Facebook bets on India with $5.7 billion Reliance deal

Facebook, Reliance | April 23, 2020

Facebook (FB.O) is set to spend $5.7 billion to buy a 9.99% stake in Reliance Industries’ (RELI.NS) digital arm, as it looks to roll out services for India’s grocers and small businesses by capitalizing on WhatsApp’s extensive reach in the country.
The deal announced on Wednesday is Facebook’s biggest since its $22 billion buyout of WhatsApp in 2014 and will give the Menlo Park, California-based firm a stake in Jio Platforms - the digital services entity that houses Reliance’s telecoms arm Jio Infocomm, as well as its news, movie and music apps, along with other businesses.
The transaction is also the eighth largest deal in Asia this year based on deal value, according to Refinitiv data, and comes at a time when the coronavirus outbreak has stifled mergers and acquisitions activity globally.
To kick off the partnership, Facebook’s WhatsApp messenger, which counts India as its biggest market with about 400 million users, will help fuel the growth of Jio’s new retail venture, JioMart, the two companies said.

Spotlight

Source: TIAA-CREF 2015 Advice Matters Survey. The survey was conducted by KRC Research from Aug. 3 to 10, 2015, via an online survey of 2,000 U.S. adults age 18 and older. The survey was not conducted among TIAA-CREF participants, and the survey questions and responses did not reference or concern any TIAA-CREF product, service or client experience.TIAA-CREF provides advice to eligible participants depending on their institution’s plan rules.


Other News
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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FINTECH

Saphyre Nominated for "Fintech of the Year" 2022 Award by The Trade

Saphyre and The Trade | October 06, 2022

Saphyre, a fintech company using patent-approved AI technology to solve pre-trade setups and post-trade issues, has been nominated by The Trade for their annual "Fintech of the Year" award. The Trade will hold their awards ceremony in-person at The Savoy in London on November 3, 2022, honoring their "Leaders in Trading 2022," where past winners went on to shape the face of trading and execution in both material and measurable ways. "We are extremely honored to have The Trade, one of the leading publications in the finance industry, consider us for such an award. Saphyre has revolutionized the speed of bringing "Ready-To-Trade" for new and existing funds to front office traders. In cases of interest rates and credit, we can eliminate the typical 10–15-minute delay in RFQs due to our patented AI that automates compliance checks and risk, based on account onboarding and maintenance data. Being formally nominated for this award is a testament to the positive change we're bringing to the market space." -Stephen Roche, President & Co-Founder, Saphyre Saphyre's Founder & CEO, Gabino Roche Jr. will also be at a Sibos FinTech roundtable at the Hotel Okura in Amsterdam on October 11, 2022. He will be joined by several other top B2B fintech leaders to discuss the "survival of the fittest" journey, where now only the best-of-the-best remain. About Saphyre: Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre's platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster, but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities. About The Trade: The TRADE delivers insight to trading professionals at the world's largest asset managers and investment banks and boasts an audience that includes buy-side dealers, high frequency traders, fund managers, sell-side brokers, FinTech innovators and regulators. Our content focuses on the day-to-day responsibilities of our readership, comprised of informed editorial on regulation, corporate innovation, peer group analysis and insights from industry luminaries.

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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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FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT

Inscribe Addresses Demand for Better Risk Management, Faster Approvals From Finance Industry

Inscribe | September 15, 2022

Inscribe, the award-winning fraud detection and document automation platform, today announced that it has released new features to help the financial services industry meet demands for better risk management and faster customer approvals. Outdated and inefficient processes currently being utilized leave businesses waiting from one to six months to hear about loan applications, while millions of consumers without credit scores aren't able to access financial products at all. But forward-thinking companies are addressing the need for data-driven risk management with AI-powered fraud detection, document automation, and credit analysis. "Whether applying for a loan, opening a line of credit, or dealing with a faulty credit score due to a computer coding error, we've all suffered from unfair or inefficient processes in our interactions with financial institutions, Inscribe's tremendous growth in 2022 has allowed us to further our mission of creating a fair and efficient financial services ecosystem, and new Credit Analysis™ and AI-powered bank statement automation features that we've just released give companies instant access to the vast amount of financial data contained within documents so that they can make faster and more inclusive lending decisions." -Ronan Burke, co-founder and CEO of Inscribe In the past, risk and operations teams had to spend upwards of 30 minutes reviewing a single application document for information. New Credit Analysis™ snapshots and advanced automation features from Inscribe provide a snapshot of important data points needed to make lending decisions with confidence — including cash flow details from bank statements, transaction parsing, and pay stub parsing. Unlike other solutions currently on the market that can take up to 4 hours, Inscribe accurately extracts and returns key details (names, addresses, dates, transactions, salary) in just seconds. Fast-growing fintechs across lending, corporate cards, and financial automation have already adopted these features: Reviewing bank statements is a critical step for us to determine an applicant's creditworthiness. But that requires a lot of manual effort for our team to verify income, understand expenditure, search for high-risk transactions, etc., Inscribe's Credit Analysis feature mimics the same heuristics my team uses and delivers those key cashflow data points almost instantly. Not only does this save us time, but it enables us to make better credit decisions,said Anurag Puranik, Head of Credit and Risk at Coast. One of our competitive advantages at Ramp is speed. As the fastest growing corporate card in America, we look for products and services that can match our pace and help us accelerate growth, In the process of automating our underwriting, we found that a significant percentage of our applicants still uploaded bank statements. Inscribe's transaction parsing has been key to automating the application review process,said Karim Atiyeh, co-founder and CTO at Ramp. Inscribe's pay stub parsing has been incredible, The fact that we don't have to have our internal agents pull out net pay or annualize income significantly reduces the chances of human error and frees up their time. It really has improved our efficiency. We've been able to reduce the amount of time it takes for us to give applicants a loan decision by 50%,said Sara Vozeolas, Sr. Operations Analyst at VIVA Finance. With these new features, Inscribe customers can address business and consumer demands for near-instant approvals while protecting themselves from fraud and credit losses down the line. This announcement comes amid rapid growth from Inscribe in 2022: The company surpassed a 3x y-o-y increase in annual recurring revenue (ARR) and a 4x y-o-y increase in the number of documents being processed every month. Companies that use Inscribe can give their customers faster approvals while saving thousands of employee hours and millions of dollars in fraud losses each year. In 2022, Inscribe also announced a partnership with Lendflow and was listed on the 2022 AIFintech100 and SaaS award lists. To learn more about Inscribe's fraud detection and risk management solutions, About Inscribe Inscribe's award-winning technology is the most effective way for fintechs and financial services organizations to automate their manual reviews, reduce fraud losses, and increase decision accuracy. By automating document reviews and improving fraud detection, companies can increase efficiency and reduce operational costs. Founded in 2017, Inscribe is trusted by leading companies like BlueVine, Petal, Fair, and Ramp. Inscribe is backed by Y Combinator, Uncork Capital, Crosslink Capital, and Foundry Group, and has a presence in the US and Europe.

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Spotlight

Source: TIAA-CREF 2015 Advice Matters Survey. The survey was conducted by KRC Research from Aug. 3 to 10, 2015, via an online survey of 2,000 U.S. adults age 18 and older. The survey was not conducted among TIAA-CREF participants, and the survey questions and responses did not reference or concern any TIAA-CREF product, service or client experience.TIAA-CREF provides advice to eligible participants depending on their institution’s plan rules.

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