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Fincons Group announces closing of acquisition of PDG Consulting’s assets

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Fincons.US, Inc., a fully owned subsidiary of Fincons Group AG, an international IT business consulting and system integration company incorporated 40 years ago in Italy, with more than 2,700 professionals, has acquired 100% of the assets of PDG Consulting LLC, an IT, business intelligence and digital transformation company specialized in the Media & Entertainment sector. PDG Consulting is based in Los Angeles and has an offshore office in Mumbai (India) and accounts for over 100 professionals, 15 years of experience on the market.

PDG US based employees and customers are now transferred into Fincons.US, Inc, while the Mumbai office, with its 40 professionals, has become an integral part of Fincons India Private Limited, a fully owned subsidiary of Fincons Group AG and sister company to Fincons.US, Inc. This strategic acquisition consolidates Fincons Group’s international expansion, in fact, the Group has quadrupled its turnover and opened 8 new offices in the UK, United States, Germany, France and Belgium, in addition to the historic offices in Italy and Switzerland, since 2013. With Fincons India, Fincons Group aims to further enhance Fincons’ offering of IT services in Smart-Shore, adding a strategic option to complement the Bari Delivery Center maintaining competitiveness and customary high-quality levels to the benefit of all the Group’s customers.

Michele Moretti, CEO Fincons Group, comments: “We have always grown organically to date, thanks to our skills, our focus on building lasting and solid relationships with customers and partners and our commitment to research and development. As a result of our efforts, we’re proud to have achieved key positioning on the international market. Now the time has come to move even further forward and consolidate our expansion plans with a significant step both for Fincons, which becomes more and more a global business, and for our customers, to whom we will now offer even more experience, quality and passion everywhere in the world.”

PDG was in fact selected not only for its strategic positioning on the US market but also for its affinities with Fincons’ values, in particular its attention to people, customers and sustainability. Furthermore, the skill and experience of PDG Consulting’s professionals will complement the Fincons team in the United States, consolidating the expansion process across various target sectors in addition to Media, such as Manufacturing, Financial Service and Energy and Utilities.

“This acquisition will contribute to making Fincons’ US presence more relevant. It will also strengthen the Group in terms of assets and workforce, allowing us to offer even more rounded and competitive services to our international customers, who will benefit from an even more complete team, delivering our high standards of service and forward-thinking approach to technological integration, based on the ongoing scouting of best-in-class solutions around the globe,” declares Francesco Moretti, Group Deputy CEO and CEO International.

Adam Tarshis, Partner PDG Consulting, comments: “With a worldwide footprint, a dedicated team comprising thousands of skilled engineers and analysts, and a remarkable four-decade legacy in IT consulting, Fincons provides PDG a much larger platform from which we can leverage our deep proficiency in media operations and video distribution. The new organization also significantly broadens the core capabilities we will be able to offer both new and existing clients. We’re excited by the vision that Michele and Francesco have for the company and are thrilled to help drive Fincons’ expansion in the US”.

The acquisition provides Fincons with a US-based team that is structured to consolidate the existing customer base, that will be offered new services, but also to expand the business by winning new customers. The new, even stronger, US business now aims to expand its footprint in the Media and Entertainment sector with a special focus on providing services around streaming, leveraging Fincons’ experience supporting a major global operator. Rights management is another area the team will focus on with AllRights, the innovative “all-encompassing” solution developed by Fincons to enable media companies to boost content monetization. Last but not least, the newly strengthened Fincons.US, Inc. will provide advertising solutions for the Media industry, also leveraging the additional drive provided by the partnership with Operative, a global provider of solutions to automate digital and linear revenue workflows, streamline ad operations, and deliver audiences and outcomes to their buyers.

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Expressions of Interest for Director of the European Bank for Reconstruction and Development

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The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Council adopts regulation on instant payments

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The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.

Background

This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets

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The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global

 

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