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Guaranty Trust Bank Selects Infosys Finacle for its Multi-Country Digital Banking Transformation

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BENGALURU, India and LAGOS, Nigeria, Sept. 21, 2023 /PRNewswire/ — Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), and Nigeria’s Guaranty Trust Bank (GTBank), the banking subsidiary of Guaranty Trust Holding Company Plc, today announced that Guaranty Trust Bank has selected the Finacle Digital Banking Suite for its multi-country digital transformation program. GTBank’s decision was driven by Finacle’s proven track record and the solution suite’s comprehensive capabilities across retail, wealth, and corporate banking. 

Highlights

  • Leveraging Finacle’s suite of retail and corporate banking solutions, the Bank will achieve a comprehensive transformation of its business across its home operations in Nigeria as well as in 10 other markets across Africa and Europe.
  • Finacle’s cloud-native and open API-driven platform will help GTBank become a more agile and open financial institution, ready to integrate with its ecosystem partners and benefit from new-age digital possibilities.
  • Overall, the Finacle solutions suite will give GTBank a secure, resilient, composable, and scalable solution, to meet ongoing modernization and business growth demands easily, while ensuring a significantly lower total cost of operations due to bank-wide digitization and automation.

Segun Agbaje, Group Chief Executive Officer, Guaranty Trust Holding Company Plc, said, “We are delighted to be working with Infosys Finacle to create a superior, agile, and scalable core banking system that supports our vision of delivering seamless and connected experiences across every customer touchpoint. As an organisation, we have always held that the future of banking is digital, largely driven by technology and customers’ preference for secure, convenient, and reliable channels. This is the thinking behind our innovation drive and history of firsts, offering best-in-class financial services across Africa. Infosys Finacle’s digital solutions will significantly transform our operations and facilitate our push towards more innovative, responsive banking.”

Venkatramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said, “Our collaboration with Guaranty Trust Bank is testament to our deep commitment to helping financial institutions propel and scale their digital transformation journeys and help them navigate their future with cutting-edge technology.  We are confident that our advanced solution suites will enable Guaranty Trust Bank to inspire better banking experiences for millions of customers and businesses the bank supports while strengthening its position as one of the best banks in the region.”

About GTBank

Headquartered in Lagos, Nigeria, Guaranty Trust Bank Ltd has evolved to become the flagship subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), a leading financial services company with banking and non-banking operations across eleven countries spanning West Africa, East Africa, and the United Kingdom.

About Infosys Finacle

Finacle is an industry leader in digital banking solutions. We are a unit of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys (NSE, BSE, NYSE: INFY). We partner with emerging and established financial institutions to help inspire better banking. Our cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence. Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions. Today, banks in over 100 countries rely on Finacle to help more than a billion people and millions of businesses to save, pay, borrow, and invest better. For more information, visit www.finacle.com

Safe Harbor

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, and our corporate actions including acquisitions. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023.  These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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EQT to acquire Indostar Home Finance, an Indian affordable housing finance company, for INR 17.5 billion (USD 210 million) and invest INR 5 billion to support further growth

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STOCKHOLM, Sept. 19, 2024 /PRNewswire/ — 

  • Indostar Home Finance is a fast-growing affordable housing finance company with INR 24 billion (USD 286 million) in assets under management, that has supported over 39,000 low income homeowners and small businesses
  • India’s INR 30 trillion housing finance market presents a multi-decade growth story driven by strong government support, rising affordability and urbanization
  • EQT will invest INR 5 billion in primary capital to support Indostar Home’s continued growth, including by broadening its footprint across India and investing in digital capabilities

EQT is pleased to announce that the BPEA Mid-Market Growth Partnership (or “the MMG fund”) has agreed to acquire a 100% stake in Indostar Home Finance (or “the Company”), a wholly owned subsidiary of Indostar Capital Finance Limited, for INR 17.5 billion (USD 210 million).

Founded in 2017, Indostar Home Finance provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 39,000 low income homeowners and small businesses. The Company has rapidly scaled to more than INR 24 billion in assets under management, achieving a 32 percent compounded annual growth in the last three years. Indostar Home Finance has a network of more than 130 branches spread across nine states and employs over 1,000 people.

The Indian housing finance market currently stands at more than INR 30 trillion, according to the CRISIL. The segment has recorded strong growth driven by government support, rising affordability, and urbanization. However, there remains a significant shortage of housing in the country, with India’s mortgage to GDP ratio at 12.3% compared to more than 60% for developed countries like the USA and UK.

The MMG fund will invest INR 5 billion of primary capital in Indostar Home Finance to support its next phase of growth. EQT aims to expand the Company’s geographic footprint and accelerate its digital transformation journey by leveraging EQT’s in-house digitalization expertise, network of seasoned industry advisors, and expertise in go-to-market strategies.

Ashish Agrawal, Partner in the EQT Private Capital Asia advisory team, said: “Retail lending is a key investment theme for EQT within financial services in India. Building on our investment in the education finance sector through HDFC Credila last year, we are thrilled to welcome Indostar Home Finance to our portfolio. India’s affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favorable government policies and resilient asset quality across economic cycles”

Hemant Sharma, Managing Director in the EQT Private Capital Asia advisory team, said: “Indostar Home Finance has established itself as a leading player in this segment and is well-positioned for continued growth. We are impressed by its market-leading position in South India and strong underwriting capabilities. We see significant potential to expand Indostar’s presence across India and drive its digital transformation. EQT looks forward to supporting the company in its next phase of growth.”

Mr. Shreejit Menon, CEO of Indostar Home Finance, said: “This transaction marks a key milestone for Indostar Home Finance. We are excited to embark on this new journey with EQT, who shares our vision and whose partnership will significantly help advance our mission of delivering affordable housing finance solutions across India. With EQT’s support and global expertise, we are well-positioned for accelerated growth and success.”

The transaction is subject to customary regulatory approvals.

Contact
EQT Press Office, [email protected] 

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WorldSkills Lyon 2024: Talented Winners, Long-lasting Legacy

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LYON, France, Sept. 19, 2024 /PRNewswire/ — After an intense week of competition, the 47th WorldSkills Competition has officially wrapped up, marking the end of a thrilling journey for 1,400 young professionals from around the globe. For four days, participants representing nearly 70 countries and regions competed fiercely in 59 diverse skill areas, transforming Lyon’s Eurexpo into a vibrant hub of craftsmanship and international talent.

From day one, the atmosphere was charged with energy as competitors showcased their expertise in sectors ranging from Manufacturing and Engineering to Fashion, Digital Technology, and Healthcare. The level of dedication and precision demonstrated throughout the week was a testament to the profound commitment these young professionals have to their trades, as well as their determination to showcase their nation’s worth on the global stage.

Last night, the closing ceremony of WorldSkills Lyon 2024, held at Groupama Stadium, brought the event to an emotional close with the announcement of medalists in each skill category. Four medals were awarded in each skill: Gold Medal, Silver Medal, Bronze Medal, and the Medallion for Excellence. This ceremony underscored the core belief of the WorldSkills movement: excellence is found in diversity – diversity of profiles, backgrounds, expertise, and techniques.

The list of medalists is now available. Visit https://worldskills.org/what/competitions/worldskills-lyon-2024/#results to discover the winners!

What’s next?

The impact of WorldSkills Lyon 2024 extends far beyond the event itself. As the competition unfolded, and millions of people followed it in person or through media, WorldSkills Lyon 2024 spotlighted the crucial role of vocational education in today’s world and in shaping our shared future. By celebrating excellence, the competition highlighted the incredible ability of youth to drive the change our world needs through their energy and dedication. The legacy of this event lies in every vocation it has sparked and every future career it has inspired. This 47th edition has once again shown the world that where there is skill, there is a way.

Media Contacts: 
Alice Nahon
PR Officer
[email protected] 

Anne-Laure TRONC
Press Relation Manager
[email protected] 

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Touchless Vending Market Size to Grow USD 42330 Million by 2030 at a CAGR of 13.3% | Valuates Reports

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BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — Touchless Vending Market is Segmented by Type (Food and Beverage Vending Machines, Mask Vending Machine, Toy Vending Machine), by Application (Shopping Mall, Street, Hospital, Traffic Station): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Touchless Vending Market was valued at USD 19800 Million in 2023 and is anticipated to reach USD 42330 Million by 2030, witnessing a CAGR of 13.3% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Touchless Vending Market:

The touchless vending machines market is seeing rapid growth, driven by rising demand for hygienic, contactless solutions post-pandemic, especially in public places such as shopping malls, traffic stations, and hospitals. The ability to offer convenience and reduce human interaction has made these machines popular in food and beverage, personal protective equipment (PPE), and even toy vending. Technological advancements in contactless payment systems and smart inventory management further boost adoption. However, high initial investment costs may slow market growth, especially in developing regions.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL TOUCHLESS VENDING MARKET:

Food and beverage vending machines are highly popular in locations such as hospitals, shopping malls, and traffic stations, where consumers demand quick, hygienic access to snacks and drinks. These machines, equipped with touchless payment systems, Employee Background Check Software Market have seen increased adoption due to the convenience and enhanced hygiene they offer. In addition to traditional snacks and drinks, there is a growing trend toward healthier, premium food options in these vending machines, catering to health-conscious consumers, which further drives demand in this segment.

In shopping malls, vending machines are increasingly being used to provide convenience to shoppers, offering products ranging from snacks to toys and hygiene products. Touchless vending machines are particularly appealing due to their ability to cater to consumers who are looking for quick, contactless purchasing options while shopping. The presence of vending machines in high-traffic areas within malls ensures steady usage, and as malls look to enhance customer experiences, more advanced, interactive vending solutions are likely to be adopted.

Mask vending machines gained significant traction during the COVID-19 pandemic and continue to be relevant in hospitals, airports, and other high-traffic areas. These machines offer a convenient, touchless way for people to access face masks and personal protective equipment. While demand for masks has decreased slightly post-pandemic, the continued emphasis on public health and hygiene in high-risk locations ensures that these machines maintain a stable presence. Additionally, mask vending machines are being repurposed for other hygiene products, extending their utility.

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Toy vending machines are commonly seen in shopping malls and entertainment centers, offering children and families a fun, convenient way to purchase toys. These machines are especially popular in high-traffic areas such as malls and family-friendly environments, where they offer an added entertainment element. Recent trends show a shift toward integrating digital elements, such as mobile apps and touchless payment options, into toy vending machines, enhancing the user experience and making these machines more interactive and appealing to younger audiences.

In hospitals, vending machines play a crucial role in providing essential items like snacks, beverages, and personal protective equipment (PPE), including masks. Touchless vending machines, in particular, have become more popular in healthcare environments due to their ability to reduce physical contact, thereby minimizing the risk of disease transmission. These machines are strategically placed in high-traffic areas, such as waiting rooms and cafeterias, ensuring that both staff and visitors have easy access to essential items without leaving the hospital premises.

Vending machines in traffic stations, including airports, bus terminals, and train stations, are seeing increased demand as more travelers seek convenient, contactless solutions for snacks and beverages during transit. Touchless vending machines are particularly favored in these locations due to their ability to offer quick, hygienic services to large numbers of travelers. With the growing number of people using public transportation, vending machines equipped with smart technology and contactless payment options are expected to become a staple in these locations.

Touchless vending machines are also becoming a common sight on streets and in other public spaces, providing convenience for passersby. These machines offer quick access to a variety of products, including food, beverages, and even hygiene items, such as masks and sanitizers. The convenience of contactless payment and minimal human interaction aligns well with the growing consumer preference for self-service, especially in outdoor environments. The installation of vending machines in streets and public spaces is expected to continue rising, driven by urbanization and consumer demand for 24/7 access to essential goods.

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TOUCHLESS VENDING MARKET SHARE

The Asia-Pacific region dominates the touchless vending machines market, driven by the high adoption rate of vending machines in countries like Japan and China, particularly in public spaces such as traffic stations and shopping malls. North America and Europe also show strong demand, especially for food and beverage vending machines in hospitals and other high-traffic areas. The Middle East and Africa are emerging markets, with increasing investments in smart city infrastructure and public health initiatives that support the adoption of touchless vending machines.

Key Companies:

  • Digital Media Vending International LLC
  • AusVendGroup
  • AMS Group, Inc.
  • LuxDisinfect
  • Aeguana
  • Vendekin

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

–  Vending Machine Market

–  Touchless Button Market

–  Contactless Touch Technology market was valued at USD 986.4 Million in 2023 and is anticipated to reach USD 1422.1 Million by 2030, witnessing a CAGR of 5.4% during the forecast period 2024-2030.

–  AI-Powered Checkout market was valued at USD 217 Million in 2023 and is anticipated to reach USD 681.6 Million by 2030, witnessing a CAGR of 17.5% during the forecast period 2024-2030.

–  Hospital Vending Machine Market

–  Capsule-Toy Vending Machines market is projected to grow from USD 351 Million in 2024 to USD 635.8 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.

–  The global Digital Process Automation market is projected to grow from USD 7215.7 Million in 2024 to USD 11770 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period.

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Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

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