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DESEC: Chihuahua City, a new investment magnet due to nearshoring in northern Mexico

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CHIHUAHUA, Mexico, May 23, 2024 /PRNewswire/ — Amid the era of “nearshoring” or business relocation, the state of Chihuahua’s capital aims to become one of the most attractive cities for high value-added investments in northern Mexico, focusing on its talent and quality of life offered to its residents, says Jorge Cruz Camberos, president of Economic Development of the State of Chihuahua (DESEC).

Located just 400 kilometers (250 miles) from the United States and in the center of Mexico’s largest state, Chihuahua City has ascended in competitiveness and quality of life rankings. This progress is due to a nearly decade-long strategic alliance between governments and the private sector with the goal of becoming the best family-friendly industrial city.

Cruz Camberos noted that the key has been establishing a model where changing governments, the educational system, and the private sector adapt to the same development vision.

Over the past eight years, the quality of life has improved based on household income, reaching a minimum of 23,000 pesos ($1,370) per household, although the target is set at an optimal 83,000 ($4,900).

“If we need to pay better salaries, we need more competitive companies, and for that, we need to be a more competitive city,” he told EFE.

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Since then, this development vision has been negotiated with each mayoral candidate, yielding the best results since DESEC was established 50 years ago.

Competitiveness and quality

In 2016, the city ranked 12th among the most competitive cities in the country with less than one million inhabitants. This year, the city is ranked sixth among large cities, alongside Mexico City, Monterrey (Nuevo León), and Guadalajara (Jalisco).

It has over 120 export manufacturing companies, employs more than 120,000 industrial workers, and contributes nearly 20% of the state of Chihuahua’s exports, leading the nation in this area.

In this regard, Arturo Chretín Sáenz, head of Chihuahua Espectacular, highlighted the city’s business tourism infrastructure and the design of an organized city, with a hotel network focused on the middle class, offering excellent service for both families and business travelers.

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View original content:https://www.prnewswire.co.uk/news-releases/desec-chihuahua-city-a-new-investment-magnet-due-to-nearshoring-in-northern-mexico-302154198.html

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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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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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The post New partnership between BIS and MAS targets climate risks in finance appeared first on HIPTHER Alerts.

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