Media Kit: DFC at UNGA 2024

NEW YORK, Sept. 24, 2024 /PRNewswire/ — Today, participating G7 development finance institutions (DFIs), MedAccess, the European Investment Bank (EIB), and the International Finance Corporation (IFC) announced the signing of a memorandum of understanding (MoU) for the Surge Financing Initiative for Medical Countermeasures (MCMs). These DFIs are working closely with global and regional health organizations to establish the collaboration frameworks and innovative financing mechanisms needed to support a rapid and equitable pandemic response. Building on lessons from the COVID-19 pandemic, the initiative will focus on the procurement, production, and distribution of vaccines, therapeutics, diagnostics, and other MCMs for low- and lower-middle-income countries. The MoU builds on the Joint Statement of Collaboration announced at UNGA last year as well as the Chair Summary and Report that outlined collaboration and innovating financing options. This effort is a joint collaboration between participating G7 DFIs, MedAccess, EIB, and IFC, in accord with G7 Hiroshima Vision for Equitable Access to Medical Countermeasures launched at the 2023 Hiroshima Summit and reaffirmed at the 2024 Apulia Summit.

The MoU was signed by the U.S. International Development Finance Corporation (DFC, USA), Cassa Depositi e Prestiti (CDP, Italy), British International Investment (BII) & MedAccess (UK), KfW & Germany’s Development Finance Institution DEG (Germany), AFD & Proparco (France), JICA (Japan), EIB (European Union), and IFC (World Bank Group). The MoU also has support from the Government of Canada and leading global and regional health organizations.  

This work builds on ongoing collaboration across many DFIs on regional manufacturing in Africa. The ongoing Mpox public health emergency underscores the importance of this collaboration and need for surge financing. Leveraging this initiative, DFIs met with leading global health organizations including the World Health Organization, Africa Centres for Disease Control and Prevention (Africa CDC), Gavi, and the Coalition for Epidemic Preparedness Innovations (CEPI) on August 22, soon after Mpox was declared a public health emergency of international concern, to discuss response efforts and financing needs.

“DFC is proud to support this first-of-its kind framework to ensure DFIs can act swiftly and cohesively to provide surge financing for life-saving products at the start of a health emergency. We expect to leverage this initiative for the Mpox response, working closely with our U.S. Government, development finance, and health partners More broadly, DFC’s investments in health services, supply chains, and technology all help bolster pandemic preparedness and health system resilience.” said DFC DCEO Nisha Biswal.

“JICA believes this surge financing initiative will enhance coordination among development finance institutions and health organizations to achieve our commitment to work towards equitable access to safe, effective, quality-assured and affordable MCMs for health emergencies, which Japan announced as Chair of the 2023 G7 Summit in Hiroshima.   Leveraging this initiative and JICA’s own lessons learned from the COVID-19 pandemic, we will continue to support countries that have suffered from inequitable access to MCMs in the past,” said Chief Representative of JICA USA Office Satoko Tanaka.

“IFC is proud to participate in this innovative framework to support medical countermeasure financing mechanisms, an important step for responding more effectively to future health crises. Collaboration between development finance institutions and global health partners is key to ensure coordinated efforts that strengthen healthcare systems and supply chains, enhancing pandemic preparedness.”  IFC Vice President of Industries Mohamed Gouled.

“DEG and KfW are committed to the UN Sustainable Development Goals, one of which is improving healthcare,” said Member of the DEG Management Board Monika Beck. “Therefore, we are delighted to support this initiative to provide financing for healthcare products during health emergencies, together with our trusted development finance partner institutions. We are convinced that it is essential to join forces to support improved access to critical health products when they are in short supply.”

“Sustainable development is linked to equitable and rightful access to health and well-being. As CDP, we strongly support this initiative, which has been mentioned in the G7 Leaders’ final declaration last June at the Apulia Summit, that will foster the development of health systems across emerging economies, ensuring the foundation is laid for research, production, and distribution of essential medicines, diagnostic equipment, and vaccines. The COVID-19 pandemic underscored the critical need for every nation to be equipped with the tools to safeguard public health in times of crisis. Achieving the 2030 UN SDGs will require robust global collaboration, and we are proud to partner with G7 DFIs, the European Investment Bank, and the International Finance Corporation to help make this vision a reality.” said CDP Director of International Development Cooperation Paolo Lombardo.

“The COVID-19 pandemic showed us the value of working together but also the need to coordinate our actions more closely,” said EIB Vice President Thomas Östros. “With joint efforts, we can multiply our impact and effectiveness, especially in meeting current challenges such as Mpox and in tackling future health emergencies. At the EIB, global health is a key priority, and we highly value this partnership.”

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“The MoU is an important step towards strengthening global health security and reducing the impact of future pandemics on vulnerable populations. This furthers our commitment, as the UK’s DFI, to invest in businesses that provide essential health services and products, including vaccines. It will ensure that future health crises can be mitigated to allow continued economic growth and social progress in low- and middle-income countries,” said BII Chair Diana Layfield.

“When critical health products are in short supply, fast and flexible capital can make the difference between life and death,” said CEO of MedAccess Michael Anderson. “The COVID-19 pandemic showed how quickly global supply chains can grind to a halt when overwhelming demand meets scarce supply. This led to inequitable distribution of medical products, leaving millions of people at risk from the disease. Today’s announcement underlines our shared commitment to being prepared for future pandemics with the capital and financial tools to enable companies to meet large-scale, urgent demand for lifesaving products.”

“A lesson learned from the COVID-19 crisis is that it is possible to mobilize significant public and private financial resources in turbulent times. Let’s use this experience of successful mobilization to anticipate effective pandemic preparedness. I believe this Memorandum of Understanding is one of the necessary steps towards better coordination among Public Development Banks to mobilize the private sector and demonstrates the catalytic power of joining forces for innovative financial instruments, as explored by Finance in Common and its Social Investment Coalition. Health is a common good, no one should be left behind in the face of a pandemic,” said Rémy Rioux, CEO of AFD Group (AFD, Proparco, and Expertise France) and Chairman of Finance in Common Summit in Paris.

The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. 

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In today’s Fintech Pulse, we delve into some of the most significant developments reshaping the industry, with a spotlight on new partnerships, regulatory advancements, and the importance of cybersecurity compliance.

Anadolubank Nederland Teams Up with Worldline

In a strategic move aimed at enhancing its payments infrastructure, Anadolubank Nederland has signed a five-year deal with Worldline to implement a cloud-based instant payments solution. This collaboration aligns with the European Union’s regulations on instant payments and emphasizes the need for financial institutions to remain agile in the face of regulatory demands. Worldline’s solution will ensure Anadolubank is equipped with a secure, scalable platform that enhances customer experience while meeting compliance requirements. Notably, Worldline has been consolidating its position in the payments landscape, recently announcing plans to reduce its global workforce by 8% in a cost-cutting initiative, aiming for significant savings. (Source: FinTech Futures)

IN Groupe Acquires IDEMIA’s Smart Identity Business

In a critical development within the identity management sector, IN Groupe has completed the acquisition of IDEMIA’s Smart Identity business. This acquisition positions IN Groupe as a stronger player in the identity management space, integrating IDEMIA’s portfolio of cutting-edge digital identity solutions with its offerings. The acquisition comes at a time when digital identity and secure authentication are becoming increasingly critical across the fintech and government sectors, driven by the growth of digital financial services and the need for enhanced KYC (Know Your Customer) protocols. This move is expected to bolster IN Groupe’s capabilities in addressing identity challenges for both private and public sector clients. (Source: Fintech News)

Nubank Leverages Nasdaq Technology for Compliance in Colombia

In a strategic step to streamline its regulatory compliance, Nubank has adopted regulatory reporting technology provided by Nasdaq to ensure seamless operations in Colombia. Nubank, which has rapidly expanded its footprint in Latin America, continues to prioritize regulatory compliance as it scales its operations. Nasdaq’s technology will enable the digital bank to manage its reporting requirements more efficiently while adapting to the evolving regulatory landscape in Colombia. This development underscores the growing importance of regtech solutions in supporting fintech companies’ compliance obligations, particularly as they navigate diverse regulatory environments across multiple jurisdictions. (Source: The Fintech Times)

Experian Launches New KYC Tool for Enhanced Ownership Tracking

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As regulatory scrutiny continues to mount globally, Experian has launched a new tool designed to help businesses track ownership structures more effectively, simplifying the KYC (Know Your Customer) process. This tool aims to improve transparency and reduce the risk of money laundering by offering businesses better insights into their customers’ organizational structures. The new solution is especially relevant as regulators continue to push for stricter compliance measures across the fintech ecosystem, with emphasis on customer verification and anti-money laundering (AML) protocols. (Source: Fintech News Malaysia)

Openmarkets Gains ISO 27001 Certification

Australian-based wealth fintech, Openmarkets, has achieved ISO 27001 certification, highlighting its commitment to information security. In an era where data breaches and cybersecurity threats are escalating, this certification serves as a benchmark of Openmarkets’ dedication to safeguarding customer data and adhering to the highest global standards for information security management. Achieving ISO 27001 also positions Openmarkets more competitively in the fintech space, as cybersecurity compliance becomes increasingly crucial for customer trust and regulatory approval. (Source: CRN Australia)

M2P Fintech Secures Over $100 Million in Funding

In one of the largest funding rounds this quarter, M2P Fintech has raised over $100 million in a combination of primary and secondary funding. This round will fuel M2P’s ambitious growth plans, which include expanding its financial infrastructure offerings across the Asia-Pacific region. The fintech firm, which provides API-based solutions to banks and financial institutions, has been instrumental in enabling digital financial services in emerging markets. With this new funding, M2P is well-positioned to drive further innovation in payments and financial infrastructure solutions. (Source: Entrackr)

Final Thoughts

These latest developments highlight the fast-paced evolution of the fintech industry, driven by technological innovation, regulatory compliance, and strategic partnerships. From digital identity management to instant payments and robust cybersecurity frameworks, the fintech landscape is rapidly transforming, with companies investing heavily in scalable solutions to meet both customer and regulatory demands.

Stay tuned for more updates as we continue to track these exciting trends in the fintech world.

The post Fintech Pulse: Your Daily Industry Brief (24 September, 2024) appeared first on HIPTHER Alerts.

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NEW YORK, Sept. 24, 2024 /PRNewswire/ — Lucinity, an AI-powered FinCrime investigation platform, and Resistant AI, specialists in fraud and money laundering detection, have partnered to enhance financial crime detection. In 2023, $3.1 trillion in illegal transactions occurred globally, including more than $800 billion tied to drug trafficking, $350 billion to human trafficking, and $500 billion lost to fraud. This collaboration addresses limitations in current technology, providing enhanced detection and investigation capabilities in response to increasingly sophisticated financial crimes.

Resistant AI’s behavioral detection technology complements Lucinity’s scenario-based monitoring, tackling both current and emerging financial crime threats. Lucinity’s Case Manager, powered by the Generative AI copilot Luci, delivers real-time investigative support and actionable insights, while Resistant AI focuses on advanced threats like synthetic identities and AI-driven fraud tactics. Together, they offer a robust, end-to-end solution that ensures regulatory compliance and improves speed and precision in detecting and preventing financial crimes.

Key benefits of the partnership include:

• Improved Detection: Resistant AI’s library of behavioral models identifies complex criminal activity, while its alert triage system prioritizes high-risk alerts and reduces false positives.
• Faster Investigations with Intuitive Tools: Luci, Lucinity’s generative AI copilot, streamlines the investigation process by analyzing large datasets, extracting key insights, and guiding investigators through next steps with an advanced workflow engine.
• Seamless Integration: The integration of Luci and Resistant AI’s solutions allows users to benefit from class-leading case management and AI-based detection. Lucinity’s system-agnostic platform integrates with various data sources and systems, eliminating the need for major overhauls when implementing the joint solution.

This partnership has the potential to save financial institutions millions of dollars through reduced fraud and improved operational efficiency. Resistant AI has already helped UK financial institutions reduce potential Authorized Push Payment (APP) fraud reimbursement liabilities by millions, while enabling the detection of sophisticated fraud rings, sleeper accounts, and money mules—both human- and AI-based. Lucinity’s system reduces investigation times from three hours to just 30 minutes, generating productivity savings of up to $25 million for large banks.

Udi Nessimyan, President and Chief Revenue Officer of Lucinity, commented, “This partnership represents a perfect synergy of capabilities. By integrating advanced behavioral detection, transaction forensics, scenario-based monitoring, AI-driven triaging, and AI-powered investigations, we’re delivering the most robust financial crime prevention system the market has ever seen.”

Martin Rehak, CEO of Resistant AI, added, “Resistant AI delivers a highly efficient solution for combating financial crime by leveraging AI to uncover hidden threats. Our solution works in real-time via seamless integration with existing transaction monitoring systems. Through our collaboration with Lucinity, financial institutions can better protect themselves from APP fraud and other criminal threats, significantly reducing false positives and enabling faster, more effective case resolutions.”

Together, Lucinity and Resistant AI deliver secure, explainable, and auditable FinCrime compliance. Resistant AI employs an ensemble of models to detect activities overlooked by traditional systems, enhancing accuracy and transparency. Lucinity’s configurable platform allows users to tailor data sources and outputs for a secure, custom-built FinCrime solution.

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