Fintech PR

BII and Idemitsu partner with Skye Renewables to accelerate decarbonisation in South-East Asia

Published

8 months ago

March 26, 2024

bii-and-idemitsu-partner-with-skye-renewables-to-accelerate-decarbonisation-in-south-east-asia

A joint investment from BII and Idemitsu will support the renewable energy platform’s target to build over 300 MW of greenfield solar power capacity for commercial and industrial customers in the region.
The solar projects are expected to help displace consumption of on-grid electricity and avoid 270,000 tonnes of CO2 emissions annually.

SINGAPORE, March 26, 2024 /PRNewswire/ — British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, and Idemitsu Kosan (IKC), one of Japan’s leading energy companies, today announced a joint investment into Skye Renewables Energy Pte Ltd. (Skye), a South-East Asia-focused renewable energy platform, forming a strong partnership to support the development of greenfield solar projects and decarbonisation of the region.

South-East Asia is a region with an increasing demand for power and a high reliance on fossil fuels which creates an opportunity for the growth of renewable energy as part of decarbonisation efforts. While primary energy demand in the region is expected to grow by 1.8 times by 2050, renewable energy demand is estimated to grow by 4.4 times based on the current policy landscape.[1]

Established in 2022, Skye develops solar projects and provides off-grid clean energy to commercial and industrial (C&I) customers in the region including the Philippines, Vietnam, Singapore and Malaysia, under long term power purchase agreements.

The C&I sector accounts for a significant portion of energy demand in South-East Asia. Providing solar power to C&I businesses offers a good opportunity to keep pace with the region’s growing energy demand in a sustainable way and help countries to achieve their sustainability goals. Governments have introduced supportive policies for this nascent segment to scale clean energy deployment in C&I sectors and accelerate energy transition across the region.

Drawing from BII and IKC’s extensive track record in the renewable energy sector globally, the investment aims to support the region’s sustainability goals by transforming Skye into a scaled-up regional renewable energy platform with a solar capacity of over 300MW in the coming years.

As Skye grows, the solar projects are expected to help avoid 270,000 tonnes of CO2e annually, which is equivalent to the emissions generated by over 47,000 homes’ electricity use in a year.

Kara Owen, British High Commissioner to Singapore, said: “The UK and Singapore committed under the UK-Singapore Strategic Partnership and Green Economy Framework to deepen our government and private sector collaboration in the South-East Asian region so that we can effectively support sustainable infrastructure and investment. This is vital to ensure we’re working together as closely as we can, to support regional climate, green economy, and energy transition goals.

BII is a unique and valuable part of the UK’s development and investment partnership toolkit, and I’m delighted to see their progress since opening their Indo-Pacific office in Singapore nearly 18 months ago. This first direct equity investment by them in South-East Asia will support Skye Renewables to scale up renewable energy solutions in an important and growing area of decarbonisation need: the commercial and industrial sector. It will unlock clean energy, create green jobs, and bring the closer collaboration and investment in the region’s sustainable development that the UK wants to see.”

Srini Nagarajan, Managing Director and Head of Asia at BII, said: “This investment marks the first direct equity investment by BII in South-East Asia since our re-entry to the region in 2022. Skye provides BII the opportunity to work with experienced partners like IKC, to scale up this renewable energy platform that will benefit the region. Our goal is to boost climate finance in the region and so we look forward to supporting more greenfield renewable energy capacity and local governments’ efforts on decarbonisation.”

Hiroshi Yoshida, General Manager of Power & Renewables Business Department at IKC, commented: “We formed a partnership with Skye in 2022 and have made significant progress in the C&I rooftop solar space in South-East Asia. Now, with the addition of BII as a new partner to Skye, who has a proven track record of success in the global renewable energy sector, we believe it will create great synergy among us. By leveraging the strengths of each company, we aim to further grow Skye as a renewable energy platform in South-East Asia and contribute to a decarbonised society.”

Ross Coull, Founder of Skye Renewables, commented: “We are absolutely delighted that BII has chosen Skye as their first direct equity investment in South-East Asia. Their track record in renewable energy across multiple markets is extensive and I am sure that they will bring a huge amount of value to Skye; they will be a great partner to support our ambitions of decarbonising corporate activity in the region.”

This investment supports UN SDG 7 on Affordable and Clean Energy and SDG13 on Climate Action.

Notes to editors:

About British International Investment

British International Investment is the UK’s development finance institution and impact investor.
British International Investment is a trusted investment partner to businesses in Africa, Asia and the Caribbean.
It invests to support the UK Government’s Clean Green Initiative and to create productive, sustainable and inclusive economies in our markets.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance.
BII intends to deploy up to £500m in climate finance projects in Southeast Asia to support decarbonisation in the region.
BII is also a founding member of the 2X Challenge which has raised over $27billion to empower women’s economic development.    
The company has investments in over 1,470 businesses across 65 countries and total assets of £8.1 billion.
For more information, visit: www.bii.co.uk | watch here.
Follow British International Investment on LinkedIn and X.

About Idemitsu

Established in 1940, Idemitsu is one of Japan’s leading producers and suppliers of energy.
Idemitsu operates through 67 business bases across the world, in the areas of fuel oil, petrochemicals, lubricants, electronic materials, electric power and renewable energy, oil and gas development, and coal.

About Skye

Skye Renewables is an energy-as-a-service solar company with operations in Philippines, Vietnam, Singapore and Malaysia.
The company supports blue chip organisations by deploying solar systems on their premises and selling them the renewable energy via long-term contracts.
In addition, as the regulations continue to develop in South-East Asia, Skye Renewables can provide renewable energy from larger ‘off-site’ systems.
For more information, visit: www.skyerenewables.com.

[1] https://www.iea.org/reports/southeast-asia-energy-outlook-2022/key-findings

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Fintech PR

Joe Depa named as EY Global Chief Innovation Officer to lead its global innovation strategy

Published

7 hours ago

November 26, 2024

CISION (PR Newswire)

joe-depa-named-as-ey-global-chief-innovation-officer-to-lead-its-global-innovation-strategy

Depa will lead on the discovery and deployment of emerging technologies to help address business challenges and shape the future with confidence
Brings deep experience in identifying new ways that can practically help business transformation through an innovation mindset and culture shift

LONDON, Nov. 26, 2024 /PRNewswire/ — The EY organization announces today the appointment of Joe Depa as the new EY Global Chief Innovation Officer, effective immediately. Within this role, he will spearhead applied innovation to help improve service delivery and guide EY teams to address and solve business challenges.

Depa joins the EY organization at a pivotal moment, as a range of emerging technologies are reshaping businesses and industries, creating a multitude of new challenges and opportunities. To keep pace, the EY organization is continuing to make significant investments in areas such as artificial intelligence (AI), quantum computing and blockchain, and most recently formed the EY.ai Global AI Advisory Council.

In his new role, Depa will be leading the organization’s global innovation strategy. This will include overseeing efforts to successfully implement emerging technologies for tangible business applications, both internally and across work of EY member firms with clients.

Raj Sharma, EY Global Managing Partner of Growth and Innovation, says:

“At this time of constant disruption, success would require a forward-thinking approach and willingness to make bold decisions, which are at the heart of an innovative mindset. We’re thrilled to have Joe’s deep experience and knowledge around AI and data to lead on our strategic approach to innovation so that EY teams can help clients shape their future more confidently.”

Throughout the last decade, Depa has worked closely with C-suite leaders and boards to bring innovative products and services to market, improve client and employee experiences, and help enhance operational efficiencies through technology. Most recently, he served as the inaugural Chief Data and AI Officer at a leading university and health care organization. At the university, he helped to promote AI literacy, launch a responsible AI governance program and enable a secure data foundation. Prior to that, he acted as Senior Managing Director and Global Lead for Data and AI at a global multinational professional services company, where he led a team of AI strategists and data engineers in developing and implementing new products and services.

Joe Depa, EY Global Chief Innovation Officer, says:

“I’m truly excited to join an organization that is ‘All in’ on its commitment to the transformative potential of emerging technologies. I look forward to working with the EY teams and clients to help empower them to apply innovation in bold, new ways that help create value for clients through data, AI and emerging technologies to make the world a better place.”

A renowned thought leader in the field of AI, Depa has been recognized as one of the “Top 50 Global Leaders” by World Summit AI and has received Fast Company’s “World Changing Idea” award, among other accolades.

For more information, visit: ey.com.

About EY

EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

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Fintech

Fintech Pulse: A Daily Dive into Industry Innovations and Developments

Published

9 hours ago

November 26, 2024

Peter Tolan

fintech-pulse:-a-daily-dive-into-industry-innovations-and-developments

The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.

Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.

Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.

India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.

Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.

Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.

Key Takeaways for the Fintech Ecosystem

Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.

Fintech PR

BIZCLIK MEDIA LAUNCHES DECEMBER EDITION OF FINTECH MAGAZINE

Published

10 hours ago

November 26, 2024

CISION (PR Newswire)

The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish

LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.

FinTech Magazine

This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.

“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish

The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns

You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.

About BizClik

BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.

BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.

For more information, please visit our website.

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