Global stocks sink further on lingering coronavirus fears

Reuters | February 25, 2020

Stocks across the globe fell on Tuesday to their lowest since mid-December and the benchmark U.S. debt yield was near a record low on lingering concerns about the economic hit of the spread of the novel coronavirus. The yen strengthened against the dollar end euro in a sign trader were in search of relatively safer assets. Countries around the world are stepping up efforts to prevent a pandemic of the flu-like virus that has now infected more than 80,000 people, 10 times more cases than the SARS coronavirus. The World Health Organization, however, has said the epidemic in China, where it began in December, peaked between Jan. 23 and Feb. 2 and has been declining since. On Wall Street, where stocks fell the most In two years on Monday, indexes shed another 1% at session lows.

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FINTECH

FalconX 360 Recognized as the Most Innovative FinTech Solution by the 2022 Tech Ascension Awards

FalconX | November 04, 2022

FalconX is honored to announce FalconX 360 has been recognized as the Most Innovative FinTech Solution by the 2022 Tech Ascension Awards. The Tech Ascension Awards recognized the very best innovations in technology. The Tech Ascension awards judged applicants based on technology innovation, market research, and competitive differentiators. The class-leading vendors that received recognition from the Tech Ascension Awards showcased technology that solves critical industry challenges and produces invaluable business outcomes for their customers. "FinTech innovation has become more critical than ever, and these leaders are pushing the market to new heights, We're very excited to be able to recognize these leaders and look forward to following their growth and trajectory as the FinTech industry continues to evolve." -David Campbell, CEO, Tech Ascension Awards FalconX 360 is the first and only unified investment and risk management platform for crypto that provides institutional investors full-spectrum execution capabilities and end-to-end reporting across their digital asset portfolio (availability of products and services is subject to jurisdictional limitations and capabilities of each FalconX entity). The platform increases access to risk management, prime services and security controls for institutions, all in one place. This is a transformational innovation in the crypto and financial space, delivering on FalconX's mission to enable the next billion users to access digital assets. In the same way that crypto is democratizing access to finance, the FalconX 360 platform is democratizing access to the digital asset ecosystem, allowing clients to be significantly more active and agile in their investments. Instead of splitting $1M across multiple platforms, investors can now bring that $1M to FalconX and access diversified investments through a single account, scaling up returns by 3-5X, streamlining account management, saving time and maximizing ROI. We're proud that FalconX 360 is receiving this award recognition because investors have been eager for a solution that mitigates risk, With this new platform, we are delivering confidence and security for digital asset investing, which is the future of finance,said Raghu Yarlagadda, Founder and CEO of FalconX. About FalconX FalconX is a fully comprehensive digital asset platform that allows institutions to access and manage all of their crypto strategies through a single interface and seamless workflows, making it easy to execute trading, prime services and clearing all in one place. FalconX's crypto-as-a-service offering powers leading banks, FinTech institutions and investment applications to easily add crypto to their product offerings with a goal of enabling the next billion users to enter the crypto space. The company is backed by investors including Accel, Adams Street Partners, Altimeter Capital, American Express Ventures, B Capital, GIC, Lightspeed Venture Partners, Sapphire Ventures, Thoma Bravo, Tiger Global Management and Wellington Management. FalconX has offices in Silicon Valley, New York, Chicago, Bengaluru and Malta. About the Tech Ascension Awards The Tech Ascension Awards elevate companies that possess cutting-edge, innovative technology that solve critical challenges in their respective markets. Tech Ascension winners rise above the crowded consumer and enterprise technology industries and receive validation from an independent organization. Applicants are judged based on technology innovation and uniqueness, market research (analyst reports, media coverage, customer case studies), hard performance stats, and competitive differentiators. The awards recognize leaders in cybersecurity, DevOps, big data and more.

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CORE BANKING

Ingenico and Premise partner to deliver cashless inclusion in the Philippines

Ingenico and Premise | November 01, 2022

Ingenico, a global leader in payments acceptance solutions, announces a partnership with Premise, a payment-led embedded banking platform to provide integrated digital payment solutions and financial services to cash-driven micro merchants across the Philippines. Ingenico is Premise's preferred certified payment terminal provider, deploying the AXIUM DX8000. Running on Android, the terminal allows third-party software integration to enable digital payments for these micro-businesses. Premise will also scale its service offerings by linking to Ingenico's Payment Platform as a Service (PPaaS), a cloud-based platform to manage and deliver advanced payment and commerce services quickly and efficiently to terminals. In the Philippines, cash remains king as 65% of its population is still unbanked, amongst the highest in the APAC region. And a viable option for accessing the financial infrastructures is digital payments like mobile or digital wallets, requiring only a phone number and valid ID. In 2020, almost 25 million* Filipinos used mobile wallets to make or accept online payments, presenting a vast opportunity to tap into their existing behaviour offline. Premise's turnkey universal payment acceptance platform, which includes payment terminals, financial services capabilities, and regulatory licenses, removes businesses' reliance on banks for payments. The partnership between Premise and Ingenico opens an omnichannel payments acceptance platform by bringing alternative and cashless payment methods directly to the merchant's point of sale, emulating the online customer experience. "We are proud to partner with Premise and empower the micro-entrepreneurs by equipping them with digital and alternative payment solutions in their businesses. It allows them to facilitate their customers' transition from online payment methods to in-store and become the driving force for cashless inclusion in their community. This aligns with Ingenico's mission to help shape the evolution of commerce worldwide." -Nigel Lee, Ingenico's Senior Vice President for the Asia Pacific Gary Repchuk, Premise's founder, said, Ingenico has provided unparalleled levels of support to Premise during the integration of the AXIUM DX8000 and PPaaS by supporting our delivery of a terminal designed for a fully digital payments experience to cash-first Filipinos. Our designation as an Ingenico Technology & Channel Partner enables us to lead the market in delivering cashless inclusion to every corner of the Philippines. Premise shares Ingenico's vision of enabling this new world of commerce, and we look forward to working with them over the course of this and future partnerships. Through the alliance of technologies between Ingenico and Premise and a deep understanding of local behaviour and existing user experiences, the micro-businesses point-of-sale is now empowered with flexible, seamless solutions and promoting cashless inclusion across the depths of the informal economy. About Ingenico Ingenico is the global leader in payments acceptance solutions. As the trusted technology partner for merchants, banks, acquirers, ISVs, payment aggregators, and fintech customers, our world-class terminals, solutions, and services enable the global ecosystem of payments acceptance. With 45 years of experience, innovation is integral to Ingenico's approach and culture, inspiring our large and diverse community of experts who anticipate and help shape the evolution of commerce worldwide. At Ingenico, trust and sustainability are at the heart of everything we do. About Premise Premise is a Payment-led Embedded Finance Platform that is built on the fact that when all of your platform's transactions are processed within your platform's rails via your own bank-grade regulatory infrastructure, then integration costs and complexities for all financial products gradually disappear. This is the foundation for innovating banking exactly the way you want it, and this is why the future of finance begins with Premise. Premise is powered by Xpay.Worldwide Corporation (XPAY), including the maintenance of the following compliances: PCI-DSS L1 v3.2.1, AML, KYC, Data Privacy, Operator of a Payment System (Philippine Central Bank). XPAY is a Global Ingenico Channel and Technology Partner, as well as a Global Payment Facilitator and Third-Party Processor for Visa, Mastercard, JCB, and AMEX.

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FINANCIAL MANAGEMENT

WeLab and Astra Complete the Acquisition of Bank Jasa Jakarta

Astra | September 20, 2022

WeLab, a leading pan-Asian fintech platform, today announced the completion of the acquisition of an Indonesian commercial bank, PT Bank Jasa Jakarta (BJJ), together with PT Astra International Tbk (Astra), one of Indonesia's largest public companies. The completion is marked by the issuance of acquisition approval by the Financial Services Authority (OJK). For this transaction, a WeLab-led consortium, Welab Sky Limited (WeLab Sky), participated in the acquisition together with Astra's subsidiary PT Sedaya Multi Investama (Astra Financial). The WeLab-led consortium has drawn wide-spread support from existing and new investors, including Allianz X, Boyu Capital, Horizons Ventures, SCBX Group and TFB (Taipei Fubon Bank) Capital. In December 2021, WeLab entered into a Share Purchase and Subscription Agreement with the shareholders of BJJ, and completed a strategic investment for 24% of BJJ. With the acquisition completed today, WeLab and Astra each holds 49.56% of BJJ shares, becoming the majority shareholders and joint controllers of the bank. The transaction is Southeast Asia's largest digital bank M&A transaction in 2022, illustrating the substantial commitment to invest in, and contribute to digitizing Indonesia's banking industry. The shareholders aim to transform BJJ into an innovative digital bank in Indonesia. "Expanding WeLab's digital banking presence across Asia, first in Hong Kong and now in Indonesia, has been one of our key strategic moves. This partnership with Astra reinforces WeLab's strategic focus on enhancing cross-country and business synergies with partners to increase scale and reach, in order to further strengthen the breadth and depth of the existing pan-Asian fintech platform. We're excited that our long-term partner, Astra will be collaborating with us to deliver the best tech-driven banking services through BJJ in Indonesia. We look forward to bolstering the customer trust level with the collaboration with Astra." -Simon Loong, Founder and Group CEO of WeLab President Director of Astra Djony Bunarto Tjondro said, Investment in BJJ is in line with Astra aspirations in financial services pillars to become leading retail financial providers in Indonesia and support the growth of financial services industry as well as the economy of Indonesia. Propel growth and digital innovation with strong synergies between Astra and WeLab WeLab and Astra are long time partners in Indonesia's fintech ecosystem. This is WeLab's second strategic partnership initiative with Astra since the formation of a fintech lending joint venture, PT Astra WeLab Digital Arta (AWDA), in 2018. The complementary strengths of the partners, including WeLab's know-how and technology in building and being an operator in digital banking, together with Astra's solid business ecosystem and experience as well as vast distribution network, are highly synergistic and key success factors to propel BJJ's digital transformation and into an innovative digital bank to serve the digital financial needs of Indonesians with accessible and innovative banking solutions. Address unmet financial needs and advocate financial inclusion The prospect of digital banking in Indonesia is currently on the rise and represents a huge opportunity to provide accessible and innovative digital banking solutions, especially to the retail and MSMEs (Micro, Small & Medium Enterprises) segments. The utilization of financial services in Indonesia has the potential to grow, as 77% of Indonesia's 270-million-population is either underbanked or unbanked. The country also has a sizable population of 180 million tech-savvy younger consumers, representing a great demand for digital banking services. About WeLab WeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers. WeLab operates in three markets under multiple brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and a digital bank in Indonesia. WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison's TOM Group, and Sequoia Capital. About Astra: Astra is one of Indonesia's largest public companies, comprising 240 subsidiaries, joint ventures, and associate companies, supported by nearly 190,000 employees. The company's diversified business model creates synergies and opportunities across industry sectors including automotive, financial services, heavy equipment, mining construction and energy, agribusiness, infrastructure and logistics, information technology, and property. The company has a new sustainability framework which contains Astra 2030 Sustainability Aspirations. It will guide Astra in the transition journey to be a more sustainable business by 2030 and beyond. Astra wishes to contribute to the strength and resilience of the Indonesian economy while supporting an inclusive and prosperous society. Astra has a strong record of public and social contributions through four pillars, which consist of health, education, environment, and entrepreneurships as well as nine foundations to contribute to the growth of the Indonesian economy while encouraging a more inclusive and prosperous society. Established in 2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards programme, has recognised the contribution of 493 young Indonesians across each of these focus areas, including 81 national level recipients and 412 provincial level recipients. The SATU Indonesia Awards programme is integrated with Astra's wide range of community activities through 170 Kampung Berseri Astra and 1,060 Desa Sejahtera Astra initiatives in 34 provinces throughout Indonesia.

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FINTECH

WireBarley Named to the 2022 CB Insights' Fintech 250 List

CB Insights and WireBarley Corp | October 07, 2022

Cross-border payment solution provider WireBarley Corp. was named a winner of the fifth-annual CB Insights Fintech 250 ranking, a prestigious list of the 250 most promising private fintech companies of the year. WireBarley has been recognized for its achievements in the Mobile Wallets & Remittances section. Among South Korea-based financial services platforms, WireBarley and Toss have been selected as the winners of this year. Established in 2016, WireBarley has expanded its presence among immigrants and students living abroad with its easy and low-cost mobile remittance service. WireBarley currently offers over 520 corridors for personal overseas remittance with 12 outbound and 45 inbound countries. WireBarley also offers cross-border remittance services for businesses of all sizes with strong compliance management system and FX transaction capability. WireBarley has expanded its overseas remittance-focused service to a cross-border payment service by launching the 'WireBarley Global Card' in Korea in partnership with Visa since July 2022. The company has been selected into Visa Fintech Fast Track Program and acquired principal membership with Visa. "We're honored to be recognized by CB Insights Fintech 250 list for the first time, As one of Asia's leading fintech companies, WireBarley has been solving pain points for more than 650,000 customers and 2,000 businesses worldwide. We will continue to deliver accelerated growth, disruptive innovation, and financial inclusion to enable convenient and borderless financial services around the world." -John Yoo, CEO of WireBarley Corp Through its efforts, WireBarley has been selected as the winner of the Financial Inclusivity sector at the G20 Digital Innovation Network (DIN) forum held in Bali, Indonesia in early September. This year's Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance, Representing more than 30 countries, these companies are creating safer and more efficient payment methods, and transforming how traditional banking, insurance and investing products are delivered. Together, they not only make financial services more convenient for users, but also make them available to more people, especially traditionally underserved populations around the globe,said Brian Lee, SVP of CB Insights' Intelligence Unit. The CB Insights research team selected these 250 winners from a pool of over 12,500 private companies, including applicants and nominees. They were chosen based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. The research team also reviewed over 2,000 of Analyst Briefings submitted by applicants. Quick facts on the 2022 Fintech 250: Equity funding and deals: The Fintech 250 cohort has raised over $115B in equity funding across over 1,100 deals since the start of 2017 (as of 9/20/2022). In 2021 alone, winners raised over $51B across 337 equity deals. Unicorns: There are 159 companies with $1B+ valuations on the list. Global Reach: Globalization is a key theme for this year's Fintech 250. The winners represent 33 different countries across the globe - 7 more than last year. Just over half (53%) of the selected companies are headquartered in the US, which is the fewest we've seen in the Fintech 250 since 2017. The UK came in second with 31 winners (12%), followed by India with 14 (6%), Brazil with 9 (4%), and Germany with 7 (3%). About CB Insights CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. About WireBarley Corp. Established in 2016, WireBarley Corp. grew exponentially with a strong foothold in the Asia Pacific region. Recently, WireBarley has further strengthened its presence as a global brand with its expansion into the U.S. and Canada markets, for the first time as a Korean overseas remittance company. Headquartered in South Korea, it has multiple subsidiaries overseas, namely Australia, New Zealand, Singapore, Hong Kong, and the U.S. WireBarley's FX and corporate treasury center in Hong Kong, which is one of the largest FX trading hubs in the world, plays a crucial role in enabling effective FX management and strong compliance practicality and formulating strategic partnerships with critical banks and payment player. With 12 outbound and 45 inbound countries, WireBarley currently offers over 520 corridors for personal remittance. The company recently adopted the B2B remittance platform, e-wallet service and multi-currency card; it seeks to be not only Asia's leading remittance company but to leap forward to become a global total payment platform.

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