Fintech PR

As the world chokes in plastic, banks continue to finance plastic production

Published

3 hours ago

October 17, 2024

New research led by Profundo, BankTrack and the Plastic Soup Foundation reveals a lack of bank policies dealing with the impact of plastics on climate, nature and humans

AMSTERDAM, Oct. 17, 2024 /PRNewswire/ — Most commercial banks are blind to the risks associated with financing companies in the plastic supply chain, in particular the detrimental impact of plastic on climate, nature, human health and communities. As a result, very few banks have policies in place to effectively deal with these risks, let alone exclude finance for the plastics industry altogether.

This is the main conclusion from a first assessment of bank policies on plastic conducted by the Plastic Banks Tracker aimed at exposing the role of commercial banks in financing the plastics life cycle: from polymer producers via the food industry and retail companies to the waste management sector.

Assessment of commitment, policies and implementation
This first assessment covered twenty of the biggest banks that play a prominent role in financing companies in the global plastics lifecycle, including some banks that participate in the UNEP Finance Leadership Group on Plastics. ^[1]Our methodology assesses three different phases a bank must go through to properly finance the plastics transition: Acknowledgement of their role in perpetuating the plastics crisis and Commitment to be part of the solution; Policy development (‘Policies’) to guide their financing decisions, and Implementation of these policies through screening, engagement with clients and providing attractive financing conditions for alternatives. Based on their scoring for these phases, banks are then categorized on a laggards to leaders scale.

Most banks are slow performers
A new website published today, www.plasticbankstracker.org, shows that, of the twenty banks investigated, none of them can be considered a leader. Only two banks score reasonably well on Acknowledgement and Commitment.

Germany based ProCredit qualifies in our ranking as a moderate achiever, while Dutch banking group ING is seen as a follower.

Disappointingly, the other 18 banks rank among the slowest performers. Some of these banks, such as Mitsubishi UFJ, Barclays and BNP Paribas, do have relevant policies in place on for instance climate change, nature protection, or health and communities. However, because they lack proper acknowledgement and commitment related to the plastics crisis, they cannot be expected to strictly implement these policies in their financing relationships with companies in the plastics lifecycle.

Based in on the Plastic Banks Tracker methodology, all banks received a score on a scale from 0-100.

Jan Willem van Gelder, Director of Profundo, which conducted the research, commented: “It is striking to see that so many banks heavily exposed to companies in the plastics life cycle fail to acknowledge the severity of the plastics crisis and their own specific responsibility for it. While most banks have high-level policies on health, human rights and climate change, these will not help solving the plastics crisis as long as they do not commit to prioritize implementation of these policies with their clients in the plastics lifecycle.”

Maria Westerbos, Director of the Plastic Soup Foundation: “The research reveals there is a total lack of urgency in the banking sector to deal with the current global plastic crisis. The current plastic production of 500 million tons a year is out of control; we eat, drink and breathe plastic, and scientists found plastic in our blood and recently even in our brains. The projections show plastic production will triple in the next decades if no serious measures are taken. As the financiers of this system banks can play a crucial role in changing the direction of plastic production.”

Johan Frijns, Director of BankTrack, further commented:
“The ever-increasing production and consumption of plastics is widely seen as a major environmental and human health crisis, for which at some point not only plastic producers but also their financiers will be held accountable. Banks must understand that being perceived as a ‘Plastic Bank’, bankrolling plastics production, carries the same severe reputational risk as financing the continued exploration of fossil fuels as a ‘Fossil Bank’. Banks must disentangle themselves from these two strongly connected industries and instead focus on financing the energy and plastics transition.”

View original content:https://www.prnewswire.co.uk/news-releases/as-the-world-chokes-in-plastic-banks-continue-to-finance-plastic-production-302279155.html

Fintech PR

Press Announcement: AIMed24 Announces Strategic Partnership with Frost & Sullivan

Published

50 mins ago

October 17, 2024

CISION (PR Newswire)

SAN ANTONIO, Oct. 17, 2024 /PRNewswire/ — AIMed24, the premier event for artificial intelligence and healthcare innovation, is excited to announce its strategic partnership with Frost & Sullivan. This collaboration will further enhance AIMed24’s mission to advance healthcare with cutting-edge AI technologies. The conference will take place from November 17-19, 2024, at the Caribe Royale Orlando.

With over 60 years of supporting client growth, Frost & Sullivan has established itself as a leader in growth strategy and innovation through its unique Ecosystem of Content, Community, and Coaching. Frost’s Growth Pipeline as a Service (GPaaS) empowers companies, governments, and investors to maximize their economic potential while navigating emerging trends and pursuing sustainable growth. This partnership aligns perfectly with AIMed24’s focus on future-proofing healthcare through innovation.

Dr. Anthony Chang, founder of AIMed and Chief Intelligence and Innovations Officer at Children’s Hospital of Orange County, said, “Partnering with Frost & Sullivan brings immense value to AIMed24. Their expertise in fostering growth and innovation across industries, including healthcare, complements our mission to lead the conversation on AI’s transformative impact on patient care. Together, we’re shaping the future of medicine with pioneering ideas and real-world solutions.”

Greg Caressi, Senior Vice President of Global Client Services at Frost & Sullivan, shared his enthusiasm, stating, “We are thrilled to partner with AIMed24, a conference that has consistently brought together the brightest minds in AI and healthcare. This partnership aligns with our commitment to creating opportunities for sustainable growth and innovation, and our focus on AI in healthcare and life sciences applications. We look forward to contributing to the exchange of knowledge that will inspire the next wave of healthcare advancements.”

AI Med, a leading event that brings together experts at the intersection of artificial intelligence and healthcare, will serve as a platform for Greg Caressi to share his deep expertise in digital health transformation and AI-driven healthcare innovations. As a recognized thought leader in healthcare technology and innovation, Greg has spent decades analyzing emerging trends and fostering strategic initiatives that enhance data transformation and utilization of data to drive health outcomes.

AIMed24 is the must-attend conference for healthcare professionals, AI innovators, and technology leaders. With strategic partnerships like Frost & Sullivan, this year’s event promises to deliver an immersive experience, featuring groundbreaking keynote speakers, hands-on workshops, and unparalleled networking opportunities. The collaboration highlights AIMed’s global impact, with representation from all five continents and over 50 countries throughout its history. Attendees will have the opportunity to learn from industry experts and gain insights into AI’s role in shaping the future of healthcare.

Why This Partnership Matters: AIMed24 is committed to building long-term partnerships with key organizations that share its vision of improving healthcare through AI. Frost & Sullivan’s expertise in identifying growth opportunities and their forward-looking approach to industry trends makes them an ideal partner. Together, AIMed24 and Frost & Sullivan will deliver a unique, high-value experience for attendees, ensuring they leave equipped with actionable strategies and insights to drive AI innovation in healthcare.

Scholarships and Global Representation: AIMed24 is proud to continue its tradition of supporting clinicians and students from around the world through special scholarships. This initiative ensures that financial barriers do not prevent the brightest minds from participating in this world-class event.

Register Today: Don’t miss out on AIMed24! To learn more about the event and secure your tickets, visit www.aimed.events.

About Frost & Sullivan
For over six decades, Frost & Sullivan has guided the world’s top companies toward transformational growth journeys that result in a stream of innovative growth opportunities. Frost’s Growth Pipeline as a Service (GPaaS) value proposition allows customers to maximize their economic potential, navigate emerging megatrends, and shape a future based on sustainable growth. Learn more.

About AIMed24
AIMed24 is where AI and medicine’s brightest minds converge to shape the future of healthcare. Join us at the Caribe Royale Orlando from November 17-19 for groundbreaking keynotes, hands-on workshops, and exceptional networking opportunities with industry leaders.

Founded by Dr. Anthony Chang, AIMed is a clinician-led community advancing AI in health. AIMed24 will showcase impactful smart healthcare solutions, facilitate connections with AI trailblazers, and engage with top institutions and innovators.

Be at the forefront of healthcare innovation. Learn more.

View original content:https://www.prnewswire.co.uk/news-releases/press-announcement-aimed24-announces-strategic-partnership-with-frost–sullivan-302279447.html

Fintech PR

GenNx360 Capital Partners Enters Agreement to Sell ITsavvy to Xerox Holdings Corporation

Published

2 hours ago

October 17, 2024

CISION (PR Newswire)

gennx360-capital-partners-enters-agreement-to-sell-itsavvy-to-xerox-holdings-corporation

NEW YORK, Oct. 17, 2024 /PRNewswire/ — GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce it has entered into a definitive agreement to sell its portfolio company, ITsavvy LLC (“ITsavvy” or “the Company”), a provider of end-to-end IT infrastructure solutions, to Xerox Holdings Corporation (“Xerox”). The transaction is expected to close following customary regulatory approvals.

ITsavvy is an Oak Brook, Illinois-based technology solutions and services provider that delivers frictionless IT experiences by designing, developing and delivering technology infrastructure solutions and services that accelerate business outcomes on behalf of its clients.

During GenNx360’s investment, the Company experienced impressive organic growth, completed an acquisition of a highly strategic AIOps-enabled managed services provider (“MSP”) and significantly increased overall profitability through a number of well-executed margin enhancement initiatives. A committed focus to the Company’s services strategy further fueled organic growth and strengthened the Company’s overall value proposition. Through the support of GenNx360, the Company also successfully launched an AI and Intelligent Automation strategy. This strategy included commercializing an AI offering to better serve the Company’s clients, as well as optimizing the Company’s internal operations.

“The success of our investment in ITsavvy is a testament to the growth achieved during our partnership with management over the past two years. We are pleased with the Company’s transformation under our ownership and wish Munu and team all the best going forward,” said Ron Blaylock, GenNx360 Founder, Managing Partner, and Chairman of the ITsavvy Board of Directors.

“We appreciate GenNx360’s support and strategic insights over the past two years. They have been an outstanding partner to work with to enhance and evolve our platform,” said ITsavvy CEO, Munu Gandhi. “We are excited to join forces with a longstanding company in Xerox, one of the great global brands, and we look forward to supporting their next stage of growth.”

“As part of our Reinvention, we have created a greater organizational focus on our emerging IT Services capabilities,” said John Bruno, President and Chief Operating Officer at Xerox. “ITsavvy’s complementary offerings, combined with our reputation, position us to accelerate growth across key markets and unlock new opportunities to help clients transform the way they work.”

“It has been a privilege to work with Munu and the ITsavvy team over the past two years. We are incredibly proud of the Company’s growth and look forward to following their success in the future,” said Peter White, Principal at GenNx360 and ITsavvy Board Member.

Loeb & Loeb and Greenberg Traurig served as legal advisors to ITsavvy and GenNx360.

About ITsavvy LLC

ITsavvy is an industry-leading IT infrastructure solutions provider with comprehensive value added resell capabilities. Founded in 2004 in suburban Chicago, ITsavvy provides frictionless client experiences through the deployment of holistic solutions that deliver client business outcomes. For more information on ITsavvy, please visit www.itsavvy.com.

About GenNx360 Capital Partners

GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360, please visit www.gennx360.com.

For media inquiries about this press release, please contact:
Alicia Francis, Head of Investor Communications
[email protected]
Phone: 929.287.6107

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Fintech PR

Exponential Science Launches to Advance the Convergence of Blockchain with AI, and Other Deep Tech

Published

2 hours ago

October 17, 2024

CISION (PR Newswire)

Exponential Science, a global non-profit foundation supported by leading technology companies like Hedera, drives innovation in emerging technologies to tackle complex challenges and deliver groundbreaking solutions.
With global operations, the Foundation fosters open collaboration and co-creation between academia, industry, government, the open-source community, and startups.
The launch details were announced on stage during the exclusive 10th annual P2P Financial Systems International Workshop, in Dubai.

DUBAI, UAE, Oct. 17, 2024 /PRNewswire/ — Dr. Paolo Tasca, Founder and Chairman, and Nikhil Vadgama, Founder and Director, have launched Exponential Science, a non-profit foundation, created to build on their legacy of leadership in the blockchain space through the DLT Science Foundation.

Exponential Science was established to address the growing interdependencies among emerging digital technologies and deep tech. It will focus on the complementarity of blockchain with other cutting-edge technologies, including artificial intelligence, quantum computing, AR/VR and other deep tech.

Exponential Science leverages the expertise of Dr. Tasca and Nikhil Vadgama. Tasca is a renowned professor and economist with an extensive background in distributed systems and digital innovation. He has advised organizations such as the United Nations and several central banks on CBDC and Fintech. He co-founded the UCL Centre for Blockchain Technologies and also co-founded several top Web3 companies. Prof. Vadgama, has extensive experience in fintech, having launched innovative new businesses in multiple jurisdictions and worked with and advised a number of leading stakeholders, from industry participants to government officials. He is also an award-winning educator in the field of emerging technologies.

Both have witnessed the convergence of multiple emerging digital technologies, highlighting the need for interdisciplinary approaches to tackle complex societal and technological challenges. To address this, Exponential Science fosters open collaboration and co-creation among academia, industries, and government stakeholders. It also runs its cutting-edge science research department, comprised of renowned professors and visionary thinkers.

The team is made up of international academic and research experts from diverse fields and disciplines who are working on various initiatives, including the new MiCA Crypto Alliance, which helps blockchain and crypto businesses meet the EU’s incoming regulatory requirements. Other key projects include work with the UK CBT, the national research hub that drives the UK agenda for blockchain, and DLT Earth, an initiative seeking to advance climate research, sustainable finance, and ESG reporting methodologies.

The foundation’s upcoming plans include a range of initiatives aimed at expanding scientific impact and fostering collaboration across sectors. Research and spinoff initiatives will target specific challenges, enabling the exploration of niche areas of innovation and accelerating progress in critical fields. Complementing these efforts, a robust content and event strategy will be implemented, creating a dynamic platform for knowledge sharing and collaboration.

Exponential Science is backed by Hedera, a high-performance, secure, and sustainable public DLT network governed by the world’s leading institutions. This backing enables Exponential Science to leverage extensive resources and expertise, further empowering its mission to drive interdisciplinary collaboration and deliver impactful solutions to societal challenges.

Dr Tasca said: “Our vision has always been about driving groundbreaking research and fostering collaboration across technological fields. With the launch of Exponential Science, we are expanding that vision to embrace a wider range of emerging technologies that are reshaping the digital landscape. We will navigate this fusion using a multi-disciplinary approach to explore how these technologies can work together to create solutions that address today’s most pressing challenges.”

Professor Vadgama commented: “Exponential Science represents our commitment to exploring and addressing the interconnectedness of today’s technological landscape. By broadening our focus, we can leverage the combined power of multiple technologies to deliver transformative outcomes. Our objective is to empower open source communities and industries to thrive in this rapidly evolving landscape.”

About Exponential Science

Exponential Science is a not-for-profit foundation driven to advance research, education, and innovation across emerging digital technologies and deep tech. With a mission to explore the convergence of blockchain, Artificial Intelligence (AI), the Internet of Things (IoT), and other transformative technologies, Exponential Science drives interdisciplinary collaboration to deliver impactful solutions to challenges faced by society. It brings together stakeholders from academic institutions, regulators, and diverse industries to drive innovative research and collaboration. Exponential Science is committed to fostering sustainable, transparent, and innovative developments that will shape a more advanced and interconnected future. For more information go to: www.exponentialscience.org.

View original content:https://www.prnewswire.co.uk/news-releases/exponential-science-launches-to-advance-the-convergence-of-blockchain-with-ai-and-other-deep-tech-302279374.html