Fintech PR
Tony Markel to retire as Vice Chairman of Markel Group in May 2025 and Jon Michael joins Board of Directors
RICHMOND, Va., March 17, 2025 /PRNewswire/ — Markel Group Inc. (NYSE: MKL) announced today that Anthony F. (Tony) Markel, Vice Chairman of the Board, informed the company that he will not stand for re-election at the company’s annual meeting of shareholders in May. Mr. Markel will retire as a director of the company at the end of the meeting, at which time he will assume the honorary position of Chairman Emeritus of the Board.
Markel Group also announced the appointment of Jon Michael to its Board of Directors, effective March 15, 2025. Mr. Michael is a proven specialty insurance leader with more than 40 years of experience in the industry.
Tony Markel to retire from the Board of Directors
Mr. Markel joined the company in 1964 after graduating from the University of Virginia, eventually becoming President and Chief Operating Officer in 1992. He joined the Board in 1978 and became Vice Chairman of the Board in 2009. Mr. Markel, together with Alan Kirshner and Steve Markel, led the effort to take the company public in 1986. Under their leadership, Markel grew from approximately $60 million in total assets in 1986 to roughly $25 billion in 2016 when they turned over the reins to the next generation of Markel leaders.
“Tony is larger than life and it would be hard to overstate his impact on this company,” said Steve Markel, Chairman of the Board. “He was not just a highly effective operator and leader, he was the heartbeat of Markel with an unmatched ability to motivate and connect with people. I’m grateful to have had the chance to work alongside Tony for so many years.”
“In spite of the fact that my meteoric rise to the top of Markel was a blatant example of nepotism, I am extremely proud to have been a part of the growth and success of this organization over the last 61 years,” said Tony Markel. “I am equally proud of the Markel Style, a unique and distinct culture that has, and continues, to attract and guide some of the finest people in the insurance industry and the various industries served by our other Markel Group companies. It truly has been an honor and privilege to have worked with you and number you as friends.”
Jon Michael appointed to Board
Mr. Michael is a seasoned industry executive with a strong track record in the specialty insurance industry. He was the Chairman of RLI Corp., a publicly traded specialty insurance company, from 2011 to 2024 and he was President and CEO of RLI from 2001 to 2021—during which time RLI’s market capitalization increased by a factor of ten. Mr. Michael held various positions at RLI after joining in 1982, including President and Chief Operating Officer, Executive Vice President, and Chief Financial Officer. Prior to joining RLI, he worked at the accounting firm Coopers & Lybrand.
Mr. Michael was appointed interim President of Bradley University in June 2024 and has served on its Board of Trustees since 2016, most recently as Board Chair. He currently serves as the lead independent director of SS&C Technologies Holdings, Inc.
“As I end my official tenure at Markel, I am extremely enthused about the addition of Jon Michael to the Board,” said Tony Markel. “Jon brings experienced leadership in the specialty insurance sector that I think will prove to be invaluable in the next chapter of the Markel story.”
“Jon is a well-respected and proven specialty insurance industry leader who shares the values in the Markel Style,” said Steve Markel. “His deep financial and operational expertise will be very useful through the remainder of our Board-led business review, and his insights and long-term orientation will serve us well as we continue to grow Markel Group in the years ahead.”
“Markel Group is a company that feels like home,” said Mr. Michael. “Great people, strong values, and so much opportunity for continued growth. I look forward to working with the Board and management team to define the next chapter of Markel Group’s success.”
About Markel Group
Markel Group Inc. (NYSE: MKL) is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group’s durability and adaptability. It’s a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.
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Fintech PR
Vision Bank becomes operational with Finastra’s cloud-native, Islamic banking treasury solution
With Finastra Kondor and managed services provided by DXC, the bank has enhanced its treasury trading and risk management capabilities, while offering modern, Sharia-compliant services
DUBAI, UAE, March 18, 2025 /PRNewswire/ — Finastra today announced that the successful implementation of Finastra Kondor and cloud-based managed services provided by DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider, enabled Vision Bank, a Sharia-compliant, digital bank in Saudi Arabia, to launch the pilot phase of its banking operations. Finastra’s best-of-breed treasury trading system allowed the bank to upgrade its capabilities for asset and liability management, liquidity management, trading and investment, foreign exchange, capital adequacy and reserve management. The deployment of the solution on cloud also aligns with the digital bank’s broader strategy of creating better user experiences while keeping pace with new demands.
“Our mission is to be a pioneer in the Saudi banking sector, relying on innovation and technology to provide seamless, Sharia-compliant banking solutions that meet our customers’ needs,” said Abdul Shakeel Aidaroos, CEO at Vision Bank. “To help us achieve this, we needed a robust treasury management system with cloud-based managed services that enable us to grow while mitigating risks. Finastra and DXC ensure that we can comply with current and upcoming regulations, drive business continuity and maximum availability, and scale the rollout of new products as needed. We are also contributing to the goals of the Financial Sector Development Program, one of the programs of Saudi Vision 2030.”
Finastra Kondor is a best-of-breed treasury trading system that meets financial institutions’ needs for sophisticated treasury functionality, while enabling growth and ensuring compliance. Renowned for its robust capabilities in supporting complex trading, risk management and operations, the solution is the backbone of numerous financial institutions, enabling them to navigate the intricate landscape of global markets with precision and agility. The successful implementation of the solution, alongside managed services provided by DXC, played a vital role in Vision Bank, formerly known as the Saudi Digital Bank, recently obtaining no objection from the Saudi Central Bank and launching the pilot phase of its banking operations.
“Vision Bank’s growth ambitions and customer-centric ethos align closely to the values we hold at Finastra,” said Wissam Khoury, EVP, Treasury & Capital Markets at Finastra. “The implementation of Kondor played a significant role in the bank’s launch and digital transformation journey, providing the necessary agility to evolve with new demands and take advantage of the opportunities presented by Saudi Arabia’s financial services sector. Working alongside DXC, it has been a pleasure to help Vision Bank reach this milestone and we look forward to its ongoing success.”
“DXC is proud to have partnered with Finastra and Vision Bank to successfully deliver Kondor as the bank’s fully hosted and managed treasury system,” said Anthony Hammond, Global Finastra Lead at DXC. “This collaboration underscores our commitment to driving innovation in financial technology, providing a secure, scalable and future-ready solution that enhances the bank’s treasury operations.”
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com
About Vision Bank
Vision Bank is a Saudi digital bank regulated by the Saudi Central Bank (SAMA). Vision Bank is reimagining banking in Saudi Arabia through an experience that is catered to our customers dynamic lifestyles. This creates a place where customers can embrace simplicity, personalization, convenience and absolute control over their financial lives. Recognizing the importance of technology in shaping the future of finance, Vision Bank aims to partner with leading fintech and technology providers to develop bespoke technologies that would differentiate them in the market and meet the ever-evolving needs of our customers.
About DXC
DXC Technology (NYSE: DXC) helps global companies run their mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services to drive new levels of performance, competitiveness, and customer experience across their IT estates. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
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VICTORIA, Seychelles, March 18, 2025 /PRNewswire/ — MEXC, a leading global cryptocurrency exchange, announced the launch of DEX+, the market’s first innovative CEX and DEX hybrid product that provides a seamless, one-stop experience for both on-chain and off-chain trading. This development marks a significant milestone in the evolution of hybrid crypto trading platforms. DEX+ allows users to trade directly on decentralized exchanges (DEXs) through the MEXC app and website, offering access to a wide range of on-chain assets. The initial version of DEX+ will support the Solana ecosystem, enabling users to trade over 10,000 tokens available on Raydium and pump.fun, with future expansion to additional DEXs and blockchain networks.
DEX+ stands out by addressing many of the common pain points faced by users on traditional DEX platforms. Conventional DEX interfaces require users to navigate multi-step interactions with complex on-chain processes such as token approvals, transaction signings, and cryptocurrency swaps. MEXC’s DEX+ simplifies this process entirely. Users can transfer funds directly into their DEX+ account and execute buy and sell orders without dealing with intricate on-chain operations. This approach makes decentralized trading more accessible, especially for new crypto users.
“MEXC’s DEX+ bridges the gap between centralized efficiency and decentralized freedom. Despite the growing popularity of DEXs, the lack of user-friendly interfaces and high transaction fees remain a significant hindrance to widespread adoption. Through DEX+, MEXC aims to solve these issues by providing a familiar, CEX-like trading experience while retaining the benefits of accessing on-chain assets. Users can seamlessly switch between centralized exchange and DEX+ features,” said Tracy Jin, COO of MEXC.
MEXC is dedicated to offering a diverse range of accessible assets through its listing strategy and innovative products, all while ensuring top-tier security for its users. MEXC delivers comprehensive custodial wallet management for DEX+ users, ensuring security at an institutional level. Additionally, the platform offers Proof of Reserves, ensuring asset integrity and exceptional transparency. Users’ assets are backed 1:1, and customer fund compensation requirements are fully covered. This dual-layer protection ensures unmatched security for user assets.
Furthermore, MEXC announced its collaboration with GoPlus, an independent third-party security provider that inspects the safety of all trading pairs listed on the platform. This added measure boosts user confidence and transparency, allowing them to trade with greater assurance and peace of mind.
Moving forward, MEXC’s DEX+ is expected to play a pivotal role in the continued growth of DeFi and DEX ecosystems. As more users transition toward decentralized trading platforms, integrating CEX and DEX models will become increasingly important. With DEX+, MEXC strives to stand at the forefront of this innovative trend.
To celebrate the successful launch of DEX+, MEXC is pleased to announce its incentive program: new users completing trades of 100 USDT or more on the DEX+ platform will be eligible to receive a 20 USDT reward. For more details, please visit: https://www.mexc.com/dex-rewards.
About MEXC
Founded in 2018, MEXC is dedicated to being “Your Easiest Way to Crypto.” Known for its extensive selection of trending tokens, airdrop opportunities, and low fees, MEXC serves over 34 million users across 170+ countries. With a focus on accessibility and efficiency, our advanced trading platform appeals to both new traders and seasoned investors alike. MEXC provides a seamless, secure, and rewarding gateway to the world of digital assets.
For more information, visit: MEXC Website｜X｜Telegram｜How to Sign Up on MEXC
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SHANGHAI, March 18, 2025 /PRNewswire/ — FinVolution Group (NYSE: FINV), a leading fintech company, today announced its unaudited financial results for 2024, highlighting continued global expansion, strategic collaborations, and advancements in AI-driven credit technology.
FinVolution reported annual revenue of US$1.8 billion, a 4.1% year-over-year increase, with net profit remaining stable at US$327.1 million. Transaction volume reached US$28.2 billion, up 6.1%, while outstanding loan balance rose to US$9.8 billion, also a 6.1% increase.
FinVolution Group’s CEO, Tiezheng Li commented, “We successfully leveraged our strengths in technology, customer acquisition, and retention to deliver solid results despite a challenging environment in 2024. These achievements strengthen our confidence for 2025 and beyond—becoming the leading fintech player across the Pan-Asian region.”
FinVolution Group’s CFO, Jiayuan Xu, stated: “Over the past year, FinVolution achieved solid growth and demonstrated healthy financial performance. In 2024, we allocated US$160.4 million to shareholder returns, accounting for approximately 49.1% of our annual net profit. Since 2018, we have returned a total of approximately US$765 million to our shareholders. This underscores our steadfast commitment to enhancing shareholder value and our strong confidence in the company’s business fundamentals and cash flow outlook.”
Accelerating International Growth
FinVolution’s international business continued its strong momentum, contributing 21.4% of total revenue in Q4 2024. The company acquired 2.2 million new borrowers outside of its Chinese market in 2024, a 61% year-over-year increase, with international transaction volume surpassed US$1.4 billion, while the outstanding loan balance grew 31% to US$232.9 million.
To support its global expansion, FinVolution secured key financial licenses across multiple markets, including:
- A Non-Banking Financial Company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP).
- Acquired a large majority stake in an Indonesian multi-finance company, enabling FinVolution to diversify its products into offline consumption loans with different scenarios such as mobile and electronic devices.
- Accreditation as a Special Accessing Entity (SAE) by the Credit Information Corporation (CIC) of the Philippines.
Strengthening Partnerships and Expanding Financial Inclusion
Following a successful transition to higher-quality borrowers in FinVolution’s largest overseas market, Indonesia, transaction volume in the second half of 2024 grew to US$506.9 million, up 11% compared to the first half of 2024. The company also strengthened its funding network, adding Super Bank, bringing its total active funding partners to 10 in Indonesia.
In the Philippines, FinVolution became the first company to introduce institutional funding through its loan facilitation model, collaborating with 5 leading institutional funding partners. The company also expanded its Buy Now, Pay Later (BNPL) services, embedding fintech solutions directly into major e-commerce platforms to enhance financial access for consumers.
Looking ahead, FinVolution aims to generate 50% of its revenue from international markets by 2030 under its “Local Excellence, Global Outlook” strategy. Building on its success in Indonesia and the Philippines, the company is accelerating expansion into Pakistan and other countries in 2025.
Driving Innovation with AI-Powered Credit Technology
FinVolution continues to push the boundaries of AI-driven credit technology, leveraging Large Language Models (LLMs) to optimize every stage of the credit lifecycle. In 2024, the company officially registered its proprietary LLM, “Rice Seeds”, designed to enhance credit risk assessment, fraud detection, and customer interactions.
The company also launched Zeta, an AI-powered application platform, complementing its E-LADF AI development platform introduced in 2023. These two platforms have enabled an intelligent ecosystem covering customer acquisition, risk control, and user engagement, supporting over 1,000 AI applications that have significantly improved operational efficiency and user experience:
- Customer Acquisition: AI-driven advertising technology reduced marketing material production costs by 60%.
- Risk Management: Proprietary visual AI models improved fraud detection accuracy to 99%, leveraging background template recognition and ID verification algorithms.
- Customer Engagement: AI-powered behavioral and conversational KYC tagging optimized customer service strategies, boosting overall user conversion rates by 9%.
- Customer Support: AI-generated call summaries and user sentiment analysis increased operational efficiency by 20 times.
As FinVolution continues to scale its global footprint, the company remains committed to leveraging cutting-edge AI and fintech solutions to drive financial inclusion and sustainable growth.
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