Fintech PR
China UnionPay Optimizes Payment Services with the Launch of Project Excellence 2024
SHANGHAI, March 16, 2024 /PRNewswire/ — On March 15, the launch ceremony for Explore China Your Way with UnionPay: China UnionPay Payment Service Optimization – Project Excellence 2024 was held in Shanghai. Mr. Zhang Qingsong, Member of the CPC People’s Bank of China (PBOC) Committee and Deputy Governor of the PBOC, and Ms. Xie Dong, Vice Mayor of Shanghai, attended the ceremony and delivered remarks. The event was also attended by Mr. Wang Ping, Deputy Secretary-General of Shanghai Municipal People’s Government, Mr. Jin Penghui and Mr. Liu Xingya, Deputy Directors of the Shanghai Head Office of the PBOC, Mr. Wang Sheng, Deputy Director-General of the PBOC Payment and Settlement Department, as well as the leadership from China UnionPay, including Mr. Dong Junfeng, as well as Mr. Shao Fujun, Chairman, and Mr. Cai Jianbo, President. Other members of the audience included representatives from the Shanghai municipal authorities, major Chinese commercial banks, acquirers, merchants, overseas regulators, international partners and other global card schemes.
The State Council recently issued guidelines to further optimize payment services in China. The document aims to address the bottlenecks in payment services and improve a multi-layered and diversified payment service system in line with the payment preferences of different user groups. The release of the guidelines fully demonstrates the significance attached by the central government to the development of the payment industry and serves as a roadmap for the future growth of the industry. It is essential for building a payment service system where different payment options develop in parallel and complement each other, and for creating an inclusive and convenient payment environment to facilitate the high-quality development of the payment industry.
In order to fully implement the requirements provided by the guidelines, China UnionPay has taken the initiative to launch Project Excellence 2024 to fully participate in the campaign to improve payment convenience for the senior citizens and international visitors to China. With the goal of delivering full solutions for all use cases across China, Project Excellence 2024 will be jointly implemented and co-funded by industry participants. Specifically, China UnionPay will take the lead and direct CNY 3 billion to focus on acceptance terminal upgrades, signage placement and publicity, etc. in key cities and use cases. At the same time, led by government authorities in specific sectors, UnionPay will encourage other industry players to pool their resources. The efforts will cover 41 key cities nationwide and 26 high-frequency use cases in eight major categories including F&B, accommodation, transportation, sightseeing, shopping, entertainment, healthcare, and education. By providing comprehensive payment solutions that include cards, QR codes, OEM pay products, and cash withdrawal, the undertaking will drive parallel while complementary development of mobile, card and cash payments. Project Excellence 2024 will start in Shanghai with marketing campaigns throughout the year under the theme Explore China Your Way with UnionPay, aiming at providing more discounts and options as well as a better experience.
During the event, Mr. Zhang Qingsong, Deputy Governor of the PBOC, stated that the rapid development and accelerated penetration of mobile payment in China in recent years have been pivotal in reducing transaction costs and promoting financial inclusion; however, new challenges have also emerged, such as the digital divide for the elderly population and barriers for international visitors to China. To implement the decision and arrangements by the central government, the PBOC has swiftly set up a dedicated working group to put in place a series of measures in line with the State Council guidelines. He acknowledges China UnionPay’s quick action to pool resources with other parties, and encourages all entities to strengthen synergy and provide the resources necessary to achieve substantial results in making payments more convenient. Shanghai, as one of the main destinations for inbound travelers, has gained valuable experience in supporting the China International Import Expo (CIIE). He hopes that the city can continue to set a good example in effectively implementing more measures aiming at increasing payment convenience. The PBOC will work with relevant parties, further develop payment use cases, and coordinate efforts to address any shortcomings and weaknesses. It will make payment services more heart-warming and broadly-covering so as to contribute to China’s high-standard opening up, an optimized business environment in China, as well as greater happiness and sense of gain of the people.
Ms. Xie Dong, Vice Mayor of Shanghai, said that payment is the foundation of economy and finance, and plays a crucial role in facilitating people’s lives, optimizing the business environment, and building a thriving consumer market. The PBOC has guided all parties in the payment industry to establish a multi-layered and broadly-covering acceptance network, which enables China to become a global leader in payment services. Shanghai is the largest clearing center in the world for card-based transactions, where China UnionPay has attracted numerous businesses upstream and downstream of the industry chain to form a cluster. As the city receives a large number of international visitors each year and is also one of the first in China to enter an era of aging society, choosing Shanghai as the first stop for Project Excellence 2024 holds special significance. She believes that Project Excellence can enable senior citizens and international travelers among others to feel accepted and welcomed, and make payment services in Shanghai more accommodating. The Shanghai municipal government will fully support the Project, and it stands ready to work with all parties including the PBOC to implement the requirements listed in the State Council guidelines, aiming to develop the Shanghai Solution that bridges the digital divide and improves the multi-layered as well as diversified payment service system. Together, all parties can contribute to business environment optimization and the high-quality social and economic development.
Mr. Dong Junfeng from China UnionPay pointed out that payment service optimization is a national policy and a shared responsibility of all industry participants. China UnionPay has been implementing the strategic decisions by the central government and the work arrangements of the PBOC by fulfilling its pivotal role as a card scheme. He hopes that through Project Excellence 2024, China UnionPay can inspire other industry stakeholders to contribute their resources, promote the parallel and complementary development of card, mobile and cash payments, and respect and support customer’s rights to choose payment tools. Project Excellence 2024 is a major initiative that connects different links of the payment industry as well as a systematic one that calls for consensus and coordination across the payment industry in geographies both in and outside China. Under the leadership of the PBOC and local governments, China UnionPay will team up with banks, China UMS, and acquirers in and outside China’s mainland, and strive for extensive availability of full solutions in all use cases across China. Furthermore, UnionPay will enhance collaboration with banks and payment institutions, expedite payment code interoperability, strengthen partnership with Chinese clearing institutions, and further engage in consultations with other international card schemes to jointly establish a convenient, open and inclusive payment ecosystem. Ultimately, UnionPay products will be easy to use in every use case, offering a superior experience, more options, and higher value for the elderly and international visitors to China.
During the ceremony, China UnionPay released 29 business achievements, covering international card issuance, overseas e-wallets, and acceptance in China. Among which were agreements signed with partners from the Philippines, Australia, and Pakistan to issue three million UnionPay cards. Ten major wallets, including AEON in Hong Kong SAR, OCBC in Singapore, and the LPB e-wallet in Vietnam, now support UnionPay QR payments, which are estimated to cover 60 million potential customers. More than ten well-known online and physical merchants, including Meituan, Trip.com, Pinduoduo, JD.com, and Shouqianba, accept international UnionPay payment products. Hong Kong and Macao vehicles traveling to the mainland can enjoy seamless payments at multiple parking lots and tollgates in Guangdong Province.
At the event, UnionPay also signed collaboration agreements with Ctrip Financial Services and China Tourism Group to provide more user-friendly cross-border payment services for international visitors to China. These two collaborations demonstrate the in-depth partnership between payment and tourism sectors that collectively improves the service for inbound travelers to China. They are also the outcome of collaborative efforts by the relevant industries. Themed marketing campaigns targeting these travelers have also been launched alongside Project Excellence 2024, available at visa centers, airlines, online travel agencies, and over 100,000 merchants in several locations including Shanghai, Guangdong, Zhejiang, and Shenzhen. Nearly 20 issuers from countries such as South Korea, Thailand, and Kazakhstan will offer up to 12% cashback to their cardholders who use UnionPay cards in China. Additionally, UnionPay’s Travel Mate Asia, a card featuring popular destinations in China’s mainland, will be upgraded. The new series of card issuance programs will cover more destinations with more exciting benefits.
As a key financial infrastructure in China and one of the major card schemes in the world, China UnionPay has always adhered to the original aspiration of “Payment for the People” and has been strengthening collaboration with other industry stakeholders. With its comprehensive solutions that cover all sorts of payments regardless of the location, vehicle and mode, China UnionPay continues to make payments easier for groups such as senior citizens and international visitors to China. While improving services such as card acceptance and ATM cash withdrawal, China UnionPay has rolled out the senior-friendly version of the UnionPay App, allowing the elderly to enjoy the benefits brought by the era of digital payment. In addition, UnionPay has issued over 230 million cards outside China’s mainland, launched nearly 200 UnionPay-powered e-wallets, and extended the acceptance network to 183 countries and regions, transforming UnionPay into a global payment solution that services cardholders across the world in their everyday lives and work.
Going forward, China UnionPay will work with all industry participants to ramp up the implementation of Project Excellence, with pledges to achieve substantial progress in more key cities and key use cases.
View original content:https://www.prnewswire.co.uk/news-releases/china-unionpay-optimizes-payment-services-with-the-launch-of-project-excellence-2024-302090764.html
Fintech PR
Ridgewood Infrastructure Announced $1.2 Billion Final Close for Fund II, Significantly Surpassing Its Target
NEW YORK, Jan. 15, 2025 /PRNewswire/ — Ridgewood Infrastructure (“Ridgewood”), a leading investor in essential infrastructure in the U.S. lower middle market, today announced the final close of its second fund, Ridgewood Water & Strategic Infrastructure Fund II LP (“Fund II”), with $1.2 billion in capital commitments, significantly surpassing its $1 billion target.
Fund II attracted a diverse mix of leading institutional investors, including returning and new public and corporate pensions, insurance companies, endowment funds, and asset managers from North America, Europe, Asia, and the Middle East.
A continuation of Ridgewood’s established strategy, Fund II is focused on investments in essential infrastructure businesses and assets that provide critical services in sectors including water, energy, transportation, and utilities. Ridgewood’s operationally oriented, value creation approach emphasizes scaling, professionalizing, and enhancing the strategic positioning of its investments.
“We are grateful for the continued significant support from our existing partners and are excited to welcome several new LPs from across the globe,” said Ross Posner, Managing Partner of Ridgewood Infrastructure. “This is a meaningful milestone for our firm, and we are deeply appreciative of the trust our partners continue to place in our team and strategy.”
Michael Albrecht, Managing Partner, added: “We look forward to continuing to deliver value for our investors and the many communities in which our portfolio companies operate.”
Fund II has already made several notable investments, including the Prospect Lake Clean Water Center, the third-largest water public-private partnership in U.S. history, which will provide approximately 80% of Fort Lauderdale’s fresh water under a 30-year concession agreement.
Ridgewood has also had notable recent exits from its inaugural fund (“Fund I”). Last October, Fund I sold its controlling interest in the Vista Ridge Water Pipeline, America’s largest water public-private partnership, which supplies approximately 20% of San Antonio’s fresh water under a 30-year concession agreement. Earlier this month, Fund I also sold its controlling interest in SiEnergy, one of the fastest growing regulated utilities in America.
“Our achievements reflect the exceptional capabilities of our team and the strength of the Ridgewood platform,” said Matthew Swanson, Founding Partner of Ridgewood Infrastructure. “We look forward to building upon this strong foundation of success in the years to come.”
Eaton Partners, a Stifel company, acted as the placement agent, and Vinson & Elkins LLP served as legal counsel for the fund.
About Ridgewood Infrastructure
Ridgewood Infrastructure is a leading infrastructure investor in the U.S. lower middle market with sectors of focus including water, energy, transportation, and utilities. For more information, visit www.ridgewoodinfrastructure.com.
Contact Information: Ridgewood Infrastructure
527 Madison Avenue, 18th Floor
New York, NY 10022
Phone: (212) 867-0050
Email: [email protected]
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Fintech
Fintech Pulse: Your Daily Industry Brief (Plaid, Warner Bros., TransUnion, Monevo, FinVolution, CreditTech, Glenbrook Partners)
Op-Ed: The Dawn of a Fintech Spring
As the financial technology sector continues to navigate the complex post-pandemic landscape, recent developments suggest a revitalized period of growth and innovation. Key players are making bold moves, partnerships are forming, and underserved markets are gaining attention. In this briefing, we explore the latest headlines and what they reveal about the industry’s trajectory.
Plaid Reports Growth in Revenue and Usage Rates
Plaid, the connective tissue of the fintech ecosystem, has shown remarkable resilience and growth. The company’s CEO recently highlighted a surge in both revenue and usage rates, describing the current period as a “fintech spring.” This growth comes as consumer demand for seamless financial solutions remains high, despite macroeconomic challenges.
Plaid’s ability to maintain relevance is tied to its strategic partnerships and continuous innovation. By enabling applications like Venmo and Robinhood to thrive, Plaid underscores the importance of integration in fostering user trust and utility.
Source: Bloomberg
Warner Bros. Discovery Strengthens Board with Fintech Leadership
Warner Bros. Discovery is diversifying its board by bringing in SoFi CEO Anthony Noto and outgoing IAC Chief Executive Joseph Levin. This move signals the increasing influence of fintech expertise beyond traditional financial sectors. With Noto’s leadership in digital banking and Levin’s extensive background in technology-driven enterprises, Warner Bros. Discovery is positioning itself for a future that seamlessly blends media and financial technology.
This cross-industry synergy could lead to innovative offerings, bridging gaps between entertainment platforms and fintech applications, such as micro-investing and personalized financial recommendations for content consumers.
Source: Reuters
TransUnion to Acquire Monevo
Credit reporting agency TransUnion has announced its plans to acquire Monevo, a leading credit prequalification and distribution platform. This acquisition aims to enhance TransUnion’s capabilities in the credit technology space, allowing it to offer more personalized and accessible financial solutions to consumers.
By integrating Monevo’s platform, TransUnion is expected to provide lenders with advanced tools to better assess creditworthiness while empowering consumers with prequalified loan offers. This development is particularly timely as consumers increasingly seek transparency and efficiency in credit processes.
Source: TransUnion Press Release
FinVolution Highlights CreditTech Opportunities in Southeast Asia
Ming Gu, Senior Vice President of FinVolution, emphasized the transformative potential of CreditTech in Southeast Asia during his address at the Asian Financial Forum. With a significant portion of the region’s population still underserved by traditional financial institutions, CreditTech presents a unique opportunity to bridge the gap.
Gu pointed out that leveraging AI and data analytics can help tailor credit solutions for diverse needs, ultimately fostering financial inclusion and economic growth in these emerging markets. FinVolution’s insights reaffirm the critical role of fintech in empowering underserved communities.
Source: PR Newswire
Glenbrook Partners Launches On-Demand Learning Program
Payments consultancy Glenbrook Partners has introduced an on-demand learning platform designed to educate professionals in the payments industry. This initiative is expected to address the growing need for skilled talent as digital payment ecosystems expand globally.
The program offers modular content covering foundational and advanced topics, catering to professionals at various stages of their careers. By equipping individuals with in-depth knowledge, Glenbrook is contributing to the industry’s sustainability and growth.
Source: PR Newswire
Analysis and Takeaways
These stories collectively highlight a few key trends shaping the fintech landscape:
- Resilient Growth: Plaid’s trajectory reaffirms that consumer-centric innovations drive sector resilience even during economic uncertainties.
- Cross-Industry Integration: Warner Bros. Discovery’s board appointments underline fintech’s permeation into traditionally non-financial domains.
- Strategic Acquisitions: TransUnion’s acquisition of Monevo showcases how established players are leveraging fintech to enhance service offerings.
- Global Inclusivity: Efforts by FinVolution and others highlight the role of fintech in addressing global financial disparities.
- Education and Skill Development: Initiatives like Glenbrook’s program reflect a proactive approach to fostering a knowledgeable workforce.
The post Fintech Pulse: Your Daily Industry Brief (Plaid, Warner Bros., TransUnion, Monevo, FinVolution, CreditTech, Glenbrook Partners) appeared first on News, Events, Advertising Options.
NEW YORK, Jan. 15, 2025 /PRNewswire/ — J.F. Lehman & Company (“JFLCO”), a leading middle-market private investment firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, is pleased to announce several promotions and team additions.
Promotions include Karina Perelmuter to Managing Director, Megan E. Kanefsky to Director, Bridget A. Harding to Vice President and Bailee D. Glass to Associate. “Our latest promotions highlight the exceptional contributions by these individuals as well as our established track record cultivating career progression,” said Louis N. Mintz, Partner. “Their dedication and impact across our own organization and our portfolio companies illustrates our commitment to excellence and fostering sustained success.”
The firm also recently welcomed several new investment professionals including Sandra Wong, Jack R. Chandler, Yosef W. Medhin, Jack R. Smith and Emily O. Strambi. JFLCO’s functional capabilities were augmented with the addition of Isabel R. Grabel and Jessica S. Godt in Investor Relations, Miguel Zhindon in Technology and Grace Xu in Finance & Accounting.
“We continue to attract outstanding new talent following the successful closing of our latest buyout fund,” said Glenn M. Shor, Partner. “These new team members further enhance the firm’s capacity and capabilities.”
Recent Promotions
Karina Perelmuter, Managing Director, Marketing & Investor Relations. Prior to joining the firm in 2019, Ms. Perelmuter served as a Vice President in Lazard’s Private Capital Advisory practice, a member of the Investor Relations team at Tiger Global and a Fund Accountant at Mount Kellett. She began her career in Assurance at Ernst & Young. Ms. Perelmuter graduated magna cum laude from American University, where she earned a B.S. in finance and accounting.
Megan E. Kanefsky, Director, Human Capital. Prior to joining the firm in 2021, Ms. Kanefsky spent 15 years in the Human Resources Group at Blackstone, where she focused on recruiting, benefits administration, performance evaluation and organizational development. Ms. Kanefsky earned a B.A. in psychology from the University of Maryland and an M.A. in industrial and organizational psychology from Baruch College.
Bridget A. Harding, Vice President. Prior to joining the firm in 2020, Ms. Harding began her career as an Investment Banking Analyst in Goldman Sachs’ Global Industrials Group. Ms. Harding graduated summa cum laude from Lehigh University, where she earned a B.S. in accounting and finance.
Bailee D. Glass, Associate. Prior to joining the firm in 2022, Ms. Glass began her career as an Alternative Investments Research Analyst in BlackRock’s hedge fund solutions group. Ms. Glass graduated from the University of Chicago, where she earned a B.A. in economics.
Investment Team Additions
Sandra Wong, Vice President, Credit. Prior to joining the firm, Ms. Wong served as Vice President on the U.S. Investment Team at Strategic Value Partners, where she focused on distressed and special situations opportunities. She began her career as an Investment Banking Analyst at Credit Suisse, where she later transitioned to the Private Equity Group. Ms. Wong earned a B.A. in business economics as well as a minor in accounting from UCLA and an M.B.A from the Wharton School at the University of Pennsylvania.
Jack R. Chandler, Associate. Prior to joining the firm, Mr. Chandler began his career as an Investment Banking Analyst at Grace Matthews. He graduated magna cum laude from the University of Notre Dame, where he earned a B.B.A. in finance and applied computational mathematics and statistics.
Yosef W. Medhin, Associate. Prior to joining the firm, Mr. Medhin was an Investment Banking Analyst in Citi’s Industrials Group and began his career as an Investment Banking Analyst at Deutsche Bank. He graduated from Washington and Lee University, where he earned a B.S. in business administration.
Jack R. Smith, Associate. Prior to joining the firm, Mr. Smith began his career at Morgan Stanley in the Private Equity Solutions group. He graduated summa cum laude from Drexel University, where he earned a B.S. in finance.
Emily O. Strambi, Analyst. Prior to joining the firm, Ms. Strambi began her career as an Equity Trading Analyst at the Royal Bank of Canada, where she covered the healthcare and consumer sectors. She graduated magna cum laude from the Wharton School at the University of Pennsylvania, where she earned a B.S. in economics with concentrations in finance and business analytics as well as a minor in legal studies and history.
Other Team Additions
Isabel R. Grabel, Marketing & Investor Relations. Prior to joining the firm as a Senior Associate, Ms. Grabel was a Senior Associate at Harvest Partners, where she focused on private equity investments in industrials, healthcare, business services and consumer products. She began her career as an Investment Banking Analyst at Jefferies. Ms. Grabel graduated from the Ross School of Business at the University of Michigan, where she earned a B.B.A. with a concentration in finance and financial management services.
Jessica S. Godt, Marketing & Investor Relations. Ms. Godt joined JFLCO in 2024 to support and consult on the firm’s marketing and fundraising efforts across private equity and credit strategies. Previously, Ms. Godt served as Vice President of Investor Relations at Warwick Investment Group and began her career in Lazard’s Private Capital Advisory practice. She earned a B.S. in commerce with concentrations in finance and management and a minor in business analytics from the University of Virginia.
Miguel Zhindon, Enterprise Technology. Prior to joining the firm as a Vice President, Mr. Zhindon served as a Senior Technology Consultant at iCorps Technologies, tailoring IT strategies, training and technical support for JFLCO and other clients. Previously, Mr. Zhindon held various roles in network administration and telecommunications. He began his career in the United States Marine Corps and graduated from Pace University, where he earned an M.S. in information systems and assurance.
Grace Xu, Finance & Accounting. Prior to joining the firm as an Assistant Controller, Ms. Xu served as a Business Unit Controller at Millennium Management. Previously, Ms. Xu worked as a Manager at PricewaterhouseCoopers in the financial services group. Ms. Xu earned a B.S. in accounting from Pennsylvania State University. Ms. Xu is a Certified Public Accountant.
About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company focuses exclusively on investing in the aerospace, defense, maritime, government and environmental industries. The firm has offices in New York and Washington, D.C.
http://www.jflpartners.com
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