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DelphX Announces Changes to Management and Board of Directors, Update on Filing of Financial Statements

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Toronto, Ontario–(Newsfile Corp. – June 1, 2020) – DelphX Capital Markets Inc. (TSXV: DELX) (“DelphX” or the “Company“) announced today the election of Patrick Wood to the Company’s Board of Directors and as President and Chief Executive Officer. Mr. Wood’s appointment is subject to approval by the TSX Venture Exchange. He assumes the role from Patricia Ziegler who has resigned from her position as a director and President and Chief Executive Officer.

Mr. Wood is a technology industry veteran who brings more than 25 years of experience in the capital markets and emerging technology sector to his new role at DelphX. He is the Founder of Tormont Group, a cross border Advisory celebrating its 6th year as an active participant in North American markets. Prior to Tormont Group, Mr. Wood held a Managing Directors role at Loewen Ondaatje McCutcheon, and Vice President role at BMO Nesbitt Burns, and CIBC World Markets.

“On behalf of the DelphX team, I would like to thank Patricia for her leadership during a challenging transitional period. I have been involved with DelphX for close to four years as an advisor and investor, so this will be a seamless transition to bring this technology to market,” explained DelphX CEO Wood. “We have a revolutionary capital markets platform at the commercial stage, so the final step is to go live with participating parties. I am looking forward to helping the Company reach that objective as quickly as possible.”

Update on Filing of Financial Statements:

Operationally, DelphX is also reporting that the filing of its audited annual financial statements, management’s discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2019 (the “Annual Filings“), will be delayed beyond the filing deadline of June 13, 2020 (as extended pursuant to Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements). DelphX’s filing of its first quarter interim financial statements, management’s discussion and analysis and related CEO and CFO certifications (the “Interim Filings“) will also be delayed beyond the extended filing deadline of July 14, 2020. The Company recently completed a private placement raising the funds necessary to complete the audit, but under a new commitment to significantly reduce operating costs, also made the decision to change to a new auditor. Discussion with the Company’s current auditor and its proposed successor auditor are near finalization.

DelphX has made an application to the Ontario Securities Commission (the “OSC“) for a management cease trade order (the “MCTO“). The MCTO would not affect the ability of shareholders who are not insiders of the Company to trade their securities. There is no certainty that the MCTO will be granted. If the MCTO is not issued by the OSC, the applicable Canadian securities regulatory authorities could issue a general cease trade order against DelphX for failure to file the Annual Filings within the prescribed time period. The Company intends to work diligently and expeditiously with its auditors and expects to complete its Annual Filings on or before July 13, 2020 and its Interim Filings on or before July 31, 2020.

DelphX also intends to satisfy the provisions of the alternate information guidelines of section 10 of National Policy 12-203 – Management Cease Trade Orders as long as it is in default of the filing requirements.

The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there have been no material business developments since the April 27, 2020 news release that have not been generally disclosed as of the date of this press release.

About DelphX:

DelphX is a technology and financial services company focused on optimizing credit markets. Its Cloud-based technology, actuarial science and reinsurance protocols enable fixed income dealers to offer new Rule 144A securities that optimally transfer and diffuse credit risk. The new DelphX platform will be regulated by the SEC and enable dealers to competitively structure, sell and make markets in:

  • Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security

  • Covered Reference Notes (CRNs) that enable credit investors to take on the default exposure of a single underlying security or optionally participate in a pool of diversified risks that broadly diffuses the impact of credit events.

All CPOs and CRNs will be collateralized by investment grade assets held in custody by an independent custodian.

Forward-Looking Statements

This news release contains certain “forward-looking statements”. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: the state of the capital markets, tax issues associated with doing business internationally, the ability of DelphX to successfully manage the risks inherent in pursuing business opportunities in the financial services industry, and the ability of DelphX to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. Any forward-looking statement reflects information available to DelphX as of the date of this news release and, except as may be required by applicable securities laws, DelphX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

For more information about DelphX, please visit www.delphx.com.

Contact:
Patrick Wood
DelphX Capital Markets Inc.
E: [email protected]
T: 416.473.9133

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Fintech

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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