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Gunvor and Quercus announce landmark solar development partnership in Italy

Published

2 days ago

July 1, 2024

The partnership aims to develop up to 3GW of solar capacity and marks Gunvor’s expansion into the solar sector alongside renewable energy specialist Quercus

LONDON, July 1, 2024 /PRNewswire/ — Gunvor Group (“Gunvor”), a leading global energy commodities trading company, together with Quercus Real Assets Limited (“Quercus”), the London-based renewable specialist focused on international investments within the Energy Transition, proudly announce a landmark solar development partnership that targets the development of up to 3 gigawatts (GW) of solar photovoltaic (PV) capacity in Italy.

Under the terms of the deal, Quercus will draw on its established track record of developing renewable projects—from permitting to “ready to build” status—and combine that with Gunvor’s ability to fund, manage, and optimize assets through power purchasing agreements (“PPAs”). The solar sites will be strategically located across all regions in Italy, granting Gunvor the option to acquire and enter into PPAs with the assets.

“Gunvor’s first material investment in the solar space fully aligns with Nyera’s commitment to the Energy Transition and our ambition to build up a renewable power portfolio.” said Fredrik Törnqvist, Managing Director of Nyera, Gunvor’s renewables investment vehicle.

The Italian solar market is among the most advanced in Europe, thanks to a well-developed regulatory framework and recent legislative changes that support the integration of solar infrastructure with agriculture.

“Given the essential role of agriculture in the Italian economy, it is crucial to align solar investments with agricultural preservation to ensure long-term sustainability,” said Diego Biasi, co-founder and CEO of Quercus. “At Quercus, we have consistently invested in renewables to enhance our surroundings. I am pleased to collaborate with a prominent partner like Gunvor, sharing our values and advancing our successful investment initiatives.”

Aldo Della Valle, Gunvor’s Head of Power & Natural Gas Trading, added: “This landmark solar venture will further complement Gunvor’s recently announced intention to acquire bp’s Spanish powerplant and is another step in our strategy of building up a portfolio in Europe composed of conventional flexibility and renewable power positions to enhance our power and gas trading activities.”

The deal remains subject to regulatory approval and other customary closing conditions.

Note to Editors

About Quercus Real Assets
Quercus Real Assets Limited is a renewable energy specialist focused on energy transition investments, with offices in London and Dubai.

Diego Biasi and Simone Borla founded Quercus by establishing a Luxembourg-based fund which successfully completed over €1bn in gross investments from inception in five different successful strategies. In January 2020, Diego Biasi started to steer Quercus’s business in response to the evolution of the energy sector into a more diversified strategic investment approach. Quercus has successfully completed over 40 deals up to date.

Since 2010 the strategy of the company has been founded on the belief that the creation of long-term environmental and social capital underpins and strengthens investors’ and shareholders’ returns. Quercus is committed to developing business opportunities and supporting responsible investments for sustainable income and capital returns while contributing to a carbon-neutral future.

For further information, please visit www.quercusrealassets.com

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2023 generated US $127 billion in revenue on 177 million MT of volumes. For more information, visit GunvorGroup.com.

About Nyera
Nyera, a wholly-owned subsidiary of Gunvor Group, is dedicated to identifying Energy Transition investments, including new sustainable commodities and businesses. Nyera’s trading and investment activities are performed on a commercial basis, and the company is deliberate in entering areas of opportunity that will ensure a sustainable long-term model. Current areas of investment include solar, biofuel, biogas, green hydrogen, renewable natural gas, and zero-emission maritime transportation, among other renewables-focused projects. For more information, visit Nyera.com.

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Thread Bank Responds to FDIC Enforcement Action

Published

54 mins ago

July 3, 2024

Peter Tolan

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

Published

2 hours ago

July 3, 2024

CISION (PR Newswire)

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

Published

3 hours ago

July 3, 2024

CISION (PR Newswire)

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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