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PIF and WTA sign multi-year partnership to accelerate the growth of women’s tennis globally
- In a historic moment for women’s tennis, PIF will serve as the first-ever naming partner of the WTA Rankings
- PIF and WTA will also work together to enhance and develop initiatives to support players at all levels
NEW YORK, May 20, 2024 /PRNewswire/ — The Public Investment Fund (PIF) and the WTA have today unveiled a multi-year partnership that will support their shared ambition to grow women’s professional tennis and inspire more women and girls around the world to take up the game. The partnership will also enhance and develop initiatives that support players at all levels.
As a Global Partner of the WTA, PIF will become the first-ever naming partner of the WTA Rankings, the highest official rankings for women’s professional tennis players. The PIF WTA Rankings will track players’ journeys, and PIF will work with the WTA to celebrate and support players’ progress and their inspirational, unique stories.
In addition, as part of its commitment to inspire youth, PIF will work with the WTA to expand existing initiatives and develop new opportunities for young players, providing a significant boost to the game’s next generation of stars.
In February 2024, PIF announced its partnership with the ATP and became the official naming partner of the PIF ATP Rankings. PIF has now become the only global partner across both the WTA and ATP Tours. PIF has also partnered with combined WTA 1000 and ATP Masters 1000 tournaments in Indian Wells, Miami and Madrid, in addition to the Beijing WTA 1000 and ATP 500 events.
The new partnership between the WTA and PIF follows the recent announcement that the season-ending WTA Finals will be hosted in Riyadh for the next three years, starting in 2024, and featuring the top eight singles players and doubles teams in the race to the WTA Finals.
The WTA partnership adds to PIF’s growing sponsorship portfolio, which focuses on investing in people, initiatives and partnerships; and embraces the brand’s four strategic pillars: inclusivity, sustainability, youth and technology. This partnership aligns with numerous other PIF initiatives that focus on women in sport.
Marina Storti, CEO of WTA Ventures, said: “We are delighted to welcome PIF as a Global Partner of the WTA and our first-ever official naming partner of the WTA Rankings. Together, we look forward to sharing the journey of our talented players across the season, as we continue to grow the sport, creating more fans of tennis and inspiring more young people to take up the game.”
Mohamed AlSayyad, Head of Corporate Brand at PIF, said: “Through our partnership with WTA, PIF will continue to be a catalyst for the growth of women’s sport. We look forward to working with the WTA to increase participation and inspire the next generation of talent. Underpinned by PIF’s four strategic sponsorship pillars, this partnership aligns with our ambition to elevate the game and bring positive growth to the sport around the world.”
PIF’s program of sponsorships uncovers new potential, investing in people, initiatives and partnerships that drive positive impact on the global stage. PIF is a catalyst for transformation globally, uplifting and enhancing sport for players, fans, tournaments and stakeholders at every level.
About the PIF WTA Rankings
The PIF WTA Rankings are based on a rolling 52-week, cumulative system with a player’s ranking determined by results at a maximum of 18 tournaments for singles and 12 for doubles. Points are awarded based on the level of tournament and a player’s round-by-round progression at that tournament. Since the introduction of the computer rankings on November 3, 1975, only 29 women have climbed to the top of the singles ranking to become World No. 1. Only 15 women have held the distinction as the singles year-end World No. 1 with 26 women as the doubles year-end No. 1.
About the WTA
Founded by Billie Jean King in 1973 on the principle of equal opportunity, the WTA (Women’s Tennis Association) is the global leader in women’s professional sports. The WTA is one of the world’s most recognizable and high-profile sports organizations, consisting of more than 1600 players representing over 80 nations, all competing to earn WTA rankings points and prestigious tournament titles. The Hologic WTA Tour is comprised of over 70 events and four Grand Slams, spanning 30 countries and regions across six continents with a global audience of one billion. Further information on the WTA can be found at wtatennis.com.
WTA Ventures is the commercial arm of the WTA, created in March 2023 as part of the WTA’s strategic partnership with CVC Capital Partners. It aims to build upon the strong legacy the WTA has established over the past 50 years by further elevating the profile of women’s tennis and accelerating commercial growth for the benefit of fans, players, tournaments and all stakeholders in the sport.
About PIF
The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, PIF’s board of directors has been chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established over 90 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. www.pif.gov.sa
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2024: The Summer of Consent Orders for Smaller Banks
The summer of 2024 is seeing a surge in consent orders for smaller banks. On June 28, Tennessee-based Thread Bancorp became the latest financial institution to come under the Federal Deposit Insurance Corporation’s (FDIC) scrutiny. This highlights the growing importance of managing operational, compliance, and strategic risks associated with third-party partnerships for banks and their FinTech collaborators.
Typically, the FDIC announces enforcement actions on the last Friday of each month. The recent order for Thread, a popular partner bank for numerous FinTechs, is notable for explicitly addressing the bank’s Banking-as-a-Service (BaaS) and Loan-as-a-Service (LaaS) programs.
Dated May 21, the order mandates Thread Bank to implement several corrective measures without admitting or denying any unsafe or unsound banking practices. These measures include establishing a comprehensive third-party risk management program and enhancing due diligence, monitoring, and exit planning for Thread’s FinTech partners. This requirement underscores the regulator’s increasing focus on banks’ relationships with technology firms.
“Within 120 days of the effective date of this ORDER, the Bank’s BaaS and LaaS program policies and procedures must be thoroughly documented, covering, at a minimum, third-party partner and customer approval requirements, due diligence processes, growth and stress modeling, ongoing AML/CFT compliance monitoring, and steps to unwind third-party business lines, including FinTech partners,” the FDIC stated.
Thread’s FinTech and BaaS partners include Unit, which provides services for Relay, Toolbox, Sequin, Currence, Arpari, and several other platforms.
“When vetting potential fintech clients, both Thread and Unit prioritize maintaining a strong focus on compliance and oversight,” Unit wrote in a 2023 blog post.
“We remain steadfastly committed to collaborating with regulators at the state and federal levels because we believe the regulatory framework is necessary and can help create a strong banking system for consumers and small businesses,” Chris Black, CEO of Thread Bancorp, Inc. and Thread Bank, said in a statement to PYMNTS.
Black added, “We are dedicated to meeting all obligations and have made substantial investments to improve our policies, processes, procedures, and controls over the past three years in collaboration with the FDIC and the Tennessee Department of Financial Institutions (TDFI). We will continue to invest in our teams and services to ensure we meet the needs of, and provide strong protection for, our customers and partners as we move forward.”
FinTech Risk in Financial Supply Chains
Navigating the complex web of financial regulations is a daunting task, especially for FinTech startups with limited resources. Partnering with established banks allows FinTech companies to leverage their partners’ robust regulatory frameworks, reducing the compliance burden.
The BaaS model aimed to create a shared compliance environment where FinTechs could operate within regulatory bounds while focusing on innovation and growth. However, the reality has been more challenging.
A year ago, on June 6, 2023, the FDIC, the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) issued final guidance on managing risks associated with third-party relationships.
Since then, the collapse of Synapse’s bankruptcy has tested the interconnected BaaS and FinTech landscape. Adding to the turmoil, Synapse’s primary banking partner, Evolve, suffered a significant cyberattack on June 26, putting its risk controls under scrutiny.
“The regulators are now awake,” Thredd CEO Jim McCarthy told PYMNTS. “Too many people focus on the ‘as a service’ part but neglect the banking part. If you fail at banking, the service piece doesn’t matter.”
The Middle Falls out of Middleware
A PYMNTS Intelligence report found that 65% of banks and credit unions have formed at least one FinTech partnership in the past three years, with 76% viewing these partnerships as essential to meeting customer expectations. Additionally, 95% of banks aim to use partnerships to enhance their digital product offerings.
Thread Bancorp, previously known as Civis, has a history of regulatory actions. Its recent FinTech partnerships have driven rapid growth, from less than $100 million to over $720 million between the end of 2020 and Q1 2024, according to FDIC call reports.
“With complex ecosystems, you have more partners than ever before,” Larson McNeil, co-head of marketplaces and digital ecosystems at J.P. Morgan Payments, told PYMNTS. This creates new challenges for managing partners and counterparty risk.
The Thread Bank case may indicate how regulators approach the intersection of traditional banking and financial technology. As the financial landscape evolves, the key to leveraging the BaaS model lies in fostering strong, transparent, and mutually beneficial relationships between banks and FinTech firms. By doing so, they can collectively drive the future of banking toward greater inclusivity, efficiency, and innovation.
Source: pymnts.com
The post Thread Bank Responds to FDIC Enforcement Action appeared first on HIPTHER Alerts.
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Groundbreaking Partnership: Cross-Chain Tokens, CKB Eco Fund, and Meson Finance Launch ccBTC with 1:1 Bitcoin Reserves on CKB Main Network
HONG KONG, July 3, 2024 /PRNewswire/ — Cross-Chain Tokens (ccTokens) has partnered with the Nervos CKB Eco Fund to launch ccBTC on the CKB main network, enhancing Bitcoin liquidity within the CKB ecosystem. Backed by a 1:1 Bitcoin reserve, ccBTC is managed by Cactus Custody, a subsidiary of Matrixport. Cactus Custody is a licensed trust company in Hong Kong that adheres to strict anti-money laundering and regulatory standards while providing digital custody solutions.
Meson Finance, the official cross-chain bridge for the CKB Eco Fund, will enable seamless cross-chain circulation of ccBTC across major blockchains and BTC Layer2 networks. Meson Finance, a leading provider of cross-chain services, supports all major public chains and Layer2 networks and offers users access to assets like BTC, ETH, and stablecoins.
ccBTC leverages the advanced capabilities of Nervos CKB and RGB++ protocols to ensure secure BTC transfers within the Bitcoin ecosystem. This integration will empower decentralised applications (DApps) to utilise Bitcoin assets, including decentralised exchanges (DEX), lending platforms, algorithmic stablecoins, derivatives markets, the Lightning Network, the Nostr social protocol, and other large-scale use cases.
ccBTC is the first compliant and managed token issued on a UTXO platform outside the BTC main network. Users can publicly verify reserved addresses, balances, and transaction records in real time via the ccTokens website. To ensure transparency and reliability, the project employs a multi-party confirmation mechanism for minting, burning, and on-chain verification. The ccTokens governance model emphasises checks and balances through a multi-agency framework, role and rights segregation, and decentralisation to mitigate potential misconduct. Additionally, a blacklist mechanism supports ongoing governance and compliance.
This strategic collaboration aims to strengthen the CKB and RGB++ protocols and introduce securely managed Wrapped BTC assets to the broader Bitcoin ecosystem, revitalising dormant BTC assets.
About Nervos CKB
Nervos CKB is a pioneering BTC Layer 2 solution using the Cell model and PoW consensus mechanism to address blockchain scalability challenges. Its modular architecture separates transaction execution, consensus, and data availability.
About Meson Finance
Meson Finance is a decentralised cross-chain bridge leveraging Atomic Swap technology for seamless transfers of BTC, ETH, and stablecoins across over 50 public chains and Layer 2 networks. It offers efficient and cost-effective cross-chain services.
About Cactus Custody
Cactus Custody, a subsidiary of Matrixport, is a Hong Kong-based trust company dedicated to anti-money laundering and regulatory compliance. It provides efficient digital custody solutions. It leads in institutional-grade digital asset custody, supporting over 300 high-profile clients, including miners, exchanges, and funds.
About Cross-Chain Tokens (ccTokens)
Cross-Chain Tokens (ccTokens) are pegged tokens, each backed 1:1 by blockchain assets like BTC. These tokens enable seamless integration of various cryptocurrencies into the decentralised finance (DeFi) ecosystem. All ccTokens are fully supported and protected by qualified third-party custodians or validators.
Disclaimer
The content of this webpage is not investment advice and does not constitute an offer, solicitation to offer, or recommendation of any investment product. It is for general purposes only and does not consider your needs, investment objectives, or specific financial circumstances. Investment involves risk.
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Peach Tech and Orient Asset Management (Hong Kong) Limited Forge Strategic Partnership to Bridge Traditional Finance and Web3
HONG KONG, July 3, 2024 /PRNewswire/ — Peach Tech Limited (“Peach Tech”) and Orient Asset Management (Hong Kong) Limited (“Orient HK”) are delighted to announce a groundbreaking strategic partnership aimed at jointly advancing the innovation and integration of traditional financial institutions with the world of Web3 digital assets in Hong Kong.
This game-changing collaboration will see Peach Tech providing top-tier advisory services and infrastructure for the tokenization of real-world assets managed by Orient HK, under the Peach Investment Fund (PIF) and Peach Investment Fund Token (PIFT). This strategic partnership marks a significant milestone for Peach Tech in transforming how traditional financial assets such as real estate can be managed and tokenized, paving the way for a more integrated and innovative financial ecosystem between TradFi & crypto in Asia.
“We are beyond excited to partner with Orient HK and bring the worlds of traditional finance and blockchain closer together,” said David Koh, Chief Operating Officer of Peach Tech Limited. “This collaboration is a major step forward in demonstrating the trust and commitment traditional finance institutions place in us to be the key enabler and bridge between TradFi, CeFi and DeFi.”
“At Orient HK, we are committed to advancing the tokenization of real-world assets,” said Zhao Guodong, Director of Orient Asset Management (Hong Kong) Limited. “Partnering with Peach Tech will accelerate our adoption of Web3 technologies and redefine the financial landscape.”
For more information, please visit:
About Peach Tech Limited
Peach Tech Limited is a leading technology and platform company with a focus on bridging the gap between traditional financial assets and blockchain technology, developing products that enhance market efficiency, transparency, and accessibility. It provides a wide range of services in the crypto and RWA space, including advisory, tokenization of real-world assets and token issuance.
About Orient Asset Management (Hong Kong) Limited
Orient Asset Management (Hong Kong) Limited, a wholly-owned subsidiary of Orient Securities International Financial Group Co. Ltd, specializes in asset management services outside of mainland China. The company offers a wide range of asset management services, including the issuance and management of private funds, public funds, fully mandated investment management accounts, and investment advisory services.
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