Fintech PR
StarCompliance Extends Solution to Enable Compliance in Response to Australia’s new Financial Accountability Regime
Independent market study highlights an opportunity for financial services firms to establish a culture of individual accountability with employee compliance software.
ROCKVILLE, Md., Feb. 7, 2024 /PRNewswire/ — StarCompliance (“Star”), a leading SaaS provider of employee compliance technology solutions, has extended its Individual Accountability Regime (IAR) solution to include Australia’s new Financial Accountability Regime (FAR). This will allow financial services firms regulated by the Australian Prudential Regulation Authority (APRA) to comply more easily with the regulation, and establish a strong, firm-wide culture of individual accountability.
FAR is designed to improve the risk and governance cultures of Australia’s financial institutions and is an extension of the current Banking Executive Accountability Regime (BEAR) introduced in 2018. A strong, firm-wide culture of responsibility and ethical behavior in financial institutions starts with the individual accountability of its senior executives, and over the past five years, there has been a 300% increase in the number of individual accountability regimes enacted globally.
Today’s announcement follows the results of an independent market survey of financial services compliance professionals in Australia, commissioned by Star in Q3 2023, to provide deeper insights into the country’s employee compliance landscape and the readiness of Australian firms for FAR.
The survey revealed that:
- 61% of respondents cover four or more areas of compliance
- 43% still rely on manual compliance processes
- 57% lack process automation of any kind
- 49% struggle to build compliance infrastructure to comply with new regulations
- 82% are aware of the regulation but only 39% know about the specific details
To ensure full compliance with FAR, firms need clarity on the requirements; the ability to stay up to date as the regulation changes; streamlined, automated and easy-to-implement business processes; and certainty of comprehensive and proactive governance and insight. Less than half of the firms surveyed (43%) are confident that the processes they currently have in place for BEAR will allow them to comply with FAR.
“Just as compliance professionals in jurisdictions globally are often stretched and face pressures on multiple fronts, those in Australia are dealing with a range of challenges,” said Jennifer Sun, CEO of StarCompliance. “With Star’s Accountability & Competency solution, firms are not only able to streamline compliance with the new Financial Accountability Regime – they can also drive enterprise-wide professionalism to help foster a culture of compliance that bolsters the firm’s reputation.”
“Successful compliance with Australia’s FAR regime will rely on understanding the complexity of the regulation in the context of the entire business and aligning it to accountability across the firm’s accountable persons,” said Craig Jones, Chief Revenue Officer at StarCompliance. “Star was the first vendor to provide a suite of software solutions that support and simplify compliance for multiple individual accountability regimes globally. The depth and breadth of our Accountability & Competency offering is second to none and has been combined with outstanding knowledge from our subject matter experts, who are dedicated to helping firms understand their obligations to global accountability regimes.”
Star has more than 20 years’ experience in building configurable compliance technology, supporting a global client base across a broad range of industry sectors, including financial services. The full results and in-depth analysis of Star’s Australia market study were published and made available today.
– ENDS –
About StarCompliance
StarCompliance is the world’s leading provider of employee compliance technology solutions. Trusted globally by forward-thinking companies in 114 countries, Star’s future-ready compliance platform delivers on-demand configurability, multi-jurisdictional integrity, and the actionable intelligence you need to monitor for conflicts, meet regulatory obligations, and reduce risk. Compliance no longer needs to be complex. Check out Star’s intuitive, straightforward UX and give your employees the multi-layered protection they need to comply with confidence. www.starcompliance.com
View original content:https://www.prnewswire.co.uk/news-releases/starcompliance-extends-solution-to-enable-compliance-in-response-to-australias-new-financial-accountability-regime-302055200.html
Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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