Fintech PR
With a focus on the automotive, agricultural and healthcare sectors, OneConnect is committed to building a supply chain finance ecosystem
“To date, OneConnect has developed supply chain finance services targeting ten industries, with a focus on the automotive, agricultural and healthcare sectors,” Fei Yiming, CEO of OneConnect’s Enterprise Financial Service Division, said at the 7th China SME Investment & Financing Expo and the China Supply Chain Finance Summit. OneConnect, a member company of Ping An Group, is a leading technology service platform spanning the entire financial industry chain. Ping An Group, the world’s largest insurance group in terms of market capitalization, is ranked 29th on the Fortune Global 500 list.
Supply chain finance refers to financial services through which banks manage the capital flows and logistics of leading small and medium-sized enterprises (SMEs) in the upstream and downstream segments of some sectors and transform the uncontrollable risks of a single enterprise into controllable risks spread across multiple firms that inhabit every link in the supply chain, minimizing risks to the lowest level through access to a wide range of information. This is achieved by allowing the financial reviewer to have access to and be able to evaluate the performance and credibility of an firm applying for trade finance from multiple viewpoints.
Leveraging cutting-edge technologies including blockchain, artificial intelligence and cloud computing, OneConnect launched the Eachlink Intelligent Supply Chain Finance Platform in 2018, as a solution to overcome the drawbacks associated with traditional supply chain finance models, including difficulties in interpreting the company information that was collected based those models as well as in tracking the transaction information and in providing financing to SMEs. Taking advantage of blockchain’s traceability, records retention and immutability, a large amount of offline transaction information which was previously difficult to verify is furnished to the blockchain, ensuring that SMEs’ information on the supply chain can be recorded, traceable and creditworthy and guaranteeing the authenticity of the furnished information. Artificial intelligence is used to achieve intelligent cross-validation of data sources for logistics, warehousing, industry, trade, taxation and other participants on the blockchain, solving the bottleneck of information asymmetry between banks and companies and the difficulty of verifying the authenticity of a trade, greatly enhancing the banks’ ability to control risks, reduce risks associated with loans and audit costs. By combining mobile networks and cloud computing, we can build a mobile cloud platform, which can bring the entire process online including credit application, certification, contract signing, loan application and invoice verification, truly offering 24×7 services and online lending in seconds. It not only reduces the financing costs for SMEs, but also meets the demand for short-term, frequent and fast-moving financing.
Mr. Fei indicated that the characteristics that define a supply chain varies across different verticals and as a result, precision-driven supply chain finance solutions are required to address a host of existing pain points associated with differentiation.
Taking the automotive industry as an example, a supply chain finance platform built with OneConnect helps automotive firms manage their funds appropriately and efficiently. Blockchain allows for full transparency on multiple levels of the credit status and worthiness of key businesses, ensuring the healthy and smooth operation of all sectors across the industry chain by enhancing the accessibility to the financing sought by firms in the chain, reducing financing costs and, generally speaking, removing all friction that could arise as a result of a lack of capital.
In the world of agriculture, rural financial services are more underdeveloped as the majority of the players involved are individual farmers who lack financial literacy and credit awareness. Consequently, OneConnect puts the control of capital flow and the trade in agricultural products in the hands of the major agricultural companies, in line with the business model of order-based agriculture and of having the individual farmers and the large agribusinesses working hand in hand, with the aim of ensuring the availability of needed credit facilities while reducing the associated risk.
As for trade financing, OneConnect, led by the Hong Kong Monetary Authority, helped build the world’s first blockchain trade financing platform supported by regulators in 2018. Serving as an “air corridor” for financial trade, the pioneering platform connects international trade hubs in the Guangdong-Hong Kong-Macao Greater Bay Area and builds a bridge that facilitates trade and the flow of capital across the Asia Pacific region and the wider world.
In April 2019, under the aegis of the General Administration of Customs, OneConnect, working with Tianjin Customs, introduced China’s first cross-border trade service network powered by blockchain technology. With the network, OneConnect aims to make multi-party information sharing a reality with blockchain, break the asymmetric information barrier and supply the government, financial institutions and foreign trade partners with a database of credible background information and credit histories of SMEs so that qualified firms can be provided with trade financing.
SOURCE OneConnect
Fintech PR
Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Photo – https://mma.prnewswire.com/media/2559070/Image.jpg
Logo – https://mma.prnewswire.com/media/2267288/5029737/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-crypto-titans-november-arena-boasts-55-000-usdt-in-rewards-302307028.html
Fintech PR
Healthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
LONDON, Nov. 15, 2024 /PRNewswire/ — Healthcare leaders from 16 NHS trusts gathered at the House of Commons this week to see how Mid and South Essex NHS Foundation Trust is using a groundbreaking new app that transforms staff access to information vital to their patients’ care.
The MyStaff app uses AI and automation to simplify the management of critical policies and procedures, reducing the time staff spend searching for information from almost 10 minutes to under 30 seconds. Over 12,000 of the Trust’s staff have signed up, and around 1,000 are using the app daily.
With £2bn pledged to help digitise the NHS and bring down waiting lists, such time-saving tech is high on healthcare’s agenda. Trust Chief Executive Matthew Hopkins introduced the session, which was hosted by David Burton-Sampson, MP for Southend West and Leigh, and saw technology strategists and users share their experiences of digitising vital healthcare operations.
Matthew said: “Our Trust is working to make the best use of digital technologies wherever this can help staff to provide the best possible care to our patients. MyStaff app is a versatile and easy-to-use tool that improves our governance processes and makes it easy for staff to access the vital clinical information they need when treating patients.”
The Trust developed MyStaff app with digital innovators Diligram, who have created a digital governance solution that helps ensure staff use the latest policies and guidance when delivering patient care. Document compliance rates have grown from 60% to 98%, whilst projections indicate the app could release 55,000 hours’ worth of staff capacity over 3 years, worth almost £4m in staff costs and giving staff more time on patient-facing care.
Diligram CEO Leslie Golding said: “We have worked closely with the Trust on developing groundbreaking technology that supports our healthcare heroes by simplifying access to essential information. We’re proud to be part of this brilliant example of positive digital change.”
Editor’s notes
- Contact: Rob Benson, 07815098560, [email protected]
- Further images, interviews, site visits available
About MyStaff app
The MyStaff app from digital transformation company Diligram is time-saving tech that offers a mobile-first digital corporate governance solution for healthcare providers.
Web: mystaffapp.io
About Mid and South Essex NHS Foundation Trust
MSE is one of the largest Trusts in the country, serving around 1.2million people. Our values are about delivering excellent, compassionate and respectful care.
Web: mse.nhs.uk
Photo – https://mma.prnewswire.com/media/2558941/MSE_CEO_Matthew_Hopkins_MyStaff_app.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/healthcare-leaders-gather-at-house-of-commons-to-discuss-productivity-boosting-tech-with-mystaff-app-302307051.html
-
Fintech5 days agoFintech Pulse: Industry Innovations and Partnerships Drive Global Fintech Forward
-
Fintech4 days agoFintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation
-
Fintech PR7 days agoStatement From Universal Music Group N.V.
-
Fintech PR2 days agoUniversal Consulting Opportunities (UCO), a Stellar MLS Subsidiary, Signs Agreement with NAR India As Advisor to Develop a National MLS
-
Fintech PR3 days agoCayman Enterprise City Receives Two Prestigious Awards from the Financial Times’ fDi Intelligence Global Free Zones of the Year 2024
-
Fintech PR2 days agoDC to VC – NatWest Cushon and Future Planet Capital Lead the Charge in UK Pension Access to British Innovation
-
Fintech PR2 days agoNoble Corporation plc announces submission of request for removal from trading and official listing on Nasdaq Copenhagen
-
Fintech PR2 days agoBlockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals