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ADGM Implements its Sustainable Finance Regulatory Framework

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  • ADGM has today implemented its sustainable finance regulatory framework, comprising the region’s most comprehensive ESG disclosure requirements and a regulatory framework for funds, discretionary managed portfolios, bonds and sukuks designed to accelerate the transition of the UAE to net zero greenhouse gas emissions.  
  • The framework complements ADGM’s existing regulation of carbon offsets, facilitating the establishment of the world’s first regulated carbon offsets exchange and clearing house in ADGM.
  • These measures reflect ADGM’s position as a leading sustainable finance hub in the year that the UAE hosts COP28.
  • The new regulations will take effect immediately, reflecting the critical importance of advancing the green agenda in Abu Dhabi, the UAE and globally.

ABU DHABI, UAE, July 4, 2023 /PRNewswire/ — Abu Dhabi Global Market (ADGM) today announced the implementation of its sustainable finance regulatory framework with immediate effect, following significant support received through public consultation, reinforcing its position as a leading sustainable financial hub and a natural hub for sustainable finance activities. The framework encompasses rules on sustainability-orientated investment funds, managed portfolios and bonds as well as requirements for environmental, social and governance (ESG) disclosures by ADGM companies. The measures will accelerate the growth of a sustainable finance ecosystem in the jurisdiction and support the UAE’s transition to net zero greenhouse gas emissions.

The framework for green and climate transition funds and portfolios, green and sustainability-linked bonds and sukuks is a significant step in enabling capital to be channelled towards financing the transition to net zero. In order to recognise products and services that are aiding the transition, ADGM will confer a designation on those that purport to meet its robust minimum standards. It will also permit ADGM’s “designation mark” to be used in marketing materials and client communications. A designation mark will provide investors with a level of confidence that those products and services purport to meet ADGM’s minimum standards, catalysing investors to channel capital towards the green transition.

In keeping with ADGM’s keen focus on stakeholder engagement, a feedback statement has also been issued that reflects on the meaningful feedback received and addresses the key issues raised in response to the consultation paper and through associated stakeholder engagements. The overwhelming support for its proposals from industry, including stakeholders who indicated their plans to launch products under the proposed framework, crystallised ADGM’s intention to proceed with one of the first and most comprehensive sustainable finance frameworks in the region.

The feedback statement reflects how industry engagement has not only helped to shape the framework as implemented but also provided a clear indication of the areas that ADGM will examine in a post-implementation review to be undertaken in 2025 as part of its commitment to further develop and refine its regulatory framework going forward. ADGM will continue to rely on input from its stakeholders to help shape its ecosystem into a world-class hub for sustainable finance and a significant enabler to further the UAE’s net zero strategic initiative.

The framework and its stakeholders are further supported by knowledge acceleration initiatives such as the School of Sustainable Finance and the Research Centre at the ADGM Academy.

His Excellency Dr. Sultan Al Jaber, President Designate of COP28 UAE said, “I warmly welcome ADGM’s regulatory framework for sustainable finance. The lack of available, accessible, affordable finance is putting the world’s climate goals and sustainable development at risk and addressing this issue is one of the top priorities of the COP28 Presidency. To make transformational progress, we need to shift gears in mobilizing private finance.”

“ADGM endeavours in advancing such a crucial initiative and in establishing a global hub for sustainable finance are highly commendable. This initiative will play a vital role in mobilizing capital for the transition to net zero not only in the UAE, but also in EMDEs, and will enable increased green transactions from local and global financial institutions.”

“I also welcome the ongoing work of the Sustainable Finance Working Group, chaired by ADGM and composed of UAE regulatory authorities, Federal Ministries and exchanges. These initiatives encompass joint efforts to advance frameworks for ESG disclosures, measures to require sustainability-focused corporate governance and the development of a UAE green taxonomy.”

“Finance is the key to turn good intentions into real results. The Paris Climate Agreement set our collective ambition, and we need initiatives such as ADGM’s Sustainable Finance Regulatory Framework to help us keep 1.5C within reach.”

His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Global Market said, “In the year that the UAE is hosting COP28, ADGM proudly aligns its actions with those of the country’s leadership who have declared this year as the Year of Sustainability. We believe our regulatory framework for sustainable finance is the most comprehensive in the Middle East and South Asia region, and comparable in scope and content with the most comprehensive regulatory frameworks globally.”

“Our requirements, particularly those which set minimum standards for sustainability-focused products and services, will help to channel capital into projects and activities that advance the country’s transition to net zero. We are grateful to market participants for their feedback, which reflects the excellent relationship between ADGM and its stakeholders within our sustainable finance ecosystem. Their engagement will continue to be essential as ADGM actively supports the UAE’s progress towards its goal of net zero by 2050 and the continuing development of Abu Dhabi’s green falcon economy.” 

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The new sustainable finance regulatory framework is further supported by several ongoing initiatives of ADGM such as the Abu Dhabi Sustainable Finance Declaration which has over 100 signatories, and the School of Sustainable Finance at the ADGM Academy. ADGM FSRA’s regulatory amendment to the capital markets framework last year, introduced an environmental instrument as a class of financial instrument, allowing carbon offsets to come under its regulatory framework and AirCarbon Exchange, the world’s first regulated voluntary carbon exchange platform, to be established in the financial centre.

These strategic endeavours, combined with a regulatory framework for sustainability-focused funds, portfolios, bonds and sukuks, as well as requirements for ESG disclosure and the regulation of carbon offsets distinguish ADGM as a premier hub for sustainable finance.

For the legislation and guidance, click HERE.
For the feedback statement, click HERE.
For more information about ADGM’s sustainable finance and ESG initiatives, click HERE.

About Abu Dhabi Global Market (ADGM)

For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving IndiaSingapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of IndiaSingapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024

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OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.

“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint. 

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

  • The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase.  These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
  • Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million). 
    Revenue from the Precious Metals business decreased to $217.6 million in 2024
    (2023 – $328.4 million):
    • Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
    • Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
    • Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
  • Revenue from the Circulation business increased to $35.1 million in 2024 
    (2023 – $32.2 million):
    • Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
    • Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
  • Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.

Consolidated results and financial performance 
(in millions) 

13 weeks ended

39 weeks ended

      Change

         Change

September
28, 2024

September
30, 2023

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$

%

September
28, 2024

September

 30, 2023

$

%

Revenue

$

252.7

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$ 360.6

(107.9)

(30)

$    861.2

$ 1,841.8

(980.6)

(53)

Profit (loss) for the

     period

$

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5.7

 

$   (5.8)

 

11.5

 

 

(198)

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$      24.1

 

$      15.0

 

9.1

 

61

Profit (loss) before
     income tax and
     other items 1

$

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1.4

$   (8.7)

10.1

 

(116)

$      12.3

$      23.4

(11.1)

(47)

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Profit (loss) before
     income tax and
     other items margin2

0.6 %

(2.4) %

1.4 %

1.3 %

(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report.

(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items.

 

As at

             September 28, 2024

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December 31, 2023

$ Change

% Change

Cash

$

58.4

$

59.8

(1.4)

(2)

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Inventories

$

71.5

$

68.8

2.7

4

Capital assets

$

174.2

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$

173.0

1.2

1

Total assets

$

376.8

$

380.4

(3.6)

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(1)

Working capital

$

99.2

$

97.8

1.4

1

As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.

To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.

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About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours.  As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services.  As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations. 

For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedInFacebook and Instagram

FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.

This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities.  Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.

For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected] 

 

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OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers

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MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.

The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures. 

The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.

On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact. 

The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries. 

With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.

For more information: www.asharedpassion.com

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