Fintech PR
Q3-2023 Performance to be Stronger than Expected
Robust Demand and Significantly Improved Operational Efficiencies Drive Strong Financial Performance
TORONTO and GATINEAU, QC, Oct. 19, 2023 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or the “Company“) (TSX: CTS) today announced that it expects financial performance for its third quarter, ended September 30, 2023 (“Q3-2023“) to be stronger than it had previously indicated.
Specifically, based on strength of demand in Q3-2023, as well as significantly improving operational efficiencies, the Company now expects to report:
- Gross Profit in a range between $168.0 million to $174.0 million compared to $139.7 million in Q3-2022;
- Adjusted EBITDA1 in a range between $39.0 million to $41.0 million compared with $31.0 million in Q3-2022;
|
In millions |
Q3-2022 Actual |
Q3-2023 Expected |
|
Gross Profit |
$139.7 |
$168.0 to $174.0 |
|
Adjusted EBITDA |
$31.0  |
$39.0 to $41.0 |
- Cash generated from operating activities improved significantly in Q3-2023, resulting in positive free cash flow and a reduction in net debt; and
- Net income for Q3-2023 is expected to be comparable to Q2-2023.
The Company will provide additional discussion and analysis regarding its financial results for the third quarter ended September 30, 2023 on November 14, 2023.
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Non-IFRS Measures
This press release refers to certain performance indicators including Adjusted EBITDA, that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management believes that these measures are useful to most shareholders, creditors, and other stakeholders in analyzing the Company’s operating results, and can highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.
Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the ability to meet capital expenditure and working capital requirements. These non-IFRS financial measures should not be considered as an alternative to the consolidated income (loss) or any other measure of performance under IFRS. Investors are encouraged to review the Company’s financial statements and disclosures in their entirety, are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures.
Adjusted EBITDA represents net income adjusted to exclude amortization, depreciation, interest expense and finance costs, foreign exchange gains and losses, share-based compensation expense, income tax expense, and special charges. Special charges consist primarily of restructuring related expenses for employee terminations, lease terminations, and restructuring of acquired companies, as well as certain legal fees or provisions related to acquired companies. From time to time, it may also include adjustments in the fair value of contingent consideration, and other such non-recurring costs related to restructuring, financing, and acquisitions. The IFRS measure most directly comparable to Adjusted EBITDA presented in the Company’s financial statements is net (loss) income.
Reconciliation of Net income before taxes to Adjusted EBITDA for Q3, 2022 is as follows:
|
Q3 2022 |
|
|
Net income before taxes |
$ 15,726 |
|
Finance expense |
5,886 |
|
Share-based compensation expense |
1,275 |
|
Depreciation and amortization |
23,094 |
|
Depreciation included in cost of sales |
1,008 |
|
Foreign exchange gain |
(24,233) |
|
Special charges |
8,211 |
|
Adjusted EBITDA1 |
$ 30,967 |
Please see “Non-IFRS Financial & Supplementary Financial Measures” and “Summary of Consolidated Financial Results” in the Company’s most recent Management’s Discussion and Analysis, which is available on the Company’s profile on SEDAR+ at www.sedarplus.ca, for further details on certain non-IFRS measures, including relevant reconciliations of each non-IFRS measure to its most directly comparable IFRS measure, which information is incorporated by reference herein.
Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Specifically, statements regarding Converge’s forecast on Revenue, Gross Profit and Adjusted EBITDA, expectations of future results, performance, prospects, the markets in which it operates, or about any future intention with regard to its business and acquisition strategies are considered forward-looking information. The foregoing demonstrates Converge’s objectives, which are not forecasts or estimates of its financial position, but are based on the implementation of its strategic goals, growth prospects, and growth initiatives. The forward-looking information, including management’s assessments of, and outlook for, Revenue, Gross Profit and Adjusted EBITDA, are based on management’s opinions, estimates and assumptions, including, but not limited to: (i) Converge’s results of operations will continue as expected, (ii) the Company will continue to effectively execute against its key strategic growth priorities, (iii) the Company will continue to retain and grow its existing customer base and market share, (iv) the Company will be able to take advantage of future prospects and opportunities, and realize on synergies, including with respect of acquisitions, (v) there will be no changes in legislative or regulatory matters that negatively impact the Company’s business, (vi) current tax laws will remain in effect and will not be materially changed, (vii) economic conditions will remain relatively stable throughout the period, (vii) the industries Converge operates in will continue to grow consistent with past experience, and (ix) those assumptions described under the heading “About Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the three and six-months ended June 30, 2023. While these opinions, estimates and assumptions are considered by the Company to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.
The forward looking information, including the achievement of target Revenue, Gross Profit and Adjusted EBITDA set out above, are subject to significant risks including, without limitation: that the Company will be unable to effectively execute against its key strategic growth priorities, including in respect of acquisitions; the Company will be unable to continue to retain and grow its existing customer base and market share; risks related to the Company’s business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks related to economic and political uncertainty; income tax related risks; and those risk factors discussed in greater detail under the “Risk Factors” section of the Company’s most recent annual information form and under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis, which are each available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.
Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the company’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
|
_______________________________ |
|
1 Adjusted EBITDA is a non-IFRS measure and not a recognized, defined or a standardized measure under IFRS. This non-IFRS financial measure reported by the Company is defined in the “Non-IFRS Financial Measures” section of this press release. |
Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
View original content:https://www.prnewswire.co.uk/news-releases/q3-2023-performance-to-be-stronger-than-expected-301962642.html
Fintech PR
Mobile Wallet and Payment Market Skyrockets to $71.28 Billion by 2031 Dominated by Tech Giants – Paytm E-Commerce Pvt Ltd, Telefonaktiebolaget LM Ericsson and Early Warning Services, LLC | The Insight Partners
The global mobile wallet and payment market is set for explosive growth, with projections indicating a surge to $71.28 billion by 2031. This remarkable expansion, driven by increase in demand for multi-currency mobile wallets and growing demand for contactless payment solutions.
NEW YORK, Nov. 27, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global Mobile Wallet and Payment market is observing significant growth owing to the demand for multi-currency mobile wallets. Remitting money from one home country to another can be a time-consuming operation owing to the varied conversion rates, high remittance fees, and related taxes. A multi-currency wallet allows businesses to pay, receive, and save various currencies in a single digital wallet rather than maintaining separate accounts for each international currency. The multi-currency digital wallet eases overseas payments and currency conversions. Moreover, the multi-currency wallet provides various guaranteed benefits for cross-border payments.
For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/mobile-wallet-and-payment-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the mobile wallet and payment market comprises a vast array of components that are expected to register strength during the coming years.
Market Overview and Growth Trajectory:
Mobile Wallet and Payment Market Growth: According to an exhaustive report by The Insight Partners, the Mobile Wallet and Payment Market is experiencing significant growth, driven by increasing government initiatives for adoption of mobile wallet and payment solutions and expansion of e-commerce industry. The market, valued at $10.28 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 27.4% during 2023–2031.
For More Information and To Stay Updated on The Latest Developments in The Mobile Wallet and Payment Market, Download The Sample Pages: https://www.theinsightpartners.com/sample/TIPTE100000231/
The global mobile wallet and payment market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth can be accredited to numerous factors. Firstly, contactless payment adoption has risen dramatically across the globe, as it eliminates consumers’ need to carry cash while making purchases. Digital payments, which include near-field communication (NFC) and QR code-based transactions, are becoming more popular. Consumers are highly preferring contactless payment solutions for speeding financial transactions. The demand for a quick, safe, and clean payment method, particularly in the post-pandemic era, has accelerated the use of contactless technology. This has transformed the checkout experience in both physical and digital stores, making faster and more convenient transactions.
Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions: Mobile wallet and payment solutions are critical for consumers and businesses, as they increase accessibility, improve security, reduce transactional costs, and make payments faster. Increasing technological advancements, rising consumer demand for two-factor authentication (2FA) security, and other factors are boosting the demand for mobile wallets and payment solutions. This also encourages government bodies to take initiatives to support the adoption of mobile wallets and payment solutions in order to secure their business from financial risks. For instance, the DigiDhan Mission, established under the Ministry of Electronics and Information Technology (MeitY) in India, aims to promote a cashless economy and provide a smooth digital payment experience for all citizens.
Expansion of E-Commerce Industry: The rise in the e-commerce business and consumers’ preference for online shopping has increased the adoption of mobile wallets and payment solutions for making quick payments. In May 2024, The Census Bureau of the Department of Commerce revealed that the estimate of the US retail e-commerce sales for the first quarter of 2024 was US$ 289.2 billion due to the seasonal variation adjustments and not price change. This represents a 2.1% (±0.7%) rise from the fourth quarter of 2023. Retail sales in the first quarter of 2024 stood at US$ 1,820.0 billion, with a fall of 0.1 % (±0.4%) from the fourth quarter of 2023. In the first quarter of 2024, e-commerce expanded by 8.6% (±1.1%) compared with the first quarter of 2023. Total retail sales were increased by 1.5% (±0.5%). In the first quarter of 2024, e-commerce sales made up 15.9% of the total sales.
Stay Updated on The Latest Mobile Wallet and Payment Market Trends: https://www.theinsightpartners.com/sample/TIPTE100000231/
Emergence of Real-Time Payments in Developing Nations: Efficient and secure ways to make transactions are increasing the demand for real-time payments (RTPs). These technologies have made payments more convenient, quick, and secure, as well as eliminating the need for cash or cheques. The acceptance of RTPs has enabled rapid payment between businesses and organizations. Users can initiate payments at a minimal or no cost using a mobile number or QR code, eliminating the necessity for bank account details. Countries, including Kenya, Mexico, Brazil, and Sweden, are increasingly demanding mobile wallets and payment solutions to conduct transactions in real-time. The usage of mobile devices has been one of the most significant advances in real-time payment systems. With the growth of smartphones and mobile payments, consumers can easily send and receive payments on the go, eliminating the need for a computer or physical card reader.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by APAC and Europe. APAC is expected to register the highest CAGR during the forecast period.
Mobile Wallet and Payment Market Segmentation, Applications, Geographical Insights:
- Based on type, the mobile wallet and payment market is bifurcated into remote and proximity. The proximity segment held the largest share of the Mobile Wallet and Payment market in 2023
- In terms of technology, the market is divided into near-field communication, QR code, text-based, and others. The QR code segment held the largest share of the Mobile Wallet and Payment market in 2023.
- By end user, the mobile wallet and payment market is segmented into personal and business. The personal segment held the largest share of the Mobile Wallet and Payment market in 2023.
- The mobile wallet and payment market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Purchase Premium Copy of Global Mobile Wallet and Payment Market Size and Growth Report (2023-2031) at: https://www.theinsightpartners.com/buy/TIPTE100000231/
Key Players and Competitive Landscape:
The Mobile Wallet and Payment Market is characterized by the presence of several major players, including:
- Paytm E-Commerce Pvt Ltd
- Telefonaktiebolaget LM Ericsson
- Early Warning Services, LLC
- PayU
- One MobiKwik Systems Limited
- Apple Inc
- Alphabet Inc
- AT&T Inc
- Paypal Holdings Inc
- Samsung Electronics Co Ltd
- Mastercard Inc
- Fitbit LLC
- American Express
- Visa Inc
- FIS Global
- Alipay
- Bharti Airtel
- SoftwareGroup
- PhonePe
- ACI Worldwide Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
For Region-Specific Market Data, Check Out Brief Sample Pages: https://www.theinsightpartners.com/sample/TIPTE100000231/
Mobile Wallet and Payment Market Recent Developments and Innovations:
- “PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points at a grand event held in Colombo.”
- “Zeepay, the fastest-growing wholly Ghanaian-owned fintech in Ghana, introduced new digital financial solutions in partnership with Software Group, a global financial technology provider, to scale its business and accelerate financial inclusion.”
- “Mobily (a leading digital partner of the international technical conference LEAP 23) announced the launch of Mobily Pay during LEAP 23 in partnership with Ericsson in the Kingdom of Saudi Arabia (KSA). Mobile Pay is a mobile financial service that is available to all the users in the Kingdom to conduct personalized financial services such as contactless payments, money transfers, international remittance, digital card payments, cash-back, bill payments, mobile top-up, and more, secure and at their convenience.”
Mobile Wallet and Payment Market Drivers, Challenges, Future Outlook and Opportunities:
According to Primer, debit card usage in the UK exceeds the usage levels in any other European country; ~90% of the population in the country owns Visa or Mastercard cards, which are instrumental in enabling digital transactions. Alternative payment methods also hold considerable importance in the country. Merchants in the UK are required to provide mobile wallet options, particularly Apple Pay and Google Pay, to manage their widespread operations. BNPL services are also well-received, with 36% of adults utilizing BNPL at least once in one year. While open banking payments are gaining traction, they currently represent a small portion of overall payment volumes.
For In-Depth Market Forecasts and Analysis, Request PDF Brochure: https://www.theinsightpartners.com/sample/TIPTE100000231/
Mobile wallets are the second most favored online payment option among consumers in France. Global companies such as Google Pay, Apple Pay, and PayPal operate alongside France-based service providers such as Lyf, Lydia, and PayLib. PayLib is one of the most popular digital wallets in the country because of its integration with Cartes Bancaires. According to Pay.com, approximately 38% of online purchases made in France were paid for using a digital gadget in 2023. Various options available for French consumers for making payments using phones and watches include Amazon Pay, digital wallet brands such as Lyf, bank-specific apps, and mobile-only payment solutions such as Revolut and Monese.
Conclusion:
Multi-currency wallets provide enhanced security features and multiple authentication methods to protect account information and funds. It helps make secured overseas transfers and currency exchange. Consumers can switch currencies, pay bills, and create transactions in multiple currencies without managing multiple accounts. Multi-currency wallet allows consumers to make smooth cross-border payments with one tap. Multi-currency wallets allow consumers to swap currencies without the stress of foreign exchange. This enables consumers to carry any currency for all their foreign transactions without difficulties. Multi-currency wallets help in reducing international transaction expenses by eliminating currency translation fees. Furthermore, foreign transfers with banks incur additional prices and hidden fees; however, with a multi-currency wallet, consumers no longer have to bother with these unneeded costs. Therefore, multi-currency mobile wallets allow businesses to ensure that there are no issues with promoting and distributing products and services worldwide. They also support businesses in enhancing customer experiences.
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With projected growth to $71.28 Billion by 2031, the Mobile Wallet and Payment Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
Related Report Titles:
- Mobile Wallet Market Size Forecast and Report Analysis by 2031
- Digital Payment Market Size, Share, Trends, Report 2028
- E-commerce Payment Market Share, Size & Forecast to 2025
- Asset and Wealth Management Market Size and Share by 2031
- Real Time Payments Market Forecast – Global and Regional Share 2031
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: [email protected]
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/mobile-wallet-and-payment-market
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Fintech PR
Verlingue consolidates its position in Europe with the acquisition of ProConseils Solutions
QUIMPER, France, Nov. 27, 2024 /PRNewswire/ — The insurance broker Verlingue, a subsidiary of the Adelaïde Group, announces its acquisition of ProConseils Solutions, a major player in the insurance brokerage market in French-speaking Switzerland. This strategic operation will enable Verlingue to strengthen its position in the Swiss market by broadening its range of services and expertise in the field of insurance coverage for businesses, local authorities and medico-social establishments.
ProConseils Solutions was founded in 2003 and is known for its personalised client approach and commitment to quality. With a staff of almost 25 employees based in three offices in the Canton of Vaud, ProConseils Solutions works with more than 1,500 companies, nearly 150 local authorities and 30 medico-social establishments, providing them with optimised solutions for managing their insurance coverage.
This acquisition is fully aligned with Verlingue’s Better Future 28 strategic plan, which aims to reinforce the company’s presence in Europe and expand the territorial coverage of its business, based on an ambitious project bringing together local businesses with a shared vision.
Benjamin Verlingue, Chairman and CEO of the Adelaïde Group, explains that:
“The acquisition of ProConseils Solutions marks an important step in our growth strategy in Switzerland and Europe. We share strong values with ProConseils Solutions, notably close relations with our customers and service excellence. Joining forces will enable us to provide all our customers – whether in Switzerland or in the other countries in which we operate – an even broader range of expertise and solutions that are increasingly tailored to their needs.”
Alain Bornand and Joseph Gelsomino, co-Founders of ProConseils Solutions, add:
“Becoming part of Verlingue and the Adelaïde Group, is a real opportunity for our customers and our staff. We will be able to provide even better services and draw on the Group’s technical expertise and international dimension. It will also enable us to continue to develop ProConseils Solutions in French-speaking Switzerland, both through our existing teams and through possible acquisitions. ProConseils Solutions is entering a new phase in its evolution and we are looking forward to sharing this with our customers, partners and staff.”
With this acquisition, Verlingue will help the Adelaïde Group achieve its objective of becoming the leading family-owned insurance broker in Europe by 2028.
About Verlingue
Verlingue is an insurance broker specialising in business protection, and a subsidiary of the Adelaïde Group. Working alongside entrepreneurs, Verlingue’s goal is to harness corporate risk management and employee protection to drive its customers’ value creation and performance. With offices in France, Portugal, Switzerland, the United Kingdom and Italy, and through partners in over 100 countries, Verlingue works with its customers over the long term and at every instant to better understand and plan ahead for new risks and develop simple yet effective solutions to protect their business (corporate risk) and staff (supplementary social protection schemes and pensions).
1,500 employees, 550 of whom are based outside France
Operating out of 5 countries in Europe
Media Contact:
Agence Epoka – Lucie Fortin – [email protected] – +33 (0)6 19 68 70 18
About ProConseils Solutions
ProConseils Solutions is an insurance broker that specialises in providing insurance advice and coverage to local authorities, socio-medical establishments and SMEs. Our team has extensive expertise, based on nationally-recognised higher occupational training, supported by many years’ experience in the field. With local offices in Morges, Yverdon-les-Bains and Payerne, we are close to our customers. Respect, competency, high standards and team spirit are the values that underpin our corporate charter.
Media contact for ProConseils Solutions and Verlingue Switzerland:
Verlingue SA – Nicole Maissen – Marketing & Communications Manager – [email protected] – Telephone +41 58 414 45 20
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Fintech
Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform
xMoney Global, the global, inter-bank and cross crypto/fiat integrated payments platform has appointed award-winning economist Dr. Greg Siourounis as Co-Founder and CEO. The company is a Mastercard principal member, with strategic European licenses, such as e-Money and VASP.
As the digital landscape continues to evolve with the coming MiCA regulation, xMoney Global intends to lead Europe into this new transformative EU regulated stablecoin era. Greg Siourounis will lead the integration of xMoney’s advanced blockchain-enabled payments infrastructure with its upcoming stablecoin program. Stablecoins are a key driver of blockchain adoption in today’s market, now surpassing Bitcoin, remittances, and PayPal in annual transaction volume. As such, xMoney’s Global reputation positions it to bridge Web3 innovation with traditional finance, leading Europe into a new transformative EU regulated stablecoin era.
Dr. Greg, who has played a pioneering role in the growth of Sui Foundation as its former Managing Director and who previously founded Everypay, will drive xMoney Global’s next wave of growth. Beyond the standard reference of his academic work in 2024’s Nobel Prize in Economics, Dr. Greg’s career is also decorated with awards such as the 2005 Young Economist Award from The European Economic Association and the 2008 Austin Robinson Prize from The Royal Economic Society. His immediate target will be to focus on partnerships, regulatory alignment and market expansion, as xMoney Global looks to build a comprehensive payments platform that bridges legacy financial systems with the potential of decentralized finance.
Commenting on his appointment, Dr. Greg Siourounis, CEO of xMoney Global, said, “As Europe prepares to embrace MiCA regulation, xMoney Global is positioned to redefine what compliant, secure, and seamless digital payments can be. Our goal is to deliver a solid and trusted ecosystem that combines the strengths of traditional finance with the flexibility of blockchain technology to create a future-ready payment experience.”
Beniamin Mincu, Co-founder of MultiversX, said, “xMoney Global’s mission aligns perfectly with the vision of MultiversX to bring scalable and secure blockchain solutions to mainstream finance. This appointment marks a significant step toward building a more inclusive and resilient financial system.”
The launch of xMoney Global aims to offer a next-gen blockchain-as-a-service module backed by its native stablecoin, with key white-labeled services including acquiring, issuing, onramps/offramps and a sticky loyalty program, all backed by MultiversX’s state-of-the-art sharding technology. Following the surge in crypto markets after Trump’s pro-crypto Presidential win, xMoney will be ideally placed to accelerate real-world adoption as the easiest way for everyone (consumers, retail and e-commerce) to seamlessly access fiat and crypto currencies in an app, card or payment gateway.
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