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IMF Credits CBI for Caribbean Economic Growth and Encourages Digital Currency as St Kitts and Nevis Passes Virtual Assets Bill

Photo source: themerkle.com
Vlad Poptamas

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Citizenship by Investment (CBI) is one of the main reasons the Eastern Caribbean Currency Union (ECCU) has registered a GDP growth last year, the IMF staff report in their mission concluding statement. Moreover, the IMF staff suggest that “cautiously piloting a digital currency” is one of the areas that could catalyse the region’s resources and capacity, which would particularly help “solidify the monetary union by raising payment’s efficiency.”

St Kitts and Nevis is already building a fintech-friendly legislative and regulatory framework. At the end of January, the St Kitts and Nevis Parliament passed the Virtual Assets Bill, which requires businesses to register, pass due diligence checks and be subjected to a supervisory regime should they wish to participate in virtual asset services. This is aligned with the anti-money laundering standards established by the international policy-maker Financial Action Task Force (FATF).

Premier and Finance Minister Timothy Harris said during the bill’s second and final reading in Parliament on January 23rd that the move addresses what the governor of the Eastern Caribbean Central Bank describes as a “cashless society.” PM Harris said that “it is vital at this juncture that we embrace the opportunity to expand our capacities for adaptation to the swiftly changing realities of the technological spheres in which we find ourselves in this 21st century.”

In December, Prime Minister Harris announced that St Kitts and Nevis would be introducing biometrics to the screening process that all applicants under the Citizenship by Investment Programme must pass before being considered. Once approved, to obtain second citizenship from St Kitts and Nevis, an applicant can contribute US$150,000 to the Sustainable Growth Fund, whereas families of four or more can apply jointly by making a minimum contribution of US$195,000. If successful, investors obtain the right to live and work in St Kitts and Nevis, along with other benefits.

Daniel Kelman, general counsel and cryptocurrency supporter, salutes the twin island nation’s move towards more fintech integration. “You can have a business in St Kitts and do business all over the world,” says Kelman. He added for a government-issued press release: “to have a small business here on the island and reach out to the whole world as if there was no border – that is exactly the direction [St Kitts and Nevis] should be going.”

St Kitts and Nevis saw an improved fiscal performance in 2019, as noted in the preliminary findings of the most recent Economies of Latin America and the Caribbean (ECLAC) report. The authors note a series of positive economic trends in St Kitts and Nevis, namely deflating prices (-0.43%), decreasing debt stock (-3.5%), growing GDP (+3%), fiscal surplus (+191.5 million), growing tourism numbers (+11.9%), several CBI-sponsored infrastructural projects, with positive spillovers in several sectors in terms of job creation and profit margins.

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Peter Stewart Named Executive Vice President of North America for Ingenico Group

Vlad Poptamas

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Ingenico Group (Euronext: FR0000125346 – ING), the global leader in seamless payments, today announced that Peter Stewart has been named the executive vice president of North America. Peter reports to Matthieu Destot, executive vice president, B&A business unit and is a member of the company’s B&A Management Committee. Peter brings over 25 years of experience working with technology companies, including the last four years at Ingenico Group. His experience spans across different disciplines, including strategy, sales contract management, manufacturing, supply chain and human resources, among other areas.

“Peter brings a wealth of global leadership experience working with technology companies, both in fintech and the larger industry, that Ingenico benefits from greatly. I, along with the Executive Committee, am excited as he begins this new role leading the region,” Destot said. “His technology background and track record, coupled with his understanding of how Ingenico helps elevate the customer experience, will drive success as we continue to expand our presence in the region.”

Peter previously held the role of chief financial officer of the B&A business unit for Ingenico and formerly served as chief financial officer for the North America Region for nearly two years. Before that, he spent eight years at ADVA Optical Networking, most recently as vice president of finance, corporate development, treasury & risk management. Other previous companies include Lydian Data Services and ADP, among others.

“I am honored and humbled to be appointed the next leader of the North America Region, and I’m very excited by the opportunity that we have in front of us,” Stewart said. “We will continue to build upon our position of thought leadership, our market strength and, most importantly, our ability to execute our strategy across both our Retail and B&A business unit activities.”

 

SOURCE Ingenico Group

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Global Blockchain Market Outlook and Forecasts 2020-2025 – Overview of Service Type, Applications, Solutions and Industry Verticals

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Dublin, Feb. 17, 2020 (GLOBE NEWSWIRE) — The “Blockchain Technology Market by Service Type, Applications, Solutions, Industry Verticals 2020 – 2025” report has been added to ResearchAndMarkets.com’s offering.
This report evaluates the technology, leading companies and solutions in the evolving blockchain ecosystem. The report evaluates current and anticipated use cases for blockchain and assesses the market potential globally, regionally, and segmented by deployment type and industry vertical for the period 2020 to 2025.Blockchain as a Service (BaaS) represents a key service offering for many market segments as a mean of solution introduction and scalability via a cloud services model. BaaS service providers will include different types of services such as customize blockchain applications for cloud services, specific industries, custom consulting, and integration with existing systems.
Key Topics Covered:
1 Executive Summary
6 Conclusions and Recommendations
Companies Mentioned
21, Inc.Abra, Inc.AccentureAlphaphoint CorporationAmazonBaiduBitfury GroupBlockchain Global LimitedBlockCypher, Inc.BloqBTL Group (Blockchain Tech Ltd.)Chain, Inc.Circle Internet Financial LimitedCoinbaseCoinfirm Ltd.ConsenSys Systems (ConsenSys)CreditsDell TechnologiesDeloitte Touche TohmatsuDigital Asset HoldingsDigitalx Ltd. (Digital Cc Ltd.)DMG Blockchain SolutionsEarthportFactom Inc.Fidelity InvestmentsGlobal Arena Holding, Inc. (GAHC)HoloHPHyperLedgerIBM CorporationIntelygenzIOTALibra Services, Inc.Linux FoundationMicrosoft CorporationMonaxNASDAQOverstockR3RippleShoCardTecentFor more information about this report visit https://www.researchandmarkets.com/r/ypsgh7About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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UP Fintech Underwrites 12 Chinese ADR IPOs in 2019

Vlad Poptamas

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Photo source: financialtechnologyafrica.com

 

More than 30 Chinese companies listed on U.S. exchanges in 2019 and 12 of them had Tiger Brokers (NZ) Limited (“TBNZ”), a wholly owned subsidiary of UP Fintech Holding Limited (NASDAQ: TIGR) (together with TBNZ and other affiliates, “UP Fintech”), act as one of the underwriters for their offerings.

In 2015, UP Fintech introduced its proprietary trading platform, Tiger Trade, which provides global Chinese investors with seamless access to U.S. equities and other global securities. In the past few years, UP Fintech’s focus on innovation and superior user experience has enabled it to grow rapidly; according to iResearch, the firm has become the largest online broker for global Chinese to invest in U.S. equities.

UP Fintech is also expanding its institutional business, particularly investment banking and equity underwriting in the TMT space through its wholly owned subsidiary, TBNZ. Since 2017, UP Fintech has participated in many high profile Chinese Tech IPOs, including those of Chinese search engine Sogou Inc. (SOGO), ecommerce giant Pinduoduo (PDD), video streaming platform iQIYI (IQ), and online education company Youdao (DAO).

UP Fintech’s growing investment banking business has given the firm the opportunity to closely cooperate with a diverse range of corporate clients, giving it a better understanding of the challenges faced by Chinese companies that have held a U.S. IPO. UP Fintech is expanding its existing portfolio of corporate services to meet the needs of its growing client base.

“Chinese companies from different industries face a variety of difficulties through the IPO process in the U.S. On one hand, many Wall Street institutions are unfamiliar with relatively lesser-known Chinese companies, which may result in less allocation of resources to these companies. On the other hand, Chinese companies may not possess the requisite expertise to efficiently manage a new issue in the U.S. market. This is where our unique business model and market understanding distinguish our firm: we are ourselves a young technology company, so compared to traditional banks, we are naturally more connected to these emerging companies and understand their needs better. In addition we may leverage our growing customer base of institutional and retail investors to provide a huge demand for the new issuance,” said Mr. Wu Tianhua, CEO of UP Fintech.

Expanding its portfolio of corporate services is a key strategy of UP Fintech’s development, so the firm has acquired new licenses to support its expansion. In October 2019, UP Fintech’s wholly-owned subsidiary, US Tiger Securities, Inc., received approval for conducting new businesses, including underwriting, private placements, mergers and acquisitions, mutual fund retailing, as well as selling group participant services from the Financial Industry Regulatory Authority (“FINRA”). Within two months of receiving these licenses, UP Fintech and its subsidiaries had participated in seven more Chinese ADR IPOs in the U.S.

With a staff that draws from its rich range of experiences in investment banking and financial services, UP Fintech is able to assist potential issuers on every step of their IPO planning. UP Fintech’s Corporate Services team advises issuers on capital structure, equity story, and the ECM/Sales team is able to connect issuers with over 200 institutional investors to build demand for the IPO.

In order to develop a comprehensive suite of corporate services for client firms, UP Fintech also provides ESOP management services to corporate clients, enabling them and their employees to conveniently manage their equity incentive schemes. After the IPO, UP Fintech assists issuers’ ESOP participants open brokerage accounts on its platform, which creates a new channel for client acquisition. Furthermore, after a successful listing, UP Fintech may offer other financial services to corporate clients to support secondary offerings or investor relations efforts.

In 2019, UP Fintech and its subsidiaries participated in 18 U.S. IPOs, and UP Fintech served as an underwriter in 12 of these IPOs. According to Bloomberg and SEC Edgar Data, UP Fintech and its subsidiaries led U.S. IPO underwriting of Chinese companies by deal count among brokerages in 2019.

In conclusion, UP Fintech’s growing corporate services are key to its strategy to create a comprehensive financial services platform that fulfills the needs of client companies at every step of their development and that also provides individual investors unparalleled access to global securities markets. Expect more news from UP Fintech as it helps a generation of Chinese companies go global.

 

SOURCE UP Fintech

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