LONDON and CAIRO, Oct. 17, 2024 /PRNewswire/ — Thunes, the Smart Superhighway to move money around the world, today announced a major expansion of its Direct Global Network into Egypt. This expansion brings mobile wallet and bank account payment capabilities to Thunes’ Pay solutions, enhancing the company’s cross-border payment services in one of the Middle East and North Africa’s most dynamic markets.

Egypt is experiencing one of the fastest adoption growth rates for mobile wallets across the African continent, driven by accelerating cash-to-digital conversion. According to GlobalData, mobile wallet volume in Egypt is expected to grow 26% annually between 2024 and 2028, with the projected total volume reaching USD 3.8 billion by 2028.

With this expansion, Members of Thunes’ Direct Global Network can now offer consumer remittance services into Egypt, either to bank accounts or to mobile wallets. This service supports all bank accounts in Egypt, with payouts in both Egyptian Pounds and US Dollars. In addition, all mobile wallets in Egypt will now be supported, with payouts available in Egyptian Pounds.

Egypt ranks as the top remittance-receiving market in the Middle East and North Africa region, totaling USD 19.5 billion in 2023, according to World Bank data, making Thunes’ entry into the market an important development for individuals and businesses seeking cross-border payments into the country.

Aik Boon “AB” Tan, Chief Network Officer of Thunes, said: “Expanding Thunes’ proprietary Direct Global Network into Egypt will provide our Members with greater speed, control, visibility, protection, and cost efficiencies for real-time cross-border payments in one of the fastest growing markets in the world. This expansion demonstrates our relentless commitment to global reach and industry-leading Quality of Service through direct network connections, enabling businesses and financial institutions to reliably process payments globally.”

Contact:

Flo Holt, Headland, [email protected]
Mathieu Limousi, Chief Marketing Officer, Thunes, [email protected]

About Thunes:

Thunes is the Smart Superhighway to move money around the world. Thunes’ proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes’ Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, via more than 320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more. Thunes’ Direct Global Network differentiates itself through its worldwide reach, in-house SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive unrivaled speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally. Members of Thunes’ Direct Global Network include gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks. Headquartered in Singapore, Thunes has offices in 13 locations, including Barcelona, Beijing, Dubai, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco, Sao Paulo and Shanghai. For more information, visit: https://www.thunes.com/

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STOCKHOLM, Oct. 17, 2024 /PRNewswire/ —

Focus on value creation and realizations

“Throughout the third quarter, we continued to execute on a strong pipeline of thematic investment opportunities, drive value creation across the portfolio and systematically pursue realizations. We are taking advantage of improving capital markets to increase exit activity, but risks remain elevated due to an uncertain geopolitical outlook.”

Christian Sinding,
CEO and Managing Partner

Highlights for the period Jul-Sep 2024 (Jul-Sep 2023)

Strategic

• EQT launched fundraising for EQT Private Capital Asia’s BPEA IX and set the target fund size at USD 12.5bn, an increase of almost 20% compared to BPEA VIII’s fee-generating commitments
• EQT prepared for additional Private Wealth products, in line with the ambition to reach a total of five products within 6-12 months
• EQT continues to assess strategic opportunities, organically or through acquisitions to strengthen its platform

Fundraising

• FAUM increased to EUR ‌134‌bn (EUR ‌‌128‌bn). Total AUM was EUR ‌246‌bn (EUR ‌‌‌232‌bn). Gross inflows amounted to EUR 3bn, partly driven by closed out commitments from EQT Infrastructure VI
• EQT Infrastructure VI had fee-generating commitments of EUR 16.9bn. Active fundraising efforts are expected to materially conclude in 2024. The fund is expected to reach its target size upon its final close in the first quarter of 2025
• EQT Active Core Infrastructure closed at EUR 2.9bn in total fee-generating commitments, including EUR 0.3bn of fee-generating co-investments. Management fees for the fund, which is currently less than half invested, are charged on invested capital
• BPEA IX is expected to be activated in the first half of 2025, and upon activation, management fees for the predecessor fund BPEA VIII will be based on net invested capital at the fee rate applicable post the commitment period

Investment activity¹

• Total investments by the EQT funds during the period amounted to EUR ‌6‌bn (EUR ‌‌2‌bn) driven by continued strong deal flow across regions and strategies. EQT has executed new thematic investments across cyber security, waste management, affordable housing and sustainability
• Investments include Acronis, a leading cybersecurity and data protection platform (EQT X); AMCS, a global leader in performance and sustainability software (EQT X, EQT Future); the public-to-private of PropertyGuru, a leading PropTech company in Southeast Asia (BPEA VIII); the public-to-private of Keywords Studios, a leader in gaming technology services (BPEA VIII); KJ Environment, a leading waste treatment provider in South Korea (Infrastructure VI); and GeBBS Healthcare Solutions, a leading healthcare technology solutions provider in India (BPEA VIII)

Exit activity¹

• Total gross fund exits announced during the period amounted to EUR ‌3‌bn (EUR ‌‌2‌bn)
• EQT has taken advantage of improving market dynamics to pursue various realizations, including full exits, equity sell-downs and stake sales in listed assets, minority stake sales, as well as certain exits in mature funds
• Exit events include the minority sale of EdgeConneX, a leading global provider of data center capacity (Infrastructure IV, Infrastructure V); the partial sell-downs in Galderma, a leader in dermatology (EQT VIII); the partial sell-down in Beijer Ref (EQT IX); and the full sale of EQT’s stake in Fiberklaar, a leading independent fiber-to-the-home provider in Belgium (Infrastructure V)

Investment performance

• All key funds continued to perform On plan or Above plan
• Value creation on a like-for-like basis across the Key EQT funds amounted to 4% during the quarter, following continued healthy earnings growth and a recovery in valuation multiples
• The development was consistent across business lines, with particularly strong performance in the listed portfolio companies in EQT Private Capital’s key funds. Recently acquired assets in Private Capital Asia’s key funds were positively impacted by performing ahead of their value creation plans

People and future-proofing

• The number of full-time equivalent employees and on-site consultants (FTE+) amounted to ‌1,927‌ (‌‌1,832‌), of which ‌1,861‌ (‌‌‌1,752‌) were FTEs
• Henry Steinberg was named Global Head of EQT Exeter after Ward Fitzgerald, founder of EQT Exeter, decided to step down. Since the acquisition of Exeter in 2021, EQT Exeter has doubled its fee-paying AUM, revenue, and EBITDA. Ward will work with Henry to ensure a smooth transition
• Masoud Homayoun, Head of EQT Value-Add Infrastructure, was also appointed Head of EQT Infrastructure
• Since committing to the Science Based Targets initiative in 2021, EQT has supported 49 portfolio companies in setting science-based targets.² In terms of invested capital, around 57% of portfolio companies have validated science-based targets, which is about three times higher than the median alternative asset manager³

Other

• In the third quarter, EQT completed a share buyback program of 2 million ordinary shares. As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT’s equity incentive programs
• On October 22, EQT will host its first US capital markets event in New York
• EQT will participate in the upcoming UN Climate Change Conference, COP29 in Baku, Azerbaijan
• Lock-ups related to 12% of EQT’s share capital expired during the quarter, with around 40% of released shares being owned by members of the Board or Executive Committee. Since the IPO in 2019, EQT’s free float has increased from around 24% to over 40%

Events after the reporting period

• EQT Infrastructure V announced the sale of a 25% minority interest in Reworld to GIC
• Investment levels in EQT Key funds as of 17 October 2024 were 40-45% in EQT X, 45-50% in EQT Infrastructure VI and 70-75% in BPEA VIII

1. Signed transactions, if not otherwise mentioned
2. Of which five completed the validation process during the period. In addition, 22 companies are in the process of setting targets
3. BCG, May 2024

Presentation of EQT AB’s Q3 Announcement 2024

Financial analysts and media are invited to participate in a conference call, including a presentation at 08:30 CEST.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

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The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected] 

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CEST on 17 October 2024.

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• Investment supports Euroclear’s growth strategy in the Asia-Pacific region
• Euroclear joins Marketnode’s major shareholders Singapore Exchange (SGX Group), Temasek and HSBC

BRUSSELS and SINGAPORE, Oct. 17, 2024 /PRNewswire/ — Euroclear today announced it has acquired a strategic stake in Marketnode, a Singapore-based digital market infrastructure operator. Financial terms of the transaction will not be disclosed.

Founded by SGX Group and Temasek in 2021, Marketnode serves as Asia-Pacific’s DLT-powered financial market infrastructure. It operates two platforms: Gateway, a one-stop, end-to-end platform leveraging the potential of tokenisation, and Fundnode, Singapore’s investments fund infrastructure on blockchain. Fundnode provides the funds ecosystem with a single platform for transaction management, funds processing, and record-keeping. HSBC invested in Marketnode in May 2024.

By joining forces with Marketnode and its existing shareholders, Euroclear aims to participate in the setup of a key market infrastructure in Asia-Pacific designed to simplify the management of funds flows and reduce settlement times by using new technology. The investment aligns with Euroclear’s global funds strategy and strengthens its one-stop-shop fund offering – Euroclear FundsPlace® – in the Asia-Pacific region.

Philippe Laurensy, Euroclear’s CEO of Asia Pacific markets, commented: “Partnering with Marketnode demonstrates our shared commitment to developing a new generation of funds market infrastructure by leveraging Euroclear’s global footprint, established fund infrastructure and digital capabilities. This first strategic investment in Asia also reinforces the region’s importance to Euroclear’s positioning and business growth. We are excited to join Marketnode’s pioneering journey in the rapidly growing area of digital assets and support the company’s international service expansion.“

Rehan Ahmed, CEO of Marketnode, said: “We are excited to welcome Euroclear as a strategic investor. Euroclear’s global connectivity, operational expertise, and market-leading position as a trusted financial market infrastructure will catalyse the growth of Marketnode’s platforms, especially Fundnode. It is also our privilege to be Euroclear’s first strategic investment in Asia, reflecting strong endorsement of our trajectory and achievements to date. We look forward to building the next generation of financial market infrastructure out of Asia, working together with Euroclear, HSBC, Temasek and our clients to realise our mission and vision.“

Pradyumna Agrawal, Managing Director, Investment, Temasek, said: “With Euroclear coming on board, Marketnode’s efforts and potential in further developing the global digital infrastructure space are being recognised. Euroclear’s partnership will provide Marketnode with expertise and access to a wider ecosystem, reinforcing Singapore’s position as a leading financial hub for funds. As one of Marketnode’s founding shareholders, we look forward to witnessing their continued success and welcome more like-minded investors to join this journey.“

About Euroclear
Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International.

About Marketnode
Marketnode, backed by HSBC, SGX Group and Temasek, is Asia-Pacific’s trusted and neutral digital market infrastructure operator. At Marketnode, we operate two flagship platforms, Gateway and Fundnode. Gateway is a one-stop, end-to-end platform enabling market participants to accelerate workflows, lower time to market, and capitalise on the transformative potential of tokenisation. Fundnode is Singapore’s investments fund infrastructure on blockchain, providing the funds ecosystem with a single platform for transaction management, funds processing, and record-keeping.

Contacts:

Pascal Brabant
[email protected]
+32 475 78 36 62

Craig MacDonald
[email protected]
+ 44 (0) 7471 148 319

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