Latest News
MASTERCARD FOUNDATION INTRODUCES MFAM, A NEW SEPARATE ASSET MANAGEMENT COMPANY, TO SUPPORT ITS PHILANTHROPIC MISSION
MFAM investment returns to fund the Mastercard Foundation’s work with its partners in Africa and Canada over the long term
TORONTO, May 2, 2024 /PRNewswire/ — The Mastercard Foundation today introduced the Mastercard Foundation Asset Management (MFAM) Corporation, a new, separate asset management company with a mandate to build and manage a diversified portfolio to support the mission of the Mastercard Foundation and the work of its partners over the long term. The Mastercard Foundation is a registered Canadian charity and one of the largest private foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work.
Reeta Roy, President and CEO of the Mastercard Foundation, said, “The programs of the Mastercard Foundation are transforming the lives of young people in Africa and in Indigenous communities in Canada. Led by John Barker, MFAM is building a team of world-class investment professionals charged with diversifying Mastercard Foundation’s portfolio and delivering returns that will fund the philanthropic mission of the Mastercard Foundation over the long term.”
The Mastercard Foundation was established in 2006 through the generosity of Mastercard Incorporated (NYSE: MA), which gifted the Mastercard Foundation common shares as part of its initial public offering. Over the past 18 years, the value of that original gift has grown substantially. The Mastercard Foundation now requires a dedicated asset management team to manage and diversify the Mastercard Foundation’s growing investment portfolio.
John Barker, Chief Investment Officer of MFAM, said, “I am thrilled to be leading the investment team at MFAM and to be working with the Mastercard Foundation to fund its critical mission in Africa and Canada. MFAM is building a team of investment professionals and a network of investment partners that will be inspired by the opportunity to create meaningful value and lasting impact through the Mastercard Foundation.”
Mr. Barker joined MFAM in January 2024. He brings over three decades of investment management experience to the role, having served as the Chief Investment Officer at Mass General Brigham and as a Managing Director at Harvard Management Company.
Headquartered in Toronto, MFAM has an investment strategy that is global in scope. MFAM was established by the Mastercard Foundation as a separate entity with a separate Board of Directors and management team.
The Mastercard Foundation partners with approximately 400 organizations and supports initiatives in 33 countries, including the Mastercard Foundation Scholars Program, the Saving Lives and Livelihoods Initiative in Africa, and the EleV Program supporting Indigenous youth in Canada.
Established in 2023, Mastercard Foundation Asset Management (MFAM) Corporation was created to build and manage a diversified investment portfolio for the Mastercard Foundation, one of the largest private foundations in the world. MFAM is headquartered in Toronto, Canada. It has a global investment strategy and mandate to deliver returns that will fund the philanthropic mission of the Mastercard Foundation over the long term. To learn more, visit the MFAM website at www.mfamc.org.
The Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization separate from the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa. Its policies, operations, and program decisions are determined by the Foundation’s Board of Directors and leadership. For more information on the Foundation, please visit www.mastercardfdn.org
About MFAM, please contact: Lynnette Visaya, Edelman Smithfield, [email protected], (416) 316-4518
View original content:https://www.prnewswire.co.uk/news-releases/mastercard-foundation-introduces-mfam-a-new-separate-asset-management-company-to-support-its-philanthropic-mission-302134534.html
LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.
The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.”
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.
View original content:https://www.prnewswire.co.uk/news-releases/cube-acquires-global-regulatory-intelligence-businesses-from-thomson-reuters-302147604.html
Cortical.io, renowned for its innovative artificial intelligence (AI) solutions, has teamed up with Swiss Re to advocate for the widespread adoption of intelligent document processing (IDP) among group insurance carriers, streamlining insurance operations.
Through this strategic partnership, Cortical.io’s cutting-edge IDP solution, SemanticPro, will be extended to Swiss Re’s clientele, aiming to expedite the intake process and enhance efficiency in quote preparation and policy comparison.
The intelligent extraction and classification capabilities offered by SemanticPro have demonstrated remarkable improvements in reducing review time and enhancing quote accuracy when compared to traditional manual processes.
This collaboration empowers Swiss Re to better assist its insurance clients by optimizing policy processing workflows, minimizing errors, reducing response times, and improving operational efficiencies.
Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re, emphasized, “The insurance industry faces challenges with legacy systems, manual workflows, and fragmented data, hindering operational efficiency. Recognizing the need for automation and AI-driven tools to streamline processes and enhance efficiency, we identified Cortical.io as a standout among IDP vendors. Its ability to accurately process complex provisions and its user-friendly, no-code interface set it apart. We eagerly anticipate contributing to our clients’ business success through this collaboration.”
Hans-Peter Riecken, SVP North America at Cortical.io, added, “We are impressed by Swiss Re’s dedication to providing its clients with access to innovative technologies and deeply honored to have been selected to support them in delivering optimal value. It is incredibly rewarding to have our expertise in the insurance industry acknowledged by one of the sector’s leaders, and we are excited to offer Swiss Re’s clients the same benefits enjoyed by our own insurance customer base with Cortical.io SemanticPro.”
Source: fintech.global
The post Cortical.io and Swiss Re collaborate to transform insurance document processing appeared first on HIPTHER Alerts.
Latest News
GC congratulates NatureWorks and Krungthai Bank on closing a significant financing deal for NatureWorks’ Ingeo PLA Manufacturing Expansion worth 12.6 billion baht, Supporting Thailand’s Ambitious Bio-Circular-Green (BCG) Strategy
BANGKOK, May 17, 2024 /PRNewswire/ — Mr. Narongsak Jivakanun (Second from left), CEO of PTT Global Chemical Public Company Limited (GC) presided over the signing ceremony and extended his congratulations to Krungthai Bank and NatureWorks – a joint venture of GC and a leading manufacturer of polylactic acid (PLA) biopolymers made from renewable resources. This is the historic financial support from Krungthai Bank PCL, Thailand’s third largest bank, to optimize the capital structure for the new fully-integrated Ingeo™️ PLA manufacturing facility in Thailand. The financing amounting to $350M USD (12,600M Baht Equivalent), is one of the singular largest loans in the bank’s decades-long history to supporting loans for Green Field project in the Green/Bio businesses. It reinforces GC’s core mission of operating sustainable business practices aligned with the Bio-Circular-Green Economy (BCG) Model for Thailand’s sustainable development.
The funding will not only support the construction of the plant and its ongoing operations but also enables NatureWorks to be competitive in the biomaterials market, pioneering new frontiers for bioplastic applications and advancing biobased solutions with sufficient capacity to capture packaging and fiber customers across the Asia-Pacific region and the rapidly growing global market.
The NatureWorks plant, currently under construction, is the first bio-complex in Thailand, established in line with the government’s BCG economic development strategy, located in Nakhon Sawan province. The project is progressing according to plan, with full-scale production expected to commence in 2025. The plant will have a PLA production capacity of 75,000 tons per year under the Ingeo™️ brand, using locally sourced sugarcane as the primary raw material from local farmers.
For more details, please visit https://www.pttgcgroup.com/en/newsroom/news/1359/
Photo – https://mma.prnewswire.com/media/2415664/Picture_of_Signing_Ceremony.jpg
View original content:
-
Latest News7 days ago
“Grand Huangshan” Debuts at the 2024 World Brand Moganshan Conference
-
Latest News6 days ago
AI-powered Panax raises $15m to reshape cash flow management
-
Latest News7 days ago
Yili’s 2023 Revenue Reaches 126.2 Billion Yuan, Leading Global Dairy Industry towards Healthy and Sustainable Development
-
Latest News7 days ago
Egypt’s Swypex launches an all-in-one fintech platform after $4m seed round
-
Latest News6 days ago
Sweden’s Mitigram names Pedram Tadayon as new CEO
-
Latest News6 days ago
Sobha Developers bring to Singapore an Exclusive Dubai Property Showcase
-
Latest News6 days ago
South African fintech Lesaka snaps up Adumo in $86m deal
-
Latest News7 days ago
Venom and KuCoin Ventures forge strategic partnership