Financial Innovation – Eq Muscle Release Fri, 22 Oct 2021 16:27:06 +0000 en-US hourly 1 Financial Innovation – Eq Muscle Release 32 32 Addepar Acquires AdvisorPeak to Streamline Rebalancing and Portfolio Trading for Asset Managers Fri, 22 Oct 2021 15:16:00 +0000

AdvisorPeak’s team of experts joins Addepar to complement the company’s rapid pace of innovation and growth

MOUNTAIN VIEW, CALIFORNIA., 22 October 2021 / PRNewswire / – Addepar, a leading wealth management technology platform designed specifically for investments, today announced the acquisition of AdvisorPic. As a strategic technology partner within Addepar’s open and dynamic ecosystem, AdvisorPeak provides investment professionals with enterprise-class portfolio management tools that support portfolio trading and rebalancing, integrating the customer cash management needs and tax-optimized strategies. The AdvisorPeak team and technology are now part of Addepar and will further strengthen its industry-leading solution for advisors.

Addepar (PRNewsfoto / Addepar)

“We are delighted to welcome the AdvisorPeak team to Addepar. As we accelerated our growth to become the de facto platform for wealth managers, we have listened carefully to our clients. Many have sought a native solution to directly manage large-scale portfolios. within Addepar ”, said the CEO of Addepar Eric Poirier. “Our commitment and investment in open architecture and a broad ecosystem of partners is what gives our customers the flexibility to choose the components of their overall solution. By getting to know AdvisorPeak over the past year and listening to how much our customers love their product, we have seen them come out on top. Our teams share the same mindset and values, and we saw it was natural for their talented team and powerful technology to join forces with Addepar. We all look forward to continuing to build together and deliver lasting value to our customers. “

Addepar is uniquely positioned to provide a cutting edge solution that enables advisors to deliver a high customer experience, at scale. The company’s carefully designed platform and integrations streamline workflows so advisors can spend more time improving and growing client relationships. This acquisition is a demonstration of Addepar’s continued commitment to building AIRs. AdvisorPak, with Marlet and Navigator (formerly RCI), complement Addepar’s flagship capabilities in data aggregation, analysis, reporting and customer portal. These solutions are offered to Addepar customers as additional offers. Consistent with Addepar’s open architecture approach, advisors will continue to maintain the flexibility to take advantage of any solution within the Addepar ecosystem that best matches their objectives, goals and preferences.

“We launched AdvisorPeak with the promise of bringing innovative and revolutionary solutions to investment advisers. Addepar shares that same commitment and we are excited to work together to help more advisors access powerful trading and rebalancing solutions.” , said Damon deru, Founder and CEO of AdvisorPeak. “We are thrilled to be part of the Addepar team, which relentlessly focuses on providing cutting edge tools to enrich customer outcomes. We look forward to continuing to develop our leading trading and rebalancing solutions to meet the needs of today’s financial advisors. , and also stay ahead of investment and technology demands that help wealth managers invest better in the future. “

On the heels of a $ 150 million Series F financing round in June led by D1 Capital Partners, Addepar now exceeds $ 2 billion evaluation and has more than 3 trillion dollars in customer assets on its platform, growing on average by $ 15 billion in assets per week.

“AdvisorPeak has not only provided impressive business logic, superior user interface, and custom template management and trading, but their entire culture is built on exceptional service, which we’ve experienced with everyone we’ve worked with.” , said Bard Malovany. , director at Aspect Partners. “They will be a great addition to Addepar’s customer-centric platform.

To learn more about Addepar, visit

About Addepar

Addepar is a wealth management platform specializing in data aggregation, analysis and reporting, even for the most complex investment portfolios. Founded in 2009 by Joe lonsdale, who is currently active chairman of its board of directors and general partner at 8VC. The company’s platform brings together portfolio, market and customer data in one place. It provides asset owners and advisors with a clearer financial picture at all levels, enabling them to manage their investments and make more informed decisions. Addepar works with hundreds of financial advisors, family offices and major leading financial institutions who have been managing data for over 3 trillion dollars assets on the company’s platform. In 2021, Addepar was named the Forbes Fintech 50 company and honored as a member of the CB Insights Fintech 250. Addepar is headquartered in Silicon Valley and has offices in New York City, Salt lake city and Edinburgh. All brokerage services are offered by Acervus Securities Inc., member of FINRA / SIPC.

About AdvisorPak

Located on the silicon slopes of Salt Lake City, Utah, AdvisorPeak, Inc. was founded by former investment advisers and subject matter experts in the wealth management industry with a vision to bring innovative software to the financial services industry. Designed to meet the real needs faced by advisors and institutions, AdvisorPeak is the product of years of in-depth research and development in tax-smart portfolio trading and rebalancing. AdvisorPeak puts enterprise-class portfolio management tools within the reach of all investment professionals.



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AfDB and MTN commit $ 500,000 to study women’s access to financial services in Nigeria Thu, 21 Oct 2021 08:59:00 +0000

The African Development Bank (AfDB) has announced that it has signed a grant agreement worth $ 500,000 with Y’ello Digital Financial Services (YDFS), a fintech subsidiary of MTN.

The fund will help study the economic, religious and social factors hampering women’s access to finance in northern Nigeria.

Olufemi Terry, AfDB Communications Department and Funso Aina, Senior Director of External Relations, MTN Nigeria, made this known in a joint statement released on Wednesday in Abuja.

In Nigeria, approximately 38 million citizens – 36 percent of the adult population – are completely financially excluded.

In his last report, Enhancing Financial Innovation & Access (EFInA) revealed that gaps still exist in financial access for some of Nigeria’s most financially excluded groups.

According to EFInA, women continue to be more financially excluded than men, with only 45 percent of women using formal financial services, compared to 56 percent of men.

In the northern part, it is more important due to political instability and conservative cultural norms, presenting obstacles to women’s access to finance.

Stefan Nalletamby, Director of Financial Sector Development at AfDB, said: “The African Development Bank, through the Facility for Digital Financial Inclusion in Africa (ADFI), is delighted to support this project, continuing our work to improve the quality of life of Nigerians. and contribute to the Sustainable Development Goals, in particular with regard to poverty and the inclusion of women.

On behalf of YDFS, Usoro Usoro, Managing Director, said: “We are really excited about this partnership with the African Development Bank and the opportunities to advance financial inclusion in Nigeria, especially for the traditionally excluded segment of women in northern Nigeria.

According to the press release, the grant will be funded through the Mechanism for Digital Financial Inclusion in Africa (ADFI), co-funded and in partnership with the French Treasury’s Ministry of Economy and Finance and the French Development Agency ( AFD).

In another related statement, Xavier Muron, director of AFD in Nigeria, said the research, which included a feasibility study, design and testing focused on women, would focus on agents and clients.

Myron said the research will provide insight into women’s use of mobile money services.

The project aims to provide services, agent networks to serve financial institutions and mobile money operators in Nigeria.

]]> State of North Carolina Adds FinTech Sandbox to Encourage Innovation in Financial Services Wed, 20 Oct 2021 01:53:30 +0000

The North Carolina Regulatory Sandbox Act of 2021 was enacted, making the state one of the few seeking to encourage innovation in financial services. The Mountaineer reported that the legislation received unanimous support in both the State House and Senate.

North Carolina is consistently ranked high for its business-friendly government. It is also a premier financial services center and claims to be the second largest banking center after New York with Bank of America calling Charlotte, NC its home.

The legislation specifies:

“The General Assembly notes that the banking and insurance sector is a major economic engine for the State. The General Assembly also notes that Fintech, Insurtech and other emerging technologies are going through a period of transformation and offering automation, connectivity, transparency and increased opportunities for related products and services. The General Assembly recognizes that these new technologies hold the key to future growth across the state. In addition, the General Assembly notes that existing legal and regulatory frameworks constrain innovation as these frameworks were established largely at a time when technology was not a fundamental component of industrial ecosystems, including banking and insurance. As innovators need a flexible regulatory regime to test new products, services and emerging technologies, such as blockchain technology, the General Assembly also notes that the adoption of taxonomy related to blockchain, contracts smart and other emerging technologies in state law would provide legal and regulatory benefits. clarification and create a more attractive jurisdiction for companies and individuals wishing to do business in the state.

The legislation also establishes the North Carolina Innovation Council to help guide investment as well as innovation. Interested parties can request a small fee to participate in the program. If approved, these companies will have 24 months to test the innovative product or service. The blockchain is mentioned several times in the document.

New report identifies leaders in fast-growing integrated finance Mon, 18 Oct 2021 18:45:08 +0000

opening, a Geneva-based strategy consulting firm specializing in financial services, has just launched an integrated finance report that includes a market map of 45 providers.

Integrated finance differs from banking as a service (BaaS) in that it is offered through consumer-oriented businesses that offer access to financial services along with their core business, the consultancy said in its announcement.

For example, Assure Hedge works with partner companies to provide currency hedging (FX) to small businesses.

“A lot of companies do FX payments as a service,” said Ben Robinson, co-founder of Opening. “This is nothing new. However, the area of ​​coverage as a service has not been explored by anyone else.

Barry McCarthy, founder and CEO of Assure Hedge, says he started it to solve the problem small and medium-sized enterprises (SMEs) face in hedging their currency risk. Banks don’t want to offer a price below a million, he said, and the process would be too complicated for most SMEs.

Yet many of them need it. Yacht builders tend to price in USD; a buyer could use Assure Hedge to make payments in their local currency. Yacht brokers may want to cover their commissions, as it can take anywhere from six months to a year to get paid. A B2C business selling through Amazon might want to hedge its currency risk for a payment it doesn’t receive for two weeks.

“We’re already looking for relocation companies who want to integrate this into their own platform,” McCarthy added. An agency can be up and running on the service in two hours, he said. “It took a long time to create a seamless integration, but now we have 26 microservices on the platform. ”

Assure Hedge presents the hedges in plain English, rather than offering clients undeliverable futures, a banking term that might mean nothing to a retail trader.

“The products have been digitized and they are presented to the customer when they need them, in the form of the work they need. I think that’s what people sometimes lack with banking products – changing shape from a standard banking product to something much closer to a client’s job.

Not the 50 pages of paperwork a bank handed him when he asked about currency hedging.

HUBUC, another company on the market map, specializes in providing integrated financing to companies offering software as a service (SaaS). This eliminates the headaches associated with compliance, Hasan Nawaz said.

“From a single API and a single contract, HUBUC covers compliance and provides access to financial and banking services to brands to create new sources of revenue, retain customers and improve the user experience,” said the company on its website. “The customer in this case obtains a contract, a business relationship with us and does not have to be regulated in any way.”

All they want is a nice debit or credit card and the infamous interchange fees, Nasan added, and how can that increase their income. They can also obtain transactional data to improve retention rates., the online website builder, has 2.5 million merchants. By using HUBUC, it can offer its merchants personal and business credit cards Visa or Mastercard, as well as debit and prepaid cards in 19 nationalities in Europe.

“Wix gets one percent on transactions while their customers want monetization, retention, and easy onboarding.”

Several of the companies on the market map are at a very early stage – Assure Hedge and HUBUC are just lifting Series A, for example. In a rapidly changing market like integrated finance, openness believes it can add value by finding innovators before other fintech analysts. It means asking around, checking websites, and talking to customers.

“By the time a business hits the Magic Quadrant, it’s a legacy,” said Robinson. He thinks integrated finance is a huge market opportunity.

“Because integrated – or contextual – banking promises to provide consumers with banking services when and where they need it, it will increase conversion and the overall size of the market. Simon Torrance estimates that the integrated banking opportunity could add $ 3.7 trillion to the market capitalization of companies able to exploit it. the opening report says.

“The market map is not meant to separate good from bad, but to help those responsible for system selection understand which platforms can help them achieve their strategic goals. ”

Pitchbook said integrated finance companies attracted $ 22 billion in funding in 2020.

“These are often small and young companies that can’t afford to be included, or don’t meet the criteria for inclusion, in most industry analyst reviews,” said Robinson. “But, despite their small size, they are Transformers, capable of radically changing the business model and technological capabilities of the companies they partner with.”

Openness evaluations favor modular models because they allow more specialization and flexibility. The report maps the companies as disruptors / transformers, amplifiers and accelerators. He says “an Enhancer has helped challenger banks get started faster, but without radically innovating the end customer experience or changing the business model beyond sourcing from a third party.”

Stripe is classified as an accelerator rather than an amplifier because it “offers strong intelligence, weak code integration, and microservices architecture.” Accelerators “are generally newer with a modern architecture and a clean UX.”

The use of APIs and microservices means that modern integrated finance companies offer a certain degree of portability.

“There’s still a lot of lockdown once you start developing on a BaaS platform and use it to aggregate other services,” Robinson said. “However, the level of foreclosure is much lower than it would have been in the past when your options for providing banking services as a non-bank were to either white label a monolithic tech stack or purchase a Bank.”

the far-right opening quadrant is for solutions that “provide best-in-class technology solutions as well as strong business model activation”. Several offer strong contextual intelligence and data sharing between tenants, so they can identify fraud as it occurs in multiple businesses.

“The market map assesses vendors based on their ability to enable business model innovation and technological innovation,” the opening said in its announcement.

How the Fed’s easy money spurred today’s financial frenzies – OpEd – Eurasia Review Sat, 16 Oct 2021 00:14:04 +0000

By Joseph Solis-Mullen *

Although the effective federal funds rate remains below 0.1%, the reaction of the markets and the financial press when the ten-year Treasury yield crossed the 1.5% threshold near the start of the month reminds us to how fragile the underlying monetary framework of our economy has become. over the past two decades. Regularly at a minimum of at least 4% in the post-war period, ten-year Treasury yields have not crossed this threshold for more than a decade and have fallen steadily since 1992.

This consistently accommodative monetary policy is forcing even the most risk-averse portfolio managers to take equity premiums previously outside their comfort zone – see JP Morgan’s 2021 Long-term capital market assumptions report. Indeed, beyond the speculation that cheap money facilitates among the most risk-tolerant asset managers, effective federal funds rates and consistently low Treasury yields cause yields to squeeze. That is, long periods of low interest on so-called “safe” US Treasuries force investors to “hit yield,” a euphemism for accepting a higher risk premium by investing in. less certain financial instruments or equities due to the lower rate of return. on safer investments. However, when the majority of market participants do so, it decreases the returns on those specific assets.

In the bond market, for example, the rush for corporate bonds is pushing up their prices and therefore lowering their yields, pushing their rate and the rate on Treasury bills closer together. Under pressure to maintain profitability and the promised returns to future clients, fund managers, whatever their risk tolerance, are all forced out of necessity in the same direction. This looming crisis is magnified when investors worry about inflation, when low-yielding securities give investors negative returns at the end of the year when measured in real dollars.

The current huge stock market bubble is largely a direct result of this phenomenon. With an average price-to-earnings ratio adjusted for cyclical variations (CAPE) on the three major indices of nearly 40, that is, companies in the three major indices trade at an average price of forty times their earnings per share, averaged over the past ten years, it’s no wonder that Fed minutes have become arguably the most important macroeconomic determinant of equity futures. As anyone who follows the particularly overweight tech sector knows, even a small, brief hike in Treasury yields or yields pushes the NASDAQ down.

The story is familiar. Looking at the last thirty years, we find that Fed policy first tinkered with, then created and then burst bubbles: keeping rates too low for too long before raising them aggressively. Far from “solving” the ups and downs of the business cycle, the so-called great moderation of the 1990s was the result of Alan Greenspan’s overactive monetary policy, triggering a torrent of cheap money and facilitating takeovers. at the slightest problem. Whether it’s a currency crisis in Mexico, a default on public debt in Russia, or even fear of the year 2000, the answer has always been the same: central bank liquidity. less expensive. What followed was the dot-com bust and recession.

Even before the so-called crisis boom, the increase since 1980 in financial crises, currency crises and bubbles, it was several government policies that kick-started the engine of financial innovation, which is wrongly blamed by many. in the press and the left. – by leaning universities towards this increased economic instability: first by destroying the existing Bretton Woods monetary system by excessive spending on social programs and war, then by capping the interest rates paid on bank deposits at a when inflation meant depositors were losing money on their deposits, while banks’ traditional source of income, thirty-year fixed-rate mortgages, simultaneously became unprofitable for the same reason. Thus, institutions, depositors, investors and borrowers have been practically plunged into the uncertain waters of increasingly complex financial innovation.

From large CDs to money market mutual funds, securitized mortgages and derivatives, financial innovation has become a staple of the U.S. economy, dropping from just 4.2 percent of GDP in 1970. at 7.4% in 2018. In the end, even the government became totally dependent. on these products to help finance its own debt and domestic consumer spending, which itself has risen from just over 60% in 1970 to almost 70% today.

It was Wall Street that acted as a magnet for foreign dollar holdings, that funded the cheap credit, reckless spending, and risky investments that have become so familiar today. Indeed, the real wonder is that the two pillars of budget and current account deficits that support the ceiling have held up as long as they have. How long they will continue to do this is a guess.

* About the Author: A graduate of Spring Arbor University, JS Mullen is currently a graduate student in the Department of Political Science at the University of Illinois. Author and blogger, his work is available at

Source: This article was published by the MISES Institute

The pandemic is turning millions of people into entrepreneurs – is it the right financial decision for you? Thu, 14 Oct 2021 22:13:04 +0000

nensuria /

There have been a record number of new businesses since the start of the pandemic. According to data from the US Census Bureau, there have been 4.3 million new business applications in 2020 and 3.8 million so far this year.

Find Out: What Do Small Businesses Really Mean To The U.S. Economy?
Explore: 22 companies hiring at $ 15 an hour

This trend is not a bubble, however; it’s just a reflection of the times, Business Insider noted. Millions of people made redundant or who quit their unsatisfying jobs are now becoming full-time solopreneurs, freelancers or scammers and take charge of their careers and earning potential. “Entrepreneurship goes in waves,” Jacqueline Kirtley, professor of management at Wharton, told Business Insider. “There was some concern that it had gone down in the first decade of the millennium, but it was flatter than going down.”

According to ZipRecruiter, annual salaries for self-employed workers vary widely, ranging from $ 273,000 to $ 20,000. However, average salaries generally range between $ 41,000 and $ 89,000.

Conversely: How the pandemic amplified the challenges of women entrepreneurs

Technology and online resources have made it possible to start a business from almost anywhere. Data from the Federal Reserve Bank of St. Louis shows the number of self-employed workers peaked in eight years in July.

Additionally, Business Insider found that 35% of new businesses registered by the Census Bureau in 2020 have a high propensity or high likelihood of employing other people and a 50% chance of surviving their first five years in business. .

From New York to California: Spotlight on Beloved Small Businesses in the 50 States
Attention Small Business Owners: Chase Just Launched the First World of Hyatt Business Credit Card

Cynthia Franklin, director of entrepreneurship for WR Berkley Innovation Labs at New York University, told Business Insider US that lasting business success depends on finding the right market. “It always requires that you have a good idea, a good deal, and something that you can offer in a different and special way. “

More from GOBankingTaux

Last updated: October 14, 2021

This article originally appeared on Pandemic Turns Millions Of People Into Entrepreneurs – Is It The Right Financial Decision For You?

Where does the Fed stand on crypto and digital currencies Wed, 13 Oct 2021 16:38:38 +0000

The central bank of the United States, the Federal Reserve System, has explored policy responses to the rise of cryptocurrencies and digital currencies. For example, in his press conference after the FOMC meeting that ended on September 22, 2021, Federal Reserve Chairman Jerome Powell acknowledged that the Fed is actively evaluating whether it should create a bank digital currency. (CBDC) and a document soliciting the public. comment would be posted soon.??

On October 13, 2021, Caleb Silver, Editor-in-Chief of Investopedia and President of the Society for Advancing Business Editing and Writing (SABEW), discussed the Fed’s position on these new financial assets with Sunaya Tuteja, Director of the innovation at the Fed. This article presents the highlights of that discussion.

The dialogue between Tuteja and Silver consisted of a session in a virtual conference hosted by SABEW, “The Future of Work: The Changing Global Workforce and How it is Reshaping Business”. SABEW is based at the Walter Cronkite School of Journalism and Mass Communication at Arizona State University in Phoenix, Arizona.

Key points to remember

  • The development of a central bank digital currency (CBDC) will be a multidisciplinary effort.
  • The Fed will seek input and expertise from several constituencies before proceeding.
  • “Everything is in perpetual beta; it’s gone and it’s done,” Tuteja said.

About Sunaya Tuteja

As the Federal Reserve’s Director of Innovation, Sunaya Tuteja fulfills “a new role in which she will lead efforts to identify, research, activate and champion new technologies while fostering a culture of innovation, collaboration and experimentation “. Her appointment was effective February 22, 2021. Prior to that, she spent “over a decade working at TD Ameritrade [that] notably as head of strategic partnerships and emerging technologies, and responsible for digital strategy, experience and innovation. “

The development process

In his introductory remarks, Tuteja acknowledged that “often innovation is linked to technology”. With this preface, she went on to state that there are three key elements of the development process, applicable to both private and public institutions.

First, “innovation begins with the thorny problem to be solved”.

Second, you need to decide “how you are going to solve these problems by focusing on the needs of the customer”.

Third, you need to pay close attention to “how do you plan to sustain your organization’s value proposition”.

As for the Fed’s upcoming digital currencies document referenced above, Tuteja would not give a clue as to its release date. However, she stressed that her aim is not to come up with policies or solutions, but to “unlock a productive dialogue” with various interested groups. She also stressed that she is not a decision maker and that her comments during this session represent her own views and not necessarily the official views of the Fed.

Questions and answers

From that point on, the discussion generally followed the format of Caleb Silver asking Sunaya Tuteja questions – his own or those submitted by other conference attendees. Most of these exchanges are summarized below.

Q: How far is the Fed in developing a digital currency?

A: “The issue is multidisciplinary”, touching on a variety of fields, including economics, finance and technology. For example, the Federal Reserve Bank of Boston works with the Massachusetts Institute of Technology (MIT) on technical aspects.

Q: What have we learned from the Bitcoin experience in El Salvador?

A: The Fed is “paying attention” and also monitoring the experiences and studies of other central banks around the world.

Q: What is the official position on crypto at the Fed?

A: Fed Chairman Jerome Powell has said that “we are looking to digitize and learn”.

Q: What risks does the Fed see in issuing a digital currency?

A: “Everything is in perpetual beta; there are no more and it is done … We must know that there will be unintended consequences, both positive and negative, which will not be known until after the launch … confidentiality are very important … We must avoid the FOMO [fear of missing out]. ”

Q: How does the Fed view the integration of crypto into the financial sector, as evidenced by its introduction to Visa and Mastercard rewards, and the development of crypto investment funds?

A: “As a regulator, it’s up to us to be careful. In addition, the Fed must work with other organizations that have key skills it lacks, as well as a diversity of perspectives.

Q: How can the central bank use the best features of blockchain?

A: “How to unlock the talents of the Fed” is a key imperative. We must “seek out the talents closest to the customer” and “create a culture of permanent innovation”.

Q: Do views on crypto vary from one Federal Reserve bank to another?

A: “The Fed’s decentralized framework is a strength… we all work with limited resources, but different banks have different kinds of expertise to tap into. ”

Q: Crypto is already a $ 2-3 trillion market, but a fraction of all financial assets. Will it be a bigger target for regulation?

A: “This is already a matter of concern and concentration. ”

Q: How do you work with regulators?

A: “It should be a coordinated effort” with the private sector also provided “in a collaborative manner”.

Q: Money market funds are an alternative to cash that does not cause public concern. What about the concerns that various people have about stablecoins and other forms of crypto?

A: “Everyone is on a different benchmark… this is proof of our position on the maturity curve. In addition, “the pace and scale of adoption” has been much faster than expected. “It’s okay to be skeptical, it’s okay to ask tough questions, but it’s no longer okay to be ignorant” about these strengths.

Q: There are more and more celebrity crypto ads, and a lot of people are buying on referrals from friends. How do you plan to educate the public?

A: “An educated consumer is a more empowered and confident consumer… we have a treasure trove of historical data. In addition, managing their finances is too low a priority for too many consumers due to “opacity” and other issues.

Q: How do you feel about crypto mining and the environment?

A: It is already a subject in the private sector and “not a solved problem … but everyone should think about it and solve it”.

Q: What’s your new favorite crypto term?

A: Web 3, another blockchain application.

ECB slams Bitcoin, talks CBDC within 5 years – Ledger Insights Tue, 12 Oct 2021 12:19:57 +0000

Today at the SIBOS banking conference, Ulrich Bindseil of the European Central Bank (ECB) said that Bitcoin as an efficient payment instrument is an illusion and painted a picture of what a digital currency could look like central bank (CBDC) in five years. Meanwhile, the Hong Kong Monetary Authority (HKMA) did not specify a timeline, but hinted it could be as early as three years.

During the conference, Bindseil, the managing director of market infrastructure and payments, previously said that one of the main reasons that cross-border payments had not progressed despite technological advancements was in part due to the risk reduction for banks.

He switched to Bitcoin and its “illusion” of efficient cross-border payments due to a lack of compliance.

“The fact that it (Bitcoin) appears competitive in cross-border payments is simply due to regulatory arbitrage and is not sustainable. Of course, the public sector should look into this and close this regulatory arbitrage gap as quickly as possible. And then also this illusion of Bitcoin as an efficient means of cross-border payment will quickly disappear for sure, ”said Bindseil.

Georges Elhedery of HSBC, co-CEO of Banks and Markets, also called for action. “Decentralized finance is a reality. It’s happening there, ”Elhedery said. “As a regulated entity, we do not intend to operate in a totally unregulated space. Therefore, we call on our central bank and regulators to consider ensuring that these stablecoins and other types of crypto are regulated according to the risks they pose. And he set about making a long list of risks.

Meanwhile, the CEO of the ECB has switched to global stablecoins, saying the reason for the slowdown in their deployment is that they are also “facing regulatory realities that apply to banks and others. service providers for a long time ”.

CBDC schedules

Speaking of a potential central bank digital currency (CBDC), the ECB’s Bindseil was keen to manage expectations. Initially, he referred to a timeframe of five to six years, after which the request would likely be purely for domestic retail payments.

“Other things like programmable payments, offline payments, cross-border payments, international interoperability, these are all things we need to keep in mind now, be prepared to have them eventually. We’ll see, ”Bindseil said.

“But we can’t, I think, load it all up and say that in five years too we will solve the cross-border payment problems necessarily with a CBDC. It’s more of a medium-term objective.

Howard Lee, Deputy Managing Director of HKMA, also spoke about CBDCs. “You don’t know if it’s three years, five years or later. But it’s something that no one can really ignore, ”said Lee.

Emphasizing his personal opinion, Lee sees the most possibilities for a wholesale CBDC, which would allow payment-for-payment (PvP) transactions to settle digital assets. In his opinion, this would stimulate financial innovation. Lee also pointed out that work is underway with the BIS on the wholesale and retail CBDC fronts.

Although Lee did not go into specifics, Hong Kong is part of the m-CBDC bridge wholesale project that started with Thailand and Hong Kong and now includes BRI, China and the United Arab Emirates. The Hong Kong and Thailand stock exchanges as well as 30 commercial banks are expected to participate in the trials.

ABN AMRO intends to appoint new members of the Management Board, Mon, 11 Oct 2021 06:00:00 +0000

ABN AMRO to the intention of appoint a new board of directors members, simplifies organizational setup

In order to further strengthen the execution of its strategy and serve its clients as a personal bank in the digital age, ABN AMRO is simplifying its organizational setup and intends to appoint new members of the Management Board. Three customer units organized into segments will replace the four current businesses.

Choy van der Hooft-Cheong (1971) and Dan Dorner (1976) will be appointed new members of the Management Board, both as Chief Commercial Officers (CCO). Choy van der Hooft-Cheong will lead the new Wealth Management client unit. Dan Dorner will lead the new Corporate Banking client unit. An executive search process has been initiated to fill the vacant CCO position for the third new Personal & Business Banking client unit. With these appointments and changes in organizational and business setup, ABN AMRO is entering the next phase of building personal banking in the digital age. Nominations are subject to regulatory approval.

Choy van der Hooft-Cheong has extensive experience with ABN AMRO as a respected and effective senior executive in the areas of corporate banking and private banking. She has proven to be a highly collaborative relationship builder with a clear focus on strategy execution. Dan Dorner also has a long and successful experience in management positions within ABN AMRO. He combines a strong execution-oriented mindset with international experience and an exceptional reputation among clients, employees and regulators of the bank.

Robert Swaak, CEO: “We are making good progress in executing our personal banking strategy in the digital age, with our strategic pillars – customer experience, sustainability and sustainable banking – serving as guiding principles. Our relationships of trust with our clients allow us to support them at all important financial stages of their lives and to develop our business profitably in attractive client segments in North West Europe. We offer a practical everyday banking experience that is increasingly digital. In important moments, we support our clients with sectoral and sustainable expertise. To better serve our customers and in line with our goal, Bank for better, for generations to come, we are building a sustainable bank, digital by design. We achieve this by simplifying and rigorously centralizing our operating model, further strengthened by a simplified organization.

In order to better align the bank’s structure with these ambitions, ABN AMRO will replace the four current businesses (Retail Banking, Private Banking, Commercial Banking and Corporate & Institutional Banking) with three units organized around customer segments:

  • Banking services for individuals and businesses: This client unit serves retail and corporate clients with banking and partner offerings, providing the convenience of digital interactions and access to expertise when it matters most.
  • Wealth management: Wealth Management offers exceptional expertise with tailor-made value propositions for high net worth clients, focusing on investment advice, financial planning and real estate financing.
  • Corporate banking: This expertise-based client unit offers tailor-made financing, capital structuring and banking transaction solutions for medium and large companies and financial institutions. Corporate Banking also offers Entrepreneur & Enterprise as a bank-wide service concept for corporates and high net worth clients, in close collaboration with Wealth Management.

As part of the new simplified organization, the existing Executive Committee (ExCo) will cease to exist in favor of an enlarged composition of the Management Board (ExBO), simplifying the bank’s management structure. The new Executive Board will be composed of:

  • Robert Swaak (Managing Director)
  • Choy van der Hooft-Cheong (Commercial Director of Wealth Management)
  • Dan Dorner (Commercial Director Corporate Banking)
  • Vacant position (Personal & Business Sales Director)
  • Lars Kramer (Chief Financial Officer)
  • Christian Bornfeld (Innovation & Technology Director)
  • Tanja Cuppen (Chief Risk Officer)
  • Gerard Penning (Director of Human Resources)

The current CEOs of Private Banking and Retail Banking, Pieter van Mierlo and Frans van der Horst, will be leaving the ExCo at the same time as the end of their mandates. The current CEO of Corporate & Institutional Banking, Rutger van Nouhuijs, has announced that he will continue his career outside of ABN AMRO and that he will hand over his interim responsibilities to Dan Dorner, the future CCO of Corporate Banking, in order to ” ensure a smooth transition. .

Robert Swaak, CEO: “With the departure of Rutger van Nouhuijs and the end of the terms of Frans van der Horst and Pieter van Mierlo as members of the ExCo, we will say goodbye to three incredibly dedicated colleagues. They have all used their years of experience over the past period to ensure that the right decisions are made and have remained committed to the strategic choices made – an attitude that inspires us all.

On November 24, 2021 at 3:00 p.m. CET, ABN AMRO will hold an Extraordinary General Meeting (EGM) to discuss the change in the bank’s corporate governance structure and the proposed appointments of Choy van der Hooft-Cheong, Dan Dorner and Gerard Penning within the Management Board. members.
For the full EGM agenda and meeting documents, please visit:

This press release is published by ABN AMRO Bank NV and contains inside information within the meaning of Article 7 (1) to (4) of Regulation (EU) No. 596/2014 (Market Abuse Regulation)

  • 20211011 ABN AMRO intends to appoint new board members, simplifies organizational setup

]]> Lawmakers Approve Regulatory Sandbox Bill to Drive Innovation in North Carolina’s Financial Sector | Regional Sat, 09 Oct 2021 10:57:00 +0000

A unanimous vote at NC House means a “regulatory sandbox” bill is on its way for Governor Roy Cooper. The new “sandbox” would remove some barriers for a trial period for booming financial and insurance products and services.

The 111-0 vote Thursday in the State House followed a 49-0 vote Wednesday in the Senate.

“By setting up a regulatory sandbox, we can signal to a growing group of entrepreneurs that North Carolina is committed to fintech innovation,” Jordan Roberts, government affairs associate for the John Locke Foundation, said in comments to the House Finance Committee when the bill was introduced in June.

Bill 624 would create a regulatory sandbox similar to that allowed in Arizona in 2018. At least five other states have since passed similar laws, and half a dozen are considering such bills this year in an effort to remain nimble and competitive in a increasingly digital world.

“The idea originated in the UK in 2014, specifically for fintech companies,” said Jon Sanders, Locke’s principal researcher in regulatory studies. “In 2018, it was considered a huge success, and regulatory sandboxes started to appear around the world (Singapore, Abu Dhabi, Denmark, Hong Kong, etc.) as well as in the United States (Arizona, Utah and Wyoming). South Korea built its regulatory sandbox for every industry, and Utah, whose regulatory sandbox started with finance and insurance, has done the same. “

HB 642 would only apply to the finance and insurance industries in North Carolina. Among other changes, the bill create a new Innovation Council to market the program and research and review applications. The board would assess applications based on the level of innovation, potential risks to consumers, level of consumer protection and complaint resolutions in place, and level of business plan and capital. It would then make recommendations and forward them to the state agencies ultimately responsible for the final decision.

“This bill would maintain North Carolina as a regional and national leader for business by encouraging companies with innovative financing and insurance products to test them right here in North Carolina,” Roberts said in a statement. interview. “The sandbox approach ensures the right balance between choice and consumer protection. “