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Bosera HashKey BTC and ETH ETFs Top Asian Markets

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Hong Kong’s Dual Champions of Virtual Asset ETFs

HONG KONG, July 5, 2024 /PRNewswire/ — Yesterday, the Bosera HashKey Virtual Asset ETFs achieved a historic breakthrough, with their total assets under management (AUM) surpassing US$110 million for the first time. The Bosera HashKey Ether ETF (3009.HK) has maintained a stable position with over 6,000 ETH since May 7, continuing to lead the market. Close behind, the Bosera HashKey Bitcoin ETF (3008.HK) also achieved impressive growth, with a management scale exceeding US$90 million. This growth has driven the total AUM of Bosera HashKey Virtual Asset ETFs to a record high, solidifying their top position in the Asian market.

Since 2015, the HashKey founding team has been deeply involved in the global blockchain and crypto ecosystem. As one of the few forward-thinking institutional investors globally, HashKey not only funded the Ethereum Foundation in its early days but also helped the Ethereum ecosystem flourish in the Asia-Pacific region. Being one of the earliest institutional investors in Ethereum, HashKey has gained a significant first-mover advantage in the convergence of traditional finance and Web3.

HashKey Capital, a part of HashKey Group, was formally established in 2018. With a strong emphasis on regulation and compliance, it rapidly rose to become a leading venture capital fund in Asia. HashKey Capital has implemented a global strategy to promote resource sharing and local ecosystem development, significantly contributing to the advancement of global blockchain technology, industry development, and community evolution.

During the bear market of 2022, HashKey Capital successfully raised a US$500 million VC fund III, injecting new vitality into the Web3 community. Over the past six years, driven by investment and research, the company has invested in over 600 blockchain projects, fostering the growth of the global blockchain ecosystem.

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HashKey Capital has also set new standards for compliance within the Web3 industry, acting as a bridge between the crypto and traditional finance worlds. In 2022, HashKey Capital Limited received a Type 9 licence uplift in Hong Kong, and in 2023, HashKey Capital Singapore Pte Ltd obtained the Capital Markets Services licence for Fund Management in Singapore. This was followed by an upgrade of HashKey Capital Limited’s Type 9 license in Hong Kong and the approval of the Type 4 license this year, making HashKey Capital the first firm to offer both crypto asset management and advisory services to both professional and retail investors. Pending future regulatory approvals, HashKey Capital intends to expand its business lines to market and distribute virtual asset-related private funds and derivatives to professional investors.

In terms of secondary market product development, HashKey Capital launched its first actively managed virtual asset liquid fund in September 2023, marking the emergence of a comprehensive product suite in Web3 asset management. In January 2024, the company released three major indices in collaboration with FTSE Russell, a leading global provider of index and benchmark solutions, to track global digital assets. Continuing this momentum, in April 2024, HashKey Capital partnered with Bosera International to launch the Bosera HashKey Bitcoin ETF (3008.HK) and Ether ETF (3009.HK), successfully listing them on the Hong Kong Stock Exchange. This successfully brought crypto assets into the mainstream financial market.

The success of crypto asset spot ETFs is inseparable from the ecosystem that continuously empowers them.

After 6 years of dedicated efforts, HashKey Capital has played a pivotal role in driving blockchain technology and crypto assets towards large-scale application and mainstream adoption. Throughout this journey, it has established deep strategic partnerships with a diverse network of investors, including traditional financial institutions, sovereign funds, multinational conglomerates, renowned family offices, and crypto-native investors. By leveraging profound insights into investor needs and cutting-edge knowledge of the Web3 industry, the Bosera HashKey Virtual Asset ETFs have not only secured a firm foothold in a highly competitive market but also achieved steady growth in asset management scale. Amidst stronger collaborative efforts and continuous market development, the Bosera HashKey Virtual Asset ETFs will create more value for investors and play an increasingly significant role in the global crypto asset space.

In the Bosera HashKey ETF ecosystem, Bosera International and HashKey Exchange, a subsidiary of HashKey Group, serve as the two pivotal partners driving the product’s launch and market expansion. Bosera International, a veteran in asset management in Asia, offers traditional investors a gateway to access virtual assets. Meanwhile, HashKey Exchange, Hong Kong’s first regulated virtual asset trading platform, provides robust infrastructure necessary for trade execution and liquidity of the Bosera HashKey ETFs.

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Moreover, the thriving development of ETFs is driven by the active participation of regulators and industry leaders. The Hong Kong Exchanges and Clearing Limited (HKEX), the Securities and Futures Commission (SFC) and Hong Kong Legislative Council members, Duncan Chiu and Johnny Ng have provided invaluable guidance and insight to the industry on the development of regulatory compliance for virtual asset ETFs.

Looking ahead, HashKey Capital remains committed to driving financial innovation and fostering Web3 compliance. We will expand investor access to diverse investment opportunities while integrating the Web3 ecosystem more deeply into mainstream financial markets, aiming for broader adoption and recognition.

About HashKey Capital

HashKey Capital is a global digital asset and blockchain leader helping institutions, founders and talents advance the blockchain industry.

As one of the largest crypto fund managers and being the earliest corporate investor in Ethereum, HashKey Capital has managed over US$1 billion in client assets since its inception. Leveraging its unparalleled expertise, HashKey Capital’s venture investments team oversees a diversified portfolio of over 600 pioneering projects across institutional services, infrastructure, data, AI, consumer services/ technology and more.

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On the liquid funds front, HashKey Capital manages a suite of digital asset products, including an actively managed fund and the Bosera HashKey Bitcoin (3008.HK) and Ether (3009.HK) spot ETFs, which are listed on the Hong Kong Stock Exchange (HKEX).

With our deep knowledge across the blockchain ecosystem, HashKey Capital has built a robust network connecting founders, investors, developers, and regulators.

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US Regulators Fine Citigroup $136M for Insufficient Progress Towards Compliance with 2020 Consent Order

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US regulators have fined Citigroup $136 million for failing to make sufficient progress in addressing issues outlined in a 2020 consent order. The fine underscores the importance of compliance and the consequences of non-compliance for financial institutions.

Background of the Consent Order

In 2020, US regulators issued a consent order to Citigroup, highlighting deficiencies in the bank’s risk management and internal controls. The order required Citigroup to implement a series of corrective measures to address these issues.

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Key Issues Identified:

  • Risk Management: Inadequate risk management practices that could expose the bank to significant financial and operational risks.
  • Internal Controls: Weaknesses in internal controls, particularly in relation to compliance and regulatory requirements.
  • Data Governance: Deficiencies in data governance and management, impacting the bank’s ability to accurately report financial information.

Reasons for the Fine

The $136 million fine was imposed due to Citigroup’s insufficient progress in implementing the corrective measures required by the 2020 consent order.

Regulatory Findings:

  • Slow Implementation: Regulators found that Citigroup had not made the necessary improvements at the expected pace.
  • Ongoing Deficiencies: Despite some progress, several key deficiencies identified in the consent order remained unaddressed.
  • Compliance Failures: The bank’s failure to fully comply with the consent order requirements resulted in the imposition of the fine.

Impact on Citigroup

The fine has significant implications for Citigroup, both financially and reputationally:

  • Financial Penalty: The $136 million fine represents a substantial financial penalty for the bank.
  • Reputational Damage: The fine and the ongoing compliance issues could damage Citigroup’s reputation and erode customer trust.
  • Operational Impact: Addressing the deficiencies highlighted by regulators will require substantial resources and focus, potentially impacting other areas of the bank’s operations.

Steps Towards Compliance

In response to the fine, Citigroup has committed to accelerating its efforts to address the issues outlined in the consent order. Key steps include:

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  • Enhanced Risk Management: Strengthening risk management practices to better identify, assess, and mitigate risks.
  • Improved Internal Controls: Implementing robust internal controls to ensure compliance with regulatory requirements.
  • Data Governance: Enhancing data governance and management practices to improve the accuracy and reliability of financial reporting.

Future Outlook

Citigroup’s efforts to address the deficiencies and comply with the consent order will be closely monitored by regulators. The bank’s ability to implement the necessary improvements will be critical to restoring regulatory confidence and avoiding further penalties.

In conclusion, the $136 million fine imposed on Citigroup underscores the importance of compliance and the serious consequences of failing to meet regulatory requirements. The bank’s commitment to addressing the deficiencies will be key to its future success and regulatory standing.

Source of the news: Fintech Futures

The post US Regulators Fine Citigroup $136M for Insufficient Progress Towards Compliance with 2020 Consent Order appeared first on HIPTHER Alerts.

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Global Distinction for Piraeus at the 2024 Euromoney Excellence Awards

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ATHENS, Greece, July 22, 2024 /PRNewswire/ — Piraeus proudly announces that it has received three prestigious international awards at the Euromoney Awards for Excellence 2024. During the ceremony, which took place on July 18, 2024, in London, Piraeus was recognized with the “The World’s Best Bank Transformation” award, acknowledging its turnaround story. This distinction highlights the Bank’s successful journey, marked by a strategic overhaul and a return to profitability, fueled by innovative digital solutions, customer-centric services and sustainable practices.

Mr. Christos Megalou, CEO of Piraeus, stated: “This international recognition at the Euromoney Awards for Excellence,2024 is a testament to our unwavering strategic focus on excellence, innovation, and ethical banking practices. It is a prestigious honor that acknowledges the collective effort and dedication of all Piraeus employees and strengthens our resolve to maintain the Bank’s positive momentum, creating lasting value for our clients, staff, shareholders, and the broader community.”

Piraeus was named the “Best Bank in Greece“, for the second consecutive year, thus rewarding the Bank’s leading role in the Greek financial system. The evaluation was made by the experienced editors of Euromoney, taking into account the strong financial results, the continuous improvement of the Bank’s key indicators and the consistent implementation of its strategic plan. Furthermore, Piraeus was honored with the “Best Bank in Greece for Corporate Responsibility” award during the same ceremony,  in recognition of the Bank’s pioneering Corporate Social Responsibility program, “EQUALL – For a Society of Equal People”, which reaffirms Piraeus strategic commitment to fostering social contribution and generating a positive social impact.

The Euromoney Awards for Excellence, established in 1992, were the first of their kind in the global banking industry and continue to set the standard. These prestigious awards are the result of a rigorous three-month research and interview process involving 600 banks from over 100 countries, adjudicated by an editorial panel of judges.

View original content:https://www.prnewswire.co.uk/news-releases/global-distinction-for-piraeus-at-the-2024-euromoney-excellence-awards-302202775.html

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Market Dojo Celebrates Prestigious Inclusion in Ardent Partners 2024 Strategic Sourcing Technology Advisor

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STROUD, England, July 22, 2024 /PRNewswire/ — Market Dojo, a leading provider of on-demand strategic sourcing solutions, is thrilled to announce its recognition as a “Challenger” in the esteemed Ardent Partners 2024 Strategic Sourcing Technology Advisor Report. This accolade underscores Market Dojo’s commitment to delivering user-friendly, cost-effective, transformative strategic sourcing solutions to organisations of all sizes worldwide.

Highlights:

1. Acknowledgement of Solution Strength and Flexibility:

    • Market Dojo has been lauded for its intuitive eSourcing, Contract Management, and Supplier Management solutions that are easy to deploy and require minimal user training. This recognition highlights the company’s ability to provide essential strategic sourcing tools efficiently and effectively.

2. Rapid Deployment and Flexible Business Model:

    • Ardent Partners emphasised Market Dojo’s unique approach of allowing customers to access its eSourcing solution on a project-by-project basis. This flexibility is particularly beneficial for organisations seeking quick implementation and proof of concept without long-term commitments.

3. Strategic Integration with Esker:

    • Since Esker’s acquisition of a majority stake in Market Dojo, the Strategic Sourcing suite has been integrated with Esker’s P2P solution, forming a comprehensive Source-to-Pay (S2P) suite. This integration brings enhanced resources and capabilities, offering greater investment in product development and customer success.

4. Affordability without Compromising Functionality:

    • Market Dojo stands out for providing one of the most affordable strategic sourcing suites in the market. Despite its competitive pricing, the suite offers a broad scope of functionality, making it an attractive option for organisations embarking on digital transformation.

5. Focus on Continuous Improvement:

    • The report notes Market Dojo’s dedicated focus on enhancing its strategic sourcing suite and the positive impact of its solutions on customers. The company’s commitment to investing in its products and services with AI and automation functionality continues to drive customer satisfaction and market growth.

Executive Insights:

Alun Rafique, Co-Founder and CEO of Market Dojo, “Being included in Ardent Partners’ 2024 Strategic Sourcing Technology Advisor is a fantastic achievement for Market Dojo. Aligned with the significant investment in our people, our AI and automation capability, it validates our efforts to provide highly effective and user-friendly sourcing solutions. This fuels our commitment to innovate and deliver even greater value to our customers as we continue our success journey with Esker.”

About Market Dojo:

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Market Dojo is a global procurement software provider built to solve inefficient sourcing and supplier management processes by digitising and automating activities quickly and easily to unlock strategic value for Procurement and Finance professionals. Market Dojo’s on demand, solutions incorporate technologies like Artificial Intelligence (AI) to control costs, drive increased productivity, reduce risk, and improve internal and external collaboration.

Market Dojo operates worldwide with headquarters in Stonehouse UK and is 51% owned by Esker, a global cloud platform with headquarters in Lyon, France.

For more information on Market Dojo visit www.marketdojo.com. Follow Market Dojo on LinkedIn and join the conversation on Market Dojo’s blog at marketdojo.com/resources.

[email protected] +44 (0) 117 230 9200

View original content:https://www.prnewswire.co.uk/news-releases/market-dojo-celebrates-prestigious-inclusion-in-ardent-partners-2024-strategic-sourcing-technology-advisor-302202802.html

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