Fintech
Navigator Acquisition Corp. to Acquire Brazilian Green Energy Producers Pacto Energia
Vancouver, British Columbia–(Newsfile Corp. – September 18, 2020) – Navigator Acquisition Corp. (TSXV: NAQ.P) (“Navigator“) is pleased to announce that it has entered into a letter of intent dated September 16, 2020, with Pacto Energia S.A. (“Pacto“) pursuant to which Navigator proposes to acquire a number of subsidiaries of Pacto in exchange for the issuance of securities of Navigator (the “Pacto Transaction“). The Pacto Transaction will result in a reverse take-over of Navigator where the existing shareholders of Pacto will own approximately 82.9% of the outstanding common shares of Navigator upon completion of the transaction. Navigator, after completion of the Pacto Transaction, is referred to in this news release as the “Resulting Issuer”. Upon completion of the Pacto Transaction, it is anticipated that the Resulting Issuer will be a Tier 2 Energy Issuer.
Trading in the common shares of Navigator (the “Navigator Common Shares“) has been halted in accordance with the policies of the TSX Venture Exchange (the “TSXV“) and will remain halted until such time as all required documentation in connection with the Pacto Transaction has been filed with and accepted by the TSXV and permission to resume trading has been obtained from the TSXV.
The Qualifying Transaction
Navigator is a capital pool company and intends that the Pacto Transaction will constitute its “Qualifying Transaction” under the Capital Pool Companies policy (the “CPC Policy“) of the TSXV. The Pacto Transaction is arm’s length and is therefore not a Non-Arm’s Length Qualifying Transaction under the CPC Policy. Accordingly, the CPC Policy does not require Navigator to obtain shareholder approval of the Pacto Transaction.
As consideration for the acquisition of a number of subsidiaries of Pacto, holders of issued and outstanding ordinary shares of Pacto (“Pacto Common Shares“) will exchange their Pacto subsidiaries for Navigator Common Shares, in accordance with an exchange ratio (the “Exchange Ratio“) to be determined by Navigator and Pacto following receipt of financial advice.
The subsidiaries that will go into the Pacto deal detailed:
(a) 75% of the stock capital of Capim Branco Energia Solar SPE Ltda; Located in the Minas Gerais state of Brazil our 5.88MWp solar plant which has just issued its first invoice, therefore our 15-year contract with Algar Telecom, one of the largest telecom companies in the state of Minas Gerais will be able to be enjoyed fully by NAV, having the 1st payment made in October 2020. As explained before, because of the pandemic we had a delay in the connection of this plant to the grid.
(b) 15% of Atlas Energia Solar SPE Ltda: UFV Atlas I UFV Atlas II; Located in the Minas Gerais state of Brazil our Atlas 2.5 MWp solar plant, had in February 2020 its 1st phase of 500 KWp connected to the grid generating a net result of BRL 23.1 thousand in the 1H 2020. We expect to connect the 2nd phase with the remaining 2 MWp until next February which should generate a net result of BRL 230 thousand in the year of 2021.
(c) 100% of Evolution Comercializadora de Energia Elétrica e Gás Natural Ltda; Located in the São Paulo state of Brazil, our energy trading company, due to the low volume of business caused by the pandemic. We are still closing the financials for Evolution and 1H 2020 should come with a positive result of approximately BRL 200 thousand.
The current issued and outstanding share capital of Navigator consists of 16,930,000 Navigator Common Shares. Navigator has granted its directors and officers options to purchase an additional 1,693,000 Navigator Common Shares at an exercise price of $0.10 per share, and 500,000 compensation options to the agent under its initial public offering at an exercise price of $0.10 per share. The fully-diluted share capital of Navigator is 19,123,000 Navigator Common Shares.
Currently there are 1000 Pacto Common Shares issued and outstanding on a non-diluted and fully diluted basis. Pacto is controlled by its CEO Rodrigo Pedroso who owns 70% of the Pacto Common Shares and Eduardo Alves Pacto’s Senior Partner and Director of Business Development who owns 30% of the Pacto Common Shares.
Additional Resulting Issuer Shares will be issued to certain key Pacto management on achieving certain performance milestones. The nature of the performance milestones, and the number of Resulting Issuer Shares to be issued, will be described in the definitive agreement and announced in a subsequent news release.
Certain number of the Resulting Issuer Shares issued to the principals of Pacto who will become management of the Resulting Issuer, will be subject to escrow in accordance with TSXV policies. The final structure of the Pacto Transaction is subject to the receipt of tax, corporate and securities law advice for both Navigator and Pacto.
The Pacto transaction is expected to proceed on a cashless basis, hence no cash will be raised at the Qualifying Transaction. However, the company does plan to raise capital after presenting its audited financial statements for 2020.
No deposit or advance has been made or is anticipated to be made by Navigator to Pacto in connection with the Pacto Transaction.
About Pacto
Pacto Energia S.A. is a privately held Brazilian conglomerate of companies that offers solutions in energy for more than 18 years and has in its portfolio more than 7 GW of plants and projects of generation by renewable energy.
The company was incorporated under the laws of Brazil in 2001 by an experienced in-country management team. Pacto is headquartered in Sao Paulo, with over 7 GW of projects in green energy diversely spread within Brazil.
Pacto financials for 2019 and H1 of 2020 can be found below in the Appendix 1 of this press release.
Following are the information on the significant vendors of Pacto with their respected incorporation locations:
MERITO COMERCIALIZACAO DE ENERGIA ELETRICA LTDA. – state of São Paulo – Brazil
BOVEN COMERCIALIZADORA DE ENERGIA LTDA., state of São Paulo – Brazil
ELECTRA COMERCIALIZADORA DE ENERGIA LTDA, state of Paraná – Brazil
ECEL – ELETRON COMERCIALIZADORA DE ENERGIA LTDA, state of Pernambuco – Brazil
TRADENER LIMITADA, state of Paraná – Brazil
EPOP COOP – Cooperativa de micro e mini geração de energia elétrica, state of Goiás – Brazil
ALGAR TELECOM, state of Minas Gerais – Brazil
Pacto is not a reporting issuer and its securities are not listed or posted for trading on any stock exchange. Further information about Pacto, including financial information, will be provided in a subsequent news release.
Insiders of the Resulting Issuer
Upon completion of the Pacto Transaction, the board of directors (the “Board“) and management of the Resulting Issuer will be reconstituted so that five members of the Board will be nominated by Pacto and two members of the Board will be nominated by Navigator. It is anticipated that Rodrigo Pedroso will be an insider of the Resulting Issuer by virtue of his position as a director of the Resulting Issuer.
Rodrigo Ferreira Fonseca Pedroso – Owner of 70% (58% after the QT) of Pacto Energia.
Founder and CEO
Civil Engineer from PUC/GO – Pontifícia Universidade Católica de Goiás, specialist in Project Management from FGV – Fundação Getúlio Vargas, in Hydroelectric Generation from PAPUC – Pennsylvania Public Utility Commission, in Wind Generation from DEWI Institute, in Energy Trading from Universidade Presbiteriana Mackenzie and is currently a student at Harvard University, taking class 57 of the OPM (Owners and President Management Program).
Has over 18 years of experience in the electricity sector in the areas of generation, transmission, distribution and trading. Before founding the Company, worked at ANEEL – National Electric Energy Agency. Currently, besides being CEO of Pacto Energia Group, is also a member of the board of directors of ABSOLAR – Brazilian Solar Photovoltaic Energy Association, and Energy Director of FIESP – Federation of Industries of the State of São Paulo.
Eduardo Constantino Alves – Owner of 30% (24.9% after the QT) of Pacto Energia.
Senior Partner and Director of Business Development
Bachelor’s degree in Business Administration from the IESB University of Brasília, specialist in foreign trade, from Insper São Paulo. He has more than 10 years of experience in the area of Mobility, Urban / Road Transport and Real Estate Development. Before becoming a partner at Pacto Energia, he worked at União Incorporadora.
Additional information about the remaining proposed directors and officers of the Resulting Issuer will be provided in an update once the parties enter into a definitive agreement.
Significant Conditions to Closing
The completion of the Pacto Transaction is subject to a number of conditions precedent, including but not limited to satisfactory due diligence reviews, negotiation and execution of definitive transaction documentation, approval by the boards of directors of each of Navigator and Pacto, approval of Pacto shareholders, and obtaining necessary third-party approvals. There can be no assurance that the Pacto Transaction will be completed as proposed or at all.
Sponsorship
Sponsorship of a Qualifying Transaction may be required by the TSXV unless a waiver from the sponsorship requirement is available. Navigator intends to apply for a waiver from sponsorship for the Pacto Transaction on the basis, among other things, that the Resulting Issuer will operate in a highly-regulated industry. There is no assurance that a waiver from this requirement will be obtained.
About Navigator Acquisition Corp.
Navigator is a capital pool company created pursuant to the policies of the TSXV. It does not own any assets, other than cash or cash equivalents and its rights under the Letter of Intent. The principal business of Navigator is to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and, once identified and evaluated, to negotiate an acquisition or participation subject to acceptance by the TSXV so as to complete a qualifying transaction in accordance with the policies of the TSXV.
Completion of the Pacto Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Pacto Transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Navigator assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking- statements unless and until required by securities laws applicable to Navigator. Additional information identifying risks and uncertainties is contained in filings by Navigator with the Canadian securities regulators, which filings are available at
Figure 2
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Fintech
Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub
The Fintech Latvia Association has launched the latest edition of its annual publication, Fintech Pulse 2024, unveiling insights and resources that position Latvia as a thriving hub for European fintech.
Announced at this year’s Fintech Forum, the magazine is now available in digital format, offering a comprehensive guide for fintech professionals and entrepreneurs navigating the Latvian market and exploring its advantages.
This issue covers essential topics, from support tools provided by Latvijas Banka and newcomer roadmaps to Riga’s investor resources and fintech education opportunities. Readers will find the latest fintech news from Latvia, coverage of this year’s key industry events, and member insights on the future of fintech. The Fintech Landscape section provides a comprehensive overview of the Latvian fintech ecosystem.
Tina Lūse, Managing Director of Fintech Latvia Association, expressed excitement about the ecosystem’s growth: “We are excited to unveil the third annual edition of Fintech Pulse. This year has been pivotal for our ecosystem, and together with public sector stakeholders, we are enhancing financial inclusion, democratizing investments, and driving innovation throughout the sector. This is a testament to Latvia’s emergence as a fintech hub, establishing itself as an equal partner in innovation and support within the Baltic region.”
Minister of Finance Arvils Ašeradens highlighted Latvia’s fintech potential in the magazine, stating: “Latvia has already made strides in adapting its regulatory framework to support a stable financial system. Now, we encourage financial market players to invest in modern technologies to meet the growing demand for inclusive financial services and solidify Latvia’s position in the fintech landscape. We are confident that with the combined offer of the government, Latvijas Banka and Riga city, we are a great place to start your next scalable European FinTech!”
Minister of Economics Viktors Valainis expressed Latvia’s ambition in the magazine, stating: “Latvia wants to become a WEB 3.0. innovation hub and solidify itself as one of the leaders of a newly regulated EU crypto-asset market. We welcome international companies to choose Latvia, a flexible and fast-paced country, where you can obtain a MICA license in just 3 months. Open your office in Latvia, receive a MICA license and serve the whole EU market!”
The Fintech Latvia Association brings together fintech and non-banking financial service providers to represent their interests at both the national and international levels. It promotes sustainable development in Latvia’s financial sector by fostering reliable, responsible, and long-term industry practices that earn trust from consumers and regulatory authorities. The association is committed to supporting innovation and growth opportunities within the fintech landscape.
The post Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub appeared first on News, Events, Advertising Options.
The World Economic Forum (WEF) has released a pivotal white paper in collaboration with the Financial Conduct Authority (FCA), titled “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”. This January 2024 publication underscores the urgent need for global cooperation as the financial sector transitions from a digital economy to a quantum economy, highlighting both the immense opportunities and cybersecurity challenges posed by quantum computing.
Quantum: A Double-Edged Sword for Finance
Quantum computing offers transformative benefits for the financial sector, such as accelerated portfolio optimization, enhanced fraud detection, and improved risk management. Yet, it simultaneously threatens the very foundation of cybersecurity. With quantum’s ability to break traditional encryption methods, sensitive data and financial transactions face significant risks. The white paper warns that such vulnerabilities could erode trust in the financial system and destabilize global markets.
The urgency to prepare is evident, with some quantum threats, such as “Harvest Now, Decrypt Later” attacks, already emerging. Governments and regulators, including the United States with its National Security Memorandum on Quantum (2022), have begun advocating for quantum security readiness by 2035. However, as noted in the paper, transitioning to a quantum-secure infrastructure is a monumental task requiring unprecedented coordination between regulators, industry leaders, and technology providers.
A Collaborative Framework: Four Guiding Principles
To address the complex challenges posed by quantum technologies, the WEF and FCA have proposed four guiding principles to inform global regulatory and industry approaches:
- Reuse and Repurpose: Leverage existing regulatory frameworks and tools to address quantum risks, rather than creating entirely new systems.
- Establish Non-Negotiables: Define baseline requirements for quantum security, ensuring consistency and interoperability across organizations and jurisdictions.
- Increase Transparency: Foster open communication between regulators and industry players to share best practices, strategies, and knowledge.
- Avoid Fragmentation: Prioritize global collaboration to harmonize regulatory efforts and avoid inconsistencies that could burden multinational organizations.
These principles aim to create a unified, forward-looking strategy that balances innovation with security.
A Four-Phase Roadmap for Quantum Security
The white paper introduces a phased roadmap to help the financial sector transition toward quantum security:
- Prepare: Raise awareness of quantum risks, assess cryptographic infrastructure, and build internal capabilities.
- Clarify: Formalize engagement between stakeholders, map current regulations, and model the cost and complexities of transitioning to quantum-safe systems.
- Guide: Address regulatory gaps, translate technical standards into actionable frameworks, and develop industry-wide best practices.
- Transition and Monitor: Implement cryptographic management modernization and adopt iterative, adaptable regulatory approaches to remain resilient in the quantum economy.
This roadmap emphasizes adaptability, encouraging stakeholders to continuously refine their strategies as quantum technologies evolve.
The Path Forward: Collaboration as a Catalyst
The transition to a quantum-secure financial sector is not merely a technological shift but a comprehensive rethinking of how industries and regulators approach cybersecurity. The interconnected nature of global finance means that collaboration between mature and emerging markets is crucial to avoid vulnerabilities that could undermine the entire system.
Regulators and financial institutions must act with urgency. As Sebastian Buckup, Head of Network and Partnerships at the World Economic Forum, notes in the report:
“The quantum economy era is fast approaching, and we need a global public-private approach to address the complexities it will introduce. We welcome this opportunity to collaborate with the FCA to chart the roadmap for a seamless and secure transition for the financial services sector.”
Similarly, Suman Ziaullah, Head of Technology, Resilience, and Cyber at the FCA, emphasizes:
“Quantum computing presents considerable opportunities but also threats. The financial sector relies heavily on encryption to protect sensitive information, the exposure of which could cause significant harm to consumers and markets. Addressing this requires a truly collaborative effort to transition to a quantum-secure future.”
Global Impact: Ensuring Resilience in an Evolving Landscape
As quantum technologies mature, they will redefine the landscape of cybersecurity. The financial sector, as one of the most sensitive and interconnected industries, must prioritize preparedness to ensure stability, protect consumers, and maintain trust.
The Quantum Security for the Financial Sector: Informing Global Regulatory Approaches white paper offers an essential foundation for continued dialogue and action. By adhering to the guiding principles and roadmap outlined in the report, stakeholders can navigate this transformation with foresight and cooperation.
The full report, published by the World Economic Forum, highlights the need for a unified global approach to quantum security, serving as a rallying call for industry and regulatory leaders alike.
Source: World Economic Forum, “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”, January 2024.
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The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.
Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion
Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.
By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.
Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.
Source: Fintech Futures.
Juniper Research Highlights 2025’s Payment Trends
Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.
The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.
Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.
Source: Juniper Research.
MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets
MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.
MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.
Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.
Source: MeaWallet News.
Nucleus Security Among Deloitte’s Fastest-Growing Companies
Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.
With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.
Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.
Source: PR Newswire.
OpenYield Secures Funding to Transform the Bond Market
OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.
This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.
Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.
Source: PR Newswire.
Key Takeaways: Shaping the Future of Fintech
Today’s developments underscore several critical themes in the fintech landscape:
- Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
- Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
- Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
- Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
- Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
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