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Digital China’s Guo Wei Shares ‘China’s Sample’ of Global Digital Innovation with London Business School

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LONDON, May 22, 2024 /PRNewswire/ — On May 21st, at the invitation of London Business School (LBS), Guo Wei, Chairman of Digital China, participated in the esteemed “Managing the Digital Organization” lecture, engaging with a cohort of prospective business leaders. Focusing on the trending topics of ‘Artificial Intelligence’ and ‘Digital Transformation’, he imparted the digital philosophy and practices of Chinese enterprises amidst the digital civilization era.

Digital China, a prominent player in China’s digital economy, has harnessed over two decades of deep involvement in the nation’s information industry to embrace the power of digitization. This has culminated in what Guo Wei refers to as ‘China’s Vibrant Blueprint for Digital Transformation’, carving a distinctive path of digital metamorphosis. Notably, Digital China’s transformation narrative has been incorporated into LBS’s esteemed case library, underscoring its significance as a teaching instrument.

In his lecture, Guo Wei emphasized that the digital economy now constitutes the backbone of supply, with digital technology emerging as the paramount catalyst for economic expansion. The hastening pace of global digitization propels us into an epoch of digital civilization. For multinational corporations, digital strategies have escalated to the status of corporate strategy, and the amassing of data assets constitutes the pivotal lever for business innovation. Amidst this evolution, AI-fueled digital-cloud integration signifies a disruptive technological innovation, poised to invigorate the global landscape. Digital China feels honored to reprise its role in elite international business school case repositories, thereby contributing insights to academia. This recognition signifies that Chinese enterprises’ digital and AI acumen resonates globally, exemplifying world-class practices.

Professor Julian Birkinshaw, Vice Dean and Professor of Strategy and Entrepreneurship at LBS, remarked, “As a global institution, we constantly seek out exemplary cases worldwide. Digital China was chosen not solely due to its prominence in China but also its sophisticated implementation of digital technologies, demonstrating adaptability and offering invaluable insights to our students about the contemporary business milieu. The story of Digital China encapsulates Mr. Guo Wei’s philosophy – digitization transcends being a mere process; it embodies the existential rationale for companies. This philosophy underpins our decision to feature Digital China in our case studies.”

Photo – https://mma.prnewswire.com/media/2419014/Digital_China_s_Guo_Wei_Professor_Julian_Birkinshaw.jpg

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Agora acquires Clearshift’s real estate division

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Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

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For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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