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Mittleman Investment Management, LLC Announces Early Warning Report in Respect of Aimia Inc.

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Toronto, Ontario–(Newsfile Corp. – May 14, 2020) – Mittleman Investment Management, LLC (“Mittleman”) will be filing an early warning report pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103“) in respect of the common shares (“Common Shares“) of Aimia Inc. (the “Issuer“).

On May 12, 2020, Mittleman ceased to have direction or control over 4,100,000 Common Shares due to the termination of Mittleman’s discretionary investment authority with respect to one or more managed accounts (“Accounts“). During the period between April 30, 2020 (such date being the date Mittleman filed a report on Form 62-103F2 – Required Disclosure by an Eligible Institutional Investor under Section 4.3 of NI 62-103) (the “Last Reporting Date“) and May 12, 2020, the number of Common Shares over which Mittleman has control or direction decreased by 4,292,000 Common Shares held by Accounts.

As of the date of this press release, Mittleman owned or exercised control or direction over 19,571,552 Common Shares on behalf of the Accounts (including 12,500 Common Shares beneficially owned by Mittleman Brothers, LLC (“MB“), an affiliate of Mittleman and therefore deemed beneficially owned by Mittleman), representing a security holding percentage of approximately 20.86% of the 93,838,329 outstanding Common Shares of the Issuer, as set out in the Issuer’s condensed interim consolidated financial statements dated May 12, 2020 (the “Interim Financials“). This represents a decrease of 4.57% of the outstanding Common Shares of the Issuer from the Last Reporting Date. As at the Last Reporting Date, Mittleman owned or exercised control or direction over 23,863,552 Common Shares on behalf of the Accounts, representing a security holding percentage of approximately 25.43% of the 93,838,329 outstanding Common Shares of the Issuer, as set out in the Interim Financials.

Mittleman may be deemed to exercise control or direction over the Common Shares beneficially owned by its officers and employees in accounts over which Mittleman does not exercise control or direction (the “Designated Persons“) (and Mittleman disclaims any beneficial ownership thereof). During the period between the Last Reporting Date and May 12, 2020, the number of Common Shares over which Mittleman may be deemed to exercise control or direction beneficially owned by the Designated Persons did not change. If Mittleman is deemed to exercise control or direction over the 394,757 Common Shares beneficially owned by the Designated Persons (and Mittleman disclaims any beneficial ownership thereof), Mittleman would be deemed to exercise control or direction over 19,966,309 Common Shares representing a security holding percentage of approximately 21.28% of the Common Shares as set out in the Interim Financials.

As noted above, a report on Form 62-103F1 – Required Disclosure under the Early Warning Requirements will be filed by Mittleman in accordance with applicable securities laws and will be available on the Issuer’s profile on the SEDAR website (www.sedar.com).

This news release is issued under the early warning provisions of the Canadian securities legislation. The head office of the Issuer is 525, avenue Viger West, suite 1000, Montreal, Québec, H2Z 0B2. The address of Mittleman is 105 Maxess Road, Suite 207, Melville, NY 11747.

TRANSACTION WITH THE ISSUER

On April 29, the Issuer announced that Mittleman and MB have entered into a definitive agreement to be acquired by the Issuer (the “Transaction“). On closing of the Transaction, it is anticipated that certain Designated Persons will acquire up to 3,396,553 Common Shares. Further details with respect to the Transaction can be found in the press release issued by Mittleman on April 30, 2020 and report on Form 62-103F2 – Required Disclosure by an Eligible Institutional Investor under Section 4.3 of NI 62-103 filed by Mittleman on that date and available on the Issuer’s profile on the SEDAR website (www.sedar.com).

SETTLEMENT AGREEMENT

On November 15, 2019, Mittleman and MB entered into a settlement agreement (the “Settlement Agreement“) with the Issuer and Charles Frischer (the “Parties“), pursuant to which the Parties agreed to a governance process that was materially implemented before and at the annual meeting of the shareholders of the Issuer held on April 30, 2020. Further details with respect to the Settlement Agreement can be found in the most recent alternative monthly report of Mittleman filed on January 10, 2020 and available on the Issuer’s profile on the SEDAR website (www.sedar.com).

FOR MORE INFORMATION:

For further information or to receive a copy of the early warning report filed in connection with this press release, please see the Issuer’s profile on the SEDAR website (www.sedar.com) or contact Philip C. Mittleman, Chief Executive Officer of Mittleman at 212-217-2340.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55860

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Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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