Fintech PR
Cathay Financial Holdings Marks Third Consecutive Year at World Biodiversity Summit During Climate Week NYC, in Conjunction with UNGA 79
Taiwan’s Sole Signatory of the ‘Valuing Water Finance Initiative’
TAIPEI, Oct. 14, 2024 /PRNewswire/ — During Climate Week NYC, Sophia Cheng, the CIO of Cathay Financial Holdings, shared her insights at the iconic World Biodiversity Summit by contributing to the session “Valuing Natural Capital: Creating Markets for Nature” on 26 September 2024. Cheng discussed the role of corporations in driving nature-positive investments, emerging trends, and actionable strategies. She was also invited by Ceres (Ceres Valuing Water Finance Initiative) as Taiwan’s sole representative to speak on “Building Corporate Climate Resilience through Water Resource Management.” It’s also been the third consecutive year that Cathay FHC has participated in Climate Week NYC, further demonstrating its global influence and Taiwan’s financial sector’s commitment to promoting nature-positive growth.
In her speech, Cheng emphasized the urgent need for increasing capital to support nature-positive initiatives, citing Bloomberg[1] research, which estimates that USD 166 billion is allocated annually to biodiversity conservation and restoration. However, this is five times less than the estimated USD 996 billion per year required by 2030 in the same report. Cheng urged, “We need more resources invested in sustainable supply chains, impact investing, and ecosystem building to expand the biodiversity market.” She pointed out that out of the 416 organizations from 51 countries that have adopted the TNFD (Taskforce on Nature-related Financial Disclosures), 45% are from Asia. Cheng believes this signals that Asian companies are eager to engage in more nature-positive initiatives once global frameworks become clearer.
Recognizing the complexity of biodiversity and nature-related sectors, Cheng suggested that a global biodiversity project platform should be established. This platform would match diverse funding sources with nature projects across various risk profiles while setting consistent standards, such as developing market rules for biodiversity credits, to enhance market efficiency and stability. At the same time, more market participants need to see successful examples. She highlighted World Bank’s “Rhino Bond,” which links bond yields to the success of rhino conservation efforts. This initiative has already contributed to an 8% increase in the black rhino population, delivering dual benefits for both biodiversity and investors.
Throughout the discussions at Climate Week NYC, Cheng expressed concerns over the general lack of attention to biodiversity loss, a sentiment echoed by fellow panelists. To encourage the audience, the panelists adopted a positive and proactive stance, emphasizing the promising outlook for biodiversity. They highlighted practical measures such as the construction of the Global Biodiversity Framework, the rise of biodiversity credit schemes, the continuous development of technologies like AI, and numerous transnational collaborations aimed at promoting nature-positive growth. The notion “with great power comes great responsibility” emerged as a central theme, with both public and private sectors being urged to collaborate in building a larger, more impactful market that integrates biodiversity. As Cheng concluded, she stressed that “everyone can influence a stakeholder, and the more we engage, the more successful natural investments will be.”
At the Ceres Water Resources Forum, Cheng further emphasized the critical importance of water resources, quality, and stability for both human life and global ecosystems. She shared that, in addition to improving water efficiency in its operations, Cathay FHC and its subsidiaries analyze companies in their investment and financing portfolios with high water resource risks. This includes integrating water governance performance in industries such as semiconductors, power, and food into Cathay’s water resource investment management and engagement strategies. Cheng also praised Taiwan’s high-tech industries for their proactive responses to water-related risks and encouraged broader efforts in water governance, moving from targeted projects to more comprehensive strategies to avoid greenwashing risks.
Cathay FHC continues to lead with innovative financial models that promote nature-positive outcomes. As the only Taiwanese financial institution to sign the “Valuing Water Finance Initiative”, Cathay FHC has invested in and provided loans to water resource sector, including water treatment, water supply, and wastewater management. Cathay Life Insurance, one of Cathay FHC’s subsidiaries, as the first financial institution in Taiwan to join Nature Action 100, collaborated with 190 international institutional investors in 2023 to engage 100 companies in industries such as food, chemicals, forestry, and pharmaceuticals—sectors significantly impacting natural habitats and biodiversity loss. These engagements urged companies to take proactive measures to protect and restore natural ecosystems.
Cathay FHC has observed the rise of nature-themed asset management and insurance products, along with promising blended finance models that appropriately value ecosystem services, thereby attracting more investments. Cheng concluded by expressing hope for continued public-private sector collaboration in achieving nature-positive goals and overcoming financial barriers.
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[1] Biodiversity Finance Factbook: https://assets.bbhub.io/professional/sites/24/Biodiversity-Finance-Factbook_COP28-Edition.pdf |
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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