Fintech PR
REYL Intesa Sanpaolo acquires leading Swiss fund representative Carnegie Fund Services
GENEVA, July 4, 2023 /PRNewswire/ — REYL Intesa Sanpaolo (“REYL”) is proud to announce the acquisition of Carnegie Fund Services SA (“Carnegie”), one of Switzerland’s leading Swiss Fund Representatives.
Founded in 2003, Carnegie services clients encompassing fund management companies, boutique firms and large global asset management groups based in Europe, North America, Asia, and Australia. Today, it acts as a Swiss representative for over 100 global investment managers and over 700 funds. These funds are domiciled anywhere from Ireland, Luxembourg, France, all the way to Singapore and Cayman.
The acquisition of Carnegie marks a significant milestone for REYL Intesa Sanpaolo’s Fund Representation Solutions (“FRS”) department that already offers Swiss representation as well as paying agent solutions to some of the world’s largest asset managers. By integrating Carnegie’s expertise and client base, FRS will significantly strengthen its market base and reinforce its position as a trusted partner for tailored asset services.
REYL Intesa Sanpaolo’s robust financial position and strategic vision makes it well-equipped to seamlessly incorporate Carnegie into its operations, a process managed jointly by Colin Vidal and Philippe Steffen. The transaction will leverage the collective strengths of both organizations, enhancing the range of services and expertise available to clients. REYL Intesa Sanpaolo’s commitment to innovation and technology will further bolster the combined team’s ability to provide cutting-edge solutions to its clients. REYL is part of the Intesa Sanpaolo Group, one of Europe’s leading banking groups with operations in all the key funds markets, including New York, London, Luxembourg and Ireland.
REYL Intesa Sanpaolo’s “Success. Together.” mindset pushes it to adopt a strong collaborative approach and to bring together the best team of experts. REYL Intesa Sanpaolo’s Corporate Finance department therefore took the lead on the acquisition of Carnegie for REYL Intesa Sanpaolo’s FRS department. REYL Intesa Sanpaolo Corporate Finance’s invaluable insights and expertise brought this transaction to fruition.
Colin Vidal, Head of Business Development at REYL Intesa Sanpaolo’s FRS commented: “REYL and Carnegie are both considered pioneers in their own rights and have established themselves as respected institutions known for their client-centric approach and commitment to excellence. We are therefore very excited to bring Carnegie into our banking infrastructure and continue to develop the best solutions to assist our clients with the ever-evolving regulatory requirements and investor demands regarding distribution.”
Philippe Steffen, Head of Operations at REYL Intesa Sanpaolo’s FRS added: “The acquisition of one of the key players in the Swiss fund representation sector is an important milestone in the development of Fund Representation Solutions at REYL. In combination with the paying agent services already offered by the bank, it represents a high value-added offer for our clients. The opportunity to provide Carnegie’s clients with the full range of REYL services will undoubtedly be greatly appreciated by them.”
Alexandre Pini, CEO at Carnegie, concluded: “Carnegie is recognised as one of the founding fathers of fund representation and distribution in Switzerland. We are thrilled to become part of REYL, a powerful and innovative banking group that will open the next chapter of our development. The whole team looks forward to working alongside FRS with a view to constantly improve the quality and scope of the services provided to our clients.”
About Carnegie Fund Services
www.carnegie-fund-services.ch
Carnegie Fund Services Ltd was founded in 2003 and authorised by FINMA the same year. Among their clients are fund management companies, boutique firms and large global groups based on three continents. Carnegie provides them with access to the Swiss market by representing their funds, obtaining the necessary authorisations and offering them a portfolio of distribution support services. Thanks to their integrated business model, they offer an efficient and competitive service.
About REYL Intesa Sanpaolo
www.reyl.com
Founded in 1973, REYL & Cie is a diversified banking group with offices in Switzerland (Geneva, Zurich, Lugano), Europe (London, Luxembourg, Malta) and the rest of the world (Singapore, Dubai). It manages assets in excess of CHF 26 billion (CHF 39.2 billion including minority interests) and employs around 400 professionals. In 2021, it entered into a strategic partnership with Fideuram – Intesa Sanpaolo Private Banking, a leading European banking player, pursuant to which Fideuram ISP acquired a 69% stake in REYL & Cie.
Developing an innovative approach to banking, REYL & Cie serves a clientele of international entrepreneurs and institutional investors through its Wealth Management, Entrepreneur & Family Office Services, Corporate Finance, Asset Services and Asset Management business lines. It has further diversified its activities in the areas of impact investing, through the launch of pure-play impact asset management firm Asteria Investment Managers & Obviam, and of digital banking for mass affluent clients via the incubation of Alpian, an app-based aspiring Swiss bank which obtained its banking license in 2022.
In December 2021, REYL & Cie acquired a 40% stake in 1875 Finance, a Geneva-based multi-family office and independent asset manager with over CHF 13 billion of assets under management for private clients.
REYL & Cie Ltd is licensed as a bank in Switzerland and performs its activities under the direct control of the Swiss Financial Market regulator (FINMA). Its subsidiaries are also regulated by the FCA in the UK, the MFSA in Malta, the MAS in Singapore, the DFSA in Dubai and the SEC in the United States.
View original content:https://www.prnewswire.co.uk/news-releases/reyl-intesa-sanpaolo-acquires-leading-swiss-fund-representative-carnegie-fund-services-301869527.html
Fintech
Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales
As fintech companies continue to shape the global financial landscape, regulatory pressures, fraud prevention, human-centered financial services, and high-stakes acquisitions are front and center. Today’s briefing dives into the most recent developments impacting the fintech ecosystem. The following op-ed reflects on these shifts, bringing an analytical view of the news from regulatory frictions to strategic partnerships, framed within the complex interplay between technology, finance, and global regulations.
Lawmakers Sound the Alarm on Fintech Regulatory Overreach
In the evolving U.S. fintech landscape, a tug-of-war between federal and state regulators is heating up. Lawmakers have raised concerns about regulatory overreach, warning that fragmented federal and state frameworks could hinder fintech innovation and growth. Federal agencies, particularly the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), have clashed with state regulatory bodies. These frictions have emerged over issues like state licensing requirements, the use of “true lender” rules, and the boundaries of federal preemption.
As fintech firms work to innovate, they often encounter a regulatory quagmire where state and federal rules overlap or contradict each other. For instance, the “true lender” doctrine continues to provoke disputes on jurisdiction, as it can dictate the level of oversight a fintech lender might face. States argue that fintech companies leveraging national banking charters to circumvent state regulations are violating consumers’ rights and disrupting fair financial access.
From an op-ed perspective, it’s clear that this regulatory tug-of-war has significant implications for fintech firms and the consumers they serve. State-level regulators have a point: a more localized approach might better protect consumers from predatory practices and opaque pricing. However, the federal approach offers a harmonized path that could encourage interstate fintech expansion. The tension, however, threatens to stall industry innovation, leaving companies in regulatory limbo and consumers with uneven protections.
Source: PYMNTS News, October 2024
Fraud and AML Losses Increase, Pressuring Fintechs to Adapt
In a recent report by Unit21, the scale of fraud and anti-money laundering (AML) losses within the fintech sector has come into stark relief. The report highlights an estimated annual loss of billions for fintech companies due to fraud and AML breaches. Key issues range from inadequate identity verification processes to evolving cyber threats, which bad actors exploit to perpetrate fraud.
Unit21’s findings suggest that while fintech companies invest heavily in technology, they often fail to keep up with the agility of fraud tactics. The report underscores how fraudsters adapt to changes in fraud-detection protocols faster than expected, using techniques like synthetic identity fraud, account takeovers, and elaborate money laundering schemes. This has intensified the need for robust Know Your Customer (KYC) and AML mechanisms, as traditional defenses prove ineffective against modern fraud techniques.
From an op-ed lens, the impact of fraud losses on fintechs isn’t limited to financial losses. It also erodes trust, one of the most valuable assets for fintech platforms. To maintain consumer confidence, companies must take a more proactive stance in combating fraud. Advanced solutions incorporating AI and machine learning are pivotal for effective fraud detection and prevention, yet they must be implemented carefully to avoid false positives that frustrate legitimate users. The report’s insights remind us that innovation without security measures is an open invitation for exploitation.
Source: The Paypers, November 2024
Internet Computer Protocol Supports “Fintech for Humanity” at Singapore Fintech Festival 2024
At this year’s Singapore Fintech Festival, Internet Computer Protocol (ICP) announced its support for the “Fintech for Humanity” initiative, highlighting the role of digital financial solutions in addressing global humanitarian challenges. As part of this event, ICP has focused on creating scalable, decentralized technologies aimed at providing financial services to underserved communities globally.
This initiative aligns with a growing trend in fintech—harnessing technology to promote social impact. ICP’s endorsement of “Fintech for Humanity” underscores a commitment to financial inclusivity, promoting a decentralized financial ecosystem that extends beyond the traditional banking infrastructure. By leveraging blockchain technology, ICP seeks to empower populations without bank access, addressing social issues from poverty alleviation to emergency financial aid.
In an industry often accused of prioritizing profit over people, “Fintech for Humanity” serves as a refreshing counter-narrative. The backing from a player like ICP brings credibility and visibility to humanitarian fintech efforts, paving the way for innovations aimed at social good. This shift is likely to inspire other fintech companies to explore similar initiatives, recognizing the need for ethical considerations in the financial technology space.
Source: PR Newswire, November 2024
Strategic Acquisition: One Equity Partners Sells Dragonfly Financial Technologies to FIS
In a strategic move, One Equity Partners has completed the sale of Dragonfly Financial Technologies to FIS, marking a significant consolidation within the fintech landscape. Dragonfly, known for its payments solutions, has developed an extensive suite of technology that enhances real-time payments capabilities, an increasingly sought-after service in today’s fast-paced financial environment. This acquisition is expected to bolster FIS’s digital payment infrastructure, as they integrate Dragonfly’s offerings into their extensive portfolio.
The transaction points to a broader trend of consolidation in fintech, where established players acquire specialized firms to expand their service offerings and remain competitive. FIS’s acquisition of Dragonfly is particularly timely, as the demand for streamlined payment solutions grows. Real-time payments are becoming more critical, not only for enhancing the user experience but also for responding to regulatory demands for greater transparency and security.
From an op-ed perspective, FIS’s strategic acquisition of Dragonfly is indicative of a maturing industry. Mergers and acquisitions (M&A) activity in fintech is a double-edged sword. While it consolidates resources and expertise, it also reduces market competition, potentially stifling smaller players. As the industry evolves, M&A will likely intensify, challenging regulators to balance fostering innovation with maintaining competitive fairness.
Source: Business Wire, November 2024
AZA Finance Secures PSP License in Nigeria, Marking Milestone for Fintech Expansion in Africa
AZA Finance has announced that its subsidiary has been granted a Payments Service Provider (PSP) license by the Central Bank of Nigeria. This license authorizes AZA Finance to offer digital payment solutions within Nigeria, an emerging market with a rapidly growing demand for financial services. The PSP license enables AZA Finance to expand its presence in Africa’s fintech ecosystem, supporting digital transformation across the continent.
This development underscores Nigeria’s commitment to digital finance, especially as the country works toward achieving broader financial inclusion. AZA Finance’s PSP license enables the company to leverage its cross-border payments solutions, which are designed to streamline transactions in diverse African markets. This milestone is not only significant for AZA Finance but also for Nigeria, as the license positions the country as a regional fintech hub.
Looking forward, Nigeria’s regulatory environment will play a critical role in shaping fintech’s impact on the economy. The Central Bank’s move to grant PSP licenses is commendable, signaling a welcoming stance for fintechs. However, maintaining robust oversight will be essential to prevent issues related to money laundering and ensure consumer protection as fintech expands.
Source: Business Wire, November 2024
Conclusion
In today’s fast-paced fintech environment, companies are navigating complex regulatory landscapes, tackling evolving fraud threats, expanding social impact initiatives, consolidating through acquisitions, and making strategic moves in emerging markets. This briefing provides an overview of the latest developments, reflecting the diverse and rapidly shifting priorities within the fintech industry. Regulatory clarity, technological vigilance, and ethical considerations are increasingly pivotal as fintech firms redefine the boundaries of finance on a global scale.
The post Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales appeared first on HIPTHER Alerts.
Fintech PR
Gnosis Gathers Vitalik and Other Industry Heavyweights for Blockchain’s Biggest Debates at Inaugural DevConflict
- Featuring seven matchups over two days, DevConflict will facilitate discussions on some of the industry’s biggest questions and divides.
LONDON, Nov. 5, 2024 /PRNewswire/ — Gnosis, the architects of the fully EVM-compatible Layer-1 Gnosis Chain, today announces the launch of DevConflict, a credibly neutral forum ahead of Devcon aimed at finding a resolution to the biggest divides and questions in Web3. Taking place from the 9th to the 10th of November in Bangkok, DevConflict will be hosted at the Siam Society Under Royal Patronage, a short walk from the main Devcon venue, the National Convention Centre.
Martin Köppelmann co-founder of Gnosis said: “Devconflict stands as the premier arena for Ethereum’s most crucial discussions. Whether it’s shaping the future of staking, solving blockspace scalability, or strategizing the onboarding of the next billion users, we offer a neutral platform for the community to address these core challenges directly. We’re proud to host Ethereum’s leading minds as they drive these essential conversations, and look forward to fostering dynamic debates that will help chart our collective path forward.”
Featuring seven matchups, DevConflict brings together industry heavyweights in an environment where speakers and attendees engage in in-depth discussions on critical topics. Bucking a trend of pay-to-present conferences, DevConflict is designed to bring speakers outside of their comfort zone and share real substance.
Each 60 minute debate (listed below) covers a core question in the Ethereumverse and will feature candid Q&As. Additionally, by voting on which contender wins the debate, audience members directly contribute to the shaping of the industry’s future:
- Gnosis: L1 vs L2 – Vitalik Buterin (Ethereum Foundation) and Martin Köppelmann (Gnosis)
- Layer 1 vs Layer 2: Evaluating Gnosis Chain’s Potential Network Evolution
- Moderated by Bartek Kiepuszewski (L2BEAT)
- Vanilla Staking vs Liquid Staking – Nixo (EthStaker) and Dmitry Gusakov (Lido)
- Two faces of staking: Vanilla and Liquid Approaches
- Moderated by Brian Crain (Chorus One)
- Protocol Ossification vs Agility – Odysseus (Phylax Systems) and Toghrul Maharramov (Scroll)
- Immutable Foundations vs. Adaptive Evolution: The Future of Blockchain Protocols
- Moderated by Sebastian Bürgel (Gnosis)
- Onboard the Next 1B vs the Next 1M – Remco Bloemen (Worldcoin) and Vadim Koleoshkin (Zerion)
- Onboarding the next 1 billion, or onboarding the next 1 million? Should Blockchain Compromise Ideals for Mass Adoption?
- Moderated by Kartik Talwarn (ETH Global)
- Local Apps vs Cloud Service – Andreas Tsamados (Fileverse) and Michelle Mosh (Protocol Labs)
- Control or Convenience: The Clash Between Local Apps and Cloud Services in the Future of Blockchain
- Moderated by Lefteris Karapetsas (Rotki)
- Larger Blockspace vs Low-Spec Device Compatibility – Nick Dodson (Fuel Labs) and Toni Wahrstätter (Ethereum Foundation)
- Ethereum’s Crossroads: Maximize Capacity or Prioritize Participation?
- Moderated by Pol Lanski (DappNode)
- Should MEV be Tackled at the Application Layer or Protocol Level? – Felix Leupold (CoW Swap) and Tomasz Stanczak (Nethermind)
- MEV Mitigation: Protocol-Level Solutions vs. Application-Layer Approaches
- Moderated by GregTheGreek.eth (Chainsafe)
Beyond voting on the outcome of key debates, Devconflict launches together with a predictions market focused key questions to be discussed at the event. Hosted on Presagio, attendees can take stake on questions including “Will more than 50% of Ethereum transactions be processed on Layer 2 solutions by the end of 2026?” and “Will a major blockchain protocol (Bitcoin, Ethereum, or others in the top 5 by market cap per DefiLlama) announce a permanent freeze on feature upgrades by 2026?”
DevConflict comes on the back of the successful run of Gnosis’ annual flagship event, DappCon in May 2024 which gathered over 900 builders to discuss the latest trends in the Ethereum ecosystem.
General tickets for DevConflict are available and can be purchased here.
About Gnosis
Gnosis is building open applications and infrastructure for the new economy. The Gnosis ecosystem is underpinned by Gnosis Chain, a secure, resilient, and decentralized blockchain that extends Ethereum with lower transaction costs. Gnosis Studios is a product incubator focused on payments, identity, and internet freedom, while GnosisVC is an early-stage investor in projects focused on decentralized infrastructure, real-world assets, and financial rails.
Website | X (Twitter) | Discord | Blog
View original content:https://www.prnewswire.co.uk/news-releases/gnosis-gathers-vitalik-and-other-industry-heavyweights-for-blockchains-biggest-debates-at-inaugural-devconflict-302296827.html
Fintech PR
Former Cointelegraph Editor-In-Chief Kristina Cornèr Joins Exponential Science to Expand Partnerships and Drive Global Strategy
- The foundation will harness the expertise of former Cointelegraph Editor-in-Chief, Kristina Corner as the new Global Head of Strategy and Partnerships.
- The appointment will shape Exponential Science’s strategic vision, enabling the convergence of emerging technologies and driving interdisciplinary research and partnerships.
LONDON, Nov. 5, 2024 /PRNewswire/ — Following October’s successful 10th annual Peer-to-Peer Financial Systems Workshop in Dubai, where the launch of independent foundation Exponential Science was announced, founders Dr. Paolo Tasca and Professor Nikhil Vadgama have bolstered their team with the hiring of former Cointelegraph editor-in-chief, Kristina Cornèr. Kristina will lead the Partnerships and Strategy arm of the foundation, bringing deep expertise in securing new resources and forging impactful partnerships.
Exponential Science was established to address the growing interdependencies among emerging digital technologies and deep tech. It focuses on harnessing the synergy between blockchain and other cutting-edge technologies, including artificial intelligence, quantum computing, AR/VR, and other deep-tech innovations. Scientists have long driven many of humanity’s greatest achievements and translating this academic expertise into actionable insights for businesses and regulators is crucial. To assist with this, Exponential Science has brought on Kristina whose mission is to communicate the foundation’s work effectively across industries and sectors, ensuring its impact reaches both practical and policy applications.
Kristina joins Exponential Science after seven years at leading blockchain publication Cointelegraph. With her extensive knowledge of the digital assets landscape and blockchain, Kristina is expertly placed to help the foundation broaden its connections and expand its research to new audiences in a digestible and engaging way. Kristina is also an accomplished sustainability leader, serving as an ambassador for the Climate Chain Coalition, an international, multi-stakeholder organisation focused on advancing blockchain and digital technologies to support climate action and sustainability. She is also a founding advisory member of 100Women@Davos, which has helped to build a community of female CEOs, leaders, and change-makers dedicated to advancing the United Nations Sustainable Development Goals.
“Exponential Science is uniquely positioned to unite businesses, regulators, and academics to tackle global challenges using the potential of blockchain, AI, and deep tech. I am thrilled to be able to explore powerful narratives within the scientific community and amplify their voices to key players shaping the future of technology. I am committed to advancing impactful ideas and fostering collaboration across industries, communities, and borders,” says Kristina Cornèr.
“Exponential Science’s mission is clear – we want to advance research, innovation, and education of emerging technologies such as blockchain, AI, quantum computing and much more. We want to facilitate the safe and empowering adoption of these technologies so that society can thrive and solve real-world problems. Kristina will play a critical role in growing our partnerships and fine-tuning our strategy so that we can make a real difference in the emerging technology space. We are in an exciting growth stage at the foundation and we look forward to bolstering our team of experts further in the coming months,” says Dr. Tasca.
This month, Exponential Science released its first study, which aimed to quantify the environmental effectiveness of Bitcoin mining bans by estimating the resultant carbon emissions from displaced mining operations. Part of the study examined the effect of Bitcoin mining bans in low-emission countries and found it could result in a significant net increase in global carbon emissions due to redirecting mining activities to regions with higher carbon intensities. For example, a ban in Canada could lead to an increase of almost 6%, or 2.5 million tonnes of CO2 annually.
About the Exponential Science Foundation (ESF)
The Exponential Science Foundation (ESF) is a Hedera-funded independent foundation driven to advance research, education, and innovation across emerging digital technologies/deep tech. With a mission to explore the convergence of blockchain, Artificial Intelligence (AI), the Internet of Things (IoT), and other transformative technologies, ESF aims to drive interdisciplinary collaboration and deliver impactful solutions to challenges faced by society. ESF is committed to fostering sustainable, transparent, and innovative developments that will shape a more advanced and interconnected future. For more information go to: www.exp.science.
View original content:https://www.prnewswire.co.uk/news-releases/former-cointelegraph-editor-in-chief-kristina-corner-joins-exponential-science-to-expand-partnerships-and-drive-global-strategy-302296764.html
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