S&P 500, Nasdaq scale new highs on China stimulus hopes, drop in new virus cases

Nasdaq | February 19, 2020

The S&P 500 and the Nasdaq hit fresh highs on Wednesday on signs of slowing coronavirus infections and expectations that China would take more measures to bolster its virus-hit economy. The number of new coronavirus cases dropped for the second straight day in China although global health officials cautioned it was too early to predict how the epidemic will play out and many viewed the official data with skepticism. China is widely expected to cut its benchmark lending rate on Thursday as it attempts to limit the damage from business shutdowns and travel curbs on the world’s second-largest economy. “There are talks that China’s central bank will cut short-term interest rates tonight as they try to stimulate the economy ... and that’s why equity markets are trading a little bit higher,” said John Brady, senior vice president at R.J. O’Brien & Associates in Chicago.

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This video use case of robotic process automation for banking and credit unions shows a real life RPA bot implemented on top of FIS Horizon + other applications to process Commercial Loan Onboarding in the Loan Administration Department


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FINANCIAL MANAGEMENT

Prime Trust Launches Future Builders Brand Campaign: The Digital Economy is Just Getting Started

Prime Trust | September 08, 2022

Prime Trust, a leading provider of financial infrastructure for fintech and digital asset innovators, today announced its new branding campaign "The Future Builders" to increase market awareness, improve brand equity and give recognition to the generation of builders and unseen developers who have pushed the crypto and decentralized finance industry forward. "The Future Builders" campaign is focused on how Prime Trust enables crypto and fintech innovators to build their creations within a stable and strong foundation. Prime Trust's products and services help B2B2C businesses lead in their categories and pave their way to success despite a bear market. Over the past couple of years, the face of finance has changed dramatically, and Prime Trust has become a trusted and integral part of the fintech ecosystem. "Prime Trust is trailblazing the future of finance with the vision to build a bridge between traditional and decentralized finance, Over the past six years, we've seen dramatic shifts in what consumers are interested in, and our products and services are helping organizations meet these demands and bridge the gaps in their offerings. While our name is known throughout the industry, Prime Trust also knows our efforts are nothing without the innovations of the community. Whether it's an open-source developer or a Web3 aficionado, we believe that the unseen builders are the most important to our industry. We at Prime Trust recognize their achievements and are truly honored to work with them." -Lizzie Bildner, CMO, Prime Trust The industry has a habit of speaking to the public about the evolution of finance as happening automatically, as though there aren't hundreds of people having to push our digital economy forward. We know this isn't the case, There are countless professionals from every background actively working to create the new generation of financial services. These innovators are the backbone of what we do today. Our Future Builders campaign is a way to recognize the incredible, often unseen, people behind the adoption of DeFi,said Tom Pageler, CEO of Prime Trust. According to a Prime Trust Market Research Survey that will be released in Q4 2022, fintech innovators are focused on three key findings: Desire to work with a trusted and reliable vendor Disruption of the the status quo and appeal that crypto is providing inclusivity in this new digital economy The need for speed and a fast time to market This campaign addresses the current market conditions in crypto and the requirements of Prime Trust's customers. It is designed to make the audience feel like they are part of the larger crypto movement, and to deliver a brand campaign that resonates. Some elements of Future Builders campaign include: An evolved brand voice New branding for creative assets Executive interviews and blog posts Updated booth designs New employee swag New slogans Prime Trust's "Future Builders" campaign launches on September 7th with: Website landing page takeover Media buys In Person Events About Prime Trust Prime Trust powers innovation in the digital economy by providing fintech and digital asset innovators with financial infrastructure. Through a full suite of APIs, we help clients build seamlessly, launch quickly, and scale securely. Regulated by the State of Nevada, Prime Trust processes hundreds of millions of API calls per month. Prime Trust's team has extensive regulatory and financial services backgrounds from the OCC, SEC, Federal Reserve, US Department of Justice, Department of Homeland Security/Secret Service, JPMorgan Chase, American Express, PNC, Bank of America, and Visa. The company is recognized by Forbes as America's Best Startup Employer 2022 and is also Great Place to Work-Certified™ 2022. Prime Trust has also been named to CB Insights Blockchain 50 for 2022.

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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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FINANCIAL MANAGEMENT

Great Place to Work® and Fortune Name AAG One of the 2022 Best Workplaces in Financial Services & Insurance™

AAG | September 29, 2022

Great Place to Work® and Fortune have honored American Advisors Group (AAG) as one of the 2022 Best Workplaces in Financial Services & Insurance™. Earning a spot means that AAG is one of the best companies to work for in the country. The Best Workplaces in Financial Services & Insurance award is based on analysis of survey responses from more than over 176,000 employees from Great Place to Work-Certified™ companies in the financial services and insurance industry "It's an honor to be named a Great Place to Work and we are so grateful for our dedicated employees who have made us a part of this list, AAG is truly a very special place, where we do extraordinary things for seniors, so they can achieve a better retirement." -Rebecca Pacillas, AAG Chief People Officer AAG is committed to building its Caring, Driven, and Ethical culture through employee engagement, competitive compensation, and professional development. AAG recently launched One AAG, an internal sharing initiative focused on diversity, equity, and inclusion. One AAG invites its employees to share their real stories and experiences through internal company newsletters and discussion panels to create a space where diverse perspectives, cultures, and values are celebrated. In 2022, AAG was endorsed for multiple corporate accolades including Best Workplace for Millennials. AAG was also recognized by Inspiring Workplaces and awarded Arizona Top Workplaces in 2022. AAG is headquartered in Irvine California. About the Best Workplaces in Financial Services & Insurance™ Great Place to Work® selected the Best Workplaces for Financial Services & Insurance™ by gathering and analyzing confidential survey responses from more than 176,000 employees from Great Place to Work-Certified™ companies in the financial services and insurance industry. Company rankings are derived from 75 employee experience questions within the Great Place to Work® Trust Index™ survey. Great Place to Work determines its lists using its proprietary For All™ methodology to evaluate and certify thousands of organizations in America's largest ongoing annual workforce study, based on over 1 million survey responses and data from companies representing more than 6.1 million employees, this year alone. Read the full methodology. About Great Place to Work® Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™. About AAG AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation's leader in reverse mortgage lending, AAG offers a suite of home equity solutions including Home Equity Conversion Mortgages, traditional and proprietary mortgages — that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA).

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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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