Fintech PR
Flight Centre Becomes Largest Individual Shareholder in The Upside Travel Company
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Flight Centre Group (ASX:FLT), continues to strengthen its rapidly growing global corporate travel business, today announcing a strategic investment in The Upside Travel Company (“Upside”), the corporate travel company launched in 2017 by Priceline founder Jay Walker.
FLT’s investment is for a 25% interest in Upside which will see it become the business’s largest individual shareholder providing access to Upside’s travel technology platform and software development resources. As part of the agreement, the parties also entered into a commercial deal that covers cooperation on various distribution initiatives that combine FLT’s deep understanding of the corporate travel space with Upside’s powerful technical assets.
With this deal, FLT improves its technology capabilities, specifically in the small-and-midsize corporate market. FLT plans to leverage Upside’s technology platform to continue the digital enablement of its Corporate Traveler business, pairing the proficiency of its people with cutting edge artificial intelligence and machine learning models. The investment also adds Washington, DC to the expanding global list of FLT “Lab” locations following the recent investment in Bangkok-based 30SecondsToFly, and the acquisition of the award-winning mobile app Sam :] in Barcelona last month.
“We have been impressed by the capability and flexibility of Upside’s technology and team to improve the business traveler experience. Its use of machine learning models to dynamically price business travel packages in real-time to save clients money while increasing traveler options is just one example of Upside’s best in class technology,” according to Dean Smith, President of FLT’s Americas operations.
For Upside, the deal substantially bolsters the company’s product offering to the small corporate market, where it will continue to operate under the Upside brand. Access to FLT’s supplier relationships and global reach expands Upside’s inventory and enhances its ongoing software development with a broader set of travel data inputs.
“FLT is the perfect partner for Upside as we get aggressive in serving small corporate clients. Not only does FLT’s global scale, content, and experience immediately make our product more complete, but FLT’s people and expertise also make us smarter, which is key as we accelerate into the future.” said Jay Walker, CEO of Upside.
The Upside product will soon take advantage of the emerging standards called Next-Generation Storefront, which are being developed by ATPCO in collaboration with airline and industry leaders. Incorporating the new standards for product display is a top post-investment priority for both parties and is expected to take place in Q2 of 2019. “It’s promising to see FLT and Upside work together on providing the best traveler experience possible by making NGS a priority so flight shoppers can compare like-type products on third party channels. We’re inspired to see so many channels taking a step forward to transform flight shopping” said Gianni Cataldo, Head of Research & Development, at ATPCO.
Jefferies LLC served as the sole financial advisor to Upside.
SOURCE Flight Centre Travel Group (Canada) Inc.
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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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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