitalization, and data analytics to enable intelligent trade for growth, with the ability to evolve with evolving compliance, customer and competitive demands. At Finastra, we believe that finance is already open, Our open ecosystem and best-of-breed solutions enable banks to leverage advanced technology and value-added services for ongoing innovation and growth. Our partners play an integral role in helping us to deliver this. With its strong team, track record, on-the-ground presence and shared passion for open finance, we are pleased to partner with Modefin to help propel banks forward in the region,said Wissam Khoury, EVP, Partner Ecosystem and Treasury & Capital Markets at Finastra. About Finastra Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets, and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks. About Modefin Modefin is a global fintech solution provider that empowers banks and financial institutions with state-of-the-art digital banking solutions that help them to thrive in the digital age. Founded in 2011 and headquartered in Bangalore, India, we currently serve 60+ banks in more than 20 countries worldwide. With our technical expertise and domain knowledge, Modefin provides infinite banking possibilities for banks of any size to accelerate their digital transformation & stay ahead of the competition. We aim to deliver quality products and services that are reliable, built on long-standing values and relationships, winning confidence of customers, and enhancing their lives.

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FINANCIAL MANAGEMENT, PAYMENTS

OnBuy selects Nuvei for digital marketplace payments

Nuvei | November 10, 2022

Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today it has been selected by UK marketplace OnBuy as its payment partner to help the business execute on its growth initiatives in and beyond the UK. OnBuy is investing in new, innovation-led partnerships using latest technologies to support the marketplace’s disruptive eCommerce model as it expands. The payment technology partnership with Nuvei is a key part of its growth strategy to cement its name as a trusted marketplace powerhouse in the UK. OnBuy will draw on more than 580 alternative payment methods Nuvei provides and its on-demand payment technology support. Card processing and acquiring are also part of a mix of payment technology services provided to OnBuy by Nuvei. “This partnership with Nuvei is the first step on our roadmap to give our customers and retailers a new, incredibly exciting version of OnBuy. We have invested millions of pounds in adding new features and functions to our site ahead of going live in 2023,” -OnBuy CEO Cas Paton These changes require the most comprehensive, flexible, and scalable payment options. That’s why we partnered with Nuvei. We're dedicated to being a trusted eCommerce alternative, providing a fair and transparent marketplace that is always moving forward. Nuvei, with its excellent support and next-generation technology, is helping us succeed in that mission, Paton added. Commenting on the partnership, Nuvei Chair and CEO Philip Fayer said As a technology-first company, we're always innovating and developing new ways to help our customers accelerate their revenues and execute their own international expansion initiatives. We are delighted to be supporting OnBuy as they grow in the UK and beyond. About Nuvei Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 580 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

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FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT

Miracle Mile Advisors Announces Combination with Karp Capital Management and Simultaneous Investment by Corsair Capital

Miracle Mile Advisors, Karp Capital Management and Corsair | September 17, 2022

Miracle Mile Advisors and Karp Capital Management announced today that they intend to combine, creating an award-winning, national wealth advisory firm with over $4 billion in assets under management serving clients from five main offices. In conjunction with the transaction, the combined company will receive a significant investment from Corsair Capital, a leading private equity firm in the financial and business services industries. The combination and subsequent Corsair investment is expected to be completed in November 2022, subject to customary closing conditions. Karp Capital is a wealth management firm based in the San Francisco Bay area, with over $1.2 billion in client assets. Peter Karp founded Karp Capital in 2004 as an independent alternative to larger brokerage firms, providing sophisticated financial planning, investment advice, and retirement services to high-net-worth individuals and business owners with a specific expertise in the automotive sector. “Miracle Mile and Karp Capital coming together is a unique partnership. We share a strong cultural alignment and dedication to providing clients with highly customized, fiduciary advice. Our focus on providing wealth management services to the automotive, RV, and powersports spaces complement Miracle Mile’s broad foundation in advanced financial planning and wealth advisory services,” - Peter Karp Miracle Mile is a national, award-winning wealth advisor headquartered in Los Angeles, with offices in New York, Chicago and Portland. Founded in 2007, Miracle Mile provides clients with highly-customized financial advice across all aspects of their balance sheet. Miracle Mile is consistently ranked as one of the Top 50 Fastest Growing RIAs nationally, one of the Best Places to Work for financial advisors, and has multiple Forbes and Barron’s top-ranked advisors. We are fortunate to have developed an amazing culture and growth track record that has attracted some of the best and brightest advisory teams in the industry, and the addition of Karp Capital is a perfect example. As we scale the combined firm and enhance the service offering to our clients, we have found an incredible partner in Corsair. Their deep industry expertise and network will be instrumental in our future success, With our combined capabilities, we believe we can offer a differentiated partnership, culture, and set of resources to other wealth management firms looking to grow and thrive,said Duncan Rolph, Managing Partner. Corsair expects to leverage its deep fintech and wealth management expertise to support Miracle Mile, as it accelerates the growth trajectory, enhances the client experience, and builds on its history of successful acquisitions and partnerships. Corsair’s investment in Miracle Mile expands on its successful track record of investing in the asset and wealth management sector. We have been looking at the wealth advisory space for several years, trying to find the right platform company we found it in Miracle Mile. Their unwavering commitment to clients, incredible management team, market-leading growth, and award-winning culture makes the newly combined firm a perfect fit, said Gunnar Overstrom, a partner at Corsair. Tony Ling, a managing director at Corsair, added Miracle Mile is uniquely positioned as an ideal partner for high-growth advisors and their clientele. The Asset & Wealth Management Investment Banking team of Raymond James served as financial advisor to Miracle Mile and Karp Capital on the combination and recapitalization, Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to Miracle Mile and Venable LLP served as legal counsel to Karp Capital. Simpson Thacher & Bartlett LLP served as legal counsel and Ardea Partners LP and Waller Helms Advisors served as financial advisor to Corsair Capital. About Miracle Mile Advisors Miracle Mile Advisors is a registered investment advisor committed to providing dynamic financial planning and custom investment management to high-net-worth individuals, families, business owners and institutions. Miracle Mile’s advisors integrate clients’ ambitions with best-in-class guidance, advice, and technology, and have been recognized across leading industry awards such as Barron’s, Financial Times, Forbes, Inc., and InvestmentNews. About Karp Capital Management Karp Capital Management is a registered investment advisor serving as a trusted partner for highly successful individuals, businesses, and families. Karp Capital simplifies the complexity in the financial lives of their clients and integrates clients’ entire wealth picture with their long-term aspirations so that they are confident about achieving what is important to them. About Corsair Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception.

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FINANCIAL MANAGEMENT

Sun Life named a Top Workplace by the Hartford Courant for third consecutive year

Sun Life | September 26, 2022

Sun Life has been named a Top Workplace by the Hartford Courant for the third year in a row, a recognition based on employee surveys conducted by Energage, as well as information about Sun Life's employee programs and benefits. "We believe in creating a workplace that fosters support, flexibility, collaboration and camaraderie, no matter where an individual employee might be based, Our employees have continued to show commitment to and passion for their work, and it brings us pride to know they have responded favorably to surveys that result in Sun Life receiving this recognition in Hartford." -Dan Fishbein, M.D., president of Sun Life U.S. In early 2023, Sun Life's Connecticut office will be moving into downtown Hartford's "Gold Building." The new office space is currently under renovation to reflect Sun Life's Future of Work approach, which prioritizes group collaboration spaces, state-of-the-art design, and technology solutions that make virtual and in-person work more seamless and efficient – while also giving employees the choice of whether to work from an office or home each day. Sun Life will continue leveraging the talented pool of professionals in and around Hartford and other offices, as well as virtual talent throughout the U.S. During the pandemic and beyond, Sun Life has emphasized flexibility, encouraging employees to step away from their at-home workstations and prioritize work/life balance. With caring support as a core part of Sun Life's culture, employee engagement has reached its highest levels in the last few years and continues to thrive. When you support employees and prioritize their wellness, they deliver above and beyond, We believe in a workplace where everyone can be their authentic selves and truly belong. Through our Inclusion Networks, discussion forums, introspective work, and building a caring, empowered culture, we have made sustainable progress toward a more inclusive and diverse workplace,said Tammi Wortham, senior vice president of Human Resources at Sun Life U.S. Sun Life has also received the Top Workplaces U.S.A. recognition for two consecutive years, and has been named a Top Workplace by the Boston Globe for four consecutive years, making the top ten for the region's largest companies in 2020 and 2021. The company has also received recognitions as a top place to work from Forbes, Ingram's Business Magazine in Kansas City and the Human Rights Campaign Corporate Equality Index, as well as recognitions for its paid leave program from Bloomberg and the National Partnership for Women and Families. Sun Life launched expanded paid family and medical leave in 2020, offering generous paid leave for all employees, whether they are welcoming a new child, recovering from a health issue, or taking care of a loved one, including chosen family. Employees have shared stories of taking leave without the stress of job concerns, and the positive impact it has had on their families and their health. Sun Life also offers a sabbatical program that gives employees an opportunity to disconnect and spend time on personal and/or professional growth. Sun Life's Future of Work approach also includes new ways of addressing issues around diversity, equity and inclusion (DE&I). Formed in 2020, Allies Acting for Change (AAC) is a group of Sun Life employees that serve as an extension of the leadership team, assess business practices and recommend actions to make lasting progress on DE&I at the company. AAC's work has resulted in more inclusive hiring and retention practices, including the implementation of "stay" conversations, and coaching and development for Black and other professionals of color. About Sun Life Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2022, Sun Life had total assets under management of C$1.26 trillion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. In the United States, Sun Life is one of the largest group benefits providers, serving more than 55,000 employers in small, medium and large workplaces across the country. Sun Life's broad portfolio of insurance products and services in the U.S. includes disability, absence management, life, dental, vision, voluntary and medical stop-loss. Sun Life and its affiliates in asset management businesses in the U.S. employ approximately 8,000 people. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company.

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