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Backstop Solutions Group Appoints Paul Bonessi to Lead Backstop Accounting Product Line

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Backstop Solutions Group, the leading cloud-based productivity suite for institutional and alternative investors, has today announced the hire of Paul Bonessi as Vice President of Backstop Accounting. Bonessi will be based in the company’s Burlingame, CA location and will join Backstop as a contributing leader with expertise in business development and investment management. In his new role, Bonessi will be responsible for the Backstop Accounting portion of the Backstop platform, including client relationship management, product management and the go-forward strategy.

“We are excited to gain Paul’s perspective and extensive experience as a prominent product leader who is also a passionate and creative client advocate,” said Clint Coghill, CEO, Backstop Solutions Group. “He has deep domain experience, having led strategic efforts for asset managers, institutional investors and innovative fintech companies. He is known for building and strengthening team environments and will be key in navigating the path forward for Backstop’s Accounting product line during this exciting time of growth.”

Prior to joining Backstop, Bonessi served as business architect for a cryptocurrency start-up purpose-built to custody digital assets for institutional investors. He has also previously held product management positions at Ivy Asset Management and Pertrac Financial Solutions, and consulted on various strategic initiatives for large asset managers and hedge funds including Franklin Templeton Investments and Angelo Gordon & Co. His prior experience includes sell-side roles at JPMorgan Chase and the market data company, Telerate.

“At such an exciting time of growth for the company, I am thrilled to lead and define the future of the Backstop Accounting product line of investor and portfolio accounting software,” said Bonessi. “While prioritizing the client experience of those who are using Backstop Accounting today, we’ll also look to foster future expansion and innovation in order to best serve our users in this ever-evolving business climate.”

Bonessi’s hire comes on the heels of an outstanding 2018 for Backstop, a year in which the company garnered industry awards, grew its client base, released more product capabilities than ever before, hired key executives, and appointed new board members following its $20 million funding round and acquisition of BarclayHedge.

 

SOURCE Backstop Solutions Group

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Klarna Opens Tech Hub in Berlin

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Photo source: fintechmagazine.com

 

Klarna, one of the world’s leading payment providers, today announced its plan to open a tech hub in Germany’s capital at the beginning of next year. This will enable Klarna to further build out its product portfolio and services, better serve its fast-growing merchant and consumer base across Europe and the US and tap into the cities’ rich talent base.

The new Berlin site will be based in the very heart of Berlin’s thriving technology scene in Berlin Mitte and offers Klarna employees space of around 7,400 square meters in a modern and functional repurposed car garage. In the future, it will house more than 500 employees focusing on product, engineering and commercial growth and will be an addition to Klarna’s German offices in Munich and Linden, each with approximately 100 employees.

Berlin is one of the most exciting tech and entrepreneurial hubs worldwide and attracts exceptional local and international talents from all over the world. We are very proud and humbled to be part of that thriving ecosystem now. This site will enable us to further scale our footprint in GermanyAustria and Switzerland and new markets, but at the same time build new products and services to solve people’s shopping pain points across Europe and the US. We are on a very exciting journey from a pure payment provider to a global shopping ecosystem and our team in Berlin will play a decisive part to reach our ambitious goals.” says Sebastian Siemiatkowski, CEO Klarna.

Robert Bueninck, General Manager DACH, adds: “The DACH market as a whole developed fantastically throughout the past years and we have a very strong momentum and growing brand awareness in the region. With several thousands of new merchants which went live with us this year and many millions of consumers using our services, Germany is hugely important to the company to drive volume and revenue growth. The new site in Berlin is testament to our strong track record locally and our commitment to becoming the most favorite way to buy in GermanyAustria and Switzerland.”

Klarna currently employs over 2,500 employees in StockholmLos AngelesNew York, Columbus, MadridBrusselsLondonViennaAmsterdamBerlin, Linden, MunichOsloHelsinki and Uppsala. In August 2019, the company received a 460 million US dollars funding round on a 5.5 billion US dollars post-money valuation, which currently makes Klarna the highest private FinTech company in Europe. Earlier this year, the company tapped into new business verticals by launching new products such as the Klarna Open Banking Platform and Global Authentication Platform. On the consumer side, Klarna introduced the Klarna Card and Klarna’s Instore solution in Germany as well as various new features in the Klarna app that fundamentally change the way how people shop and pay. This underpins the company’s versatility in opening up new revenue streams and ambition to become the go-to destination when it comes to online and offline shopping.

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Progressive Approach in Embracing the Digital Finance Key to Labuan IBFC’s Growth in Financial Innovation

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“Labuan International Business and Financial Centre’s (Labuan IBFC’s) digital family continues to grow in recognition of the progressive approach the centre has taken in embracing the digital revolution by being as facilitative as possible to enable innovative digital business to take root in Labuan,” said Labuan Financial Services Authority (Labuan FSA) Director-General, Danial Mah Abdullah at the inaugural Connecting Digital Ecosystems in Asia 2019 (CoDE Asia 2019) conference in Kuala Lumpur today.

Mah added: “To this extent, the centre has used legacy licences like money broker, credit token licenses to provide the regulatory umbrella for the digital business to be carried out. Now that is innovation by itself. Thus, the centre has a toolbox of solutions to meet the needs of the rapidly expanding digital industry, whether from the supply or demand side”.

He went on to add that the digital business model must be legitimate, meeting international standards of compliance, transparency and prudential requirements. Thus, prospects would need to obtain Labuan FSA’s prior approval for any proposed digital business if the activities fall within the ambit of Labuan Financial Services Securities Act 2010 or Labuan Islamic Financial Services Securities Act 2010.

Labuan IBFC’s digital journey began in 2017, with eight licenses up to 2018 and 2019 has seen an exponential growth in the number of players in the centre with more than 30 licenses approved to operate as digital entities.

“Our bespoke and curated approach is an ideal match to the demands of a fast-evolving digital marketplace,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc, the jurisdiction’s market development agency. She added Labuan IBFC’s tax neutrality and currency agnosticism adds to the appeal as a digital hub, especially since the digital marketplace is inherently borderless in its application.

“We have seen a significant increase in interest of our digital toolbox from regional and also international entities,” she said and cited Memorandum of Understandings signed between Labuan IBFC Inc with China Construction Bank, Labuan as well as Huobi Group of China, both in relation to the advancement and development of Labuan IBFC’s digital ecosystem.

She added the fast-growing ecosystem in the jurisdiction had also prompted the establishment of an industry-led Labuan Fintech Association, which is open to any party interested in participating and contributing to Labuan IBFC’s growing “digital family”.

Labuan IBFC which will celebrate its 30th year of establishment in 2020, is home to more than 6,000 active companies which includes top-ranked financial institutions comprising 55 banks, 217 insurance companies, 61 corporate service providers, more than 300 leasing companies and 43 commodity trading companies. Labuan IBFC entities employ more than 6,000 people, making the IBFC the largest employer compared to other industries in Labuan.

The Connecting Digital Ecosystems in Asia 2019 (CoDE Asia 2019) conference was attended by more than 250 delegates and featured a lineup of regional industry players and subject matter experts, discussing topics catered towards developing a holistic digital ecosystem in the region. For more information on Labuan IBFC and its offerings, log on to www.labuanibfc.com.

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OneConnect wins prestigious award at the 2019 Kotler Future Marketing Summit for its outstanding global marketing efforts

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OneConnect wins prestigious award at the 2019 Kotler Future Marketing Summit for its outstanding global marketing efforts

 

OneConnect Financial Technology Co., Ltd (OneConnect), an associate company of Ping An Group, won the “Kotler New Marketing Year Successful Overseas Marketing Award” at the prestigious “2019 Kotler Future Marketing Summit” held in Beijing on 12 October. OneConnect’s win is an affirmation of its outstanding global marketing efforts that successfully export Ping An’s technologies to leading financial institutions outside of China within a short span of one year or so. Philip Kotler, known as the “father of modern marketing”, graced the event at the Wangjing Hyatt Hotel in Beijing.

The yearly Kotler New Marketing Awards aim to establish industry benchmarks and recognize successful experiences, further inspiring enterprises to carry out marketing innovations and pave the future of marketing. The summit focused on two main themes: cutting-edge marketing and growth marketing.

OneConnect celebrated the opening of its Singapore Office in November 2018 to spearhead regional expansion, and in February 2019, celebrated the launch of its Indonesia Office. Within a short span, OneConnect made remarkable progress inking maiden deals with leading financial institutions in MalaysiaIndonesiaThailandCambodiathe PhilippinesJapan and Abu Dhabi.

Ms Tan Bin Ru, CEO of OneConnect Financial Technology, said: “Over the past one year or so, OneConnect has built an impressive footprint with customers in about 10 countries outside of China. More Asian banks are looking to strengthen their technological capabilities to serve the millennials and the unbanked and underserved segments. We are making an impact in enabling banks and insurers in their transformation journey.”

OneConnect has served more than 600 banks and over 80 insurance companies, and is expanding its operations. In August, OneConnect announced a strategic joint venture partnership with SBI Holdings, Inc. to enter Japan market. SBI OneConnect Japan will fully leverage SBI Neo Financial Services and other SBI companies to introduce OneConnect’s fintech services to financial institutions and businesses across Japan.

In June, OneConnect and UBX Philippines Corporation, the wholly-owned fintech subsidiary of Union Bank of the Philippines, entered a partnership to build SeekCap – the country’s first lending platform to meet the banking needs of micro, small and medium enterprises (MSMEs). SeekCap was launched by UBX within four months in November, demonstrating OneConnect’s strong tech capabilities. Today, SeekCap is a true loan marketplace with multiple lenders showcasing their loan products for borrowers to choose what best suits their business needs, and apply for loans digitally and seamlessly on a single end-to-end platform. Loans can be approved on the same day, and disbursed within three working days. This drastically shortens turnaround time as compared with traditional loan applications in the Philippines.

In Indonesia, OneConnect is the choice tech partner of Sinar Mas Financial Services Group, the financial arm of conglomerate Sinar Mas. As a key strategic partner, OneConnect is partnering with Bank Sinarmas, PT. Kredit Biro Indonesia Jaya, the country’s first private credit bureau to provide banks and micro-finance organizations with better lending decisions, and ASPARINDO, an association for retailers in Indonesia, to build a smart lending ecosystem. OneConnect is also partnering with Asuransi Sinarmas to build a smart auto claims solution, as well as Sinar Mas Multi-finance to build a smart retail lending platform for Indonesians to gain easy access to loans.

In Malaysia, OneConnect is partnering with one of the country’s top banks to build an SME lending platform. In Thailand, OneConnect counts three of the top 10 banks as its customers.

In Abu Dhabi, it is building a financial ecosystem with the Abu Dhabi Global Market to spur fintech innovations, collaborations and market opportunities. The first initiative was the launch of an innovation lab at the Fintech Abu Dhabi in October. The lab will use OneConnect’s technology to connect legacy systems of financial institutions to fintech applications through enabling the creation of APIs, System Virtual Machines, data and applications in a cost-effective and scalable manner. It will enable financial institutions to transform digitally, accelerate product development, drive innovation, as well as embrace interoperability, partnerships and collaboration within a truly inclusive financial ecosystem.

Beyond Asia, OneConnect is partnering finleap connect to offer its fintech software-as-a-service (SaaS) technology to the European market. finleap connect is a business unit of finleap, Europe’s leading fintech ecosystem, which is based in Berlin and has offices in MilanParis and Madrid.

These achievements underscore OneConnect’s mission of using technology to make finance easier, and its vision of becoming a technology partner that financial institutions trust to ride the wave of digital transformation.

 

SOURCE OneConnect

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