Fintech
Richard R. Best Named Director of SEC’s New York Regional Office
Washington, D.C.–(Newsfile Corp. – August 19, 2020) – The Securities and Exchange Commission today announced that Richard R. Best has been named Director of the New York Regional Office. Mr. Best will succeed Marc P. Berger, who has been named Deputy Director of the Division of Enforcement.
Mr. Best joined the SEC in June 2015 as the Regional Director of the SEC’s Salt Lake Office, and in 2018, he was named Regional Director of its Atlanta Office. In his new role, Mr. Best will lead a team of approximately 400 staff, including enforcement attorneys, accountants, and investigators who investigate and enforce the federal securities laws nationwide and examiners who perform compliance inspections in the New York region. The New York Regional Office is responsible for the largest concentration of SEC-registered financial institutions, including more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds, and hedge funds.
“Richard has been a remarkable leader of two SEC regional offices. During his tenure in both Salt Lake and Atlanta, he has demonstrated a remarkable ability to effectively pursue the unique needs of the region, always with a keen eye on investor protection and market integrity,” said SEC Chairman Jay Clayton. “Richard has also been a key part of many of the SEC’s agency-wide efforts to connect with investors in new and meaningful ways. I look forward to the many successes his leadership and investor-first focus will bring to the New York Regional Office.”
“Richard is widely respected for being a talented lawyer and a strong leader, and I am thrilled that he has agreed to take on this new role,” said Stephanie Avakian, Director of the SEC’s Enforcement Division. “He is a wonderful colleague and I look forward to continuing to work closely with him as he leads the New York Regional Office.”
“Richard has distinguished himself as a strong leader across both Office of Compliance Inspections and Examinations (OCIE) and Enforcement in each regional office he has led. His exceptional prior experience and performance leading those offices, as well as his outstanding legal experiences prior to his time at the Commission, make him an outstanding choice to lead our women and men of the New York Regional Office,” said Pete Driscoll, Director of the SEC’s Office of Compliance Inspections and Examinations. “We in OCIE congratulate him and look forward to continuing to have the benefit of Richard’s talents in his newest leadership role.”
Mr. Best said, “I am excited and honored to join the New York Regional Office. During my time at the SEC, I have collaborated with the New York office and its incredibly talented and dedicated examinations and enforcement staff and look forward to leading their efforts to protect investors and ensure fair and orderly markets.”
Under Mr. Best’s stewardship, the Atlanta office has investigated and litigated a number of impactful enforcement cases, including the Commission’s actions against:
- A former chief information officer of an Equifax business unit with insider trading in advance of the company’s September 2017 announcement about a massive data breach that exposed the personal information of approximately 148 million U.S. customers;
- SCANA Corp., two of its former top executives, and South Carolina Electric & Gas Co. with defrauding investors by allegedly making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned;
- Turbo Global Partners Inc. and its CEO for allegedly making false and misleading press releases claiming to offer products to combat the COVID-19 virus; and
- Madison Timber Properties LLC and its principal in connection with an alleged $85 million offering fraud.
Mr. Best joined the SEC from the Financial Industry Regulatory Authority (FINRA) in New York, where he was a senior director and chief counsel in its Department of Enforcement. Mr. Best previously held other supervisory and investigative positions within FINRA’s Enforcement function. He also spent approximately 10 years as a prosecutor in the Office of the Bronx County District Attorney, where he handled and supervised high-profile public integrity and organized crime prosecutions, among other matters. He earned his law degree from the Howard University School of Law and his undergraduate degree from the State University of New York, College at Old Westbury.
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
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